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Teva Pharmaceutical Industries cash flow, quarter by quarter

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

Free cash flow$121M in Q3 2026 · $1.2B over twelve months

Operating cash flow$241M
Capital spending−$120M
Free cash flow+$121M
Cash / net income1.0×
Cash conversion cycle103 days

Analysis

In Q3 2026, Teva Pharmaceutical Industries generated $241M of operating cash flow and spent $120M on capital projects, leaving free cash flow of $121M. That is $112M less than in Q3 2025 ($233M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.8B; the largest uses were capital spending ($535M); besides operations, cash came from other investing ($555M), asset & business sales ($93.0M); the cash balance rose by $1.9B.

Operating cash flow was $241M against net income of $234M — 1.0× profit, roughly in line with earnings. The largest differences: depreciation & amortization +$245M, prepaid and other assets −$233M, impairments +$204M.

Its cash conversion cycle was 103 days (receivables 77 + inventory 150 − payables 124).

Free cash flow

Teva Pharmaceutical Industries: free cash flow by quarterTeva Pharmaceutical Industries: free cash flow by quarter$446MQ4 2024−$232MQ1 2025$131MQ2 2025$233MQ3 2025$1.0BQ4 2025−$208MQ1 2026$307MQ2 2026$121MQ3 2026
Operating cash flow less capital spending.
Teva Pharmaceutical Industries: operating cash flow against capital spendingTeva Pharmaceutical Industries: operating cash flow against capital spendingOperating cash flowCapital spending$575M$129MQ4 2024−$105M$127MQ1 2025$227M$96.0MQ2 2025$369M$136MQ3 2025$1.2B$142MQ4 2025−$40.0M$168MQ1 2026$411M$104MQ2 2026$241M$120MQ3 2026
Latest (Q3 2026): Operating cash flow $241M, Capital spending $120M.

Capital allocation, year by year

Teva Pharmaceutical Industries: where the cash came from (up) and went (down), by fiscal yearTeva Pharmaceutical Industries: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow $798MFY2021: Net borrowing −$1.7BFY2021: Asset sales $311MFY2021: Capital spending −$562M$1.1BFY2021FY2022: Operating cash flow $1.6BFY2022: Net borrowing −$1.4BFY2022: Asset sales $68.0MFY2022: Capital spending −$548MFY2022: Acquisitions −$7.0M$1.7BFY2022FY2023: Operating cash flow $1.4BFY2023: Net borrowing −$1.7BFY2023: Asset sales $68.0MFY2023: Capital spending −$526M$1.4BFY2023FY2024: Operating cash flow $1.2BFY2024: Net borrowing −$1.6BFY2024: Shares issued $19.0MFY2024: Asset sales $43.0MFY2024: Capital spending −$498MFY2024: Acquisitions −$15.0M$1.3BFY2024FY2025: Operating cash flow $1.6BFY2025: Net borrowing −$1.8BFY2025: Shares issued $47.0MFY2025: Asset sales $34.0MFY2025: Capital spending −$501M$1.7BFY2025
Over these 5 years operating cash flow totalled $6.7B; the largest uses were net borrowing ($8.2B) and capital spending ($2.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$4.1B
Debt$4.0B
Net cash$47.0M
Due within a year$3.4B

Teva Pharmaceutical Industries funds itself: free cash flow was $1.2B over the last twelve months, and $4.1B of cash and investments stands against $4.0B of debt ($3.4B due within a year, 1.2× covered by cash).

Teva Pharmaceutical Industries: debt maturities by year (FY2024)Teva Pharmaceutical Industries: debt maturities by year (FY2024)$3.4BYear 1$2.9BYear 2$2.0BYear 3$2.4BYear 4
Principal due in each year as disclosed in the annual report, against $4.1B of cash and investments now.

Where the cash came from and went

Teva Pharmaceutical Industries: sources (+) and uses (−) of cash, Q3 2026Teva Pharmaceutical Industries: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$430MOther investing$283MOperating cash flow$241MCapital spending−$120MAsset & business sales$47.0MExchange rates−$27.0MOther financing$6.0M
Teva Pharmaceutical Industries: sources (+) and uses (−) of cash, TTM to Q3 2026Teva Pharmaceutical Industries: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)−$1.9BOperating cash flow$1.8BOther investing$555MCapital spending−$535MAsset & business sales$93.0MExchange rates−$59.0MOther financing$58.0M

From profit to cash

Teva Pharmaceutical Industries: net income to operating cash flow, Q3 2026Teva Pharmaceutical Industries: net income to operating cash flow, Q3 2026Net income$234MDepreciation & amortization$245MStock-based pay$38.0MImpairments$204MInventory−$29.0MPrepaid and other assets−$233MOperating cash flow$241M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202677150124103
Q2 202676146122100
Q1 202680142115108
Q4 202573145109110
Q3 202576144103117
Q2 202576148105119
Q1 202575140100114
Q4 202471152100123

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$241M−$120M——−$430M$121M
Q2 2026$411M−$104M—$13.0M$86.0M$307M
Q1 2026−$40.0M−$168M−$23.0M$26.0M−$185M−$208M
Q4 2025$1.2B−$142M—$44.0M−$1.4B$1.0B
Q3 2025$369M−$136M−$444M—−$42.0M$233M
Q2 2025$227M−$96.0M$5.0M—−$464M$131M
Q1 2025−$105M−$127M−$1.4B$3.0M$1.6B−$232M
Q4 2024$575M−$129M−$685M$12.0M$18.0M$446M

Teva Pharmaceutical Industries: income statement and cash flow

Teva Pharmaceutical Industries, Q3 2026: revenue $4.4B (-2% year over year), operating margin 16.2%. The chart follows the revenue to costs, profit and cash.

Teva Pharmaceutical Industries: 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.