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Neurocrine Biosciences cash flow, quarter by quarter

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

Free cash flow$384M in Q3 2026 · $1.0B over twelve months

Operating cash flow$395M
Capital spending−$11.6M
Free cash flow+$384M
Cash / net income1.9×
Cash conversion cycle-2625 days

Analysis

In Q3 2026, Neurocrine Biosciences generated $395M of operating cash flow and spent $11.6M on capital projects, leaving free cash flow of $384M. That is $169M more than in Q3 2025 ($214M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.1B; the largest uses were other investing ($680M), buybacks ($158M), other financing ($73.3M); besides operations, cash came from shares issued ($171M); the cash balance rose by $300M.

Operating cash flow was $395M against net income of $206M — 1.9× profit, cash ran ahead of reported earnings. The largest differences: payables +$76.8M, receivables −$70.2M, stock-based pay +$54.3M.

Its cash conversion cycle was -2625 days (receivables 76 + inventory 295 − payables 2995): suppliers fund its working capital.

Free cash flow

Neurocrine Biosciences: free cash flow by quarterNeurocrine Biosciences: free cash flow by quarter$235MQ4 2024$54.1MQ1 2025$89.5MQ2 2025$214MQ3 2025$391MQ4 2025$137MQ1 2026$129MQ2 2026$384MQ3 2026
Operating cash flow less capital spending.
Neurocrine Biosciences: operating cash flow against capital spendingNeurocrine Biosciences: operating cash flow against capital spendingOperating cash flowCapital spending$242M$7.3MQ4 2024$64.8M$10.7MQ1 2025$102M$12.5MQ2 2025$228M$13.2MQ3 2025$388M−$2.4MQ4 2025$146M$9.1MQ1 2026$136M$7.8MQ2 2026$395M$11.6MQ3 2026
Latest (Q3 2026): Operating cash flow $395M, Capital spending $11.6M.

Capital allocation, year by year

Neurocrine Biosciences: where the cash came from (up) and went (down), by fiscal yearNeurocrine Biosciences: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $256MFY2021: Net borrowing −$100KFY2021: Shares issued $48.2MFY2021: Capital spending −$23.4M$305MFY2021FY2022: Operating cash flow $339MFY2022: Net borrowing −$279MFY2022: Shares issued $81.7MFY2022: Capital spending −$16.5MFY2022: Acquisitions −$42.7M$421MFY2022FY2023: Operating cash flow $390MFY2023: Shares issued $121MFY2023: Capital spending −$28.3M$511MFY2023FY2024: Operating cash flow $595MFY2024: Net borrowing −$309MFY2024: Shares issued $233MFY2024: Capital spending −$38.2MFY2024: Buybacks −$300M$828MFY2024FY2025: Operating cash flow $783MFY2025: Shares issued $245MFY2025: Capital spending −$34.0MFY2025: Buybacks −$168M$1.0BFY2025
Over these 5 years operating cash flow totalled $2.4B; the largest uses were net borrowing ($588M) and buybacks ($468M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$738M
Debtnone
Net cash$738M

Neurocrine Biosciences funds itself: free cash flow was $1.0B over the last twelve months, with $738M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Neurocrine Biosciences: sources (+) and uses (−) of cash, Q3 2026Neurocrine Biosciences: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$395MCash drawn (+) / kept (−)−$309MBuybacks−$92.1MShares issued$25.3MCapital spending−$11.6MTaxes on employees’ shares−$8.2MOther investing$500K
Neurocrine Biosciences: sources (+) and uses (−) of cash, TTM to Q3 2026Neurocrine Biosciences: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.1BOther investing−$680MCash drawn (+) / kept (−)−$300MShares issued$171MBuybacks−$158MOther financing−$73.3MCapital spending−$26.1M

From profit to cash

Neurocrine Biosciences: net income to operating cash flow, Q3 2026Neurocrine Biosciences: net income to operating cash flow, Q3 2026Net income$206MDepreciation & amortization$44.0MStock-based pay$54.3MDeferred taxes$10.6MReceivables−$70.2MInventory$3.3MPayables$76.8MIncome taxes payable$43.4MOther operating capital−$33.4MOperating cash flow$395M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026762952995-2625
Q2 2026793313101-2692
Q1 2026804354719-4204
Q4 2025813613290-2847
Q3 2025774153528-3037
Q2 2025744673884-3344
Q1 2025785704582-3934
Q4 2024705104226-3645

Every quarter

QuarterOperating cash flowCapital spendingBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$395M−$11.6M−$92.1M$25.3M−$309M$384M
Q2 2026$136M−$7.8M−$12.0M$84.8M−$64.4M$129M
Q1 2026$146M−$9.1M−$54.0M$23.6M$446M$137M
Q4 2025$388M$2.4M—$37.3M−$373M$391M
Q3 2025$228M−$13.2M—$45.6M−$76.2M$214M
Q2 2025$102M−$12.5M−$17.7M$14.4M−$69.9M$89.5M
Q1 2025$64.8M−$10.7M−$150M$32.1M$38.9M$54.1M
Q4 2024$242M−$7.3M−$300M$10.0M$116M$235M

Neurocrine Biosciences: income statement and cash flow

Neurocrine Biosciences, Q3 2026: revenue $1.1B (+41% year over year), operating margin 29.5%. The chart follows the revenue to costs, profit and cash.

Neurocrine Biosciences: 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.