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Recursion Pharmaceuticals cash flow, quarter by quarter

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

Free cash flow−$77.8M in Q3 2026 · −$312M over twelve months

Operating cash flow−$77.4M
Capital spending−$407K
Free cash flow−$77.8M

Analysis

In Q3 2026, Recursion Pharmaceuticals generated −$77.4M of operating cash flow and spent $407K on capital projects, leaving free cash flow of −$77.8M. That is $39.8M more than in Q3 2025 (−$118M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$311M; the largest uses were operating cash flow ($311M), net borrowing (+) / repaid (−) ($8.8M), other investing ($2.0M); besides operations, cash came from shares issued ($219M), other financing ($316K); the cash balance fell by $106M.

Operating cash flow was −$77.4M against net income of −$119M. The largest differences: stock-based pay +$23.0M, depreciation & amortization +$16.5M, prepaid and other assets −$13.9M.

Free cash flow

Recursion Pharmaceuticals: free cash flow by quarterRecursion Pharmaceuticals: free cash flow by quarter−$117MQ4 2024−$134MQ1 2025−$79.6MQ2 2025−$118MQ3 2025−$47.3MQ4 2025−$81.4MQ1 2026−$106MQ2 2026−$77.8MQ3 2026
Operating cash flow less capital spending.
Recursion Pharmaceuticals: operating cash flow against capital spendingRecursion Pharmaceuticals: operating cash flow against capital spendingOperating cash flowCapital spending−$115M$1.3MQ4 2024−$132M$1.8MQ1 2025−$76.4M$3.1MQ2 2025−$117M$243KQ3 2025−$46.1M$1.2MQ4 2025−$81.1M$258KQ1 2026−$106M$44KQ2 2026−$77.4M$407KQ3 2026
Latest (Q3 2026): Operating cash flow −$77.4M, Capital spending $407K.

Capital allocation, year by year

Recursion Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearRecursion Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow −$159MFY2021: Net borrowing −$12.8MFY2021: Shares issued $471MFY2021: Capital spending −$39.8M$471MFY2021FY2022: Operating cash flow −$83.5MFY2022: Net borrowing −$90KFY2022: Shares issued $154MFY2022: Capital spending −$37.1M$154MFY2022FY2023: Operating cash flow −$288MFY2023: Net borrowing −$766KFY2023: Shares issued $141MFY2023: Capital spending −$12.0MFY2023: Acquisitions $1.8M$143MFY2023FY2024: Operating cash flow −$359MFY2024: Net borrowing −$4.4MFY2024: Shares issued $309MFY2024: Capital spending −$13.7MFY2024: Acquisitions $277M$586MFY2024FY2025: Operating cash flow −$372MFY2025: Net borrowing −$16.7MFY2025: Shares issued $533MFY2025: Asset sales −$4.4MFY2025: Capital spending −$6.5M$533MFY2025
Over these 5 years operating cash flow totalled −$1.3B; the largest uses were operating cash flow ($1.3B) and capital spending ($109M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$550M
Debt$11.9M
Net cash$538M
Due within a year$11.8M
Cash runway21 months

Recursion Pharmaceuticals is burning cash: its operations consume cash, a free cash flow of −$312M a year at the current rate against $550M of cash and investments: a runway of about 21 months; $11.8M of debt also comes due within a year, which the cash covers before any new financing.

Where the cash came from and went

Recursion Pharmaceuticals: sources (+) and uses (−) of cash, Q3 2026Recursion Pharmaceuticals: sources (+) and uses (−) of cash, Q3 2026Shares issued$85.5MOperating cash flow−$77.4MCash drawn (+) / kept (−)−$4.7MNet borrowing (+) / repaid (−)−$2.3MExchange rates−$621KCapital spending−$407KOther financing−$77K
Recursion Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q3 2026Recursion Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow−$311MShares issued$219MCash drawn (+) / kept (−)$106MNet borrowing (+) / repaid (−)−$8.8MOther investing−$2.0MCapital spending−$2.0MExchange rates−$1.6MOther financing$316K

From profit to cash

Recursion Pharmaceuticals: net income to operating cash flow, Q3 2026Recursion Pharmaceuticals: net income to operating cash flow, Q3 2026Net income−$119MDepreciation & amortization$16.5MStock-based pay$23.0MOther non-cash$898KPayables$4.0MAccrued liabilities$8.0MDeferred revenue−$5.1MPrepaid and other assets−$13.9MOperating cash flow−$77.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$77.4M−$407K—−$2.3M$85.5M−$4.7M−$77.8M
Q2 2026−$106M−$44K—−$2.2M—$108M−$106M
Q1 2026−$81.1M−$258K—−$4.4M—$88.7M−$81.4M
Q4 2025−$46.1M−$1.2M—−$2.2M$134M−$86.8M−$47.3M
Q3 2025−$117M−$243K—−$2.1M$253M−$133M−$118M
Q2 2025−$76.4M−$3.1M—−$4.1M$103M−$24.7M−$79.6M
Q1 2025−$132M−$1.8M—−$2.0M$42.6M$93.9M−$134M
Q4 2024−$115M−$1.3M$277M−$2.1M$12.7M−$167M−$117M

Recursion Pharmaceuticals: income statement and cash flow

Recursion Pharmaceuticals, Q3 2026: revenue $18.6M (+258% year over year), operating margin -663.9%. The chart follows the revenue to costs, profit and cash.

Recursion 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.