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Biogen cash flow, quarter by quarter

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

Free cash flow$600M in Q3 2026 · $2.1B over twelve months

Operating cash flow$641M
Capital spending−$40.4M
Free cash flow+$600M

Analysis

In Q3 2026, Biogen generated $641M of operating cash flow and spent $40.4M on capital projects, leaving free cash flow of $600M. That is $626M less than in Q3 2025 ($1.2B).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.2B; the largest uses were other investing ($5.3B), capital spending ($176M), other financing ($139M); besides operations, cash came from net borrowing (+) / repaid (−) ($903M); the cash balance fell by $2.6B.

Operating cash flow was $641M against net income of −$20.6M. The largest differences: income taxes payable −$334M, accrued liabilities +$266M, depreciation & amortization +$241M.

Free cash flow

Biogen: free cash flow by quarterBiogen: free cash flow by quarter$722MQ4 2024$222MQ1 2025$134MQ2 2025$1.2BQ3 2025$468MQ4 2025$594MQ1 2026$408MQ2 2026$600MQ3 2026
Operating cash flow less capital spending.
Biogen: operating cash flow against capital spendingBiogen: operating cash flow against capital spendingOperating cash flowCapital spending$761M$39.3MQ4 2024$259M$37.1MQ1 2025$161M$26.6MQ2 2025$1.3B$46.2MQ3 2025$512M$43.9MQ4 2025$646M$51.2MQ1 2026$449M$40.9MQ2 2026$641M$40.4MQ3 2026
Latest (Q3 2026): Operating cash flow $641M, Capital spending $40.4M.

Capital allocation, year by year

Biogen: where the cash came from (up) and went (down), by fiscal yearBiogen: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $3.6BFY2021: Asset sales $28.1MFY2021: Capital spending −$258MFY2021: Buybacks −$1.8B$3.7BFY2021FY2022: Operating cash flow $1.4BFY2022: Capital spending −$240MFY2022: Buybacks −$750M$1.4BFY2022FY2023: Operating cash flow $1.5BFY2023: Net borrowing $187MFY2023: Capital spending −$277MFY2023: Acquisitions −$6.9B$1.7BFY2023FY2024: Operating cash flow $2.9BFY2024: Net borrowing −$650MFY2024: Asset sales $88.6MFY2024: Capital spending −$154MFY2024: Acquisitions −$1.1B$3.0BFY2024FY2025: Operating cash flow $2.2BFY2025: Net borrowing −$16.9MFY2025: Capital spending −$154M$2.2BFY2025
Over these 5 years operating cash flow totalled $11.7B; the largest uses were acquisitions ($8.0B) and buybacks ($2.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.3B
Debt$7.3B
Net debt$6.0B

Biogen funds itself: free cash flow was $2.1B over the last twelve months, and $1.3B of cash and investments stands against $7.3B of debt.

Biogen: debt maturities by year (FY2025)Biogen: debt maturities by year (FY2025)$1.5BYear 5$5.1BAfter year 5
Principal due in each year as disclosed in the annual report, against $1.3B of cash and investments now.

Where the cash came from and went

Biogen: sources (+) and uses (−) of cash, Q3 2026Biogen: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$641MNet borrowing (+) / repaid (−)−$400MOther investing−$182MCapital spending−$40.4MCash drawn (+) / kept (−)−$18.9MExchange rates−$6.0MTaxes on employees’ shares$3.2MOther financing$3.0M
Biogen: sources (+) and uses (−) of cash, TTM to Q3 2026Biogen: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$5.3BCash drawn (+) / kept (−)$2.6BOperating cash flow$2.2BNet borrowing (+) / repaid (−)$903MCapital spending−$176MOther financing−$139MTaxes on employees’ shares−$42.9MExchange rates−$24.9M

From profit to cash

Biogen: net income to operating cash flow, Q3 2026Biogen: net income to operating cash flow, Q3 2026Net income−$20.6MDepreciation & amortization$241MStock-based pay$81.5MDeferred taxes$124MOther non-cash$40.2MInventory−$72.2MAccrued liabilities$266MIncome taxes payable−$334MOther operating capital−$166MOperating cash flow$641M
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$641M−$40.4M−$400M−$18.9M$600M
Q2 2026$449M−$40.9M—$2.1B$408M
Q1 2026$646M−$51.2M—−$374M$594M
Q4 2025$512M−$43.9M—$854M$468M
Q3 2025$1.3B−$46.2M−$300K−$1.1B$1.2B
Q2 2025$161M−$26.6M−$1.8B−$160M$134M
Q1 2025$259M−$37.1M—−$223M$222M
Q4 2024$761M−$39.3M—−$676M$722M

Biogen: income statement and cash flow

Biogen, Q3 2026: revenue $2.8B (+11% year over year), operating margin -0.3%. The chart follows the revenue to costs, profit and cash.

Biogen: 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.