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Adaptive Biotechnologies cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$7.7M in Q3 2026 · −$8.8M over twelve months

Operating cash flow$9.6M
Capital spending−$1.9M
Free cash flow+$7.7M
Cash / net income3.4×
Cash conversion cycle84 days

Analysis

In Q3 2026, Adaptive Biotechnologies generated $9.6M of operating cash flow and spent $1.9M on capital projects, leaving free cash flow of $7.7M. That is $15.2M more than in Q3 2025 (−$7.5M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$4.3M; the largest uses were other investing ($163M), capital spending ($4.5M), operating cash flow ($4.3M); besides operations, cash came from other financing ($151M), shares issued ($41.4M); the cash balance rose by $20.6M.

Operating cash flow was $9.6M against net income of $2.8M — 3.4× profit, cash ran ahead of reported earnings. The largest differences: receivables −$17.2M, stock-based pay +$10.4M, deferred revenue +$6.5M.

Its cash conversion cycle was 84 days (receivables 64 + inventory 47 − payables 27).

Free cash flow

Adaptive Biotechnologies: free cash flow by quarterAdaptive Biotechnologies: free cash flow by quarter−$12.6MQ4 2024−$29.7MQ1 2025−$13.1MQ2 2025−$7.5MQ3 2025$1.4MQ4 2025−$10.3MQ1 2026−$7.6MQ2 2026$7.7MQ3 2026
Operating cash flow less capital spending.
Adaptive Biotechnologies: operating cash flow against capital spendingAdaptive Biotechnologies: operating cash flow against capital spendingOperating cash flowCapital spending−$12.5M$80KQ4 2024−$28.5M$1.3MQ1 2025−$12.4M$655KQ2 2025−$7.1M$409KQ3 2025$2.1M$636KQ4 2025−$9.5M$796KQ1 2026−$6.4M$1.2MQ2 2026$9.6M$1.9MQ3 2026
Latest (Q3 2026): Operating cash flow $9.6M, Capital spending $1.9M.

Capital allocation, year by year

Adaptive Biotechnologies: where the cash came from (up) and went (down), by fiscal yearAdaptive Biotechnologies: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingFY2021: Operating cash flow −$193MFY2021: Shares issued $26.7MFY2021: Capital spending −$61.7M$26.7MFY2021FY2022: Operating cash flow −$184MFY2022: Shares issued $7.9MFY2022: Capital spending −$16.3M$7.9MFY2022FY2023: Operating cash flow −$156MFY2023: Shares issued $2.2MFY2023: Capital spending −$10.7M$2.2MFY2023FY2024: Operating cash flow −$95.2MFY2024: Shares issued $241KFY2024: Capital spending −$3.7M$241KFY2024FY2025: Operating cash flow −$46.0MFY2025: Shares issued $17.9MFY2025: Capital spending −$3.0M$17.9MFY2025
Over these 5 years operating cash flow totalled −$674M; the largest uses were operating cash flow ($674M) and capital spending ($95.4M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$299M
Debtnone
Net cash$299M
Cash runwaymore than 10 years

Adaptive Biotechnologies is burning cash: its operations consume cash, a free cash flow of −$8.8M a year at the current rate against $299M of cash and investments: a runway of more than ten years at that rate before any new financing.

Where the cash came from and went

Adaptive Biotechnologies: sources (+) and uses (−) of cash, Q3 2026Adaptive Biotechnologies: sources (+) and uses (−) of cash, Q3 2026Other investing−$123MCash drawn (+) / kept (−)$94.3MShares issued$21.9MOperating cash flow$9.6MCapital spending−$1.9MNet borrowing (+) / repaid (−)−$680K
Adaptive Biotechnologies: sources (+) and uses (−) of cash, TTM to Q3 2026Adaptive Biotechnologies: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$163MOther financing$151MShares issued$41.4MCash drawn (+) / kept (−)−$20.6MCapital spending−$4.5MOperating cash flow−$4.3M

From profit to cash

Adaptive Biotechnologies: net income to operating cash flow, Q3 2026Adaptive Biotechnologies: net income to operating cash flow, Q3 2026Net income$2.8MDepreciation & amortization$3.6MStock-based pay$10.4MOther non-cash−$109KReceivables−$17.2MInventory$489KPayables$5.2MDeferred revenue$6.5MPrepaid and other assets−$1.5MOther operating capital$381KOperating cash flow$9.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202664472784
Q2 202662493478
Q1 202663513975
Q4 202561504269
Q3 202544464447
Q2 202568433478
Q1 202573453682
Q4 202480523795

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$9.6M−$1.9M−$680K$21.9M$94.3M$7.7M
Q2 2026−$6.4M−$1.2M—$5.4M−$92.3M−$7.6M
Q1 2026−$9.5M−$796K—$5.0M−$7.1M−$10.3M
Q4 2025$2.1M−$636K—$9.1M−$15.5M$1.4M
Q3 2025−$7.1M−$409K—$1.7M−$11.8M−$7.5M
Q2 2025−$12.4M−$655K—$1.6M$7.5M−$13.1M
Q1 2025−$28.5M−$1.3M—$5.5M−$2.5M−$29.7M
Q4 2024−$12.5M−$80K—$127K−$9.8M−$12.6M

Adaptive Biotechnologies: income statement and cash flow

Adaptive Biotechnologies, Q3 2026: revenue $83.9M (-11% year over year), operating margin -0.5%. The chart follows the revenue to costs, profit and cash.

Adaptive Biotechnologies: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.