Incyte Corporation stock research
FY2025 Q4
Incyte (INCY) Gross Margin — Quarter Ended Dec 31, 2025
Revenue and gross profit rose compared with both the prior quarter and the same quarter last year, while gross margin declined slightly. The decline in gross margin was driven by cost of revenue increasing at a faster rate than revenue.
Gross margin takeaway
Quarter ended Dec 31, 2025 · FY2025 Q4
Revenue and gross profit rose compared with both the prior quarter and the same quarter last year, while gross margin declined slightly. The decline in gross margin was driven by cost of revenue increasing at a faster rate than revenue.
- The strongest observable driver of the gross margin change is the relationship between cost of revenue and revenue. Cost of revenue grew at a higher rate than revenue, which compressed the margin.
- Compared with the immediately preceding quarter, gross margin was lower; compared with the same quarter one year earlier, gross margin was also lower. Revenue and gross profit were higher in both comparisons.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
92.0%
Gross profit
$1.4B
Revenue
$1.5B
Cost of revenue
$121.2M
Quarter-over-quarter change
-0.8 pts
Year-over-year change
-0.5 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 31, 2025 | $1.1B | $979.7M | $73.2M | 93.0% |
| Jun 30, 2025 | $1.2B | $1.1B | $78.8M | 93.5% |
| Sep 30, 2025 | $1.4B | $1.3B | $99.0M | 92.8% |
| Dec 31, 2025 | $1.5B | $1.4B | $121.2M | 92.0% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2025
-0.8 pts
Year-over-year change
Dec 31, 2024
-0.5 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable driver of the gross margin change is the relationship between cost of revenue and revenue. Cost of revenue grew at a higher rate than revenue, which compressed the margin.
Compared with the immediately preceding quarter, gross margin was lower; compared with the same quarter one year earlier, gross margin was also lower. Revenue and gross profit were higher in both comparisons.
Monitor the growth rate of cost of revenue relative to revenue growth.