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Axogen cash flow, quarter by quarter

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

Free cash flow$15.1M in Q3 2026 · $22.0M over twelve months

Operating cash flow$16.5M
Capital spending−$1.4M
Free cash flow+$15.1M
Cash / net income7.1×
Cash conversion cycle122 days

Analysis

In Q3 2026, Axogen generated $16.5M of operating cash flow and spent $1.4M on capital projects, leaving free cash flow of $15.1M. That is $13.4M more than in Q3 2025 ($1.7M).

Over the twelve months to Sep 30, 2026, operating cash flow was $28.4M; the largest uses were other investing ($16.0M), capital spending ($6.3M), net borrowing (+) / repaid (−) ($35K); besides operations, cash came from other financing ($280M), shares issued ($17.4M); the cash balance rose by $303M.

Operating cash flow was $16.5M against net income of $2.3M — 7.1× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$8.8M, payables +$6.2M, inventory −$1.8M.

Its cash conversion cycle was 122 days (receivables 41 + inventory 232 − payables 152).

Free cash flow

Axogen: free cash flow by quarterAxogen: free cash flow by quarter$8.1MQ4 2024−$13.4MQ1 2025$7.0MQ2 2025$1.7MQ3 2025$1.8MQ4 2025−$1.2MQ1 2026$6.3MQ2 2026$15.1MQ3 2026
Operating cash flow less capital spending.
Axogen: operating cash flow against capital spendingAxogen: operating cash flow against capital spendingOperating cash flowCapital spending$8.7M$670KQ4 2024−$13.2M$256KQ1 2025$7.7M$722KQ2 2025$3.2M$1.5MQ3 2025$3.0M$1.2MQ4 2025$1.6M$2.8MQ1 2026$7.2M$893KQ2 2026$16.5M$1.4MQ3 2026
Latest (Q3 2026): Operating cash flow $16.5M, Capital spending $1.4M.

Capital allocation, year by year

Axogen: where the cash came from (up) and went (down), by fiscal yearAxogen: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$13.4MFY2021: Net borrowing $15.0MFY2021: Shares issued $5.5MFY2021: Capital spending −$27.8M$20.5MFY2021FY2022: Operating cash flow −$16.1MFY2022: Net borrowing −$12KFY2022: Shares issued $1.8MFY2022: Capital spending −$20.1M$1.8MFY2022FY2023: Operating cash flow −$5.7MFY2023: Net borrowing −$10KFY2023: Shares issued $2.0MFY2023: Capital spending −$13.9M$2.0MFY2023FY2024: Operating cash flow $4.5MFY2024: Net borrowing −$10KFY2024: Shares issued $2.3MFY2024: Capital spending −$3.1M$6.8MFY2024FY2025: Operating cash flow $812KFY2025: Net borrowing −$32KFY2025: Shares issued $10.5MFY2025: Capital spending −$3.7M$11.3MFY2025
Over these 5 years operating cash flow totalled −$29.8M; the largest uses were capital spending ($68.6M) and operating cash flow ($35.2M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$348M
Debt$48.4M
Net cash$300M

Axogen funds itself: free cash flow was $22.0M over the last twelve months, and $348M of cash and investments stands against $48.4M of debt.

Where the cash came from and went

Axogen: sources (+) and uses (−) of cash, Q3 2026Axogen: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$234MShares issued$229MOperating cash flow$16.5MOther investing−$9.5MCapital spending−$1.4MOther financing−$549KTaxes on employees’ shares−$174KNet borrowing (+) / repaid (−)−$5K
Axogen: sources (+) and uses (−) of cash, TTM to Q3 2026Axogen: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)−$303MOther financing$280MOperating cash flow$28.4MShares issued$17.4MOther investing−$16.0MCapital spending−$6.3MNet borrowing (+) / repaid (−)−$35K

From profit to cash

Axogen: net income to operating cash flow, Q3 2026Axogen: net income to operating cash flow, Q3 2026Net income$2.3MDepreciation & amortization$1.7MStock-based pay$8.8MGains on disposals$19KReceivables$62KInventory−$1.8MPayables$6.2MPrepaid and other assets$572KOperating cash flow$16.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202641232152122
Q2 202641223125139
Q1 202640261133168
Q3 202545253158139
Q2 202544225132136
Q1 202547227159114

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$16.5M−$1.4M−$5K$229M−$234M$15.1M
Q2 2026$7.2M−$893K−$2K$4.7M−$11.9M$6.3M
Q1 2026$1.6M−$2.8M−$48.6M$138M−$45.1M−$1.2M
Q4 2025$3.0M−$1.2M−$21K$4.6M−$11.6M$1.8M
Q3 2025$3.2M−$1.5M−$3K$2.4M−$1.9M$1.7M
Q2 2025$7.7M−$722K−$7K$1.2M−$1.9M$7.0M
Q1 2025−$13.2M−$256K−$1K$2.4M$9.5M−$13.4M
Q4 2024$8.7M−$670K−$4K$974K−$8.9M$8.1M

Axogen: income statement and cash flow

Axogen, Q3 2026: revenue $75.8M (+26% year over year), operating margin 1.3%. The chart follows the revenue to costs, profit and cash.

Axogen: 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.