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Revolution Medicines cash flow, quarter by quarter

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

Free cash flow−$419M in Q3 2026 · −$1.4B over twelve months

Operating cash flow−$416M
Capital spending−$3.7M
Free cash flow−$419M

Analysis

In Q3 2026, Revolution Medicines generated −$416M of operating cash flow and spent $3.7M on capital projects, leaving free cash flow of −$419M. That is $209M less than in Q3 2025 (−$211M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$1.4B; the largest uses were operating cash flow ($1.4B), other investing ($1.3B), capital spending ($9.4M); besides operations, cash came from shares issued ($1.7B), other financing ($1.5B); the cash balance rose by $409M.

Operating cash flow was −$416M against net income of −$407M. The largest differences: accrued liabilities +$107M, stock-based pay +$62.6M, payables +$13.8M.

Free cash flow

Revolution Medicines: free cash flow by quarterRevolution Medicines: free cash flow by quarter−$140MQ4 2024−$198MQ1 2025−$229MQ2 2025−$211MQ3 2025−$276MQ4 2025−$356MQ1 2026−$390MQ2 2026−$419MQ3 2026
Operating cash flow less capital spending.
Revolution Medicines: operating cash flow against capital spendingRevolution Medicines: operating cash flow against capital spendingOperating cash flowCapital spending−$138M$1.2MQ4 2024−$194M$3.3MQ1 2025−$222M$7.5MQ2 2025−$207M$3.3MQ3 2025−$274M$1.9MQ4 2025−$354M$1.5MQ1 2026−$387M$2.3MQ2 2026−$416M$3.7MQ3 2026
Latest (Q3 2026): Operating cash flow −$416M, Capital spending $3.7M.

Capital allocation, year by year

Revolution Medicines: where the cash came from (up) and went (down), by fiscal yearRevolution Medicines: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingFY2021: Operating cash flow −$147MFY2021: Shares issued $283MFY2021: Capital spending −$6.5M$283MFY2021FY2022: Operating cash flow −$224MFY2022: Shares issued $250MFY2022: Capital spending −$10.8M$250MFY2022FY2023: Operating cash flow −$351MFY2023: Shares issued $327MFY2023: Capital spending −$7.7M$327MFY2023FY2024: Operating cash flow −$557MFY2024: Shares issued $740MFY2024: Capital spending −$10.3M$740MFY2024FY2025: Operating cash flow −$898MFY2025: Shares issued $21.1MFY2025: Capital spending −$16.0M$21.1MFY2025
Over these 5 years operating cash flow totalled −$2.2B; the largest uses were operating cash flow ($2.2B) and capital spending ($51.4M). Cash-flow statements as filed.

Where the cash came from and went

Revolution Medicines: sources (+) and uses (−) of cash, Q3 2026Revolution Medicines: sources (+) and uses (−) of cash, Q3 2026Operating cash flow−$416MCash drawn (+) / kept (−)$189MOther financing$127MOther investing$83.8MShares issued$19.5MCapital spending−$3.7MNet borrowing (+) / repaid (−)−$1K
Revolution Medicines: sources (+) and uses (−) of cash, TTM to Q3 2026Revolution Medicines: sources (+) and uses (−) of cash, TTM to Q3 2026Shares issued$1.7BOther financing$1.5BOperating cash flow−$1.4BOther investing−$1.3BCash drawn (+) / kept (−)−$409MCapital spending−$9.4M

From profit to cash

Revolution Medicines: net income to operating cash flow, Q3 2026Revolution Medicines: net income to operating cash flow, Q3 2026Net income−$407MDepreciation & amortization$2.6MStock-based pay$62.6MPayables$13.8MAccrued liabilities$107MPrepaid and other assets$6.8MOperating cash flow−$416M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$416M−$3.7M−$1K$19.5M$189M−$419M
Q2 2026−$387M−$2.3M—$28.8M−$374M−$390M
Q1 2026−$354M−$1.5M—$12.2M−$57.2M−$356M
Q4 2025−$274M−$1.9M——−$166M−$276M
Q3 2025−$207M−$3.3M—$4.1M$184M−$211M
Q2 2025−$222M−$7.5M—$1.9M−$69.1M−$229M
Q1 2025−$194M−$3.3M—$891K$210M−$198M
Q4 2024−$138M−$1.2M—$732M−$343M−$140M

Revolution Medicines: income statement and cash flow

Revolution Medicines, Q3 2026: revenue $198M, operating margin -188.9%. The chart follows the revenue to costs, profit and cash.

Revolution Medicines: 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.