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Liquidia cash flow, quarter by quarter

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

Free cash flow$69.0M in Q2 2026 · $151M over twelve months

Operating cash flow$80.2M
Capital spending−$11.2M
Free cash flow+$69.0M
Cash / net income1.1×

Analysis

In Q2 2026, Liquidia generated $80.2M of operating cash flow and spent $11.2M on capital projects, leaving free cash flow of $69.0M. That is $110M more than in Q2 2025 (−$40.5M).

Over the twelve months to Jun 30, 2026, operating cash flow was $168M; the largest uses were net borrowing (+) / repaid (−) ($44.1M), capital spending ($17.0M), other investing ($3.0M); besides operations, cash came from shares issued ($6.6M), other financing ($577K); the cash balance rose by $111M.

Operating cash flow was $80.2M against net income of $74.7M — 1.1× profit, roughly in line with earnings. The largest differences: receivables −$34.4M, employee-related liabilities +$34.0M, stock-based pay +$10.4M.

Free cash flow

Liquidia: free cash flow by quarterLiquidia: free cash flow by quarter−$26.8MQ3 2024−$22.1MQ4 2024−$31.0MQ1 2025−$40.5MQ2 2025−$10.7MQ3 2025$42.2MQ4 2025$50.2MQ1 2026$69.0MQ2 2026
Operating cash flow less capital spending.
Liquidia: operating cash flow against capital spendingLiquidia: operating cash flow against capital spendingOperating cash flowCapital spending−$25.1M$1.7MQ3 2024−$20.8M$1.3MQ4 2024−$30.7M$330KQ1 2025−$39.5M$1.1MQ2 2025−$9.8M$911KQ3 2025$44.2M$2.0MQ4 2025$53.0M$2.8MQ1 2026$80.2M$11.2MQ2 2026
Latest (Q2 2026): Operating cash flow $80.2M, Capital spending $11.2M.

Capital allocation, year by year

Liquidia: where the cash came from (up) and went (down), by fiscal yearLiquidia: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$34.0MFY2021: Net borrowing −$420KFY2021: Shares issued $21.8MFY2021: Capital spending −$107K$21.8MFY2021FY2022: Operating cash flow −$28.6MFY2022: Net borrowing $9.0MFY2022: Shares issued $55.3MFY2022: Asset sales $5KFY2022: Capital spending −$592K$64.3MFY2022FY2023: Operating cash flow −$41.6MFY2023: Net borrowing $17.9MFY2023: Shares issued $24.7MFY2023: Asset sales $2KFY2023: Capital spending −$1.3M$42.6MFY2023FY2024: Operating cash flow −$93.4MFY2024: Net borrowing $52.5MFY2024: Shares issued $140MFY2024: Asset sales $8KFY2024: Capital spending −$4.9M$193MFY2024FY2025: Operating cash flow −$35.7MFY2025: Net borrowing $53.8MFY2025: Shares issued $3.0MFY2025: Capital spending −$4.3M$56.8MFY2025
Over these 5 years operating cash flow totalled −$233M; the largest uses were operating cash flow ($233M) and capital spending ($11.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$284M
Debtnone
Net cash$284M

Liquidia funds itself: free cash flow was $151M over the last twelve months, with $284M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Liquidia: sources (+) and uses (−) of cash, Q2 2026Liquidia: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$80.2MCash drawn (+) / kept (−)−$61.4MCapital spending−$11.2MNet borrowing (+) / repaid (−)−$8.1MShares issued$1.4MOther investing−$1.0M
Liquidia: sources (+) and uses (−) of cash, TTM to Q2 2026Liquidia: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow$168MCash drawn (+) / kept (−)−$111MNet borrowing (+) / repaid (−)−$44.1MCapital spending−$17.0MShares issued$6.6MOther investing−$3.0MOther financing$577K

From profit to cash

Liquidia: net income to operating cash flow, Q2 2026Liquidia: net income to operating cash flow, Q2 2026Net income$74.7MDepreciation & amortization$400KStock-based pay$10.4MReceivables−$34.4MInventory−$7.5MPayables−$1.2MEmployee-related liabilities$34.0MPrepaid and other assets−$1.2MOther liabilities$41KOperating cash flow$80.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 20255747396-292
Q4 20241099237-119

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$80.2M−$11.2M−$8.1M$1.4M−$61.4M$69.0M
Q1 2026$53.0M−$2.8M−$20.0M$1.8M−$32.1M$50.2M
Q4 2025$44.2M−$2.0M−$8.1M$935K−$33.2M$42.2M
Q3 2025−$9.8M−$911K−$8.1M$2.5M$15.9M−$10.7M
Q2 2025−$39.5M−$1.1M$47.1M$125K−$7.2M−$40.5M
Q1 2025−$30.7M−$330K$22.8M$1.3M$6.7M−$31.0M
Q4 2024−$20.8M−$1.3M−$2.1M−$251K$27.9M−$22.1M
Q3 2024−$25.1M−$1.7M$31.4M$66.4M−$71.3M−$26.8M

Liquidia: income statement and cash flow

Liquidia, Q2 2026: revenue $172M (19× year over year), operating margin 49.8%. The chart follows the revenue to costs, profit and cash.

Liquidia: 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.