Filing Flows

Filing Flows › Companies › Inspire Medical Systems › Cash flow

Inspire Medical Systems cash flow, quarter by quarter

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

Free cash flow$38.9M in Q3 2026 · $97.9M over twelve months

Operating cash flow$46.4M
Capital spending−$7.5M
Free cash flow+$38.9M
Cash conversion cycle500 days

Analysis

In Q3 2026, Inspire Medical Systems generated $46.4M of operating cash flow and spent $7.5M on capital projects, leaving free cash flow of $38.9M. That is $19.2M less than in Q3 2025 ($58.1M).

Over the twelve months to Sep 30, 2026, operating cash flow was $135M; the largest uses were buybacks ($50.0M), capital spending ($37.1M), taxes on employees’ shares ($9.7M); besides operations, cash came from other investing ($34.5M), other financing ($4.0M); the cash balance rose by $78.0M.

Operating cash flow was $46.4M against net income of −$24.4M. The largest differences: stock-based pay +$26.9M, accrued liabilities +$14.7M, payables +$11.0M.

Its cash conversion cycle was 500 days (receivables 46 + inventory 557 − payables 104).

Free cash flow

Inspire Medical Systems: free cash flow by quarterInspire Medical Systems: free cash flow by quarter$62.2MQ4 2024−$15.1MQ1 2025−$6.3MQ2 2025$58.1MQ3 2025$41.8MQ4 2025$3.1MQ1 2026$14.1MQ2 2026$38.9MQ3 2026
Operating cash flow less capital spending.
Inspire Medical Systems: operating cash flow against capital spendingInspire Medical Systems: operating cash flow against capital spendingOperating cash flowCapital spending$69.2M$7.0MQ4 2024−$6.7M$8.4MQ1 2025$2.7M$9.0MQ2 2025$68.5M$10.4MQ3 2025$52.5M$10.7MQ4 2025$12.8M$9.7MQ1 2026$23.2M$9.2MQ2 2026$46.4M$7.5MQ3 2026
Latest (Q3 2026): Operating cash flow $46.4M, Capital spending $7.5M.

Capital allocation, year by year

Inspire Medical Systems: where the cash came from (up) and went (down), by fiscal yearInspire Medical Systems: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksFY2021: Operating cash flow −$20.1MFY2021: Shares issued $11.5MFY2021: Capital spending −$4.7M$11.5MFY2021FY2022: Operating cash flow $11.6MFY2022: Net borrowing −$24.5MFY2022: Shares issued $256MFY2022: Capital spending −$9.1M$267MFY2022FY2023: Operating cash flow $24.7MFY2023: Shares issued $25.8MFY2023: Capital spending −$23.6M$50.5MFY2023FY2024: Operating cash flow $130MFY2024: Shares issued $22.2MFY2024: Capital spending −$39.1M$152MFY2024FY2025: Operating cash flow $117MFY2025: Shares issued $9.6MFY2025: Capital spending −$38.5MFY2025: Buybacks −$175M$127MFY2025
Over these 5 years operating cash flow totalled $263M; the largest uses were buybacks ($175M) and capital spending ($115M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$328M
Debtnone
Net cash$328M

Inspire Medical Systems funds itself: free cash flow was $97.9M over the last twelve months, with $328M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Inspire Medical Systems: sources (+) and uses (−) of cash, Q3 2026Inspire Medical Systems: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$63.0MOperating cash flow$46.4MOther investing$24.6MCapital spending−$7.5MTaxes on employees’ shares−$749KShares issued$313KExchange rates$4K
Inspire Medical Systems: sources (+) and uses (−) of cash, TTM to Q3 2026Inspire Medical Systems: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$135MCash drawn (+) / kept (−)−$78.0MBuybacks−$50.0MCapital spending−$37.1MOther investing$34.5MTaxes on employees’ shares−$9.7MOther financing$4.0MShares issued$1.5MExchange rates−$128K

From profit to cash

Inspire Medical Systems: net income to operating cash flow, Q3 2026Inspire Medical Systems: net income to operating cash flow, Q3 2026Net income−$24.4MDepreciation & amortization$5.1MStock-based pay$26.9MDeferred taxes$3.4MReceivables−$1.1MInventory−$8.5MPayables$11.0MAccrued liabilities$14.7MPrepaid and other assets−$1.8MOperating cash flow$46.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202646557104500
Q2 202647526108466
Q1 202649507128429
Q4 202539366122283
Q3 202550381163269
Q2 202548290108231
Q1 20254226499206
Q4 20243518994130

Every quarter

QuarterOperating cash flowCapital spendingBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$46.4M−$7.5M—$313K−$63.0M$38.9M
Q2 2026$23.2M−$9.2M—$403K−$28.8M$14.1M
Q1 2026$12.8M−$9.7M—$109K$5.9M$3.1M
Q4 2025$52.5M−$10.7M−$50.0M$633K$8.0M$41.8M
Q3 2025$68.5M−$10.4M−$50.0M$347K−$5.9M$58.1M
Q2 2025$2.7M−$9.0M—$2.2M−$53.0M−$6.3M
Q1 2025−$6.7M−$8.4M−$75.0M$6.4M$96.3M−$15.1M
Q4 2024$69.2M−$7.0M—−$1.2M−$2.6M$62.2M

Inspire Medical Systems: income statement and cash flow

Inspire Medical Systems, Q3 2026: revenue $207M (-8% year over year), operating margin -13.9%. The chart follows the revenue to costs, profit and cash.

Inspire Medical Systems: 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.