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Clarivate cash flow, quarter by quarter

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

Free cash flow$110M in Q3 2026 · $322M over twelve months

Operating cash flow$166M
Capital spending−$55.4M
Free cash flow+$110M
Cash conversion cycle61 days

Analysis

In Q3 2026, Clarivate generated $166M of operating cash flow and spent $55.4M on capital projects, leaving free cash flow of $110M. That is $5.3M less than in Q3 2025 ($116M).

Over the twelve months to Sep 30, 2026, operating cash flow was $559M; the largest uses were net borrowing (+) / repaid (−) ($284M), capital spending ($237M), buybacks ($93.1M); besides operations, cash came from other financing ($2.0M); the cash balance fell by $61.7M.

Operating cash flow was $166M against net income of −$80.8M. The largest differences: depreciation & amortization +$162M, impairments +$62.2M, other liabilities +$33.7M.

Its cash conversion cycle was 61 days (receivables 150 + inventory 0 − payables 89).

Free cash flow

Clarivate: free cash flow by quarterClarivate: free cash flow by quarter$59.1MQ4 2024$110MQ1 2025$50.3MQ2 2025$116MQ3 2025$89.2MQ4 2025$78.9MQ1 2026$44.0MQ2 2026$110MQ3 2026
Operating cash flow less capital spending.
Clarivate: operating cash flow against capital spendingClarivate: operating cash flow against capital spendingOperating cash flowCapital spending$141M$82.2MQ4 2024$171M$60.9MQ1 2025$116M$66.0MQ2 2025$181M$65.6MQ3 2025$160M$70.7MQ4 2025$135M$55.8MQ1 2026$98.7M$54.7MQ2 2026$166M$55.4MQ3 2026
Latest (Q3 2026): Operating cash flow $166M, Capital spending $55.4M.

Capital allocation, year by year

Clarivate: where the cash came from (up) and went (down), by fiscal yearClarivate: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $324MFY2021: Net borrowing $2.1BFY2021: Shares issued $2.3BFY2021: Asset sales $4.3MFY2021: Capital spending −$118MFY2021: Acquisitions −$3.9BFY2021: Buybacks −$159MFY2021: Dividends −$18.9M$4.8BFY2021FY2022: Operating cash flow $509MFY2022: Net borrowing −$498MFY2022: Shares issued $6.6MFY2022: Asset sales $285MFY2022: Capital spending −$203MFY2022: Acquisitions −$24.8MFY2022: Buybacks −$175MFY2022: Dividends −$75.4M$801MFY2022FY2023: Operating cash flow $744MFY2023: Net borrowing −$301MFY2023: Shares issued $500KFY2023: Asset sales $10.5MFY2023: Capital spending −$242MFY2023: Acquisitions −$5.4MFY2023: Buybacks −$100MFY2023: Dividends −$75.5M$755MFY2023FY2024: Operating cash flow $647MFY2024: Net borrowing −$199MFY2024: Asset sales $84.4MFY2024: Capital spending −$289MFY2024: Acquisitions −$32.0MFY2024: Buybacks −$200MFY2024: Dividends −$37.7M$731MFY2024FY2025: Operating cash flow $628MFY2025: Net borrowing −$101MFY2025: Capital spending −$263MFY2025: Buybacks −$224M$628MFY2025
Over these 5 years operating cash flow totalled $2.9B; the largest uses were acquisitions ($4.0B) and capital spending ($1.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$257M
Debt$4.2B
Net debt$3.9B
Due within a year$102M

Clarivate funds itself: free cash flow was $322M over the last twelve months, and $257M of cash and investments stands against $4.2B of debt ($102M due within a year, 2.5× covered by cash).

Clarivate: debt maturities by year (FY2025)Clarivate: debt maturities by year (FY2025)$102MYear 1$1.7MYear 2$923MYear 3$924MYear 4$2.3MYear 5$2.5BAfter year 5
Principal due in each year as disclosed in the annual report, against $257M of cash and investments now.

Where the cash came from and went

Clarivate: sources (+) and uses (−) of cash, Q3 2026Clarivate: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$166MNet borrowing (+) / repaid (−)−$73.1MCapital spending−$55.4MCash drawn (+) / kept (−)−$39.3MExchange rates$2.9MOther financing−$500KTaxes on employees’ shares−$200K
Clarivate: sources (+) and uses (−) of cash, TTM to Q3 2026Clarivate: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$559MNet borrowing (+) / repaid (−)−$284MCapital spending−$237MBuybacks−$93.1MCash drawn (+) / kept (−)$61.7MTaxes on employees’ shares−$7.6MOther financing$2.0MExchange rates−$1.1M

From profit to cash

Clarivate: net income to operating cash flow, Q3 2026Clarivate: net income to operating cash flow, Q3 2026Net income−$80.8MDepreciation & amortization$162MStock-based pay$10.8MDeferred taxes$1.5MImpairments$62.2MOther non-cash−$2.5MReceivables$30.6MPayables−$30.1MDeferred revenue−$31.8MPrepaid and other assets−$1.6MOther liabilities$33.7MOperating cash flow$166M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026150—8961
Q2 2026133—7162
Q1 2026121—6457
Q4 202576—4037
Q3 2025141—6873
Q2 2025121—5566
Q1 2025123—5370
Q4 2024109—5158

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$166M−$55.4M—−$73.1M−$39.3M$110M
Q2 2026$98.7M−$54.7M—−$72.6M$24.5M$44.0M
Q1 2026$135M−$55.8M−$18.1M−$138M$87.0M$78.9M
Q4 2025$160M−$70.7M−$75.0M—−$10.5M$89.2M
Q3 2025$181M−$65.6M−$50.0M−$100M$43.9M$116M
Q2 2025$116M−$66.0M−$49.5M−$500M−$8.6M$50.3M
Q1 2025$171M−$60.9M−$50.0M—−$58.8M$110M
Q4 2024$141M−$82.2M−$100M−$140M$93.3M$59.1M

Clarivate: income statement and cash flow

Clarivate, Q3 2026: revenue $482M (-9% year over year), operating margin 8.3%. The chart follows the revenue to costs, profit and cash.

Clarivate: 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.