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Harmony Biosciences Holdings cash flow, quarter by quarter

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

Free cash flow$76.7M in Q3 2026 · $323M over twelve months

Operating cash flow$76.7M
Free cash flow+$76.7M
Cash / net income1.6×
Cash conversion cycle20 days

Analysis

In Q3 2026, Harmony Biosciences Holdings generated $76.7M of operating cash flow. That is $32.0M less than in Q3 2025 ($109M).

Over the twelve months to Sep 30, 2026, operating cash flow was $323M; the largest uses were other investing ($325M), net borrowing (+) / repaid (−) ($20.0M), taxes on employees’ shares ($4.3M); besides operations, cash came from shares issued ($26.5M); the cash balance rose by $100K.

Operating cash flow was $76.7M against net income of $48.2M — 1.6× profit, cash ran ahead of reported earnings. The largest differences: receivables −$16.7M, stock-based pay +$8.0M, other liabilities +$6.6M.

Its cash conversion cycle was 20 days (receivables 41 + inventory 7 − payables 28).

Free cash flow

Harmony Biosciences Holdings: free cash flow by quarterHarmony Biosciences Holdings: free cash flow by quarter$75.0MQ4 2024$33.9MQ1 2025$79.3MQ2 2025$109MQ3 2025$126MQ4 2025$27.8MQ1 2026$92.4MQ2 2026$76.7MQ3 2026
Operating cash flow less capital spending.
Harmony Biosciences Holdings: operating cash flow against capital spendingHarmony Biosciences Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$75.6M$513KQ4 2024$34.0M$128KQ1 2025$79.3M$4KQ2 2025$109M$71KQ3 2025$126M$107KQ4 2025$27.8M$0Q1 2026$92.4M$0Q2 2026$76.7M$0Q3 2026
Latest (Q3 2026): Operating cash flow $76.7M, Capital spending $0.

Capital allocation, year by year

Harmony Biosciences Holdings: where the cash came from (up) and went (down), by fiscal yearHarmony Biosciences Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $98.6MFY2021: Net borrowing $200MFY2021: Shares issued $39.4MFY2021: Capital spending −$298K$337MFY2021FY2022: Operating cash flow $144MFY2022: Net borrowing −$2.0MFY2022: Shares issued $8.8MFY2022: Capital spending −$172K$153MFY2022FY2023: Operating cash flow $219MFY2023: Net borrowing $195MFY2023: Shares issued $5.1MFY2023: Capital spending −$312KFY2023: Acquisitions −$37.0MFY2023: Buybacks −$100M$420MFY2023FY2024: Operating cash flow $220MFY2024: Net borrowing −$15.0MFY2024: Shares issued $6.5MFY2024: Capital spending −$1.2M$226MFY2024FY2025: Operating cash flow $348MFY2025: Net borrowing −$16.2MFY2025: Shares issued $10.2MFY2025: Capital spending −$310K$358MFY2025
Over these 5 years operating cash flow totalled $1.0B; the largest uses were buybacks ($100M) and acquisitions ($37.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$771M
Debt$149M
Net cash$622M
Due within a year$20.0M

Harmony Biosciences Holdings funds itself: free cash flow was $323M over the last twelve months, and $771M of cash and investments stands against $149M of debt ($20.0M due within a year, 38.6× covered by cash).

Harmony Biosciences Holdings: debt maturities by year (FY2025)Harmony Biosciences Holdings: debt maturities by year (FY2025)$20.0MYear 1$20.0MYear 2$125MYear 3
Principal due in each year as disclosed in the annual report, against $771M of cash and investments now.

Where the cash came from and went

Harmony Biosciences Holdings: sources (+) and uses (−) of cash, Q3 2026Harmony Biosciences Holdings: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$97.3MOperating cash flow$76.7MShares issued$18.0MOther investing$7.7MNet borrowing (+) / repaid (−)−$5.0M
Harmony Biosciences Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Harmony Biosciences Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$325MOperating cash flow$323MShares issued$26.5MNet borrowing (+) / repaid (−)−$20.0MTaxes on employees’ shares−$4.3MCash drawn (+) / kept (−)−$100K

From profit to cash

Harmony Biosciences Holdings: net income to operating cash flow, Q3 2026Harmony Biosciences Holdings: net income to operating cash flow, Q3 2026Net income$48.2MDepreciation & amortization$6.0MStock-based pay$8.0MDeferred taxes−$4.6MReceivables−$16.7MInventory$489KPayables$5.2MPrepaid and other assets−$1.5MOther liabilities$6.6MOperating cash flow$76.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20264172820
Q2 20263883610
Q1 20264311477
Q4 20253783016
Q3 20253710425
Q2 20254515555
Q1 202546194421
Q4 202438122129

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$76.7M—−$5.0M$18.0M−$97.3M$76.7M
Q2 2026$92.4M—−$5.0M$5.5M$39.6M$92.4M
Q1 2026$27.8M—−$5.0M$347K$163M$27.8M
Q4 2025$126M−$107K−$5.0M$2.6M−$106M$126M
Q3 2025$109M−$71K−$3.8M$754K−$101M$109M
Q2 2025$79.3M−$4K−$3.8M$2.1M−$57.1M$79.3M
Q1 2025$34.0M−$128K−$3.8M$4.7M−$36.0M$33.9M
Q4 2024$75.6M−$513K−$3.8M$3.2M−$65.6M$75.0M

Harmony Biosciences Holdings: income statement and cash flow

Harmony Biosciences Holdings, Q3 2026: revenue $269M (+12% year over year), operating margin 20.2%. The chart follows the revenue to costs, profit and cash.

Harmony Biosciences Holdings: 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.