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Bio-Rad Laboratories cash flow, quarter by quarter

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

Free cash flow$65.2M in Q3 2026 · $329M over twelve months

Operating cash flow$96.4M
Capital spending−$31.2M
Free cash flow+$65.2M
Cash / net income0.2×
Cash conversion cycle241 days

Analysis

In Q3 2026, Bio-Rad Laboratories generated $96.4M of operating cash flow and spent $31.2M on capital projects, leaving free cash flow of $65.2M. That is $24.0M less than in Q3 2025 ($89.2M).

Over the twelve months to Sep 30, 2026, operating cash flow was $468M; the largest uses were other investing ($201M), capital spending ($139M), buybacks ($79.3M); besides operations, cash came from other financing ($15.9M); the cash balance rose by $68.9M.

Operating cash flow was $96.4M against net income of $459M — 0.2× profit, less cash than reported earnings, worth checking against working capital. The largest differences: income taxes payable −$52.2M, impairments +$49.8M, receivables +$18.8M.

Its cash conversion cycle was 241 days (receivables 61 + inventory 220 − payables 39).

Free cash flow

Bio-Rad Laboratories: free cash flow by quarterBio-Rad Laboratories: free cash flow by quarter$81.3MQ4 2024$95.5MQ1 2025$70.8MQ2 2025$89.2MQ3 2025$119MQ4 2025$78.1MQ1 2026$66.7MQ2 2026$65.2MQ3 2026
Operating cash flow less capital spending.
Bio-Rad Laboratories: operating cash flow against capital spendingBio-Rad Laboratories: operating cash flow against capital spendingOperating cash flowCapital spending$124M$42.9MQ4 2024$130M$34.4MQ1 2025$116M$45.7MQ2 2025$121M$31.7MQ3 2025$165M$45.8MQ4 2025$108M$30.0MQ1 2026$98.7M$32.0MQ2 2026$96.4M$31.2MQ3 2026
Latest (Q3 2026): Operating cash flow $96.4M, Capital spending $31.2M.

Capital allocation, year by year

Bio-Rad Laboratories: where the cash came from (up) and went (down), by fiscal yearBio-Rad Laboratories: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksFY2021: Operating cash flow $669MFY2021: Net borrowing −$3.5MFY2021: Shares issued $18.8MFY2021: Asset sales $52KFY2021: Capital spending −$134MFY2021: Buybacks −$50.0M$688MFY2021FY2022: Operating cash flow $194MFY2022: Net borrowing $1.2BFY2022: Shares issued $21.0MFY2022: Asset sales $1.6MFY2022: Capital spending −$113MFY2022: Buybacks −$216M$1.4BFY2022FY2023: Operating cash flow $375MFY2023: Net borrowing −$900KFY2023: Shares issued $18.5MFY2023: Asset sales $2.7MFY2023: Capital spending −$157MFY2023: Buybacks −$429M$396MFY2023FY2024: Operating cash flow $455MFY2024: Net borrowing −$1.0MFY2024: Shares issued $19.2MFY2024: Asset sales $100KFY2024: Capital spending −$166MFY2024: Buybacks −$204M$474MFY2024FY2025: Operating cash flow $532MFY2025: Net borrowing −$800KFY2025: Shares issued $15.8MFY2025: Asset sales $100KFY2025: Capital spending −$158MFY2025: Buybacks −$296M$548MFY2025
Over these 5 years operating cash flow totalled $2.2B; the largest uses were buybacks ($1.2B) and capital spending ($726M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.7B
Debt$1.2B
Net cash$460M
Due within a year$1.3M

Bio-Rad Laboratories funds itself: free cash flow was $329M over the last twelve months, and $1.7B of cash and investments stands against $1.2B of debt ($1.3M due within a year, 1280.2× covered by cash).

Bio-Rad Laboratories: debt maturities by year (FY2025)Bio-Rad Laboratories: debt maturities by year (FY2025)$1.3MYear 1$400MYear 2$500KYear 3$600KYear 4$600KYear 5$806MAfter year 5
Principal due in each year as disclosed in the annual report, against $1.7B of cash and investments now.

Where the cash came from and went

Bio-Rad Laboratories: sources (+) and uses (−) of cash, Q3 2026Bio-Rad Laboratories: sources (+) and uses (−) of cash, Q3 2026Other investing−$115MOperating cash flow$96.4MCash drawn (+) / kept (−)$51.7MCapital spending−$31.2MTaxes on employees’ shares−$5.1MShares issued$3.6MExchange rates−$600KNet borrowing (+) / repaid (−)−$100K
Bio-Rad Laboratories: sources (+) and uses (−) of cash, TTM to Q3 2026Bio-Rad Laboratories: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$468MOther investing−$201MCapital spending−$139MBuybacks−$79.3MCash drawn (+) / kept (−)−$68.9MOther financing$15.9MNot reconciled$10.7MTaxes on employees’ shares−$5.6MNet borrowing (+) / repaid (−)−$900K

From profit to cash

Bio-Rad Laboratories: net income to operating cash flow, Q3 2026Bio-Rad Laboratories: net income to operating cash flow, Q3 2026Net income$459MStock-based pay$15.5MImpairments$49.8MReceivables$18.8MInventory−$200KPayables$17.5MPrepaid and other assets−$6.0MIncome taxes payable−$52.2MOther operating capital$7.7MOperating cash flow$96.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20266122039241
Q2 20266123141251
Q1 20266724142266
Q4 20256120134229
Q3 20256623540261
Q2 20256223641257
Q1 20256725042275
Q4 20246322135249

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$96.4M−$31.2M—−$100K$3.6M$51.7M$65.2M
Q2 2026$98.7M−$32.0M−$31.5M−$300K$4.2M−$9.8M$66.7M
Q1 2026$108M−$30.0M−$47.8M−$200K$3.4M$23.2M$78.1M
Q4 2025$165M−$45.8M—−$300K—−$134M$119M
Q3 2025$121M−$31.7M−$53.4M−$100K$3.4M−$26.5M$89.2M
Q2 2025$116M−$45.7M−$140M−$300K$4.2M$151M$70.8M
Q1 2025$130M−$34.4M−$102M−$200K$4.3M−$33.3M$95.5M
Q4 2024$124M−$42.9M—−$300K—−$77.6M$81.3M

Bio-Rad Laboratories: income statement and cash flow

Bio-Rad Laboratories, Q3 2026: revenue $656M (+0.5% year over year), operating margin -7.6%. The chart follows the revenue to costs, profit and cash.

Bio-Rad Laboratories: 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.