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Incyte cash flow, quarter by quarter

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

Free cash flow−$675M in Q3 2026 · $745M over twelve months

Operating cash flow−$675M
Free cash flow−$675M
Cash conversion cycle-31 days

Analysis

In Q3 2026, Incyte generated −$675M of operating cash flow. That is $1.2B less than in Q3 2025 ($559M).

Over the twelve months to Sep 30, 2026, operating cash flow was $745M; the largest uses were other investing ($222M), taxes on employees’ shares ($130M), other financing ($19.1M); besides operations, cash came from shares issued ($456M); the cash balance rose by $821M.

Operating cash flow was −$675M against net income of −$785M. The largest differences: accrued liabilities +$129M, receivables −$112M, deferred taxes +$92.7M.

Its cash conversion cycle was -31 days (receivables 70 + inventory 104 − payables 205): suppliers fund its working capital.

Free cash flow

Incyte: free cash flow by quarterIncyte: free cash flow by quarter$381MQ4 2024$266MQ1 2025$44.7MQ2 2025$559MQ3 2025$543MQ4 2025$369MQ1 2026$508MQ2 2026−$675MQ3 2026
Operating cash flow less capital spending.
Incyte: operating cash flow against capital spendingIncyte: operating cash flow against capital spendingOperating cash flowCapital spending$381M$0Q4 2024$266M$0Q1 2025$44.7M$0Q2 2025$559M$0Q3 2025$543M$0Q4 2025$369M$0Q1 2026$508M$0Q2 2026−$675M$0Q3 2026
Latest (Q3 2026): Operating cash flow −$675M, Capital spending $0.

Capital allocation, year by year

Incyte: where the cash came from (up) and went (down), by fiscal yearIncyte: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksFY2021: Operating cash flow $749MFY2021: Net borrowing −$2.4MFY2021: Shares issued $58.6MFY2021: Capital spending −$181M$808MFY2021FY2022: Operating cash flow $970MFY2022: Net borrowing −$2.9MFY2022: Shares issued $61.1MFY2022: Capital spending −$77.8M$1.0BFY2022FY2023: Operating cash flow $496MFY2023: Net borrowing −$3.4MFY2023: Shares issued $35.8M$532MFY2023FY2024: Operating cash flow $335MFY2024: Net borrowing −$3.8MFY2024: Shares issued $49.3MFY2024: Buybacks −$2.0B$385MFY2024FY2025: Operating cash flow $1.4BFY2025: Net borrowing −$4.5MFY2025: Shares issued $222M$1.6BFY2025
Over these 5 years operating cash flow totalled $4.0B; the largest uses were buybacks ($2.0B) and capital spending ($259M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.3B
Debtnone
Net cash$3.3B

Incyte funds itself: free cash flow was $745M over the last twelve months, with $3.3B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Incyte: sources (+) and uses (−) of cash, Q3 2026Incyte: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$707MOperating cash flow−$675MShares issued$122MTaxes on employees’ shares−$103MOther investing−$44.3MOther financing−$4.6MNet borrowing (+) / repaid (−)−$1.1MExchange rates−$831K
Incyte: sources (+) and uses (−) of cash, TTM to Q3 2026Incyte: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)−$821MOperating cash flow$745MShares issued$456MOther investing−$222MTaxes on employees’ shares−$130MOther financing−$19.1MNet borrowing (+) / repaid (−)−$4.6MExchange rates−$4.4M

From profit to cash

Incyte: net income to operating cash flow, Q3 2026Incyte: net income to operating cash flow, Q3 2026Net income−$785MDepreciation & amortization$24.2MStock-based pay$69.8MDeferred taxes$92.7MOther non-cash$8.7MReceivables−$112MInventory−$21.7MPayables−$14.4MAccrued liabilities$129MPrepaid and other assets−$80.9MOperating cash flow−$675M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202670104205-31
Q2 20265999208-50
Q1 20267393189-22
Q4 20255970145-16
Q3 20255978192-56
Q2 20256285252-105
Q1 20257276242-94
Q4 20246367196-65

Every quarter

QuarterOperating cash flowNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$675M−$1.1M$122M$707M−$675M
Q2 2026$508M−$1.2M$75.1M−$521M$508M
Q1 2026$369M−$1.2M$97.9M−$363M$369M
Q4 2025$543M−$1.2M$160M−$643M$543M
Q3 2025$559M−$1.1M$43.4M−$500M$559M
Q2 2025$44.7M−$1.2M$14.9M−$13.4M$44.7M
Q1 2025$266M−$1.1M$3.2M−$254M$266M
Q4 2024$381M−$1.0M$33.1M−$384M$381M

Incyte: income statement and cash flow

Incyte, Q3 2026: revenue $1.6B (+14% year over year), operating margin -45.5%. The chart follows the revenue to costs, profit and cash.

Incyte: 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.