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Collegium Pharmaceutical cash flow, quarter by quarter

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

Free cash flow$86.3M in Q3 2026 · $336M over twelve months

Operating cash flow$86.5M
Capital spending−$277K
Free cash flow+$86.3M
Cash / net income4.0×
Cash conversion cycle219 days

Analysis

In Q3 2026, Collegium Pharmaceutical generated $86.5M of operating cash flow and spent $277K on capital projects, leaving free cash flow of $86.3M. That is $8.0M more than in Q3 2025 ($78.2M).

Over the twelve months to Sep 30, 2026, operating cash flow was $338M; the largest uses were acquisitions ($655M), net borrowing (+) / repaid (−) ($613M), buybacks ($50.0M); besides operations, cash came from other financing ($856M), other investing ($136M); the cash balance fell by $5.3M.

Operating cash flow was $86.5M against net income of $21.8M — 4.0× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$55.8M, deferred taxes −$26.5M, receivables −$25.6M.

Its cash conversion cycle was 219 days (receivables 127 + inventory 102 − payables 10).

Free cash flow

Collegium Pharmaceutical: free cash flow by quarterCollegium Pharmaceutical: free cash flow by quarter$84.1MQ4 2024$54.6MQ1 2025$72.4MQ2 2025$78.2MQ3 2025$122MQ4 2025$56.8MQ1 2026$70.8MQ2 2026$86.3MQ3 2026
Operating cash flow less capital spending.
Collegium Pharmaceutical: operating cash flow against capital spendingCollegium Pharmaceutical: operating cash flow against capital spendingOperating cash flowCapital spending$84.6M$570KQ4 2024$55.4M$798KQ1 2025$72.4M$65KQ2 2025$78.4M$188KQ3 2025$123M$689KQ4 2025$57.1M$270KQ1 2026$71.3M$496KQ2 2026$86.5M$277KQ3 2026
Latest (Q3 2026): Operating cash flow $86.5M, Capital spending $277K.

Capital allocation, year by year

Collegium Pharmaceutical: where the cash came from (up) and went (down), by fiscal yearCollegium Pharmaceutical: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $104MFY2021: Net borrowing −$50.0MFY2021: Shares issued $12.0MFY2021: Capital spending −$1.9MFY2021: Buybacks −$47.9M$116MFY2021FY2022: Operating cash flow $124MFY2022: Net borrowing −$75.0MFY2022: Shares issued $11.8MFY2022: Capital spending −$1.6MFY2022: Acquisitions −$572MFY2022: Buybacks −$14.1M$136MFY2022FY2023: Operating cash flow $275MFY2023: Net borrowing −$65.9MFY2023: Shares issued $8.6MFY2023: Capital spending −$461KFY2023: Buybacks −$75.0M$283MFY2023FY2024: Operating cash flow $205MFY2024: Shares issued $10.2MFY2024: Capital spending −$1.7MFY2024: Acquisitions −$268MFY2024: Buybacks −$60.0M$215MFY2024FY2025: Operating cash flow $329MFY2025: Net borrowing $565MFY2025: Shares issued $4.3MFY2025: Capital spending −$1.7MFY2025: Buybacks −$25.1M$899MFY2025
Over these 5 years operating cash flow totalled $1.0B; the largest uses were acquisitions ($840M) and buybacks ($222M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$145M
Debtnone
Net cash$145M

Collegium Pharmaceutical funds itself: free cash flow was $336M over the last twelve months, with $145M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Collegium Pharmaceutical: sources (+) and uses (−) of cash, Q3 2026Collegium Pharmaceutical: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$86.5MOther financing−$59.1MCash drawn (+) / kept (−)−$15.3MNet borrowing (+) / repaid (−)−$11.3MTaxes on employees’ shares−$1.0MShares issued$428KCapital spending−$277K
Collegium Pharmaceutical: sources (+) and uses (−) of cash, TTM to Q3 2026Collegium Pharmaceutical: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$856MAcquisitions−$655MNet borrowing (+) / repaid (−)−$613MOperating cash flow$338MOther investing$136MBuybacks−$50.0MTaxes on employees’ shares−$17.9MCash drawn (+) / kept (−)$5.3MShares issued$2.3MCapital spending−$1.7M

From profit to cash

Collegium Pharmaceutical: net income to operating cash flow, Q3 2026Collegium Pharmaceutical: net income to operating cash flow, Q3 2026Net income$21.8MDepreciation & amortization$55.8MStock-based pay$12.4MDeferred taxes−$26.5MReceivables−$25.6MInventory$16.5MPayables$821KAccrued liabilities−$5.2MDeferred revenue$948KPrepaid and other assets$12.4MOperating cash flow$86.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202612710210219
Q2 2026117798188
Q1 20261024910141
Q4 20251004711136
Q3 2025984411131
Q2 20251074316134
Q1 20251164112144
Q4 2024116404152

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$86.5M−$277K—−$11.3M$428K−$15.3M$86.3M
Q2 2026$71.3M−$496K—−$7.2M$481K$139M$70.8M
Q1 2026$57.1M−$270K—−$7.2M$394K−$37.4M$56.8M
Q4 2025$123M−$689K—−$587M$985K−$81.2M$122M
Q3 2025$78.4M−$188K—−$16.1M$1.4M−$32.8M$78.2M
Q2 2025$72.4M−$65K−$25.1M−$16.1M$308K−$21.2M$72.4M
Q1 2025$55.4M−$798K—−$16.1M$1.6M−$20.5M$54.6M
Q4 2024$84.6M−$570K−$25.0M−$16.1M$173K−$31.6M$84.1M

Collegium Pharmaceutical: income statement and cash flow

Collegium Pharmaceutical, Q3 2026: revenue $216M (+3% year over year), operating margin 13.3%. The chart follows the revenue to costs, profit and cash.

Collegium Pharmaceutical: 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.