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Bausch Health Companies cash flow, quarter by quarter

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

Free cash flow$748M in Q3 2026 · $1.9B over twelve months

Operating cash flow$814M
Capital spending−$66.0M
Free cash flow+$748M
Cash / net income1.8×

Analysis

In Q3 2026, Bausch Health Companies generated $814M of operating cash flow and spent $66.0M on capital projects, leaving free cash flow of $748M. That is $434M more than in Q3 2025 ($314M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.2B; the largest uses were net borrowing (+) / repaid (−) ($371M), capital spending ($344M), other investing ($257M); besides operations, cash came from asset & business sales ($4.0M); the cash balance rose by $1.1B.

Operating cash flow was $814M against net income of $446M — 1.8× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$284M, receivables −$274M, payables +$200M.

Free cash flow

Bausch Health Companies: free cash flow by quarterBausch Health Companies: free cash flow by quarter$495MQ4 2024$96.0MQ1 2025$190MQ2 2025$314MQ3 2025$403MQ4 2025$121MQ1 2026$593MQ2 2026$748MQ3 2026
Operating cash flow less capital spending.
Bausch Health Companies: operating cash flow against capital spendingBausch Health Companies: operating cash flow against capital spendingOperating cash flowCapital spending$601M$106MQ4 2024$211M$115MQ1 2025$289M$99.0MQ2 2025$405M$91.0MQ3 2025$495M$92.0MQ4 2025$230M$109MQ1 2026$670M$77.0MQ2 2026$814M$66.0MQ3 2026
Latest (Q3 2026): Operating cash flow $814M, Capital spending $66.0M.

Capital allocation, year by year

Bausch Health Companies: where the cash came from (up) and went (down), by fiscal yearBausch Health Companies: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow $1.4BFY2021: Net borrowing −$1.3BFY2021: Asset sales $669MFY2021: Capital spending −$269M$2.1BFY2021FY2022: Operating cash flow −$728MFY2022: Net borrowing −$1.0BFY2022: Asset sales $5.0MFY2022: Capital spending −$220MFY2022: Acquisitions −$45.0M$5.0MFY2022FY2023: Operating cash flow $1.0BFY2023: Net borrowing $1.6BFY2023: Asset sales $5.0MFY2023: Capital spending −$215MFY2023: Acquisitions −$1.9B$2.6BFY2023FY2024: Operating cash flow $1.6BFY2024: Net borrowing −$799MFY2024: Asset sales $7.0MFY2024: Capital spending −$337M$1.6BFY2024FY2025: Operating cash flow $1.4BFY2025: Net borrowing −$637MFY2025: Asset sales $7.0MFY2025: Capital spending −$397M$1.4BFY2025
Over these 5 years operating cash flow totalled $4.7B; the largest uses were net borrowing ($3.8B) and acquisitions ($1.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.5B
Debt$20.6B
Net debt$18.2B
Due within a year$58.0M

Bausch Health Companies funds itself: free cash flow was $1.9B over the last twelve months, and $2.5B of cash and investments stands against $20.6B of debt ($58.0M due within a year, 42.8× covered by cash).

Bausch Health Companies: debt maturities by year (FY2025)Bausch Health Companies: debt maturities by year (FY2025)$58.0MYear 1$701MYear 2$4.2BYear 3$1.7BYear 4$4.1BYear 5$9.5BAfter year 5
Principal due in each year as disclosed in the annual report, against $2.5B of cash and investments now.

Where the cash came from and went

Bausch Health Companies: sources (+) and uses (−) of cash, Q3 2026Bausch Health Companies: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$814MCash drawn (+) / kept (−)−$650MNet borrowing (+) / repaid (−)−$69.0MCapital spending−$66.0MOther investing−$18.0MOther financing−$10.0MAsset & business sales$1.0MTaxes on employees’ shares−$1.0MExchange rates−$1.0M
Bausch Health Companies: sources (+) and uses (−) of cash, TTM to Q3 2026Bausch Health Companies: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$2.2BCash drawn (+) / kept (−)−$1.1BNet borrowing (+) / repaid (−)−$371MCapital spending−$344MOther investing−$257MOther financing−$50.0MTaxes on employees’ shares−$43.0MAsset & business sales$4.0M

From profit to cash

Bausch Health Companies: net income to operating cash flow, Q3 2026Bausch Health Companies: net income to operating cash flow, Q3 2026Net income$446MDepreciation & amortization$284MStock-based pay$52.0MImpairments$4.0MGains on disposals−$1.0MReceivables−$274MInventory$5.0MPayables$200MPrepaid and other assets−$12.0MOperating cash flow$814M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$814M−$66.0M−$69.0M−$650M$748M
Q2 2026$670M−$77.0M−$28.0M−$526M$593M
Q1 2026$230M−$109M−$55.0M$13.0M$121M
Q4 2025$495M−$92.0M−$219M$15.0M$403M
Q3 2025$405M−$91.0M−$705M$403M$314M
Q2 2025$289M−$99.0M$405M−$586M$190M
Q1 2025$211M−$115M−$118M$44.0M$96.0M
Q4 2024$601M−$106M$95.0M−$451M$495M

Bausch Health Companies: income statement and cash flow

Bausch Health Companies, Q3 2026: revenue $2.9B (+10% year over year), operating margin 33.4%. The chart follows the revenue to costs, profit and cash.

Bausch Health Companies: 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.