0001739104-26-000030 | 10-Q | XBRL Viewer

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Fair Value - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Equity method investments	$ 13	$ 15

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

New Financial Accounting Pronouncements	3 Months Ended
New Financial Accounting Pronouncements	Mar. 31, 2026
Accounting Changes and Error Corrections [Abstract]
New Financial Accounting Pronouncements	Note 2. New Financial Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which is intended to provide more detailed and disaggregated information about significant expense categories, such as purchases of inventory, employee compensation, depreciation and amortization and selling expenses. This standard, including related updates, is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted, and the amendments may be applied either prospectively or retrospectively. We are currently assessing the impact ASU 2024-03 will have on our consolidated financial statements, including our footnote disclosures.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 1. Basis of Presentation and Summary of Significant Accounting Policies We have prepared the accompanying unaudited condensed consolidated financial statements in accordance with the SEC requirements for interim reporting. As permitted under those rules, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles in the U.S. (GAAP) have been condensed or omitted. The information included in this Form 10-Q should be read in conjunction with our consolidated financial statements and accompanying notes for the year ended December 31, 2025, included in our 202 5 Form 10-K. The significant accounting policies set forth in Note 2 to the consolidated financial statements in our 202 5 Form 10-K and the footnotes herein appropriately represent, in all material respects, the current status of our accounting policies. In our opinion, the financial statements reflect all adjustments (including those that are normal and recurring) that are necessary for fair presentation of the results of operations for the periods shown. The preparation of financial statements in accordance with GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ from those estimates. In addition, results for interim periods should not be considered indicative of results for any other interim period or for the full year ending December 31, 2026, or any other future period.

Liability for Sale of Future Revenue - Narrative (Details) - Blackstone Life Sciences and Blackstone Credit & Insurance $ in Millions	1 Months Ended
	May 31, 2025 USD ($)
Revenue Recognition, Milestone Method [Line Items]
Proceeds from sale of future revenue	$ 295
Royalties from net sales (as a percent)	0.0025

Debt and Finance Lease Liability

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt and Finance Lease Liability

Note 7. Debt and Finance Lease Liability

Our long-term debt and finance lease liability consisted of the following:


	March 31, 2026		December 31, 2025
Term Loan B due 2032	$	1,097	$	1,100
Euro Term Loan due 2029	450		470
Incremental Term Facility due 2028	338		339
Incremental Term Facility due 2029	171		171
Incremental Term Facility due 2031	320		321
Incremental Term Facility due 2032	537		539
Revolving Credit Facility (1)	—		—
Securitization Facility (2)	100		100
Senior Notes due 2028 (3)	750		750
Unamortized debt issuance costs	(27)		(28)
Total debt	3,736		3,762
Finance lease liability	255		255
	3,991		4,017
Less current portion of long-term debt and finance lease liability	73		74
Total long-term debt and finance lease liability	$	3,918	$	3,943

(1)Our Revolving Credit Facility provides up to $750 million in borrowing capacity, bears interest at Term SOFR plus a spread dependent on our Net Total Leverage Ratio, as defined within the agreement, which was 1.50% at March 31, 2026, and matures in July 2029.

(2)On April 22, 2026, we borrowed $50 million on our Securitization Facility for general corporate purposes and to complete the acquisition of AHV (see Note 4. Acquisitions and Divestitures for further information). Our Securitization Facility is secured and collateralized by our U.S. Net Eligible Receivables Balance, bears interest at Term SOFR plus 1.25% and matures in June 2028. Our borrowing capacity under our Securitization Facility is subject to monthly fluctuation based on the level of our borrowing base as reported to the lender.

(3)Our Senior Notes due 2028 are subject to interest rate adjustments based on credit rating agency actions. A rating upgrade in the fourth quarter of 2025 reduced the applicable interest rate, and as of March 31, 2026, these notes bear interest at a rate of 6.40%.

As of March 31, 2026, approximately 80% of our long-term indebtedness, excluding our finance lease liability, bore interest at a fixed rate, including variable-rate debt converted to fixed-rate through the use of interest rate swaps (see Note 8. Financial Instruments for additional information). We were in compliance with all of our debt covenants as of March 31, 2026.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Asset Impairment, Restructuring and Other Special Charges (Tables)

3 Months Ended

Mar. 31, 2026

Restructuring and Related Activities [Abstract]

Schedule of Asset Impairment, Restructuring and Other Special Charges

Components of asset impairment, restructuring and other special charges were as follows:


	Three Months Ended March 31,
	2026		2025

Restructuring charges:
Cash-based severance	$	(1)	$	1
Other non-cash charges (1)	15		—
Other items (2)	2		8

Total expense	$	16	$	9

(1)Other non-cash restructuring charges in 2026 related to $15 million of non-cash shut-down costs for the animal studies portion of our R&D facilities in Monheim, Germany.

(2)Amounts recorded in 2025 primarily consisted of upfront payments made in relation to new licensing arrangements.

Schedule of Activity in Reserves

The following table summarizes the activity in our reserves established in connection with restructuring activities:









Balance at December 31, 2025	$	124

Charges	(1)

Cash paid and other (1)	(21)

Balance at March 31, 2026	$	102

(1)Includes foreign currency translation adjustments

Liability for Sale of Future Revenue (Tables)

3 Months Ended

Mar. 31, 2026

Liability For Sale Of Future Revenue [Abstract]

Schedule of Sale of Future Revenue Activity

The following table summarizes the activity related to our liability for sale of future revenue:





Balance at December 31, 2025	$	304

Royalty revenue	(9)
Imputed interest expense	14
Balance at March 31, 2026	$	309

Effective interest rate	18.3		%

Debt and Finance Lease Liability - Narrative (Details)	Mar. 31, 2026
Debt Disclosure [Abstract]
Percentage of long term debt bearing fixed interest	80.00%

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Concentration Risk [Line Items]
Accounts receivable, net	$ 1,084		$ 873
Product Sales
Concentration Risk [Line Items]
Accounts receivable, net	$ 117		$ 107
Product Return Concentration Risk \| Net revenue \| Global Customers
Concentration Risk [Line Items]
Concentration risk	1.00%	1.00%
Customer Concentration Risk \| Revenue \| Single Customer
Concentration Risk [Line Items]
Concentration risk	11.00%	12.00%

Asset Impairment, Restructuring and Other Special Charges - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	$ 102	$ 124
Other Current Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	$ 90

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Acquisitions and Divestitures (Details) $ in Millions		1 Months Ended	3 Months Ended
Acquisitions and Divestitures (Details) $ in Millions	Apr. 30, 2026 USD ($)	Feb. 28, 2025 USD ($) individual	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestitures			$ 0	$ 9
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| New Zealand Manufacturing Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestitures		$ 9
Number of employees transferred \| individual		50
AHV International B.V \| Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase agreement to acquire percentage	100.00%
Cash consideration	$ 76
Guaranteed consideration	100
Contingent payments	$ 140

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Revenue	$ 1,371	$ 1,193
Royalty revenue	9	0
United States
Disaggregation of Revenue [Line Items]
Revenue	605	554
International
Disaggregation of Revenue [Line Items]
Revenue	766	639
Blackstone Life Sciences and Blackstone Credit & Insurance
Disaggregation of Revenue [Line Items]
Royalty revenue	9
Pet Health
Disaggregation of Revenue [Line Items]
Revenue	710	635
Farm Animal:
Disaggregation of Revenue [Line Items]
Revenue	642	546
Cattle
Disaggregation of Revenue [Line Items]
Revenue	316	272
Poultry
Disaggregation of Revenue [Line Items]
Revenue	230	189
Swine
Disaggregation of Revenue [Line Items]
Revenue	96	85
Contract Manufacturing and Other
Disaggregation of Revenue [Line Items]
Revenue	$ 19	$ 12

Revenue

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue

Note 3. Revenue

The following table summarizes the activity in our global sales rebates and discounts liability:


	Three Months Ended March 31,
		2026		2025
Beginning balance		$	416	$	332

Reduction of revenue		284		228
Payments		(296)		(245)
Foreign currency translation adjustments		(4)		4
Ending balance		$	400	$	319

Adjustments to revenue recognized as a result of changes in estimates during the three months ended March 31, 2026 and 2025, for product shipped in previous periods were not material. Actual global product returns were approximately 1% of net revenue for the three months ended March 31, 2026 and 2025.

Disaggregation of Revenue

The following table summarizes our revenue disaggregated by product category:


	Three Months Ended March 31,
	2026		2025
Pet Health	$	710	$	635
Farm Animal:
Cattle	316		272
Poultry	230		189
Swine	96		85

Total Farm Animal	642		546
Contract Manufacturing and Other (1)	19		12
Revenue	$	1,371	$	1,193

(1)Represents revenue from arrangements in which we manufacture products on behalf of a third party and royalty revenue. Royalty revenue sold to a third party in May 2025 totaled $9 million for the three months ended March 31, 2026. While we are no longer entitled to these royalties, we are required under GAAP to continue recognizing them as revenue. See Note 10. Liability for Sale of Future Revenue for additional information.

The following table summarizes our revenue disaggregated by geographic area:


	Three Months Ended March 31,
	2026		2025

United States	$	605	$	554
International	766		639


Revenue	$	1,371	$	1,193

We have a single customer that accounted for approximately 11% and 12% of revenue for the three months ended March 31, 2026 and 2025, respectively. Product sales with this customer resulted in accounts receivable of $117 million and $107 million at March 31, 2026 and December 31, 2025, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (d)
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-Topic 606
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (e)
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-Name Accounting Standards Codification
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-Subparagraph (b)(2)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Basic And Diluted Weighted-average Shares Outstanding

Basic and diluted weighted-average shares outstanding were as follows:


	Three Months Ended March 31,
	2026	2025


Basic weighted-average common shares outstanding	497.7	495.1
Assumed conversion of dilutive common stock equivalents (1)	8.3	4.0
Diluted weighted-average shares outstanding	506.0	499.1

(1)For the three months ended March 31, 2026 and 2025, approximately 1.5 million and 3.7 million, respectively, of potential common shares were excluded from the calculation of diluted weighted-average shares outstanding because their effect was anti-dilutive.

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Finished products	$ 879	$ 871
Work in process	800	837
Raw materials and supplies	112	104
Total	1,791	1,812
Decrease to LIFO cost	(74)	(75)
Inventories	$ 1,717	$ 1,737

Fair Value - Schedule of Fair Value Information (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, current	$ 0	$ 0
Derivative asset, noncurrent	0
Derivative liability, current	0	0
Contingent consideration, current	0	0
Derivative liability, noncurrent		0
Long-term debt, excluding finance lease liability	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, current	23	20
Derivative asset, noncurrent	8
Derivative liability, current	(180)	(111)
Contingent consideration, current	0	0
Derivative liability, noncurrent		(73)
Long-term debt, excluding finance lease liability	(3,773)	(3,809)
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, current	0	0
Derivative asset, noncurrent	0
Derivative liability, current	0	0
Contingent consideration, current	(18)	(29)
Derivative liability, noncurrent		0
Long-term debt, excluding finance lease liability	0	0
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, current	23	20
Derivative asset, noncurrent	8
Derivative liability, current	(180)	(111)
Contingent consideration, current	(18)	(29)
Derivative liability, noncurrent		(73)
Long-term debt, excluding finance lease liability	(3,763)	(3,790)
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, current	23	20
Derivative asset, noncurrent	8
Derivative liability, current	(180)	(111)
Contingent consideration, current	(18)	(29)
Derivative liability, noncurrent		(73)
Long-term debt, excluding finance lease liability	$ (3,773)	$ (3,809)

Fair Value (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value Information

The following table summarizes the fair value information at March 31, 2026 and December 31, 2025, for assets and liabilities measured at fair value on a recurring basis in the respective balance sheet line items, as well as long-term debt, excluding our finance lease liability, for which fair value is disclosed on a recurring basis:


			Fair Value Measurements Using
Financial statement line item	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
March 31, 2026
Recurring fair value measurements
Prepaid expenses and other - derivative instruments	$	23	$	—	$	23	$	—	$	23
Other noncurrent assets - derivative instruments	8		—		8		—		8
Other current liabilities - derivative instruments	(180)		—		(180)		—		(180)
Other current liabilities - contingent consideration	(18)		—		—		(18)		(18)




Financial instruments not carried at fair value
Long-term debt, excluding finance lease liability	(3,763)		—		(3,773)		—		(3,773)






December 31, 2025

Recurring fair value measurements
Prepaid expenses and other - derivative instruments	$	20	$	—	$	20	$	—	$	20
Other current liabilities - derivative instruments	(111)		—		(111)		—		(111)
Other current liabilities - contingent consideration	(29)		—		—		(29)		(29)
Other noncurrent liabilities - derivative instruments	(73)		—		(73)		—		(73)



Financial instruments not carried at fair value
Long-term debt, excluding finance lease liability	(3,790)		—		(3,809)		—		(3,809)

Revenue (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Activity in Sales Rebates and Discounts Liability

The following table summarizes the activity in our global sales rebates and discounts liability:


	Three Months Ended March 31,
		2026		2025
Beginning balance		$	416	$	332

Reduction of revenue		284		228
Payments		(296)		(245)
Foreign currency translation adjustments		(4)		4
Ending balance		$	400	$	319

Schedule of Revenue Disaggregated by Product Category

The following table summarizes our revenue disaggregated by product category:


	Three Months Ended March 31,
	2026		2025
Pet Health	$	710	$	635
Farm Animal:
Cattle	316		272
Poultry	230		189
Swine	96		85

Total Farm Animal	642		546
Contract Manufacturing and Other (1)	19		12
Revenue	$	1,371	$	1,193

Schedule of Revenue Disaggregated by Geographic Area

The following table summarizes our revenue disaggregated by geographic area:


	Three Months Ended March 31,
	2026		2025

United States	$	605	$	554
International	766		639


Revenue	$	1,371	$	1,193

Asset Impairment, Restructuring and Other Special Charges - Schedule of Activity in Reserves (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Restructuring Reserve [Roll Forward]
Balance at beginning of period	$ 124
Charges	(1)
Cash paid and other	(21)
Balance at end of period	$ 102

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Income Taxes - Schedule of Provision for Taxes on Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 30	$ (7)
Effective tax rate	34.60%	(12.20%)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
-Section 55
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.7-04(9))
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Liability for Sale of Future Revenue

3 Months Ended

Mar. 31, 2026

Liability For Sale Of Future Revenue [Abstract]

Liability for Sale of Future Revenue

Note 10. Liability for Sale of Future Revenue

In May 2025, we executed a Purchase and Sale Agreement (PSA) with funds affiliated with Blackstone Life Sciences and Blackstone Credit & Insurance (collectively, Blackstone). Pursuant to the PSA, we received a cash payment of $295 million from Blackstone for the rights to the proceeds from (a) the future royalties we are owed from net sales in the U.S. of XDEMVY® (lotilaner ophthalmic solution) 0.25%, a medical treatment for Demodex blepharitis in humans, by Tarsus Pharmaceuticals, Inc. (Tarsus) and (b) certain future sales milestone payments we are owed based on global net sales of XDEMVY, both of which are pursuant to the terms of a previously executed license agreement with Tarsus (the qualifying royalties and milestones). These payments are made by Tarsus to Blackstone through a third-party escrow account and, therefore, do not represent cash inflows or outflows within our condensed consolidated statements of cash flows. The PSA applies to net sales of XDEMVY in the U.S. from April 1, 2025 through August 24, 2033. We retain the rights to all royalty payments on net sales outside the U.S. and any royalties due on U.S. net sales after August 24, 2033. We also retain the rights to any future royalties or milestones earned due to the future expansion of lotilaner in other human health applications. Given our continuing involvement with the generation of the qualifying royalties and milestones, the payment received in exchange for the qualifying royalties and milestones, net of transaction costs, was recorded as a liability for sale of future revenue.

GAAP also requires us to impute interest expense associated with the liability for sale of future revenue. Our imputed interest rate is calculated based on the rate we expect would enable the liability to be amortized in full over the life of the agreement and may vary throughout the term of the arrangement depending on the amount and timing of forecasted qualifying royalties and milestones, which will affect the timing and amount of reductions to the liability.

Further, although we will no longer receive the proceeds from the qualifying future royalties and milestones, we are required under GAAP to continue recognizing these amounts within our condensed consolidated statements of operations.

The following table summarizes the activity related to our liability for sale of future revenue:





Balance at December 31, 2025	$	304

Royalty revenue	(9)
Imputed interest expense	14
Balance at March 31, 2026	$	309

Effective interest rate	18.3		%

Financial Instruments - Narrative (Details) SFr in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2026 CHF (SFr)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CHF (SFr)
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized losses expected to be reclassified over the next 12 months	$ 9
Weighted Average
Derivative Instruments, Gain (Loss) [Line Items]
Effective interest rate	5.72%		5.72%
Cross-currency fixed interest rate swap \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	$ 1,219			$ 1,090
Cross-currency fixed interest rate swap \| Designated as Hedging Instrument \| Net Investment Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount \| SFr			SFr 1,000		SFr 1,000
Investment income interest	11	$ 11
Interest rate swaps \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	2,300			2,300
Derivatives not yet effective	$ 850			$ 850

Business Segment Information - Narrative (Details)	3 Months Ended
Business Segment Information - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Commitments and Contingencies (Details)	Apr. 28, 2025 board_member	Oct. 07, 2024 executive	Mar. 31, 2026 USD ($)	Feb. 18, 2026 claim	Dec. 31, 2025 USD ($)	Jan. 31, 2025 claim
Loss Contingencies [Line Items]
Liabilities related to litigation \| $			$ 0		$ 0
Joseph Barpar v. Elanco Animal Health Inc.
Loss Contingencies [Line Items]
Number of executives named in lawsuit \| executive		2
Christopher Dougherty v. Elanco Animal Health, Inc.
Loss Contingencies [Line Items]
Number of board members named in lawsuit \| board_member	13
Tracy Spradlin, Tevra Brands, LLC, And Susan Kraus-Silfen v Elanco Animal Health, Inc
Loss Contingencies [Line Items]
Number of pending claims \| claim				2		3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

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-Topic 450
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

Fair Value

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value

Note 9. Fair Value

Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value measurements are based on a framework that utilizes the inputs market participants use to determine the fair value of an asset or liability and establishes a fair value hierarchy to prioritize those inputs. Level 1 fair value measurements are based on quoted prices in active markets for identical assets or liabilities. We determine our Level 2 fair value measurements based on a market approach using quoted market values or significant other observable inputs for identical or comparable assets or liabilities. Our Level 3 fair value measurements are based on unobservable inputs based on little or no market activity.


			Fair Value Measurements Using
Financial statement line item	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
March 31, 2026
Recurring fair value measurements
Prepaid expenses and other - derivative instruments	$	23	$	—	$	23	$	—	$	23
Other noncurrent assets - derivative instruments	8		—		8		—		8
Other current liabilities - derivative instruments	(180)		—		(180)		—		(180)
Other current liabilities - contingent consideration	(18)		—		—		(18)		(18)




Financial instruments not carried at fair value
Long-term debt, excluding finance lease liability	(3,763)		—		(3,773)		—		(3,773)






December 31, 2025

Recurring fair value measurements
Prepaid expenses and other - derivative instruments	$	20	$	—	$	20	$	—	$	20
Other current liabilities - derivative instruments	(111)		—		(111)		—		(111)
Other current liabilities - contingent consideration	(29)		—		—		(29)		(29)
Other noncurrent liabilities - derivative instruments	(73)		—		(73)		—		(73)



Financial instruments not carried at fair value
Long-term debt, excluding finance lease liability	(3,790)		—		(3,809)		—		(3,809)

Cash and cash equivalents include cash on hand and all highly liquid investments with original maturities at the time of purchase of three months or less. The carrying values of cash and cash equivalents, accounts and other receivables, accounts payable and other current liabilities are reasonable estimates of their fair values due to the short-term nature of these assets and liabilities.

Contingent consideration liabilities presented relate to our past acquisition of NutriQuest, LLC. Contingent consideration for this acquisition remains payable to the extent certain specific development, sales and geographic

milestones are achieved, as outlined in the purchase agreement. The fair value of these liabilities was estimated using a Monte Carlo simulation model, consisting of inputs not observable in the market, including estimates relating to revenue forecasts, discount rates and volatility. We also had investments without readily determinable fair values which were classified as other noncurrent assets on our condensed consolidated balance sheets totaling $13 million and $15 million as of March 31, 2026 and December 31, 2025, respectively. These investments are not recorded at fair value on a recurring basis, and as such, are not included in the fair value table above.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Topic 820
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-Paragraph 6A
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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-Name Accounting Standards Codification
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-Topic 820
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-Name Accounting Standards Codification
-Section 50
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-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	May 01, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-38661
Entity Registrant Name	Elanco Animal Health Incorporated
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	82-5497352
Entity Address, Address Line One	450 ELANCO CIRCLE
Entity Address, City or Town	INDIANAPOLIS
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46221
City Area Code	877
Local Phone Number	352-6261
Title of 12(b) Security	Common stock, no par value
Trading Symbol	ELAN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		499,449,583
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001739104
Current Fiscal Year End Date	--12-31

Liability for Sale of Future Revenue - Schedule of Sale of Future Revenue Activity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Liability For Sale Of Future Revenue [Line Items]
Royalty revenue	$ (9)	$ 0
Imputed interest expense	14	$ 0
Blackstone Life Sciences and Blackstone Credit & Insurance
Liability For Sale Of Future Revenue [Line Items]
Balance at December 31, 2025	304
Royalty revenue	(9)
Imputed interest expense	14
Balance at March 31, 2026	$ 309
Effective interest rate	18.30%

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12. Commitments and Contingencies Legal Matters We are party to various legal actions that oftentimes arise in the normal course of business. The most significant of these matters are described below. Under GAAP, loss contingency provisions are recorded when we deem it probable that we will incur a loss and are able to formulate a reasonable estimate of that loss. For the legal matters discussed below, we either believe material loss is not probable or are unable to reasonably estimate the possible loss or range of loss, if any. The process of resolving these matters is inherently uncertain and may develop over an extended period of time; therefore, at this time, the ultimate resolutions cannot be predicted. As of March 31, 2026 and December 31, 2025, we had no material liabilities established related to the legal matters discussed below. On October 7, 2024, a putative securities class action lawsuit captioned Joseph Barpar v. Elanco Animal Health Inc., et al. (Barpar) was filed in the U.S. District Court for the District of Maryland against Elanco and two of its executives. Barpar alleged claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the Exchange Act) and specifically alleged that Elanco and the two executives made materially false and/or misleading statements and/or failed to disclose certain facts about the safety of and labeling for our Zenrelia® product, as well as the approval and launch timelines for Zenrelia and our Credelio Quattro™ product. The plaintiff purported to represent purchasers of Elanco securities between November 7, 2023 and June 26, 2024. On March 21, 2025, plaintiff filed an amended complaint that extended the time period for which the plaintiff purported to represent purchasers of Elanco securities to between May 9, 2023 and June 26, 2024. The amended complaint also removed allegations concerning the approval and launch timelines for our Credelio Quattro product. On May 20, 2025, we filed a motion to dismiss this case, and on March 26, 2026, the court granted our motion to dismiss the amended complaint in its entirety with prejudice and entered judgment in our favor. Plaintiffs have appealed this decision to the U.S. Court of Appeals for the Fourth Circuit, and the appeal is currently pending. Following the filing of Barpar, several derivative cases were filed, all of which have been stayed pending the outcome of the Barpar matter. These derivative actions are expected to remain stayed pending final resolution of Barpar, including any applicable appeal periods. On November 1, 2024, a shareholder derivative action captioned Lawrence Hollin v. Lawrence E. Kurzius, et al. (Hollin) was filed in the U.S. District Court for the District of Maryland against current members of Elanco's Board of Directors and senior management, alleging claims under Sections 10(b) and 20(a) of the Exchange Act and state law claims for breach of fiduciary duty, aiding and abetting breach of fiduciary duty, unjust enrichment and waste of corporate assets, based on allegations substantially similar to the allegations in the putative class action complaint in Barpar. On March 11, 2025, a shareholder derivative action captioned James Habermehl v. Jeffrey N. Simmons, et al. was filed in Hancock County Circuit Court of Indiana, against the same parties named in Hollin, alleging claims under Indiana state law for breach of fiduciary duty and unjust enrichment, based on allegations substantially similar to the allegations in the putative class action complaint in Barpar. On April 28, 2025, a shareholder derivative action captioned Christopher Dougherty v. Elanco Animal Health, Inc., et al. (Dougherty), was filed in the District of Maryland, naming certain Elanco executives and 13 Elanco Board members as defendants. Dougherty alleges the defendants engaged in conspiratorial and individually culpable conduct based on materially false or misleading statements and omissions alleged in, referenced or related to, in large part, the putative class action complaint in Barpar, as well as breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement, waste of corporate assets, and as to the certain executives, contribution under Section 15, U.S.C. § 78j(b) and Section 21D of the Exchange Act. On June 11, 2025, a shareholder derivative action captioned Mike Sexton v. Jeffrey N. Simmons, et al. (Sexton) was filed in Hancock County Circuit Court of Indiana against largely the same parties as in Hollin, alleging claims under Indiana state law for breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement and waste of corporate assets. We are vigorously defending our positions in connection with each of these actions. On May 20, 2020, a shareholder class action lawsuit captioned Hunter v. Elanco Animal Health Inc., et al. (Hunter) was filed in the U.S. District Court for the Southern District of Indiana against Elanco and certain executives. On September 3, 2020, the court appointed a lead plaintiff, and on November 9, 2020, the lead plaintiff filed an amended complaint adding additional claims against Elanco, certain executives and other individuals. The lawsuit alleged, in part, that Elanco and certain of its executives made materially false and/or misleading statements and/or failed to disclose certain facts about Elanco’s supply chain, inventory, revenue and projections. The lawsuit sought unspecified monetary damages and purports to represent purchasers of Elanco securities between September 30, 2018 and May 6, 2020, and purchasers of Elanco common stock issued in connection with Elanco's acquisition of Aratana Therapeutics, Inc. On January 13, 2021, we filed a motion to dismiss, and on August 17, 2022, the Court issued an order granting our motion to dismiss the case without prejudice. On October 14, 2022, the plaintiffs filed a motion for leave to amend the complaint. On December 7, 2022, we filed an opposition to the plaintiffs' motion, and on September 27, 2023, the court denied the plaintiffs' motion for leave, issuing final judgment in favor of Elanco. On October 25, 2023, the plaintiffs filed a notice of appeal to the U.S. Court of Appeals for the Seventh Circuit. We intend to continue to vigorously defend our position. On October 16, 2020, a shareholder class action lawsuit captioned Safron Capital Corporation v. Elanco Animal Health Inc., et al. was filed in the Marion Superior Court of Indiana against Elanco, certain executives and other individuals and entities. On December 23, 2020, the plaintiffs filed an amended complaint adding an additional plaintiff. The lawsuit alleged, in part, that Elanco and certain of its executives made materially false and/or misleading statements and/or failed to disclose certain facts about Elanco’s relationships with third-party distributors and revenue attributable to those distributors within the registration statement on Form S-3 dated January 21, 2020, and accompanying prospectus filed in connection with Elanco’s public offering which closed on or about January 27, 2020. The lawsuit sought unspecified monetary damages and purported to represent purchasers of Elanco common stock or tangible equity units issued in connection with the public offering. On June 8, 2023, the plaintiffs filed a motion for leave to file a second amended complaint, which became the operative complaint. We filed a motion to dismiss the second amended complaint on August 7, 2023, which was granted on April 17, 2024. On or about October 4, 2024, the plaintiffs appealed the dismissal to the Indiana Court of Appeals, which affirmed the trial court’s order granting our motion to dismiss on August 1, 2025. On October 23, 2025, the plaintiff appealed dismissal to the Indiana Supreme Court, and on February 26, 2026, the Indiana Supreme Court denied plaintiff's appeal, which resolved this case in final form in Elanco's favor. In the third quarter of 2019, Tevra Brands, LLC (Tevra) filed a complaint in the U.S. District Court of the Northern District of California, alleging that Bayer Animal Health (acquired by us in August 2020) had been involved in unlawful, exclusive dealing and tying of its flea and tick products Advantage, Advantix and Seresto™ and maintained a monopoly in the market. The complaint was amended in March 2020 and then dismissed in September 2020 with leave to amend. A second amended complaint was filed in March 2021 and realleged claims of unlawful exclusive dealing related to Advantage and Advantix and monopoly maintenance. A motion to dismiss the second amended complaint was denied in January 2022. Tevra’s demands included both actual and treble damages. On April 16, 2024, the court granted our motion for summary judgment to exclude all damages subsequent to our acquisition of Bayer Animal Health in August 2020. A jury trial was held in July 2024, and on August 1, 2024, the jury returned a verdict in favor of Bayer Animal Health. In January 2025, Tevra's motion for a new trial was denied, and in February 2025, Tevra filed its notice of appeal. Following the initial Tevra trial, three additional matters have been filed against us, both in the Northern District of California and in the Southern District of Indiana, most recently in January 2025: Tracy Spradlin v. Elanco Animal Health, Inc. (Spradlin), Tevra Brands, LLC v. Elanco Animal Health, Inc. (Tevra v. Elanco), and Susan Kraus-Silfen v. Elanco Animal Health, Inc. et. al. (Kraus-Silfen). While there are substantive and statutory differences, the allegations underpinning these matters are similar in some respects to the initial Tevra matter including, but not limited to, the family of pet health products and sales tactics and agreements alleged to drive a monopoly within the market. Spradlin and Kraus-Silfen are putative class actions, and all three of these additional matters seek injunctive relief and an unspecified amount of monetary relief. On March 31, 2025, our motion to dismiss Tevra v. Elanco was granted by the court without prejudice to plaintiff's right to file an amended claim. On February 18, 2026, we reached a settlement in principle with the Kraus-Silfen and Spradlin plaintiffs, including the potential payment by Elanco of a non-material amount, which remains subject to execution of definitive documentation and court approval. Additionally, this proposed settlement does not constitute an admission of liability. We continue to vigorously defend against each of the remaining claims in the two Tevra matters.

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 30	$ (7)
Effective tax rate	34.60%	(12.20%)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

+ Details

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	We have prepared the accompanying unaudited condensed consolidated financial statements in accordance with the SEC requirements for interim reporting. As permitted under those rules, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles in the U.S. (GAAP) have been condensed or omitted. The information included in this Form 10-Q should be read in conjunction with our consolidated financial statements and accompanying notes for the year ended December 31, 2025, included in our 202 5 Form 10-K. The significant accounting policies set forth in Note 2 to the consolidated financial statements in our 202 5 Form 10-K and the footnotes herein appropriately represent, in all material respects, the current status of our accounting policies. In our opinion, the financial statements reflect all adjustments (including those that are normal and recurring) that are necessary for fair presentation of the results of operations for the periods shown. The preparation of financial statements in accordance with GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ from those estimates. In addition, results for interim periods should not be considered indicative of results for any other interim period or for the full year ending December 31, 2026, or any other future period.
New Financial Accounting Pronouncements	In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which is intended to provide more detailed and disaggregated information about significant expense categories, such as purchases of inventory, employee compensation, depreciation and amortization and selling expenses. This standard, including related updates, is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted, and the amendments may be applied either prospectively or retrospectively. We are currently assessing the impact ASU 2024-03 will have on our consolidated financial statements, including our footnote disclosures.

Debt and Finance Lease Liability - Long-term Debt (Details) - USD ($) $ in Millions		3 Months Ended
	Apr. 22, 2026	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Debt Instrument [Line Items]
Unamortized debt issuance costs		$ (27)		$ (28)
Total debt		3,736		3,762
Finance lease liability		255		255
Total debt		3,991		4,017
Less current portion of long-term debt and finance lease liability		73		74
Total long-term debt and finance lease liability		3,918		3,943
Securitization Facility
Debt Instrument [Line Items]
Proceeds from facility		0	$ 125
Line of Credit \| Secured Debt \| Term Loan B due 2032
Debt Instrument [Line Items]
Long-term debt, gross		1,097		1,100
Line of Credit \| Secured Debt \| Euro Term Loan due 2029
Debt Instrument [Line Items]
Long-term debt, gross		450		470
Line of Credit \| Secured Debt \| Incremental Term Facility due 2028
Debt Instrument [Line Items]
Long-term debt, gross		338		339
Line of Credit \| Secured Debt \| Incremental Term Facility due 2029
Debt Instrument [Line Items]
Long-term debt, gross		171		171
Line of Credit \| Secured Debt \| Incremental Term Facility due 2031
Debt Instrument [Line Items]
Long-term debt, gross		320		321
Line of Credit \| Secured Debt \| Incremental Term Facility due 2032
Debt Instrument [Line Items]
Long-term debt, gross		537		539
Line of Credit \| Secured Debt \| Securitization Facility
Debt Instrument [Line Items]
Long-term debt, gross		100		100
Line of Credit \| Secured Debt \| Securitization Facility \| Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Proceeds from facility	$ 50
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross		0		0
Borrowing capacity		$ 750
Basis spread on variable rate		1.50%
Senior Notes \| Senior Notes due 2028
Debt Instrument [Line Items]
Long-term debt, gross		$ 750		$ 750
Effective interest rate		6.40%

Financial Instruments - Schedule of Net Losses/Gains on Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Foreign Exchange Contract \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Net (losses) gains on derivative instruments	$ (1)	$ 15
Foreign Exchange Contract \| Designated as Hedging Instrument \| Net Investment Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on net of tax	8	(24)
Interest rate swaps \| Designated as Hedging Instrument \| Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on net of tax	7	(16)
Reclassification from accumulated other comprehensive income, current period, net of tax	$ (5)	$ 13

Earnings Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Earnings Per Share

Note 13. Earnings Per Share

We compute basic earnings (loss) per share by dividing net income (loss) by the weighted-average number of common shares outstanding for the reporting period. Elanco has variable common stock equivalents relating to certain equity awards in stock-based compensation arrangements. Diluted earnings per share reflects the potential dilution that could have occurred if holders of the unvested equity awards converted their holdings into common stock. The weighted-average number of potentially dilutive shares outstanding was calculated using the treasury stock method. Potential common shares that would have had the effect of increasing diluted earnings per share (or reducing loss per share) were considered to be anti-dilutive and as such, these shares were not included in the calculation of diluted earnings (loss) per share.

Basic and diluted weighted-average shares outstanding were as follows:


	Three Months Ended March 31,
	2026	2025


Basic weighted-average common shares outstanding	497.7	495.1
Assumed conversion of dilutive common stock equivalents (1)	8.3	4.0
Diluted weighted-average shares outstanding	506.0	499.1

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Schedule of Provision for Taxes on Income


	Three Months Ended March 31,
	2026			2025
Income tax expense (benefit)	$	30		$	(7)
Effective tax rate	34.6		%	(12.2)		%

Asset Impairment, Restructuring and Other Special Charges

3 Months Ended

Mar. 31, 2026

Restructuring and Related Activities [Abstract]

Asset Impairment, Restructuring and Other Special Charges

Note 5. Asset Impairment, Restructuring and Other Special Charges

In recent years, we have incurred substantial costs associated with restructuring programs and cost-reduction initiatives. Restructuring activities have primarily included charges associated with business and facility rationalizations and workforce reductions. We have also incurred costs associated with executing acquisitions, divestitures and other significant transactions and related integration and/or separation activities. Components of asset impairment, restructuring and other special charges were as follows:


	Three Months Ended March 31,
	2026		2025

Restructuring charges:
Cash-based severance	$	(1)	$	1
Other non-cash charges (1)	15		—
Other items (2)	2		8

Total expense	$	16	$	9

(1)Other non-cash restructuring charges in 2026 related to $15 million of non-cash shut-down costs for the animal studies portion of our R&D facilities in Monheim, Germany.

(2)Amounts recorded in 2025 primarily consisted of upfront payments made in relation to new licensing arrangements.

The following table summarizes the activity in our reserves established in connection with restructuring activities:









Balance at December 31, 2025	$	124

Charges	(1)

Cash paid and other (1)	(21)

Balance at March 31, 2026	$	102

(1)Includes foreign currency translation adjustments

The timing of payment of restructuring reserve obligations varies due to country-specific negotiations and regulations. As of March 31, 2026, approximately $90 million of our restructuring reserve was classified within other current liabilities on our condensed consolidated balance sheet, with the remainder classified within other noncurrent liabilities.

Earnings Per Share (Details) - shares shares in Millions	3 Months Ended
Earnings Per Share (Details) - shares shares in Millions	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Basic weighted-average common shares outstanding (in shares)	497.7	495.1
Assumed conversion of dilutive common stock equivalents (in shares)	8.3	4.0
Diluted weighted-average shares outstanding (in shares)	506.0	499.1
Potential common shares excluded from calculation (in shares)	1.5	3.7

Business Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Revenue	$ 1,371	$ 1,193
Cost of sales	586	509
Gross profit	785	684
Other significant segment expenses:
Research and development	97	94
Interest expense, net of capitalized interest	57	40
Other expense, net	9	12
Income tax expense (benefit)	30	(7)
Net income	57	67
Reportable Segment
Segment Reporting Information [Line Items]
Revenue	1,371	1,193
Cost of sales	586	509
Gross profit	785	684
Other significant segment expenses:
Research and development	97	94
Marketing and selling	256	225
General and administrative	125	116
Interest expense, net of capitalized interest	57	40
Other expense, net	9	12
Income tax expense (benefit)	30	(7)
Total other significant segment expenses	574	480
Other expenses	154	137
Net income	$ 57	$ 67

Business Segment Information - Schedule of Depreciation and Amortization (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting [Abstract]
Depreciation expense	$ 28	$ 24
Amortization of software	$ 6	$ 9

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenue	$ 1,371	$ 1,193
Cost of sales	586	509
Gross profit	785	684
Research and development	97	94
Marketing, selling and administrative	381	341
Amortization of intangible assets	138	128
Asset impairment, restructuring and other special charges	16	9
Interest expense, net of capitalized interest	57	40
Other expense, net	9	12
Income before income taxes	87	60
Income tax expense (benefit)	30	(7)
Net income	$ 57	$ 67
Earnings per share:
Basic (usd per share)	$ 0.11	$ 0.14
Diluted (usd per share)	$ 0.11	$ 0.13
Weighted-average shares outstanding:
Basic (in shares)	497.7	495.1
Diluted (in shares)	506.0	499.1

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 428	$ 545
Accounts receivable, net	1,084	873
Other receivables	70	67
Inventories	1,717	1,737
Prepaid expenses and other	285	236
Total current assets	3,584	3,458
Noncurrent Assets
Property and equipment, net	1,395	1,409
Goodwill	4,723	4,779
Other intangibles, net	3,225	3,408
Other noncurrent assets	295	304
Total assets	13,222	13,358
Current Liabilities
Accounts payable	372	368
Sales rebates and discounts	400	416
Current portion of long-term debt and finance lease liability	73	74
Other current liabilities	817	739
Total current liabilities	1,662	1,597
Noncurrent Liabilities
Long-term debt and finance lease liability	3,918	3,943
Liability for sale of future revenue	309	304
Deferred taxes	366	382
Other noncurrent liabilities	467	585
Total liabilities	6,722	6,811
Commitments and Contingencies
Equity
Preferred stock, 1,000,000,000 shares authorized, no par value; none issued	0	0
Common stock, no par value, 5,000,000,000 shares authorized, 499,381,644 and 496,975,154 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	0	0
Additional paid-in capital	8,858	8,870
Accumulated deficit	(2,125)	(2,182)
Accumulated other comprehensive loss	(233)	(141)
Total equity	6,500	6,547
Total liabilities and equity	$ 13,222	$ 13,358

Financial Instruments

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

Note 8. Financial Instruments

To manage our exposure to market risks, such as changes in foreign currency exchange rates and variable interest rates, we have entered into various derivative transactions. We do not offset derivative assets and liabilities on our condensed consolidated balance sheets. Our outstanding positions are discussed below.

Derivatives Not Designated as Hedges

We may enter into foreign currency exchange forward or option contracts to reduce the effects of fluctuating foreign currency exchange rates. As of March 31, 2026 and December 31, 2025, we had outstanding foreign currency exchange contracts with aggregate notional amounts of $1,219 million and $1,090 million, respectively. The amounts of net (losses) gains on derivative instruments not designated as hedging instruments, recorded in other expense, net were as follows:


	Three Months Ended March 31,
	2026		2025
Foreign exchange forward contracts (1)	$	(1)	$	15

(1)These amounts were substantially offset in other expense, net by the effect of changing exchange rates on the underlying foreign currency exposures.

Derivatives Designated as Hedges – Net investment hedges

At March 31, 2026 and December 31, 2025, we had a series of cross-currency fixed interest rate swaps to help mitigate the impact of foreign currency fluctuations on our operations in Switzerland with a combined 1,000 million CHF notional amount with tenors in 2026 and 2027. These instruments were determined to be, and were designated as, effective economic hedges of net investments in our CHF denominated net assets.

The amounts of gains (losses) on net investment hedges, net of tax, recorded in accumulated other comprehensive loss were as follows:


	Three Months Ended March 31,
	2026		2025
Cross-currency fixed interest rate swaps	$	8	$	(24)

During the three months ended March 31, 2026 and 2025, these instruments also generated $11 million of interest income, which was included as a contra interest expense, net of capitalized interest in our condensed consolidated statements of operations.

Derivatives Designated as Hedges – Interest rate swaps

We had outstanding interest rate swaps with aggregate notional amounts of $2,300 million as of both March 31, 2026 and December 31, 2025, which have scheduled maturities in August 2026. As of March 31, 2026 and December 31, 2025, we also had forward-starting interest rate swap agreements with a combined notional amount of $850 million, which will become effective on August 1, 2026, and have scheduled maturities between 2028 and 2031.

The amounts of gains (losses) on interest rate swaps, net of tax, recorded in accumulated other comprehensive loss were as follows:


	Three Months Ended March 31,
	2026		2025
Interest rate swaps	$	7	$	(16)

The amounts of (losses) gains reclassified out of accumulated other comprehensive loss and recognized into earnings through interest expense, net of capitalized interest were as follows:


	Three Months Ended March 31,
	2026		2025
Interest rate swaps	$	(5)	$	13

Over the next 12 months, we expect to reclassify a loss of $9 million out of accumulated other comprehensive loss and into interest expense, net of capitalized interest related to our interest rate swaps, although the actual amounts reclassified may vary as a result of future changes in market conditions.

As of March 31, 2026, when factoring in the impact from our interest rate swaps, the weighted-average effective interest rate on our outstanding indebtedness, excluding our finance lease liability, was 5.72%.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Inventories

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Inventories

Note 6. Inventories

Inventories consisted of the following:


	March 31, 2026		December 31, 2025
Finished products	$	879	$	871
Work in process	800		837
Raw materials and supplies	112		104
Total	1,791		1,812
Decrease to LIFO cost	(74)		(75)
Inventories	$	1,717	$	1,737

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Asset Impairment, Restructuring and Other Special Charges - Schedule of Component of Asset Impairment, Restructuring and Other Special Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Restructuring and Related Activities [Abstract]
Cash-based severance	$ (1)	$ 1
Other non-cash charges	15	0
Other items	2	8
Total expense	$ 16	$ 9

Revenue - Schedule of Activity in Sales Rebates and Discounts Liability (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Change In Contract With Customer, Liability [Roll Forward]
Beginning balance	$ 416	$ 332
Reduction of revenue	284	228
Payments	(296)	(245)
Foreign currency translation adjustments	(4)	4
Ending balance	$ 400	$ 319

Acquisitions and Divestitures	3 Months Ended
Acquisitions and Divestitures	Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Acquisitions and Divestitures	Note 4. Acquisitions and Divestitures Acquisitions AHV International: On April 30, 2026, we completed the previously announced acquisition of 100% of the outstanding equity interests of AHV International B.V. (AHV), along with selected assets of AHV's affiliates necessary for the on-going operations of the business. AHV is an innovative, farm animal health company incorporated in the Netherlands focused on solutions to improve animal welfare and productivity, while reducing the need for antibiotics. The acquisition of AHV is expected to accelerate our strategy to grow our industry leadership in farm animal products, particularly for cattle, by expanding our product portfolio, primarily throughout Europe and the U.S. Upon closing, we paid $76 million, inclusive of working capital adjustments. Remaining aggregate consideration for this acquisition includes (1) $100 million of guaranteed payments due through 2030 and (2) up to $140 million of contingent payments due upon the achievement of significant performance-based and time-limited milestones through 2032. The initial accounting for this acquisition is incomplete, pending valuation of contingent consideration, and identification and measurement of the assets acquired and liabilities assumed. Divestitures New Zealand manufacturing facility: In February 2025, we sold our manufacturing facility in Manukau, New Zealand, to a third party for cash proceeds of $9 million. Assets divested included property and equipment related to the facility and inventory. Additionally, approximately 50 individuals were transferred to the new owners as part of the divestiture. This transaction did not result in a material gain or loss on divestiture.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash Flows from Operating Activities
Net income	$ 57	$ 67
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization	172	161
Stock-based compensation expense	21	15
Sold portion of royalty revenue	(9)	0
Interest on liability for sale of future revenue	14	0
Changes in operating assets and liabilities, net of divestitures	(263)	(237)
Other non-cash operating activities, net	21	(10)
Net Cash Provided by (Used for) Operating Activities	13	(4)
Cash Flows from Investing Activities
Net purchases of property and equipment and software	(51)	(65)
Proceeds from divestitures	0	9
Other investing activities, net	(9)	(2)
Net Cash Used for Investing Activities	(60)	(58)
Cash Flows from Financing Activities
Repayments of long-term borrowings	(16)	(13)
Shares repurchased for employee tax withholdings	(34)	(13)
Other financing activities, net	(15)	(7)
Net Cash (Used for) Provided by Financing Activities	(65)	52
Effect of exchange rate changes on cash and cash equivalents	(5)	29
Net (decrease) increase in cash and cash equivalents	(117)	19
Cash and cash equivalents – beginning of period	545	468
Cash and cash equivalents – end of period	428	487
Revolving Credit Facility
Cash Flows from Financing Activities
Proceeds from facility	0	125
Repayments of facility	0	(125)
Securitization Facility
Cash Flows from Financing Activities
Proceeds from facility	0	125
Repayments of facility	$ 0	$ (40)

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Cash Flow Hedges	Foreign Currency Translation	Defined Benefit Plans
Balance at beginning of period (in shares) at Dec. 31, 2024		494,400,000
Balance at beginning of period at Dec. 31, 2024	$ 6,096	$ 0	$ 8,817	$ (1,950)	$ (771)	$ 37	$ (866)	$ 58
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	67			67
Other comprehensive income (loss), net of tax	188				188	(29)	218	(1)
Stock-based compensation activity, net (in shares)		2,100,000
Stock-based compensation activity, net	2		2
Balance at end of period (in shares) at Mar. 31, 2025		496,500,000
Balance at end of period at Mar. 31, 2025	$ 6,353	$ 0	8,819	(1,883)	(583)	8	(648)	57
Balance at beginning of period (in shares) at Dec. 31, 2025	496,975,154	497,000,000.0
Balance at beginning of period at Dec. 31, 2025	$ 6,547	$ 0	8,870	(2,182)	(141)	(12)	(219)	90
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	57			57
Other comprehensive income (loss), net of tax	(92)				(92)	$ 12	(99)	(5)
Stock-based compensation activity, net (in shares)		2,400,000
Stock-based compensation activity, net	$ (12)		(12)
Balance at end of period (in shares) at Mar. 31, 2026	499,381,644	499,400,000
Balance at end of period at Mar. 31, 2026	$ 6,500	$ 0	$ 8,858	$ (2,125)	$ (233)		$ (318)	$ 85

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net income	$ 57	$ 67
Other comprehensive (loss) income:
Cash flow hedges, net of taxes	12	(29)
Foreign currency translation, net of taxes	(99)	218
Defined benefit plans, net of taxes	(5)	(1)
Other comprehensive (loss) income, net of taxes	(92)	188
Comprehensive (loss) income	$ (35)	$ 255

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Gain (Loss), Net of Tax

The amounts of net (losses) gains on derivative instruments not designated as hedging instruments, recorded in other expense, net were as follows:


	Three Months Ended March 31,
	2026		2025
Foreign exchange forward contracts (1)	$	(1)	$	15

(1)These amounts were substantially offset in other expense, net by the effect of changing exchange rates on the underlying foreign currency exposures.

The amounts of gains (losses) on net investment hedges, net of tax, recorded in accumulated other comprehensive loss were as follows:


	Three Months Ended March 31,
	2026		2025
Cross-currency fixed interest rate swaps	$	8	$	(24)

The amounts of gains (losses) on interest rate swaps, net of tax, recorded in accumulated other comprehensive loss were as follows:


	Three Months Ended March 31,
	2026		2025
Interest rate swaps	$	7	$	(16)

The amounts of (losses) gains reclassified out of accumulated other comprehensive loss and recognized into earnings through interest expense, net of capitalized interest were as follows:


	Three Months Ended March 31,
	2026		2025
Interest rate swaps	$	(5)	$	13

Inventories (Tables)

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:


	March 31, 2026		December 31, 2025
Finished products	$	879	$	871
Work in process	800		837
Raw materials and supplies	112		104
Total	1,791		1,812
Decrease to LIFO cost	(74)		(75)
Inventories	$	1,717	$	1,737

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

Note 11. Income Taxes


	Three Months Ended March 31,
	2026			2025
Income tax expense (benefit)	$	30		$	(7)
Effective tax rate	34.6		%	(12.2)		%

For the three months ended March 31, 2026 and 2025, we recognized income tax expense and a benefit of $30 million and $7 million, respectively. Our effective tax rate for the three months ended March 31, 2026, of 34.6% differed from the statutory income tax rate primarily due to the tax impact from the jurisdictional mix of projected earnings and the accrual of global minimum taxes under current law. Our effective tax rate of (12.2)% for the three months ended March 31, 2025, differed from the statutory income tax rate primarily due to the tax impact from the jurisdictional mix of projected income and losses in non-U.S. jurisdictions and the utilization of net operating losses and a valuation allowance release in the U.S.

We were included in Eli Lilly and Company's (Lilly's) U.S. tax examinations by the Internal Revenue Service through the full separation date of March 11, 2019. Pursuant to the tax matters agreement we executed with Lilly in connection with our initial public offering (IPO), the potential liabilities or potential refunds attributable to pre-IPO periods in which Elanco was included in a Lilly consolidated or combined tax return remain with Lilly. The U.S. examination of tax years 2016 to 2018 began in 2019 and remains ongoing. Final resolution of certain matters is dependent upon several factors, including the potential for formal administrative proceedings.

- Definition

The entire disclosure for income tax.

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+ Details

Debt and Finance Lease Liability (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Our long-term debt and finance lease liability consisted of the following:


	March 31, 2026		December 31, 2025
Term Loan B due 2032	$	1,097	$	1,100
Euro Term Loan due 2029	450		470
Incremental Term Facility due 2028	338		339
Incremental Term Facility due 2029	171		171
Incremental Term Facility due 2031	320		321
Incremental Term Facility due 2032	537		539
Revolving Credit Facility (1)	—		—
Securitization Facility (2)	100		100
Senior Notes due 2028 (3)	750		750
Unamortized debt issuance costs	(27)		(28)
Total debt	3,736		3,762
Finance lease liability	255		255
	3,991		4,017
Less current portion of long-term debt and finance lease liability	73		74
Total long-term debt and finance lease liability	$	3,918	$	3,943

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, shares authorized (in shares)	5,000,000,000	5,000,000,000
Common stock, shares issued (in shares)	499,381,644	496,975,154
Common stock, shares outstanding (in shares)	499,381,644	496,975,154

Business Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

A summary of our consolidated net income for the three months ended March 31, 2026 and 2025 is as follows, including the significant segment expenses provided to and regularly reviewed by our CEO, as well as other expenses, which are included in consolidated net income, but are not regularly provided to and/or reviewed by our CEO:


	Three Months Ended March 31,
	2026		2025
Revenue	$	1,371	$	1,193
Cost of sales	586		509
Gross profit	785		684

Other significant segment expenses:
Research and development	97		94
Marketing and selling	256		225
General and administrative	125		116
Interest expense, net of capitalized interest	57		40
Other expense, net	9		12
Income tax expense (benefit)	30		(7)
Total other significant segment expenses	574		480
Other expenses (1)	154		137
Net income	$	57	$	67

(1)Other expenses include amortization of intangible assets and asset impairment, restructuring and other special charges.

Depreciation expense related to property and equipment and amortization expense related to software for the three months ended March 31, 2026 and 2025, respectively, were as follows:


	Three Months Ended March 31,
	2026		2025
Depreciation expense	$	28	$	24
Amortization of software	6		9

Business Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Business Segment Information

Note 14. Business Segment Information

We operate our business as a single segment engaged in the development, manufacturing, marketing and sales of animal health products for both pets and farm animals. Consistent with our operational structure, our Chief Executive Officer (CEO), as the chief operating decision maker, makes resource allocation and business process decisions globally across our consolidated business. Strategic and resource allocation decisions are managed globally, with global functional leaders responsible for determining significant costs and investments and with regional leaders responsible for overseeing the execution of our global strategy. Managing and allocating resources at the global corporate level enables our CEO to assess the overall level of resources available and how to best deploy these resources across functions, product types, regional commercial organizations and R&D projects in line with our overarching long-term, corporate-wide strategic goals, rather than on a product or geographic basis. Consistent with this decision-making process, our CEO considers consolidated net income (loss), which is our single segment’s principal measure of segment profit and loss, when evaluating performance. Our CEO also considers these measures, as well as other factors, such as an assessment of a new product’s future market potential, when determining how to allocate company-wide resources.

Significant segment expenses are amounts that are regularly provided to our CEO and included in consolidated net income (loss), our primary measure of our single segment’s profit or loss. Our CEO regularly reviews reported consolidated revenue, gross profit, other significant segment expenses and consolidated net income (loss), in addition to forecasted revenue, significant segment expenses and net income (loss) amounts for future periods. A summary of our consolidated net income for the three months ended March 31, 2026 and 2025 is as follows, including the significant segment expenses provided to and regularly reviewed by our CEO, as well as other expenses, which are included in consolidated net income, but are not regularly provided to and/or reviewed by our CEO:


	Three Months Ended March 31,
	2026		2025
Revenue	$	1,371	$	1,193
Cost of sales	586		509
Gross profit	785		684

Other significant segment expenses:
Research and development	97		94
Marketing and selling	256		225
General and administrative	125		116
Interest expense, net of capitalized interest	57		40
Other expense, net	9		12
Income tax expense (benefit)	30		(7)
Total other significant segment expenses	574		480
Other expenses (1)	154		137
Net income	$	57	$	67

(1)Other expenses include amortization of intangible assets and asset impairment, restructuring and other special charges.

Depreciation expense related to property and equipment and amortization expense related to software for the three months ended March 31, 2026 and 2025, respectively, were as follows:


	Three Months Ended March 31,
	2026		2025
Depreciation expense	$	28	$	24
Amortization of software	6		9

Given our single reporting segment structure, we manage our assets on a total company basis. Cash paid for acquisitions, intangible assets and property and equipment and software, and cash proceeds from divestitures, are all summarized in the Investing Activities section of our condensed consolidated statements of cash flows.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details