Filing Flows

Filing Flows › Companies › Madrigal Pharmaceuticals › Cash flow

Madrigal Pharmaceuticals cash flow, quarter by quarter

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

Free cash flow$117M in Q3 2026 · −$169M over twelve months

Operating cash flow$121M
Capital spending−$3.9M
Free cash flow+$117M
Cash / net income2.2×

Analysis

In Q3 2026, Madrigal Pharmaceuticals generated $121M of operating cash flow and spent $3.9M on capital projects, leaving free cash flow of $117M. That is $37.6M more than in Q3 2025 ($79.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$157M; the largest uses were operating cash flow ($157M), capital spending ($11.6M); besides operations, cash came from other investing ($359M), other financing ($24.4M); the cash balance rose by $215M.

Operating cash flow was $121M against net income of $55.4M — 2.2× profit, cash ran ahead of reported earnings. The largest differences: accrued liabilities +$57.0M, stock-based pay +$38.9M, receivables −$35.1M.

Free cash flow

Madrigal Pharmaceuticals: free cash flow by quarterMadrigal Pharmaceuticals: free cash flow by quarter−$105MQ4 2024−$88.9MQ1 2025−$47.1MQ2 2025$79.0MQ3 2025−$133MQ4 2025−$171MQ1 2026$19.1MQ2 2026$117MQ3 2026
Operating cash flow less capital spending.
Madrigal Pharmaceuticals: operating cash flow against capital spendingMadrigal Pharmaceuticals: operating cash flow against capital spendingOperating cash flowCapital spending−$104M$195KQ4 2024−$88.9M$0Q1 2025−$47.1M$0Q2 2025$79.8M$857KQ3 2025−$133M−$390KQ4 2025−$167M$3.8MQ1 2026$23.3M$4.3MQ2 2026$121M$3.9MQ3 2026
Latest (Q3 2026): Operating cash flow $121M, Capital spending $3.9M.

Capital allocation, year by year

Madrigal Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearMadrigal Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingFY2021: Operating cash flow −$184MFY2021: Capital spending −$209KFY2021FY2022: Operating cash flow −$225MFY2022: Capital spending −$217KFY2022FY2023: Operating cash flow −$324MFY2023: Net borrowing $65.0MFY2023: Capital spending −$1.5M$65.0MFY2023FY2024: Operating cash flow −$456MFY2024: Capital spending −$1.5MFY2024FY2025: Operating cash flow −$190MFY2025: Net borrowing $228MFY2025: Capital spending −$467K$228MFY2025
Over these 5 years operating cash flow totalled −$1.4B; the largest uses were operating cash flow ($1.4B) and capital spending ($3.8M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$961M
Debt$341M
Net cash$620M
Due within a year$29.9M
Cash runway5.7 years

Madrigal Pharmaceuticals is burning cash: its operations consume cash, a free cash flow of −$169M a year at the current rate against $961M of cash and investments: a runway of about 5.7 years; $29.9M of debt also comes due within a year, which the cash covers before any new financing.

Madrigal Pharmaceuticals: debt maturities by year (FY2025)Madrigal Pharmaceuticals: debt maturities by year (FY2025)$29.9MYear 1$29.9MYear 2$30.0MYear 3$29.9MYear 4$366MYear 5
Principal due in each year as disclosed in the annual report, against $961M of cash and investments now.

Where the cash came from and went

Madrigal Pharmaceuticals: sources (+) and uses (−) of cash, Q3 2026Madrigal Pharmaceuticals: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$223MOperating cash flow$121MOther investing$97.7MShares issued$10.0MCapital spending−$3.9MExchange rates−$1.7M
Madrigal Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q3 2026Madrigal Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing$359MCash drawn (+) / kept (−)−$215MOperating cash flow−$157MOther financing$24.4MCapital spending−$11.6MExchange rates−$357K

From profit to cash

Madrigal Pharmaceuticals: net income to operating cash flow, Q3 2026Madrigal Pharmaceuticals: net income to operating cash flow, Q3 2026Net income$55.4MDepreciation & amortization$391KStock-based pay$38.9MOther non-cash−$2.0MReceivables−$35.1MInventory−$25.2MPayables$29.4MAccrued liabilities$57.0MPrepaid and other assets−$14KOperating cash flow$121M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$121M−$3.9M$10.0M−$223M$117M
Q2 2026$23.3M−$4.3M$3.1M−$60.7M$19.1M
Q1 2026−$167M−$3.8M$2.3M−$28.4M−$171M
Q4 2025−$133M$390K—$96.9M−$133M
Q3 2025$79.8M−$857K$17.7M−$110M$79.0M
Q2 2025−$47.1M—$1.7M−$2.5M−$47.1M
Q1 2025−$88.9M—$8.6M−$83.6M−$88.9M
Q4 2024−$104M−$195K—$133M−$105M

Madrigal Pharmaceuticals: income statement and cash flow

Madrigal Pharmaceuticals, Q3 2026: revenue $431M (+50% year over year), operating margin 13.0%. The chart follows the revenue to costs, profit and cash.

Madrigal Pharmaceuticals: 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.