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ANI Pharmaceuticals cash flow, quarter by quarter

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

Free cash flow$70.3M in Q3 2026 · $205M over twelve months

Operating cash flow$83.8M
Capital spending−$13.5M
Free cash flow+$70.3M
Cash / net income2.4×
Cash conversion cycle146 days

Analysis

In Q3 2026, ANI Pharmaceuticals generated $83.8M of operating cash flow and spent $13.5M on capital projects, leaving free cash flow of $70.3M. That is $32.3M more than in Q3 2025 ($38.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $229M; the largest uses were other financing ($26.3M), capital spending ($23.9M), buybacks ($19.2M); besides operations, cash came from shares issued ($4.8M); the cash balance rose by $158M.

Operating cash flow was $83.8M against net income of $35.1M — 2.4× profit, cash ran ahead of reported earnings. The largest differences: receivables −$30.1M, depreciation & amortization +$19.6M, stock-based pay +$11.6M.

Its cash conversion cycle was 146 days (receivables 92 + inventory 115 − payables 61).

Free cash flow

ANI Pharmaceuticals: free cash flow by quarterANI Pharmaceuticals: free cash flow by quarter$13.5MQ4 2024$32.5MQ1 2025$71.8MQ2 2025$38.0MQ3 2025$29.1MQ4 2025$52.3MQ1 2026$53.6MQ2 2026$70.3MQ3 2026
Operating cash flow less capital spending.
ANI Pharmaceuticals: operating cash flow against capital spendingANI Pharmaceuticals: operating cash flow against capital spendingOperating cash flowCapital spending$15.9M$2.4MQ4 2024$35.0M$2.5MQ1 2025$75.8M$4.0MQ2 2025$44.1M$6.1MQ3 2025$30.4M$1.2MQ4 2025$58.4M$6.1MQ1 2026$56.7M$3.1MQ2 2026$83.8M$13.5MQ3 2026
Latest (Q3 2026): Operating cash flow $83.8M, Capital spending $13.5M.

Capital allocation, year by year

ANI Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearANI Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $3.3MFY2021: Net borrowing −$176MFY2021: Shares issued $96.7MFY2021: Asset sales $2.6MFY2021: Capital spending −$2.6MFY2021: Acquisitions −$84.5MFY2021: Buybacks −$890KFY2021: Dividends −$190K$103MFY2021FY2022: Operating cash flow −$31.2MFY2022: Net borrowing −$3.0MFY2022: Shares issued $1.5MFY2022: Asset sales $750KFY2022: Capital spending −$8.9MFY2022: Acquisitions −$33KFY2022: Buybacks −$2.0MFY2022: Dividends −$1.6M$2.2MFY2022FY2023: Operating cash flow $119MFY2023: Net borrowing −$3.0MFY2023: Shares issued $89.6MFY2023: Capital spending −$8.9MFY2023: Buybacks −$5.0MFY2023: Dividends −$1.6M$209MFY2023FY2024: Operating cash flow $64.0MFY2024: Net borrowing $349MFY2024: Shares issued $6.5MFY2024: Capital spending −$16.2MFY2024: Buybacks −$11.0MFY2024: Dividends −$1.6M$419MFY2024FY2025: Operating cash flow $185MFY2025: Shares issued $13.6MFY2025: Capital spending −$13.8MFY2025: Buybacks −$12.2MFY2025: Dividends −$1.2M$199MFY2025
Over these 5 years operating cash flow totalled $340M; the largest uses were net borrowing ($182M) and acquisitions ($84.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$421M
Debt$298M
Net cash$123M
Due within a year$23.4M

ANI Pharmaceuticals funds itself: free cash flow was $205M over the last twelve months, and $421M of cash and investments stands against $298M of debt ($23.4M due within a year, 18.0× covered by cash).

Where the cash came from and went

ANI Pharmaceuticals: sources (+) and uses (−) of cash, Q3 2026ANI Pharmaceuticals: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$83.8MCash drawn (+) / kept (−)−$60.5MOther financing−$25.6MBuybacks$13.6MCapital spending−$13.5MShares issued$2.2MExchange rates$91K
ANI Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q3 2026ANI Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$229MCash drawn (+) / kept (−)−$158MOther financing−$26.3MCapital spending−$23.9MBuybacks−$19.2MOther investing−$5.4MShares issued$4.8MExchange rates−$1.0M

From profit to cash

ANI Pharmaceuticals: net income to operating cash flow, Q3 2026ANI Pharmaceuticals: net income to operating cash flow, Q3 2026Net income$35.1MDepreciation & amortization$19.6MStock-based pay$11.6MDeferred taxes−$3.2MReceivables−$30.1MInventory$6.7MPayables$3.1MPrepaid and other assets$4.6MIncome taxes payable$5.4MOperating cash flow$83.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20269211561146
Q2 20269113065156
Q1 202610213864176
Q4 20259913361171
Q3 20259714061176
Q2 20259616866199
Q1 202510116961209
Q4 202410116361203

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$83.8M−$13.5M$13.6M——$2.2M−$60.5M$70.3M
Q2 2026$56.7M−$3.1M−$813K——$308K−$49.0M$53.6M
Q1 2026$58.4M−$6.1M−$19.8M——$2.2M−$25.6M$52.3M
Q4 2025$30.4M−$1.2M−$12.2M—$6.1M$38K−$23.0M$29.1M
Q3 2025$44.1M−$6.1M$10.6M−$344K−$2.0M$9.8M−$44.8M$38.0M
Q2 2025$75.8M−$4.0M−$551K−$407K−$2.0M$1.2M−$68.0M$71.8M
Q1 2025$35.0M−$2.5M−$10.0M−$406K−$2.0M$2.5M−$4.9M$32.5M
Q4 2024$15.9M−$2.4M−$318K−$406K−$291M$1.7M$123K$13.5M

ANI Pharmaceuticals: income statement and cash flow

ANI Pharmaceuticals, Q3 2026: revenue $291M (+28% year over year), operating margin 18.0%. The chart follows the revenue to costs, profit and cash.

ANI 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.