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Emergent BioSolutions cash flow, quarter by quarter

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

Free cash flow$96.8M in Q3 2026 · $188M over twelve months

Operating cash flow$100M
Capital spending−$3.3M
Free cash flow+$96.8M
Cash conversion cycle386 days

Analysis

In Q3 2026, Emergent BioSolutions generated $100M of operating cash flow and spent $3.3M on capital projects, leaving free cash flow of $96.8M. That is $102M more than in Q3 2025 (−$5.7M).

Over the twelve months to Sep 30, 2026, operating cash flow was $200M; the largest uses were other financing ($333M), other investing ($47.9M), buybacks ($27.2M); besides operations, cash came from net borrowing (+) / repaid (−) ($146M), asset & business sales ($5.6M); the cash balance fell by $72.3M.

Operating cash flow was $100M against net income of −$32.7M. The largest differences: receivables +$113M, inventory +$22.8M, depreciation & amortization +$17.0M.

Its cash conversion cycle was 386 days (receivables 112 + inventory 333 − payables 58).

Free cash flow

Emergent BioSolutions: free cash flow by quarterEmergent BioSolutions: free cash flow by quarter−$81.6MQ4 2024−$14.8MQ1 2025$104MQ2 2025−$5.7MQ3 2025$73.8MQ4 2025−$36.2MQ1 2026$54.0MQ2 2026$96.8MQ3 2026
Operating cash flow less capital spending.
Emergent BioSolutions: operating cash flow against capital spendingEmergent BioSolutions: operating cash flow against capital spendingOperating cash flowCapital spending−$79.9M$1.7MQ4 2024−$11.2M$3.6MQ1 2025$106M$2.9MQ2 2025−$2.3M$3.4MQ3 2025$77.7M$3.9MQ4 2025−$33.8M$2.4MQ1 2026$56.1M$2.1MQ2 2026$100M$3.3MQ3 2026
Latest (Q3 2026): Operating cash flow $100M, Capital spending $3.3M.

Capital allocation, year by year

Emergent BioSolutions: where the cash came from (up) and went (down), by fiscal yearEmergent BioSolutions: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksFY2021: Operating cash flow $320MFY2021: Net borrowing −$10.6MFY2021: Shares issued $10.4MFY2021: Capital spending −$224MFY2021: Buybacks −$106M$331MFY2021FY2022: Operating cash flow −$34.1MFY2022: Net borrowing $598MFY2022: Shares issued $500KFY2022: Capital spending −$116MFY2022: Buybacks −$82.1M$598MFY2022FY2023: Operating cash flow −$206MFY2023: Net borrowing −$379MFY2023: Shares issued $8.4MFY2023: Asset sales $270MFY2023: Capital spending −$51.6M$279MFY2023FY2024: Operating cash flow $58.7MFY2024: Net borrowing −$200KFY2024: Shares issued $1.5MFY2024: Asset sales $118MFY2024: Capital spending −$22.9M$178MFY2024FY2025: Operating cash flow $171MFY2025: Asset sales $38.2MFY2025: Capital spending −$13.8MFY2025: Buybacks −$24.9M$209MFY2025
Over these 5 years operating cash flow totalled $309M; the largest uses were capital spending ($428M) and net borrowing ($390M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$176M
Debt$514M
Net debt$339M

Emergent BioSolutions funds itself: free cash flow was $188M over the last twelve months, and $176M of cash and investments stands against $514M of debt.

Where the cash came from and went

Emergent BioSolutions: sources (+) and uses (−) of cash, Q3 2026Emergent BioSolutions: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$100MOther financing−$68.5MCash drawn (+) / kept (−)−$36.0MAsset & business sales$5.4MCapital spending−$3.3MOther investing$2.5MTaxes on employees’ shares−$200KBuybacks−$100KShares issued$100K
Emergent BioSolutions: sources (+) and uses (−) of cash, TTM to Q3 2026Emergent BioSolutions: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing−$333MOperating cash flow$200MNet borrowing (+) / repaid (−)$146MCash drawn (+) / kept (−)$72.3MOther investing−$47.9MBuybacks−$27.2MCapital spending−$11.7MAsset & business sales$5.6MTaxes on employees’ shares−$3.8MShares issued$500K

From profit to cash

Emergent BioSolutions: net income to operating cash flow, Q3 2026Emergent BioSolutions: net income to operating cash flow, Q3 2026Net income−$32.7MDepreciation & amortization$17.0MStock-based pay$4.2MDeferred taxes−$13.2MGains on disposals$12.3MOther non-cash−$7.1MReceivables$113MInventory$22.8MPayables$1.4MAccrued liabilities−$12.1MEmployee-related liabilities$7.9MDeferred revenue−$600KPrepaid and other assets$200KIncome taxes payable$100K
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202611233358386
Q2 20266129642314
Q1 20265941959419
Q4 20257237961390
Q3 20254637265353
Q2 20259244483453
Q1 20257331861330
Q4 20246524756257

Every quarter

QuarterOperating cash flowCapital spendingBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$100M−$3.3M−$100K$100K−$36.0M$96.8M
Q2 2026$56.1M−$2.1M−$9.0M$1.4M$20.6M$54.0M
Q1 2026−$33.8M−$2.4M−$9.0M$400K$47.6M−$36.2M
Q4 2025$77.7M−$3.9M−$9.1M−$2.0M$40.1M$73.8M
Q3 2025−$2.3M−$3.4M−$8.9M$200K$21.8M−$5.7M
Q2 2025$106M−$2.9M−$6.9M$700K−$118M$104M
Q1 2025−$11.2M−$3.6M—$100K−$47.2M−$14.8M
Q4 2024−$79.9M−$1.7M—$800K$50.8M−$81.6M

Emergent BioSolutions: income statement and cash flow

Emergent BioSolutions, Q3 2026: revenue $110M (-52% year over year), operating margin -33.9%. The chart follows the revenue to costs, profit and cash.

Emergent BioSolutions: 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.