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Perrigo cash flow, quarter by quarter

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

Free cash flow$78.7M in Q3 2026 · $168M over twelve months

Operating cash flow$96.2M
Capital spending−$17.5M
Free cash flow+$78.7M
Cash conversion cycle152 days

Analysis

In Q3 2026, Perrigo generated $96.2M of operating cash flow and spent $17.5M on capital projects, leaving free cash flow of $78.7M.

Over the twelve months to Sep 26, 2026, operating cash flow was $241M; the largest uses were net borrowing (+) / repaid (−) ($345M), dividends ($160M), capital spending ($72.4M); besides operations, cash came from asset & business sales ($366M), other investing ($5.0M); the cash balance rose by $2.2M.

Operating cash flow was $96.2M against net income of −$27.5M. The largest differences: depreciation & amortization +$81.8M, prepaid and other assets +$42.7M, inventory +$42.2M.

Its cash conversion cycle was 152 days (receivables 64 + inventory 142 − payables 54).

Free cash flow

Perrigo: free cash flow by quarterPerrigo: free cash flow by quarter$275MQ4 2024−$90.0MQ1 2025$56.7MQ2 2025$29.8MQ3 2025$149MQ4 2025−$127MQ1 2026$68.3MQ2 2026$78.7MQ3 2026
Operating cash flow less capital spending.
Perrigo: operating cash flow against capital spendingPerrigo: operating cash flow against capital spendingOperating cash flowCapital spending$313M$37.7MQ4 2024−$64.5M$25.5MQ1 2025$75.9M$19.2MQ2 2025$51.7M$21.9MQ3 2025$175M$26.8MQ4 2025−$114M$13.8MQ1 2026$82.6M$14.3MQ2 2026$96.2M$17.5MQ3 2026
Latest (Q3 2026): Operating cash flow $96.2M, Capital spending $17.5M.

Capital allocation, year by year

Perrigo: where the cash came from (up) and went (down), by fiscal yearPerrigo: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsDividendsFY2021: Operating cash flow $156MFY2021: Net borrowing −$30.6MFY2021: Asset sales $1.5BFY2021: Capital spending −$152MFY2021: Dividends −$130M$1.6BFY2021FY2022: Operating cash flow $307MFY2022: Net borrowing $600MFY2022: Asset sales $58.7MFY2022: Capital spending −$96.4MFY2022: Acquisitions −$2.0BFY2022: Dividends −$142M$966MFY2022FY2023: Operating cash flow $406MFY2023: Net borrowing −$30.2MFY2023: Capital spending −$102MFY2023: Dividends −$150M$406MFY2023FY2024: Operating cash flow $363MFY2024: Net borrowing −$440MFY2024: Asset sales $216MFY2024: Capital spending −$118MFY2024: Dividends −$152M$578MFY2024FY2025: Operating cash flow $238MFY2025: Net borrowing −$34.8MFY2025: Asset sales $14.4MFY2025: Capital spending −$93.4MFY2025: Dividends −$159M$253MFY2025
Over these 5 years operating cash flow totalled $1.5B; the largest uses were acquisitions ($2.0B) and dividends ($734M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$437M
Debt$3.3B
Net debt$2.9B
Due within a year$36.6M

Perrigo funds itself: free cash flow was $168M over the last twelve months, and $437M of cash and investments stands against $3.3B of debt ($36.6M due within a year, 11.9× covered by cash).

Perrigo: debt maturities by year (FY2025)Perrigo: debt maturities by year (FY2025)$36.6MYear 1$409MYear 2$12.1MYear 3$945MYear 4$752MYear 5$1.5BAfter year 5
Principal due in each year as disclosed in the annual report, against $437M of cash and investments now.

Where the cash came from and went

Perrigo: sources (+) and uses (−) of cash, Q3 2026Perrigo: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$96.2MDividends−$40.2MCash drawn (+) / kept (−)−$36.9MCapital spending−$17.5MAsset & business sales$3.4MNet borrowing (+) / repaid (−)−$2.9MExchange rates−$2.1MOther investing$500KTaxes on employees’ shares−$400KNot reconciled−$100K
Perrigo: sources (+) and uses (−) of cash, TTM to Q3 2026Perrigo: sources (+) and uses (−) of cash, TTM to Q3 2026Asset & business sales$366MNet borrowing (+) / repaid (−)−$345MOperating cash flow$241MDividends−$160MCapital spending−$72.4MOther financing−$19.4MTaxes on employees’ shares−$7.7MExchange rates−$5.2MOther investing$5.0MCash drawn (+) / kept (−)−$2.2M

From profit to cash

Perrigo: net income to operating cash flow, Q3 2026Perrigo: net income to operating cash flow, Q3 2026Net income−$27.5MDepreciation & amortization$81.8MStock-based pay$10.1MImpairments$4.1MReceivables$18.8MInventory$42.2MPayables−$8.0MAccrued liabilities−$900KEmployee-related liabilities−$25.8MDeferred revenue−$3.0MPrepaid and other assets$42.7MOther liabilities−$6.9MIncome taxes payable−$19.9MOperating cash flow$96.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20266414254152
Q2 20266314054149
Q1 20265915361151
Q4 20255415160145
Q3 20255816765159
Q2 20256015665151
Q1 20255715167141
Q4 20245913860138

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$96.2M−$17.5M−$40.2M−$2.9M−$36.9M$78.7M
Q2 2026$82.6M−$14.3M−$40.2M−$335M−$40.2M$68.3M
Q1 2026−$114M−$13.8M−$39.9M$2.8M$174M−$127M
Q4 2025$175M−$26.8M−$39.9M−$9.3M−$99.5M$149M
Q3 2025$51.7M−$21.9M−$39.9M−$9.0M$19.8M$29.8M
Q2 2025$75.9M−$19.2M−$38.9M−$9.5M−$37.1M$56.7M
Q1 2025−$64.5M−$25.5M−$40.6M−$9.3M$142M−$90.0M
Q4 2024$313M−$37.7M−$39.6M−$1.1B$905M$275M

Perrigo: income statement and cash flow

Perrigo, Q3 2026: revenue $989M (-5% year over year), operating margin 2.3%. The chart follows the revenue to costs, profit and cash.

Perrigo: 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.