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Regeneron Pharmaceuticals cash flow, quarter by quarter

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

Free cash flow$1.5B in Q3 2026 · $3.8B over twelve months

Operating cash flow$1.8B
Capital spending−$300M
Free cash flow+$1.5B
Cash / net income0.9×

Analysis

In Q3 2026, Regeneron Pharmaceuticals generated $1.8B of operating cash flow and spent $300M on capital projects, leaving free cash flow of $1.5B. That is $65.9M more than in Q3 2025 ($1.4B).

Over the twelve months to Sep 30, 2026, operating cash flow was $4.8B; the largest uses were buybacks ($3.0B), capital spending ($1.0B), taxes on employees’ shares ($696M); besides operations, cash came from shares issued ($1.0B), other investing ($431M); the cash balance rose by $1.2B.

Operating cash flow was $1.8B against net income of $1.9B — 0.9× profit, roughly in line with earnings. The largest differences: receivables −$1.0B, payables +$784M, prepaid and other assets −$339M.

Free cash flow

Regeneron Pharmaceuticals: free cash flow by quarterRegeneron Pharmaceuticals: free cash flow by quarter$1.1BQ4 2024$816MQ1 2025$925MQ2 2025$1.4BQ3 2025$922MQ4 2025$848MQ1 2026$573MQ2 2026$1.5BQ3 2026
Operating cash flow less capital spending.
Regeneron Pharmaceuticals: operating cash flow against capital spendingRegeneron Pharmaceuticals: operating cash flow against capital spendingOperating cash flowCapital spending$1.3B$200MQ4 2024$1.0B$229MQ1 2025$1.1B$219MQ2 2025$1.6B$201MQ3 2025$1.2B$249MQ4 2025$1.1B$231MQ1 2026$813M$240MQ2 2026$1.8B$300MQ3 2026
Latest (Q3 2026): Operating cash flow $1.8B, Capital spending $300M.

Capital allocation, year by year

Regeneron Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearRegeneron Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $7.1BFY2021: Shares issued $1.7BFY2021: Capital spending −$552MFY2021: Buybacks −$1.6B$8.8BFY2021FY2022: Operating cash flow $5.0BFY2022: Shares issued $1.5BFY2022: Capital spending −$590MFY2022: Acquisitions −$230MFY2022: Buybacks −$2.1B$6.5BFY2022FY2023: Operating cash flow $4.6BFY2023: Shares issued $1.1BFY2023: Capital spending −$719MFY2023: Acquisitions −$54.9MFY2023: Buybacks −$2.2B$5.7BFY2023FY2024: Operating cash flow $4.4BFY2024: Shares issued $1.5BFY2024: Asset sales $20.1MFY2024: Capital spending −$756MFY2024: Acquisitions −$16.5MFY2024: Buybacks −$2.6B$5.9BFY2024FY2025: Operating cash flow $5.0BFY2025: Shares issued $636MFY2025: Capital spending −$898MFY2025: Acquisitions −$3.3MFY2025: Buybacks −$3.4BFY2025: Dividends −$370M$5.6BFY2025
Over these 5 years operating cash flow totalled $26.1B; the largest uses were buybacks ($12.0B) and capital spending ($3.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$9.3B
Debt$2.0B
Net cash$7.3B

Regeneron Pharmaceuticals funds itself: free cash flow was $3.8B over the last twelve months, and $9.3B of cash and investments stands against $2.0B of debt.

Where the cash came from and went

Regeneron Pharmaceuticals: sources (+) and uses (−) of cash, Q3 2026Regeneron Pharmaceuticals: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.8BCash drawn (+) / kept (−)−$1.2BBuybacks−$400MShares issued$301MCapital spending−$300MDividends−$95.7MTaxes on employees’ shares−$95.7MOther investing$12.1MExchange rates$500K
Regeneron Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q3 2026Regeneron Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$4.8BBuybacks−$3.0BCash drawn (+) / kept (−)−$1.2BCapital spending−$1.0BShares issued$1.0BTaxes on employees’ shares−$696MOther investing$431MDividends−$383MExchange rates−$1.0MAcquisitions−$300K

From profit to cash

Regeneron Pharmaceuticals: net income to operating cash flow, Q3 2026Regeneron Pharmaceuticals: net income to operating cash flow, Q3 2026Net income$1.9BDepreciation & amortization$121MStock-based pay$256MOther non-cash$91.1MReceivables−$1.0BInventory$112MPayables$784MDeferred revenue$64.8MPrepaid and other assets−$339MOperating cash flow$1.8B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.8B−$300M—−$400M−$95.7M$301M−$1.2B$1.5B
Q2 2026$813M−$240M—−$1.2B−$96.8M$49.2M$505M$573M
Q1 2026$1.1B−$231M—−$794M−$97.8M$163M$153M$848M
Q4 2025$1.2B−$249M−$300K−$672M−$92.7M$504M−$611M$922M
Q3 2025$1.6B−$201M−$3.0M−$664M−$91.2M$40.3M−$498M$1.4B
Q2 2025$1.1B−$219M—−$1.1B−$92.6M$31.5M$1.1B$925M
Q1 2025$1.0B−$229M—−$1.0B−$93.8M$60.6M−$604M$816M
Q4 2024$1.3B−$200M−$11.5M−$973M—$90.9M−$477M$1.1B

Regeneron Pharmaceuticals: income statement and cash flow

Regeneron Pharmaceuticals, Q3 2026: revenue $5.1B (+36% year over year), operating margin 40.0%. The chart follows the revenue to costs, profit and cash.

Regeneron 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.