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Repligen cash flow, quarter by quarter

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

Free cash flow$38.2M in Q3 2026 · $107M over twelve months

Operating cash flow$43.1M
Capital spending−$4.9M
Free cash flow+$38.2M
Cash conversion cycle212 days

Analysis

In Q3 2026, Repligen generated $43.1M of operating cash flow and spent $4.9M on capital projects, leaving free cash flow of $38.2M. That is $5.2M less than in Q3 2025 ($43.4M).

Over the twelve months to Sep 30, 2026, operating cash flow was $130M; the largest uses were other investing ($128M), capital spending ($23.1M), taxes on employees’ shares ($8.6M); besides operations, cash came from shares issued ($16.9M), asset & business sales ($196K); the cash balance fell by $19.7M.

Operating cash flow was $43.1M against net income of −$38.4M. The largest differences: depreciation & amortization +$19.1M, stock-based pay +$9.4M, receivables +$7.7M.

Its cash conversion cycle was 212 days (receivables 68 + inventory 173 − payables 29).

Free cash flow

Repligen: free cash flow by quarterRepligen: free cash flow by quarter$33.6MQ4 2024$11.4MQ1 2025$21.5MQ2 2025$43.4MQ3 2025$17.6MQ4 2025$23.6MQ1 2026$27.4MQ2 2026$38.2MQ3 2026
Operating cash flow less capital spending.
Repligen: operating cash flow against capital spendingRepligen: operating cash flow against capital spendingOperating cash flowCapital spending$39.2M$5.5MQ4 2024$15.0M$3.6MQ1 2025$28.6M$7.1MQ2 2025$48.1M$4.7MQ3 2025$25.7M$8.2MQ4 2025$28.3M$4.7MQ1 2026$32.8M$5.3MQ2 2026$43.1M$4.9MQ3 2026
Latest (Q3 2026): Operating cash flow $43.1M, Capital spending $4.9M.

Capital allocation, year by year

Repligen: where the cash came from (up) and went (down), by fiscal yearRepligen: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $119MFY2021: Net borrowing −$21KFY2021: Shares issued $3.9MFY2021: Capital spending −$67.1MFY2021: Acquisitions −$150M$123MFY2021FY2022: Operating cash flow $172MFY2022: Shares issued $3.7MFY2022: Capital spending −$84.8M$176MFY2022FY2023: Operating cash flow $114MFY2023: Net borrowing $290MFY2023: Shares issued $1.1MFY2023: Capital spending −$36.2MFY2023: Acquisitions −$187MFY2023: Buybacks −$14.4M$405MFY2023FY2024: Operating cash flow $175MFY2024: Net borrowing −$69.9MFY2024: Shares issued $4.3MFY2024: Capital spending −$25.7MFY2024: Acquisitions −$54.8M$180MFY2024FY2025: Operating cash flow $117MFY2025: Shares issued $3.2MFY2025: Asset sales $238KFY2025: Capital spending −$23.5MFY2025: Acquisitions −$70.3M$121MFY2025
Over these 5 years operating cash flow totalled $698M; the largest uses were acquisitions ($462M) and capital spending ($237M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$863M
Debt$556M
Net cash$307M

Repligen funds itself: free cash flow was $107M over the last twelve months, and $863M of cash and investments stands against $556M of debt.

Where the cash came from and went

Repligen: sources (+) and uses (−) of cash, Q3 2026Repligen: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$120MOther investing$68.9MOperating cash flow$43.1MShares issued$15.8MCapital spending−$4.9MExchange rates−$1.5MTaxes on employees’ shares−$1.2M
Repligen: sources (+) and uses (−) of cash, TTM to Q3 2026Repligen: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$130MOther investing−$128MCapital spending−$23.1MCash drawn (+) / kept (−)$19.7MShares issued$16.9MTaxes on employees’ shares−$8.6MOther financing−$5.2MExchange rates−$1.8MAcquisitions−$374KAsset & business sales$196K

From profit to cash

Repligen: net income to operating cash flow, Q3 2026Repligen: net income to operating cash flow, Q3 2026Net income−$38.4MDepreciation & amortization$19.1MStock-based pay$9.4MDeferred taxes$3.8MOther non-cash$61KReceivables$7.7MInventory$4.1MPayables−$6.6MAccrued liabilities−$1.9MPrepaid and other assets$2.2MOther liabilities−$198KOperating cash flow$43.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20266817329212
Q2 20266917733213
Q1 20267218334221
Q4 20257115828201
Q3 20257516529211
Q2 20257615727206
Q1 20257517134212
Q4 20247211619169

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$43.1M−$4.9M—$15.8M−$120M$38.2M
Q2 2026$32.8M−$5.3M—$94K−$24.2M$27.4M
Q1 2026$28.3M−$4.7M——−$18.6M$23.6M
Q4 2025$25.7M−$8.2M−$374K$1.0M$183M$17.6M
Q3 2025$48.1M−$4.7M—$678K−$39.9M$43.4M
Q2 2025$28.6M−$7.1M−$234K—−$11.6M$21.5M
Q1 2025$15.0M−$3.6M−$69.7M$1.5M$60.1M$11.4M
Q4 2024$39.2M−$5.5M−$54.8M$1.9M$26.6M$33.6M

Repligen: income statement and cash flow

Repligen, Q3 2026: revenue $209M (+11% year over year), operating margin -14.1%. The chart follows the revenue to costs, profit and cash.

Repligen: 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.