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Alnylam Pharmaceuticals cash flow, quarter by quarter

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

Free cash flow$271M in Q3 2026 · $806M over twelve months

Operating cash flow$341M
Capital spending−$69.8M
Free cash flow+$271M
Cash / net income0.2×
Cash conversion cycle58 days

Analysis

In Q3 2026, Alnylam Pharmaceuticals generated $341M of operating cash flow and spent $69.8M on capital projects, leaving free cash flow of $271M. That is $13.6M less than in Q3 2025 ($285M).

Over the twelve months to Sep 30, 2026, operating cash flow was $956M; the largest uses were other investing ($588M), capital spending ($150M), net borrowing (+) / repaid (−) ($52.9M); besides operations, cash came from shares issued ($104M), other financing ($10.5M); the cash balance rose by $263M.

Operating cash flow was $341M against net income of $2.2B — 0.2× profit, less cash than reported earnings, worth checking against working capital. The largest differences: deferred taxes −$1.9B, receivables −$171M, payables +$96.0M.

Its cash conversion cycle was 58 days (receivables 63 + inventory 26 − payables 31).

Free cash flow

Alnylam Pharmaceuticals: free cash flow by quarterAlnylam Pharmaceuticals: free cash flow by quarter−$104MQ4 2024−$127MQ1 2025$114MQ2 2025$285MQ3 2025$194MQ4 2025$271MQ3 2026
Operating cash flow less capital spending.
Alnylam Pharmaceuticals: operating cash flow against capital spendingAlnylam Pharmaceuticals: operating cash flow against capital spendingOperating cash flowCapital spending−$94.7M$9.1MQ4 2024−$118M$9.0MQ1 2025$128M$14.3MQ2 2025$297M$12.1MQ3 2025$218M$23.3MQ4 2025$341M$69.8MQ3 2026
Latest (Q3 2026): Operating cash flow $341M, Capital spending $69.8M.

Capital allocation, year by year

Alnylam Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearAlnylam Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$642MFY2021: Net borrowing $500MFY2021: Shares issued $246MFY2021: Capital spending −$76.4M$746MFY2021FY2022: Operating cash flow −$541MFY2022: Net borrowing −$762MFY2022: Shares issued $259MFY2022: Capital spending −$72.1M$259MFY2022FY2023: Operating cash flow $104MFY2023: Shares issued $147MFY2023: Capital spending −$62.2M$252MFY2023FY2024: Operating cash flow −$8.3MFY2024: Shares issued $303MFY2024: Capital spending −$34.3M$303MFY2024FY2025: Operating cash flow $524MFY2025: Net borrowing −$509MFY2025: Shares issued $250MFY2025: Capital spending −$58.7M$774MFY2025
Over these 5 years operating cash flow totalled −$563M; the largest uses were net borrowing ($1.3B) and operating cash flow ($1.2B). Cash-flow statements as filed.

Where the cash came from and went

Alnylam Pharmaceuticals: sources (+) and uses (−) of cash, Q3 2026Alnylam Pharmaceuticals: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$341MOther investing−$242MCapital spending−$69.8MCash drawn (+) / kept (−)−$46.3MShares issued$15.5MOther financing$2.9MExchange rates−$1.3M
Alnylam Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q3 2026Alnylam Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$956MOther investing−$588MCash drawn (+) / kept (−)−$263MCapital spending−$150MShares issued$104MNet borrowing (+) / repaid (−)−$52.9MExchange rates−$16.5MOther financing$10.5M

From profit to cash

Alnylam Pharmaceuticals: net income to operating cash flow, Q3 2026Alnylam Pharmaceuticals: net income to operating cash flow, Q3 2026Net income$2.2BDepreciation & amortization$14.5MStock-based pay$79.1MDeferred taxes−$1.9BReceivables−$171MInventory$913KPayables$96.0MDeferred revenue$7.7MPrepaid and other assets−$36.4MOperating cash flow$341M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202663263158
Q4 202573274060
Q3 202556345139
Q2 202558446438
Q1 2025629211936
Q4 202459697157

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$341M−$69.8M—$15.5M−$46.3M$271M
Q4 2025$218M−$23.3M−$52.9M$41.7M−$166M$194M
Q3 2025$297M−$12.1M—$77.7M−$377M$285M
Q2 2025$128M−$14.3M—$81.2M−$93.6M$114M
Q1 2025−$118M−$9.0M—$49.4M−$53.6M−$127M
Q4 2024−$94.7M−$9.1M—$36.3M$134M−$104M

Alnylam Pharmaceuticals: income statement and cash flow

Alnylam Pharmaceuticals, Q3 2026: revenue $1.5B (+17% year over year), operating margin 23.7%. The chart follows the revenue to costs, profit and cash.

Alnylam Pharmaceuticals: 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.