Elanco Animal Health (ELAN) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Elanco Animal Health published the results on November 6, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Elanco Animal Health reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted EPS, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Elanco acquired AHV International B.V. on April 30, 2026. Its organic constant currency growth figures exclude AHV, foreign exchange and royalty and milestone revenue sold to a third party.
• Contract Manufacturing and Other includes $21 million of royalty and sales-based milestone revenue that Elanco sold to a third party but must still recognize under GAAP; Elanco removes it from adjusted results and from its revenue guidance.

Source: Elanco Q3 2026 results, November 6, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Elanco Animal Health splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Elanco Animal Health's Pet Health revenue was $608 million in Q3 2026, up 14% from $533 million in Q3 2025, 48% of total revenue.
• Elanco Animal Health's Farm Animal revenue was $631 million in Q3 2026, up 6% from $593 million in Q3 2025, 50% of total revenue.
• Elanco Animal Health's Contract Manufacturing and Other revenue was $26.0 million in Q3 2026, up 136% from $11.0 million in Q3 2025, 2% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Elanco Animal Health said:

“Raising revenue guidance to $5.155 billion to $5.18 billion, or approximately 8% organic constant currency growth”

“Raising Adjusted EPS guidance to $1.17 to $1.20, a year-over-year increase of 26% at midpoint”

“Excluding the impacts of foreign exchange rates, the AHV International acquisition that closed in April 2026, and royalty revenue and sales-based milestones sold to a third party, the company expects 4% to 6% revenue growth.”

Source: Elanco Q3 2026 release, Nov 6, 2026.

This is the company's own guidance as of Nov 6, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the ELAN forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for Elanco Animal Health's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 6, 2026

Elanco Animal Health reported Q3 2026 revenue of $1,265 million, up 11% from $1,137 million, or 9% on an organic constant currency basis. Pet Health brought in $608 million, up 14%, and Farm Animal $631 million, up 6%. Within Farm Animal, Cattle rose 17% to $339 million, Poultry fell 7% to $201 million and Swine rose 5% to $91 million. (Elanco Q3 2026 release, Nov 6, 2026)

Elanco said Pet Health price rose 5% and volume 9%, mainly on demand for Zenrelia, Credelio Quattro and AdTab. The Advantage Family contributed $115 million and the Seresto Family $49 million; Seresto was hurt by U.S. retailer inventory drawdown. Across the company, price rose 4% and volume 5%. (Elanco Q3 2026 release, Nov 6, 2026)

Farm Animal revenue rose on a 3% increase in price and a 2% contribution from AHV International, which Elanco acquired on April 30, 2026 for total estimated purchase consideration of $241 million. Contract Manufacturing and Other was $26 million, including $21 million of royalty and milestone revenue that Elanco sold to a third party. (Elanco Q3 2026 release, Nov 6, 2026; Elanco Form 10-Q, Q3 2026, Nov 6, 2026)

By geography, Elanco's U.S. revenue was $613 million and international revenue $652 million, against $547 million and $590 million a year earlier. A single customer accounted for about 13% of revenue in the first nine months of 2026. Elanco sells pet products mainly to third-party distributors and retailers and directly to veterinarians, and farm animal products to distributors and producers. (Elanco Form 10-Q, Q3 2026, Nov 6, 2026; Elanco Form 10-K, 2025, Feb 24, 2026)

Elanco Animal Health's GAAP diluted EPS was $0.04 in Q3 2026, against a loss of $0.07 a year earlier; adjusted EPS was $0.27, up 42% from $0.19. The biggest adjustment is amortization of intangible assets, $144 million or $0.28 per share. Elanco also adds back $18 million of interest expense, mostly imputed interest on its liability for sale of future revenue, and removes the $21 million of sold royalty and milestone revenue. (Elanco Q3 2026 release, Nov 6, 2026)

Gross margin was 56.9%, up 350 basis points, and adjusted gross margin 56.1%, up 300 basis points, which Elanco attributed to higher pricing and mix from U.S. Pet Health and global ruminants. The reported effective tax rate was 25.7%, against 30.9%, and the adjusted rate 19.4%, against 26.5%. (Elanco Q3 2026 release, Nov 6, 2026)

Elanco's diluted weighted-average shares were 506.5 million, against 496.8 million a year earlier. Reported net interest expense rose $7 million to $59 million, which Elanco put down to the maturity of interest rate swaps in September 2025 and imputed interest on the liability for sale of future revenue, partly offset by lower average debt. (Elanco Q3 2026 release, Nov 6, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Elanco Animal Health gives quarterly and full-year guidance in its release. For 2026 it raised revenue guidance to $5,155 million to $5,180 million from $5,090 million to $5,140 million, adjusted EBITDA to $1,050 million to $1,065 million and adjusted EPS to $1.17 to $1.20 from $1.10 to $1.16. It expects adjusted gross margin of 55.8% to 56.0%. (Elanco Q3 2026 release, Nov 6, 2026)

For Q4 2026 Elanco guided revenue of $1,190 million to $1,215 million, adjusted EBITDA of $185 million to $200 million and adjusted EPS of $0.16 to $0.19, with 4% to 6% revenue growth excluding foreign exchange, AHV and sold royalty revenue. For 2027 it repeated its annual algorithm: mid-single digit organic constant currency revenue growth, high-single digit adjusted EBITDA growth and low-double digit adjusted EPS growth. (Elanco Q3 2026 release, Nov 6, 2026)

A consensus figure is the average of the models published by the analysts who cover Elanco Animal Health, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Elanco Animal Health's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning ELAN is on is ELAN a buy or a sell?, what analysts expect next is on the ELAN forecast, and what the company does is on the Elanco Animal Health (ELAN) stock page.

Every number on this page can be traced to a document Elanco Animal Health published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.