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Elanco Animal Health cash flow, quarter by quarter

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

Free cash flow$156M in Q3 2026 · $408M over twelve months

Operating cash flow$216M
Capital spending−$60.0M
Free cash flow+$156M
Cash / net income12.0×
Cash conversion cycle307 days

Analysis

In Q3 2026, Elanco Animal Health generated $216M of operating cash flow and spent $60.0M on capital projects, leaving free cash flow of $156M. That is $29.0M more than in Q3 2025 ($127M).

Over the twelve months to Sep 30, 2026, operating cash flow was $614M; the largest uses were net borrowing (+) / repaid (−) ($2.4B), capital spending ($206M), acquisitions ($76.0M); besides operations, cash came from other financing ($2.0B); the cash balance fell by $40.0M.

Operating cash flow was $216M against net income of $18.0M — 12.0× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$177M, stock-based pay +$20.0M.

Its cash conversion cycle was 307 days (receivables 75 + inventory 303 − payables 71).

Free cash flow

Elanco Animal Health: free cash flow by quarterElanco Animal Health: free cash flow by quarter$130MQ4 2024−$69.0MQ1 2025$180MQ2 2025$127MQ3 2025$46.0MQ4 2025−$38.0MQ1 2026$244MQ2 2026$156MQ3 2026
Operating cash flow less capital spending.
Elanco Animal Health: operating cash flow against capital spendingElanco Animal Health: operating cash flow against capital spendingOperating cash flowCapital spending$177M$47.0MQ4 2024−$4.0M$65.0MQ1 2025$237M$57.0MQ2 2025$219M$92.0MQ3 2025$108M$62.0MQ4 2025$13.0M$51.0MQ1 2026$277M$33.0MQ2 2026$216M$60.0MQ3 2026
Latest (Q3 2026): Operating cash flow $216M, Capital spending $60.0M.

Capital allocation, year by year

Elanco Animal Health: where the cash came from (up) and went (down), by fiscal yearElanco Animal Health: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow $483MFY2021: Net borrowing $177MFY2021: Shares issued $500MFY2021: Asset sales $17.0MFY2021: Capital spending −$159MFY2021: Acquisitions −$342M$1.2BFY2021FY2022: Operating cash flow $452MFY2022: Net borrowing −$502MFY2022: Shares issued $425MFY2022: Capital spending −$171M$877MFY2022FY2023: Operating cash flow $271MFY2023: Net borrowing −$402MFY2023: Capital spending −$140MFY2023: Acquisitions −$19.0M$271MFY2023FY2024: Operating cash flow $541MFY2024: Net borrowing −$1.2BFY2024: Asset sales $1.4BFY2024: Capital spending −$147MFY2024: Acquisitions −$41.0M$1.9BFY2024FY2025: Operating cash flow $560MFY2025: Net borrowing −$565MFY2025: Asset sales $9.0MFY2025: Capital spending −$276M$569MFY2025
Over these 5 years operating cash flow totalled $2.3B; the largest uses were net borrowing ($2.7B) and capital spending ($893M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$465M
Debt$3.4B
Net debt$3.0B
Due within a year$63.0M

Elanco Animal Health funds itself: free cash flow was $408M over the last twelve months, and $465M of cash and investments stands against $3.4B of debt ($63.0M due within a year, 7.4× covered by cash).

Elanco Animal Health: debt maturities by year (FY2025)Elanco Animal Health: debt maturities by year (FY2025)$63.0MYear 1$63.0MYear 2$1.2BYear 3$548MYear 4$20.0MYear 5$1.9BAfter year 5
Principal due in each year as disclosed in the annual report, against $465M of cash and investments now.

Where the cash came from and went

Elanco Animal Health: sources (+) and uses (−) of cash, Q3 2026Elanco Animal Health: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$216MNet borrowing (+) / repaid (−)−$215MCash drawn (+) / kept (−)$65.0MCapital spending−$60.0MExchange rates−$3.0MOther investing−$2.0MTaxes on employees’ shares−$1.0M
Elanco Animal Health: sources (+) and uses (−) of cash, TTM to Q3 2026Elanco Animal Health: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)−$2.4BOther financing$2.0BOperating cash flow$614MCapital spending−$206MAcquisitions−$76.0MCash drawn (+) / kept (−)$40.0MExchange rates$15.0MOther investing−$14.0M

From profit to cash

Elanco Animal Health: net income to operating cash flow, Q3 2026Elanco Animal Health: net income to operating cash flow, Q3 2026Net income$18.0MDepreciation & amortization$177MStock-based pay$20.0MOperating cash flow$216M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20267530371307
Q2 20267227864286
Q1 20266426557273
Q4 20257128660297
Q3 20257629362307
Q2 20257228160293
Q1 20256728055292
Q4 20247429451318

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$216M−$60.0M—−$215M$65.0M$156M
Q2 2026$277M−$33.0M—−$73.0M−$102M$244M
Q1 2026$13.0M−$51.0M—−$16.0M$117M−$38.0M
Q4 2025$108M−$62.0M—−$1.0M−$40.0M$46.0M
Q3 2025$219M−$92.0M—−$188M$34.0M$127M
Q2 2025$237M−$57.0M—−$361M−$52.0M$180M
Q1 2025−$4.0M−$65.0M—−$13.0M−$19.0M−$69.0M
Q4 2024$177M−$47.0M−$36.0M−$13.0M$22.0M$130M

Elanco Animal Health: income statement and cash flow

Elanco Animal Health, Q3 2026: revenue $1.3B (+11% year over year), operating margin 1.9%. The chart follows the revenue to costs, profit and cash.

Elanco Animal Health: 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.