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Penumbra cash flow, quarter by quarter

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

Free cash flow$26.4M in Q3 2026 · $200M over twelve months

Operating cash flow$41.5M
Capital spending−$15.1M
Free cash flow+$26.4M
Cash / net income1.0×
Cash conversion cycle332 days

Analysis

In Q3 2026, Penumbra generated $41.5M of operating cash flow and spent $15.1M on capital projects, leaving free cash flow of $26.4M. That is $15.6M less than in Q3 2025 ($42.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $261M; the largest uses were other investing ($278M), capital spending ($60.8M), taxes on employees’ shares ($3.7M); besides operations, cash came from other financing ($17.2M), shares issued ($33K); the cash balance fell by $66.7M.

Operating cash flow was $41.5M against net income of $42.3M — 1.0× profit, roughly in line with earnings. The largest differences: inventory −$20.9M, stock-based pay +$14.8M, payables −$6.3M.

Its cash conversion cycle was 332 days (receivables 43 + inventory 319 − payables 31).

Free cash flow

Penumbra: free cash flow by quarterPenumbra: free cash flow by quarter$45.7MQ4 2024$35.5MQ1 2025$29.4MQ2 2025$42.0MQ3 2025$68.0MQ4 2025$73.3MQ1 2026$32.5MQ2 2026$26.4MQ3 2026
Operating cash flow less capital spending.
Penumbra: operating cash flow against capital spendingPenumbra: operating cash flow against capital spendingOperating cash flowCapital spending$51.1M$5.4MQ4 2024$49.0M$13.5MQ1 2025$44.9M$15.6MQ2 2025$58.3M$16.2MQ3 2025$86.5M$18.4MQ4 2025$87.0M$13.7MQ1 2026$46.1M$13.5MQ2 2026$41.5M$15.1MQ3 2026
Latest (Q3 2026): Operating cash flow $41.5M, Capital spending $15.1M.

Capital allocation, year by year

Penumbra: where the cash came from (up) and went (down), by fiscal yearPenumbra: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksFY2021: Operating cash flow $9.5MFY2021: Net borrowing −$1.5MFY2021: Shares issued $4.7MFY2021: Capital spending −$21.2M$14.2MFY2021FY2022: Operating cash flow −$55.7MFY2022: Net borrowing −$1.8MFY2022: Shares issued $7.8MFY2022: Capital spending −$19.3M$7.8MFY2022FY2023: Operating cash flow $97.3MFY2023: Net borrowing −$2.0MFY2023: Shares issued $5.5MFY2023: Capital spending −$15.2M$103MFY2023FY2024: Operating cash flow $168MFY2024: Net borrowing −$2.3MFY2024: Shares issued $1.9MFY2024: Capital spending −$21.2MFY2024: Buybacks −$100M$170MFY2024FY2025: Operating cash flow $239MFY2025: Net borrowing −$2.5MFY2025: Shares issued $15.4MFY2025: Capital spending −$63.7M$254MFY2025
Over these 5 years operating cash flow totalled $458M; the largest uses were capital spending ($141M) and buybacks ($100M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$674M
Debtnone
Net cash$674M

Penumbra funds itself: free cash flow was $200M over the last twelve months, with $674M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Penumbra: sources (+) and uses (−) of cash, Q3 2026Penumbra: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$49.0MOperating cash flow$41.5MOther investing$30.8MCapital spending−$15.1MReal estate bought−$7.0MNet borrowing (+) / repaid (−)−$608KTaxes on employees’ shares−$448KExchange rates−$121K
Penumbra: sources (+) and uses (−) of cash, TTM to Q3 2026Penumbra: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$278MOperating cash flow$261MCash drawn (+) / kept (−)$66.7MCapital spending−$60.8MOther financing$17.2MTaxes on employees’ shares−$3.7MNet borrowing (+) / repaid (−)−$2.4MExchange rates−$222KShares issued$33K

From profit to cash

Penumbra: net income to operating cash flow, Q3 2026Penumbra: net income to operating cash flow, Q3 2026Net income$42.3MDepreciation & amortization$5.5MStock-based pay$14.8MDeferred taxes$452KReceivables−$5.7MInventory−$20.9MPayables−$6.3MAccrued liabilities$6.2MPrepaid and other assets$2.8MOperating cash flow$41.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20264331931332
Q2 20264432032332
Q1 20264532329338
Q4 20254532224343
Q3 20254734623369
Q2 20254633223355
Q1 20254734226363
Q4 20245035128373

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$41.5M−$15.1M—−$608K—−$49.0M$26.4M
Q2 2026$46.1M−$13.5M—−$618K—$36.0M$32.5M
Q1 2026$87.0M−$13.7M—−$617K—−$54.4M$73.3M
Q4 2025$86.5M−$18.4M—−$569K$33K$134M$68.0M
Q3 2025$58.3M−$16.2M—−$612K$4.7M$101M$42.0M
Q2 2025$44.9M−$15.6M—−$691K$6.7M−$45.7M$29.4M
Q1 2025$49.0M−$13.5M—−$613K$4.0M−$51.6M$35.5M
Q4 2024$51.1M−$5.4M$1K−$589K$1.1M−$43.9M$45.7M

Penumbra: income statement and cash flow

Penumbra, Q3 2026: revenue $410M (+16% year over year), operating margin 12.4%. The chart follows the revenue to costs, profit and cash.

Penumbra: 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.