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Arrowhead Pharmaceuticals cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow−$181M in Q3 FY26 · −$75.1M over twelve months

Operating cash flow−$177M
Capital spending−$3.9M
Free cash flow−$181M

Analysis

In Q3 FY26, Arrowhead Pharmaceuticals generated −$177M of operating cash flow and spent $3.9M on capital projects, leaving free cash flow of −$181M. That is $24.2M less than in Q3 FY25 (−$157M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$59.1M; the largest uses were other investing ($786M), net borrowing (+) / repaid (−) ($115M), operating cash flow ($59.1M); besides operations, cash came from other financing ($886M), shares issued ($13.3M); the cash balance fell by $76.6M.

Operating cash flow was −$177M against net income of −$179M. The largest differences: deferred revenue −$30.8M, prepaid and other assets −$21.5M, stock-based pay +$14.9M.

Free cash flow

Arrowhead Pharmaceuticals: free cash flow by quarterArrowhead Pharmaceuticals: free cash flow by quarter−$162MQ4 FY24−$154MQ1 FY25$455MQ2 FY25−$157MQ3 FY25$13.0MQ4 FY25$11.3MQ1 FY26$81.9MQ2 FY26−$181MQ3 FY26
Operating cash flow less capital spending.
Arrowhead Pharmaceuticals: operating cash flow against capital spendingArrowhead Pharmaceuticals: operating cash flow against capital spendingOperating cash flowCapital spending−$137M$24.3MQ4 FY24−$146M$7.5MQ1 FY25$460M$5.3MQ2 FY25−$155M$2.4MQ3 FY25$20.5M$7.5MQ4 FY25$13.5M$2.1MQ1 FY26$84.4M$2.6MQ2 FY26−$177M$3.9MQ3 FY26
Latest (Q3 FY26): Operating cash flow −$177M, Capital spending $3.9M.

Capital allocation, year by year

Arrowhead Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearArrowhead Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY21: Operating cash flow $171MFY21: Shares issued $11.3MFY21: Capital spending −$23.6M$183MFY21FY22: Operating cash flow −$136MFY22: Shares issued $5.2MFY22: Capital spending −$52.8M$5.2MFY22FY23: Operating cash flow −$154MFY23: Shares issued $3.1MFY23: Capital spending −$177M$3.1MFY23FY24: Operating cash flow −$463MFY24: Net borrowing $392MFY24: Shares issued $432MFY24: Capital spending −$141M$824MFY24FY25: Operating cash flow $180MFY25: Net borrowing −$202MFY25: Shares issued $245MFY25: Capital spending −$22.7M$425MFY25
Over these 5 years operating cash flow totalled −$402M; the largest uses were operating cash flow ($753M) and capital spending ($417M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.6B
Debtnone
Net cash$1.6B
Cash runwaymore than 10 years

Arrowhead Pharmaceuticals is burning cash: its operations consume cash, a free cash flow of −$75.1M a year at the current rate against $1.6B 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

Arrowhead Pharmaceuticals: sources (+) and uses (−) of cash, Q3 FY26Arrowhead Pharmaceuticals: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow−$177MCash drawn (+) / kept (−)$134MOther investing$47.5MNet borrowing (+) / repaid (−)−$33.4MOther financing$27.2MCapital spending−$3.9MPartners$3.1MShares issued$2.6MExchange rates$477K
Arrowhead Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q3 FY26Arrowhead Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q3 FY26Other financing$886MOther investing−$786MNet borrowing (+) / repaid (−)−$115MCash drawn (+) / kept (−)$76.6MOperating cash flow−$59.1MCapital spending−$16.1MShares issued$13.3M

From profit to cash

Arrowhead Pharmaceuticals: net income to operating cash flow, Q3 FY26Arrowhead Pharmaceuticals: net income to operating cash flow, Q3 FY26Net income−$179MDepreciation & amortization$6.2MStock-based pay$14.9MReceivables$7.0MPayables−$3.1MAccrued liabilities$6.9MDeferred revenue−$30.8MPrepaid and other assets−$21.5MOther operating capital−$2.8MOperating cash flow−$177M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26−$177M−$3.9M−$33.4M$2.6M$134M−$181M
Q2 FY26$84.4M−$2.6M−$17.8M$5.0M$14.1M$81.9M
Q1 FY26$13.5M−$2.1M−$66.7M$51.9M$24.9M$11.3M
Q4 FY25$20.5M−$7.5M$3.2M$507K−$96.8M$13.0M
Q3 FY25−$155M−$2.4M−$50.0M$223K$55.9M−$157M
Q2 FY25$460M−$5.3M−$152M$244M−$132M$455M
Q1 FY25−$146M−$7.5M—$634K$48.8M−$154M
Q4 FY24−$137M−$24.3M—$223K−$33.3M−$162M

Arrowhead Pharmaceuticals: income statement and cash flow

Arrowhead Pharmaceuticals, Q3 FY26: revenue $75.3M (+171% year over year), operating margin -226.0%. The chart follows the revenue to costs, profit and cash.

Arrowhead 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.