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Eton Pharmaceuticals cash flow, quarter by quarter

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

Free cash flow$35.2M in Q3 2026 · $38.2M over twelve months

Operating cash flow$35.2M
Capital spending−$13K
Free cash flow+$35.2M
Cash / net income1.0×
Cash conversion cycle8 days

Analysis

In Q3 2026, Eton Pharmaceuticals generated $35.2M of operating cash flow and spent $13K on capital projects, leaving free cash flow of $35.2M. That is $23.5M more than in Q3 2025 ($11.7M).

Over the twelve months to Sep 30, 2026, operating cash flow was $38.4M; the largest uses were other investing ($18.2M), other financing ($7.5M), capital spending ($132K); besides operations, cash came from shares issued ($6.0M); the cash balance rose by $18.5M.

Operating cash flow was $35.2M against net income of $35.2M — 1.0× profit, roughly in line with earnings. The largest differences: accrued liabilities +$4.8M, stock-based pay +$3.3M, prepaid and other assets +$3.1M.

Its cash conversion cycle was 8 days (receivables 41 + inventory 72 − payables 104).

Free cash flow

Eton Pharmaceuticals: free cash flow by quarterEton Pharmaceuticals: free cash flow by quarter−$777KQ4 2024$2.1MQ1 2025$8.0MQ2 2025$11.7MQ3 2025−$11.6MQ4 2025$7.3MQ1 2026$7.3MQ2 2026$35.2MQ3 2026
Operating cash flow less capital spending.
Eton Pharmaceuticals: operating cash flow against capital spendingEton Pharmaceuticals: operating cash flow against capital spendingOperating cash flowCapital spending−$765K$12KQ4 2024$2.1M$0Q1 2025$8.0M$0Q2 2025$12.0M$284KQ3 2025−$11.6M$49KQ4 2025$7.4M$75KQ1 2026$7.3M−$5KQ2 2026$35.2M$13KQ3 2026
Latest (Q3 2026): Operating cash flow $35.2M, Capital spending $13K.

Capital allocation, year by year

Eton Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearEton Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2021: Operating cash flow −$4.7MFY2021: Net borrowing −$150KFY2021: Shares issued $541KFY2021: Capital spending −$9K$541KFY2021FY2022: Operating cash flow $4.8MFY2022: Net borrowing −$385KFY2022: Shares issued $35KFY2022: Capital spending −$38K$4.9MFY2022FY2023: Operating cash flow $6.8MFY2023: Net borrowing −$1.2MFY2023: Shares issued $149K$7.0MFY2023FY2024: Operating cash flow $969KFY2024: Net borrowing $24.2MFY2024: Shares issued $1.2MFY2024: Capital spending −$26KFY2024: Acquisitions −$30.0M$26.3MFY2024FY2025: Operating cash flow $10.5MFY2025: Shares issued $598KFY2025: Capital spending −$333K$11.1MFY2025
Over these 5 years operating cash flow totalled $18.4M; the largest uses were acquisitions ($30.0M) and operating cash flow ($4.7M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$55.6M
Debt$23.1M
Net cash$32.6M
Due within a year$8.8M

Eton Pharmaceuticals funds itself: free cash flow was $38.2M over the last twelve months, and $55.6M of cash and investments stands against $23.1M of debt ($8.8M due within a year, 6.3× covered by cash).

Where the cash came from and went

Eton Pharmaceuticals: sources (+) and uses (−) of cash, Q3 2026Eton Pharmaceuticals: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$35.2MCash drawn (+) / kept (−)−$28.8MNet borrowing (+) / repaid (−)−$5.0MOther investing−$3.2MShares issued$1.8MCapital spending−$13K
Eton Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q3 2026Eton Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$38.4MCash drawn (+) / kept (−)−$18.5MOther investing−$18.2MOther financing−$7.5MShares issued$6.0MCapital spending−$132K

From profit to cash

Eton Pharmaceuticals: net income to operating cash flow, Q3 2026Eton Pharmaceuticals: net income to operating cash flow, Q3 2026Net income$35.2MDepreciation & amortization$1.4MStock-based pay$3.3MReceivables−$1.6MInventory−$1.3MPayables$2.1MAccrued liabilities$4.8MPrepaid and other assets$3.1MOperating cash flow$35.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202641721048
Q2 2026469210434
Q1 20264714111572
Q4 20255418114293
Q3 20255612883101
Q2 202574243111207
Q1 20255717555177
Q4 20244315361135

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$35.2M−$13K−$5.0M$1.8M−$28.8M$35.2M
Q2 2026$7.3M$5K—−$1.1M−$7.2M$7.3M
Q1 2026$7.4M−$75K—$1.4M$6.3M$7.3M
Q4 2025−$11.6M−$49K—$204K$11.2M−$11.6M
Q3 2025$12.0M−$284K——−$11.7M$11.7M
Q2 2025$8.0M———−$8.0M$8.0M
Q1 2025$2.1M——$394K−$2.5M$2.1M
Q4 2024−$765K−$12K—$72K$5.3M−$777K

Eton Pharmaceuticals: income statement and cash flow

Eton Pharmaceuticals, Q3 2026: revenue $57.9M (+158% year over year), operating margin 39.7%. The chart follows the revenue to costs, profit and cash.

Eton Pharmaceuticals: 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.