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Arcutis Biotherapeutics cash flow, quarter by quarter

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

Free cash flow$18.8M in Q3 2026 · $59.7M over twelve months

Operating cash flow$18.9M
Capital spending−$97K
Free cash flow+$18.8M
Cash / net income2.1×
Cash conversion cycle361 days

Analysis

In Q3 2026, Arcutis Biotherapeutics generated $18.9M of operating cash flow and spent $97K on capital projects, leaving free cash flow of $18.8M. That is $20.6M more than in Q3 2025 (−$1.8M).

Over the twelve months to Sep 30, 2026, operating cash flow was $60.0M; the largest uses were other investing ($82.6M), capital spending ($255K); besides operations, cash came from shares issued ($7.5M), other financing ($1.7M); the cash balance fell by $13.7M.

Operating cash flow was $18.9M against net income of $8.8M — 2.1× profit, cash ran ahead of reported earnings. The largest differences: receivables −$16.1M, stock-based pay +$12.4M, accrued liabilities +$10.3M.

Its cash conversion cycle was 361 days (receivables 104 + inventory 312 − payables 55).

Free cash flow

Arcutis Biotherapeutics: free cash flow by quarterArcutis Biotherapeutics: free cash flow by quarter−$748KQ4 2024−$31.0MQ1 2025$246KQ2 2025−$1.8MQ3 2025$26.2MQ4 2025$2.2MQ1 2026$12.5MQ2 2026$18.8MQ3 2026
Operating cash flow less capital spending.
Arcutis Biotherapeutics: operating cash flow against capital spendingArcutis Biotherapeutics: operating cash flow against capital spendingOperating cash flowCapital spending−$748K$0Q4 2024−$30.4M$608KQ1 2025$324K$78KQ2 2025−$1.8M$0Q3 2025$26.2M$0Q4 2025$2.2M$0Q1 2026$12.6M$158KQ2 2026$18.9M$97KQ3 2026
Latest (Q3 2026): Operating cash flow $18.9M, Capital spending $97K.

Capital allocation, year by year

Arcutis Biotherapeutics: where the cash came from (up) and went (down), by fiscal yearArcutis Biotherapeutics: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$175MFY2021: Net borrowing $74.0MFY2021: Shares issued $209MFY2021: Capital spending −$995K$283MFY2021FY2022: Operating cash flow −$258MFY2022: Net borrowing $125MFY2022: Shares issued $163MFY2022: Capital spending −$333K$288MFY2022FY2023: Operating cash flow −$247MFY2023: Shares issued $1.2MFY2023: Capital spending −$428K$1.2MFY2023FY2024: Operating cash flow −$112MFY2024: Net borrowing −$100MFY2024: Shares issued $164MFY2024: Capital spending −$143K$164MFY2024FY2025: Operating cash flow −$5.6MFY2025: Shares issued $4.6MFY2025: Capital spending −$686K$4.6MFY2025
Over these 5 years operating cash flow totalled −$797M; the largest uses were operating cash flow ($797M) and net borrowing ($100M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$259M
Debt$109M
Net cash$150M
Due within a year$7.0M

Arcutis Biotherapeutics funds itself: free cash flow was $59.7M over the last twelve months, and $259M of cash and investments stands against $109M of debt ($7.0M due within a year, 37.3× covered by cash).

Where the cash came from and went

Arcutis Biotherapeutics: sources (+) and uses (−) of cash, Q3 2026Arcutis Biotherapeutics: sources (+) and uses (−) of cash, Q3 2026Other investing−$22.0MOperating cash flow$18.9MShares issued$2.5MCash drawn (+) / kept (−)$748KCapital spending−$97KExchange rates−$15K
Arcutis Biotherapeutics: sources (+) and uses (−) of cash, TTM to Q3 2026Arcutis Biotherapeutics: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$82.6MOperating cash flow$60.0MCash drawn (+) / kept (−)$13.7MShares issued$7.5MOther financing$1.7MCapital spending−$255KExchange rates−$121K

From profit to cash

Arcutis Biotherapeutics: net income to operating cash flow, Q3 2026Arcutis Biotherapeutics: net income to operating cash flow, Q3 2026Net income$8.8MStock-based pay$12.4MOther non-cash$281KReceivables−$16.1MInventory−$6.5MPayables$1.7MAccrued liabilities$10.3MPrepaid and other assets$7.2MOperating cash flow$18.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202610431255361
Q2 2026105317104319
Q1 2026124276142258
Q4 20259317772198
Q3 2025103205111197
Q2 202510720024167
Q1 202510815919770
Q4 20248619022353

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$18.9M−$97K$2.5M$748K$18.8M
Q2 2026$12.6M−$158K$1.4M$641K$12.5M
Q1 2026$2.2M—$1.1M$8.1M$2.2M
Q4 2025$26.2M—$2.7M$4.2M$26.2M
Q3 2025−$1.8M—$1.5M$25.6M−$1.8M
Q2 2025$324K−$78K$61K−$19.3M$246K
Q1 2025−$30.4M−$608K$395K$18.2M−$31.0M
Q4 2024−$748K—$1.5M$63.5M−$748K

Arcutis Biotherapeutics: income statement and cash flow

Arcutis Biotherapeutics, Q3 2026: revenue $144M (+45% year over year), operating margin 6.6%. The chart follows the revenue to costs, profit and cash.

Arcutis Biotherapeutics: 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.