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Organon cash flow, quarter by quarter

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

Free cash flow$326M in Q3 2026 · $675M over twelve months

Operating cash flow$370M
Capital spending−$44.0M
Free cash flow+$326M
Cash / net income2.3×
Cash conversion cycle131 days

Analysis

In Q3 2026, Organon generated $370M of operating cash flow and spent $44.0M on capital projects, leaving free cash flow of $326M. That is $108M more than in Q3 2025 ($218M).

Over the twelve months to Sep 30, 2026, operating cash flow was $843M; the largest uses were net borrowing (+) / repaid (−) ($214M), capital spending ($168M), dividends ($20.0M); besides operations, cash came from other investing ($369M); the cash balance rose by $783M.

Operating cash flow was $370M against net income of $164M — 2.3× profit, cash ran ahead of reported earnings. The largest differences: accrued liabilities +$116M, payables −$67.0M, prepaid and other assets +$55.0M.

Its cash conversion cycle was 131 days (receivables 87 + inventory 177 − payables 133).

Free cash flow

Organon: free cash flow by quarterOrganon: free cash flow by quarter$335MQ4 2024$43.0MQ1 2025$181MQ2 2025$218MQ3 2025$96.0MQ4 2025$188MQ1 2026$65.0MQ2 2026$326MQ3 2026
Operating cash flow less capital spending.
Organon: operating cash flow against capital spendingOrganon: operating cash flow against capital spendingOperating cash flowCapital spending$390M$55.0MQ4 2024$75.0M$32.0MQ1 2025$220M$39.0MQ2 2025$264M$46.0MQ3 2025$141M$45.0MQ4 2025$225M$37.0MQ1 2026$107M$42.0MQ2 2026$370M$44.0MQ3 2026
Latest (Q3 2026): Operating cash flow $370M, Capital spending $44.0M.

Capital allocation, year by year

Organon: where the cash came from (up) and went (down), by fiscal yearOrganon: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingDividendsFY2021: Operating cash flow $2.2BFY2021: Net borrowing $7.8BFY2021: Asset sales $7.0MFY2021: Capital spending −$192MFY2021: Dividends −$145M$10.0BFY2021FY2022: Operating cash flow $858MFY2022: Net borrowing −$108MFY2022: Asset sales $7.0MFY2022: Capital spending −$196MFY2022: Dividends −$290M$865MFY2022FY2023: Operating cash flow $799MFY2023: Net borrowing −$258MFY2023: Asset sales $1.0MFY2023: Capital spending −$251MFY2023: Dividends −$294M$800MFY2023FY2024: Operating cash flow $939MFY2024: Net borrowing −$11.0MFY2024: Asset sales $4.0MFY2024: Capital spending −$175MFY2024: Dividends −$297M$943MFY2024FY2025: Operating cash flow $700MFY2025: Net borrowing −$458MFY2025: Asset sales $1.0MFY2025: Capital spending −$162MFY2025: Dividends −$88.0M$701MFY2025
Over these 5 years operating cash flow totalled $5.5B; the largest uses were dividends ($1.1B) and capital spending ($976M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.5B
Debt$8.6B
Net debt$7.1B
Due within a year$10.0M

Organon funds itself: free cash flow was $675M over the last twelve months, and $1.5B of cash and investments stands against $8.6B of debt ($10.0M due within a year, 145.5× covered by cash).

Organon: debt maturities by year (FY2025)Organon: debt maturities by year (FY2025)$10.0MYear 1$10.0MYear 2$3.6BYear 3$10.0MYear 4$21.0MYear 5$5.1BAfter year 5
Principal due in each year as disclosed in the annual report, against $1.5B of cash and investments now.

Where the cash came from and went

Organon: sources (+) and uses (−) of cash, Q3 2026Organon: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$370MCash drawn (+) / kept (−)−$323MCapital spending−$44.0MDividends−$5.0MExchange rates$2.0M
Organon: sources (+) and uses (−) of cash, TTM to Q3 2026Organon: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$843MCash drawn (+) / kept (−)−$783MOther investing$369MNet borrowing (+) / repaid (−)−$214MCapital spending−$168MDividends−$20.0MExchange rates−$19.0MTaxes on employees’ shares−$8.0M

From profit to cash

Organon: net income to operating cash flow, Q3 2026Organon: net income to operating cash flow, Q3 2026Net income$164MDepreciation & amortization$34.0MStock-based pay$21.0MDeferred taxes$13.0MOther non-cash$4.0MReceivables$9.0MInventory−$12.0MPayables−$67.0MAccrued liabilities$116MPrepaid and other assets$55.0MIncome taxes payable−$4.0MOther operating capital$5.0MOperating cash flow$370M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202687177133131
Q2 202684174130128
Q1 202684185129140
Q4 202586174122138
Q3 202585182132135
Q2 202584178131131
Q1 202584180145119
Q4 202488179148118

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$370M−$44.0M−$5.0M—−$323M$326M
Q2 2026$107M−$42.0M−$6.0M—−$16.0M$65.0M
Q1 2026$225M−$37.0M−$5.0M−$32.0M−$542M$188M
Q4 2025$141M−$45.0M−$4.0M−$182M$98.0M$96.0M
Q3 2025$264M−$46.0M−$3.0M−$72.0M−$73.0M$218M
Q2 2025$220M−$39.0M−$10.0M−$201M−$52.0M$181M
Q1 2025$75.0M−$32.0M−$71.0M−$3.0M$128M$43.0M
Q4 2024$390M−$55.0M−$74.0M−$2.0M$88.0M$335M

Organon: income statement and cash flow

Organon, Q3 2026: revenue $1.6B (-2% year over year), operating margin 16.2%. The chart follows the revenue to costs, profit and cash.

Organon: 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.