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Fortress Biotech cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$59.3M in Q2 2026 · $126M over twelve months

Operating cash flow−$59.3M
Free cash flow−$59.3M
Cash / net income-98.5×
Cash conversion cycle86 days

Analysis

In Q2 2026, Fortress Biotech generated −$59.3M of operating cash flow. That is $31.7M less than in Q2 2025 (−$27.6M).

Over the twelve months to Jun 30, 2026, operating cash flow was $126M; the largest uses were other financing ($6.5M); besides operations, cash came from other investing ($2.8M); the cash balance rose by $122M.

Operating cash flow was −$59.3M against net income of $602K — -98.5× profit, less cash than reported earnings, worth checking against working capital. The largest differences: payables −$43.6M, receivables −$11.2M, stock-based pay +$2.9M.

Its cash conversion cycle was 86 days (receivables 149 + inventory 129 − payables 193).

Free cash flow

Fortress Biotech: free cash flow by quarterFortress Biotech: free cash flow by quarter−$20.1MQ3 2024−$12.9MQ4 2024−$19.6MQ1 2025−$27.6MQ2 2025−$6.1MQ3 2025−$12.5MQ4 2025$204MQ1 2026−$59.3MQ2 2026
Operating cash flow less capital spending.
Fortress Biotech: operating cash flow against capital spendingFortress Biotech: operating cash flow against capital spendingOperating cash flowCapital spending−$20.1M$0Q3 2024−$12.9M$0Q4 2024−$19.6M$0Q1 2025−$27.6M$0Q2 2025−$6.1M$0Q3 2025−$12.5M$0Q4 2025$204M$0Q1 2026−$59.3M$0Q2 2026
Latest (Q2 2026): Operating cash flow −$59.3M, Capital spending $0.

Capital allocation, year by year

Fortress Biotech: where the cash came from (up) and went (down), by fiscal yearFortress Biotech: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingDividendsFY2021: Operating cash flow −$117MFY2021: Net borrowing −$9.6MFY2021: Shares issued $9.4MFY2021: Capital spending −$4.6MFY2021: Dividends −$749K$9.4MFY2021FY2022: Operating cash flow −$179MFY2022: Net borrowing $96.4MFY2022: Shares issued $6.2MFY2022: Asset sales $127KFY2022: Capital spending −$2.7MFY2022: Dividends −$749K$103MFY2022FY2023: Operating cash flow −$128MFY2023: Net borrowing −$38.8MFY2023: Shares issued $2.0MFY2023: Asset sales $6.0MFY2023: Capital spending −$63KFY2023: Dividends −$736K$8.0MFY2023FY2024: Operating cash flow −$80.2MFY2024: Net borrowing $9.9MFY2024: Shares issued $3.7MFY2024: Dividends −$694K$13.7MFY2024FY2025: Operating cash flow −$65.8MFY2025: Net borrowing −$625KFY2025: Shares issued $1.0MFY2025: Asset sales $10.1MFY2025: Dividends −$664K$11.1MFY2025
Over these 5 years operating cash flow totalled −$570M; the largest uses were operating cash flow ($570M) and net borrowing ($49.1M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$197M
Debt$35.0M
Net cash$162M
Cash runway10 months

Fortress Biotech is burning cash: its operations consume cash, a free cash flow of −$237M a year at the current rate against $197M of cash and investments: a runway of about 10 months before any new financing.

Where the cash came from and went

Fortress Biotech: sources (+) and uses (−) of cash, Q2 2026Fortress Biotech: sources (+) and uses (−) of cash, Q2 2026Operating cash flow−$59.3MCash drawn (+) / kept (−)$59.3MOther financing$91KOther investing−$79K
Fortress Biotech: sources (+) and uses (−) of cash, TTM to Q2 2026Fortress Biotech: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow$126MCash drawn (+) / kept (−)−$122MOther financing−$6.5MOther investing$2.8M

From profit to cash

Fortress Biotech: net income to operating cash flow, Q2 2026Fortress Biotech: net income to operating cash flow, Q2 2026Net income$602KDepreciation & amortization$1.1MStock-based pay$2.9MReceivables−$11.2MInventory$1.1MPayables−$43.6MPrepaid and other assets$958KOther liabilities$340KIncome taxes payable−$239KOperating cash flow−$59.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202614912919386
Q1 202615413720585
Q4 202513718127939
Q3 202588197311-26
Q2 202593234442-115
Q1 202597253559-209
Q4 202464258645-324
Q3 202466221741-453

Every quarter

QuarterOperating cash flowDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$59.3M———$59.3M−$59.3M
Q1 2026$204M———−$176M$204M
Q4 2025−$12.5M−$166K——$6.8M−$12.5M
Q3 2025−$6.1M−$166K——−$11.8M−$6.1M
Q2 2025−$27.6M−$166K—−$1K$17.0M−$27.6M
Q1 2025−$19.6M−$166K−$625K$1.0M−$33.7M−$19.6M
Q4 2024−$12.9M−$166K$5.0M$340K$2.1M−$12.9M
Q3 2024−$20.1M−$176K−$50K$568K$17.3M−$20.1M

Fortress Biotech: income statement and cash flow

Fortress Biotech, Q2 2026: revenue $18.7M (+14% year over year), operating margin -53.5%. The chart follows the revenue to costs, profit and cash.

Fortress Biotech: 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.