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Avantor cash flow, quarter by quarter

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

Free cash flow$156M in Q3 2026 · $439M over twelve months

Operating cash flow$195M
Capital spending−$38.9M
Free cash flow+$156M
Cash / net income1.0×
Cash conversion cycle69 days

Analysis

In Q3 2026, Avantor generated $195M of operating cash flow and spent $38.9M on capital projects, leaving free cash flow of $156M. That is $15.5M less than in Q3 2025 ($172M).

Over the twelve months to Sep 30, 2026, operating cash flow was $585M; the largest uses were capital spending ($146M), net borrowing (+) / repaid (−) ($142M), other financing ($84.5M); besides operations, cash came from shares issued ($14.8M); the cash balance rose by $212M.

Operating cash flow was $195M against net income of $203M — 1.0× profit, roughly in line with earnings. The largest differences: deferred taxes −$147M, depreciation & amortization +$105M, other operating capital +$54.6M.

Its cash conversion cycle was 69 days (receivables 61 + inventory 67 − payables 58).

Free cash flow

Avantor: free cash flow by quarterAvantor: free cash flow by quarter$146MQ4 2024$81.3MQ1 2025$125MQ2 2025$172MQ3 2025$117MQ4 2025$25.2MQ1 2026$141MQ2 2026$156MQ3 2026
Operating cash flow less capital spending.
Avantor: operating cash flow against capital spendingAvantor: operating cash flow against capital spendingOperating cash flowCapital spending$173M$27.5MQ4 2024$109M$28.0MQ1 2025$154M$29.6MQ2 2025$207M$35.7MQ3 2025$153M$35.5MQ4 2025$58.7M$33.5MQ1 2026$178M$37.6MQ2 2026$195M$38.9MQ3 2026
Latest (Q3 2026): Operating cash flow $195M, Capital spending $38.9M.

Capital allocation, year by year

Avantor: where the cash came from (up) and went (down), by fiscal yearAvantor: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $954MFY2021: Net borrowing $2.3BFY2021: Shares issued $1.0BFY2021: Capital spending −$111MFY2021: Acquisitions −$4.0B$4.3BFY2021FY2022: Operating cash flow $844MFY2022: Net borrowing −$624MFY2022: Shares issued $17.3MFY2022: Capital spending −$133MFY2022: Acquisitions −$20.2M$861MFY2022FY2023: Operating cash flow $870MFY2023: Net borrowing −$851MFY2023: Shares issued $18.3MFY2023: Capital spending −$146M$888MFY2023FY2024: Operating cash flow $841MFY2024: Net borrowing −$1.3BFY2024: Shares issued $69.2MFY2024: Asset sales $585MFY2024: Capital spending −$149M$1.5BFY2024FY2025: Operating cash flow $624MFY2025: Net borrowing −$325MFY2025: Shares issued $5.1MFY2025: Capital spending −$129MFY2025: Buybacks −$75.1M$629MFY2025
Over these 5 years operating cash flow totalled $4.1B; the largest uses were acquisitions ($4.0B) and net borrowing ($3.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$464M
Debt$3.7B
Net debt$3.2B
Due within a year$30.8M

Avantor funds itself: free cash flow was $439M over the last twelve months, and $464M of cash and investments stands against $3.7B of debt ($30.8M due within a year, 15.1× covered by cash).

Avantor: debt maturities by year (FY2025)Avantor: debt maturities by year (FY2025)$30.8MYear 1$37.4MYear 2$2.1BYear 3$836MYear 4$391MYear 5$617MAfter year 5
Principal due in each year as disclosed in the annual report, against $464M of cash and investments now.

Where the cash came from and went

Avantor: sources (+) and uses (−) of cash, Q3 2026Avantor: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$195MCash drawn (+) / kept (−)−$158MNet borrowing (+) / repaid (−)−$64.8MOther financing$55.0MCapital spending−$38.9MShares issued$12.7MTaxes on employees’ shares−$1.1MExchange rates−$900KOther investing$400K
Avantor: sources (+) and uses (−) of cash, TTM to Q3 2026Avantor: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$585MCash drawn (+) / kept (−)−$212MCapital spending−$146MNet borrowing (+) / repaid (−)−$142MOther financing−$84.5MShares issued$14.8MExchange rates−$6.9MTaxes on employees’ shares−$5.2MOther investing−$2.7M

From profit to cash

Avantor: net income to operating cash flow, Q3 2026Avantor: net income to operating cash flow, Q3 2026Net income$203MDepreciation & amortization$105MStock-based pay$12.5MDeferred taxes−$147MOther non-cash$1.1MReceivables$12.4MInventory−$44.1MPayables−$10.2MOther operating capital$54.6MOperating cash flow$195M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202661675869
Q2 202660655867
Q1 202662686268
Q4 202560655867
Q3 202563665970
Q2 202561625666
Q1 202561645867
Q4 202458625565

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$195M−$38.9M−$64.8M$12.7M−$158M$156M
Q2 2026$178M−$37.6M−$112M—−$27.5M$141M
Q1 2026$58.7M−$33.5M−$105M$1.9M$86.1M$25.2M
Q4 2025$153M−$35.5M—$200K−$114M$117M
Q3 2025$207M−$35.7M−$372M$2.3M$198M$172M
Q2 2025$154M−$29.6M−$6.8M—−$134M$125M
Q1 2025$109M−$28.0M−$31.3M$2.6M−$53.8M$81.3M
Q4 2024$173M−$27.5M−$758M$1.9M$45.6M$146M

Avantor: income statement and cash flow

Avantor, Q3 2026: revenue $1.7B (+5% year over year), operating margin 8.2%. The chart follows the revenue to costs, profit and cash.

Avantor: 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.