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TransMedics Group cash flow, quarter by quarter

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

Free cash flow$27.6M in Q3 2026 · $44.7M over twelve months

Operating cash flow$36.0M
Capital spending−$8.4M
Free cash flow+$27.6M
Cash / net income2.1×
Cash conversion cycle98 days

Analysis

In Q3 2026, TransMedics Group generated $36.0M of operating cash flow and spent $8.4M on capital projects, leaving free cash flow of $27.6M. That is $34.3M less than in Q3 2025 ($61.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was $112M; the largest uses were capital spending ($67.7M), other investing ($5.3M), other financing ($1.1M); besides operations, cash came from shares issued ($7.3M); the cash balance rose by $44.7M.

Operating cash flow was $36.0M against net income of $17.1M — 2.1× profit, cash ran ahead of reported earnings. The largest differences: accrued liabilities +$13.1M, stock-based pay +$12.6M, depreciation & amortization +$10.8M.

Its cash conversion cycle was 98 days (receivables 50 + inventory 61 − payables 13).

Free cash flow

TransMedics Group: free cash flow by quarterTransMedics Group: free cash flow by quarter$6.1MQ4 2024−$29.9MQ1 2025$82.5MQ2 2025$61.9MQ3 2025$19.0MQ4 2025−$12.1MQ1 2026$10.2MQ2 2026$27.6MQ3 2026
Operating cash flow less capital spending.
TransMedics Group: operating cash flow against capital spendingTransMedics Group: operating cash flow against capital spendingOperating cash flowCapital spending$19.7M$13.6MQ4 2024−$2.9M$27.0MQ1 2025$91.6M$9.1MQ2 2025$69.6M$7.6MQ3 2025$34.5M$15.5MQ4 2025$24.5M$36.7MQ1 2026$17.3M$7.1MQ2 2026$36.0M$8.4MQ3 2026
Latest (Q3 2026): Operating cash flow $36.0M, Capital spending $8.4M.

Capital allocation, year by year

TransMedics Group: where the cash came from (up) and went (down), by fiscal yearTransMedics Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2021: Operating cash flow −$28.9MFY2021: Shares issued $974KFY2021: Capital spending −$3.5M$974KFY2021FY2022: Operating cash flow −$45.8MFY2022: Net borrowing $22.5MFY2022: Shares issued $4.7MFY2022: Capital spending −$11.9M$27.1MFY2022FY2023: Operating cash flow −$13.0MFY2023: Net borrowing $445MFY2023: Shares issued $6.2MFY2023: Capital spending −$152MFY2023: Acquisitions −$14.9M$452MFY2023FY2024: Operating cash flow $48.8MFY2024: Shares issued $20.8MFY2024: Capital spending −$130M$69.6MFY2024FY2025: Operating cash flow $193MFY2025: Shares issued $13.7MFY2025: Capital spending −$59.3M$207MFY2025
Over these 5 years operating cash flow totalled $154M; the largest uses were capital spending ($356M) and operating cash flow ($87.7M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$493M
Debtnone
Net cash$493M
Due within a year$54.8M

TransMedics Group funds itself: free cash flow was $44.7M over the last twelve months, with $493M of cash and investments and no debt on the balance sheet ($54.8M due within a year, 9.0× covered by cash).

Where the cash came from and went

TransMedics Group: sources (+) and uses (−) of cash, Q3 2026TransMedics Group: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$36.0MCash drawn (+) / kept (−)−$20.3MCapital spending−$8.4MOther investing−$5.3MOther financing−$2.8MShares issued$978KTaxes on employees’ shares−$140KExchange rates−$92K
TransMedics Group: sources (+) and uses (−) of cash, TTM to Q3 2026TransMedics Group: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$112MCapital spending−$67.7MCash drawn (+) / kept (−)−$44.7MShares issued$7.3MOther investing−$5.3MOther financing−$1.1MExchange rates−$576KTaxes on employees’ shares−$317K

From profit to cash

TransMedics Group: net income to operating cash flow, Q3 2026TransMedics Group: net income to operating cash flow, Q3 2026Net income$17.1MDepreciation & amortization$10.8MStock-based pay$12.6MDeferred taxes$5.9MReceivables−$8.1MInventory−$9.1MPayables−$4.8MAccrued liabilities$13.1MDeferred revenue−$1.6MPrepaid and other assets−$4.6MOperating cash flow$36.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202650611398
Q2 202647621494
Q1 202645611393
Q4 202547641596
Q3 2025596517107
Q2 2025716215118
Q1 2025757317131
Q4 2024719222141

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$36.0M−$8.4M$978K−$20.3M$27.6M
Q2 2026$17.3M−$7.1M$1.0M−$10.9M$10.2M
Q1 2026$24.5M−$36.7M$2.2M$8.7M−$12.1M
Q4 2025$34.5M−$15.5M$3.1M−$22.2M$19.0M
Q3 2025$69.6M−$7.6M$1.8M−$65.6M$61.9M
Q2 2025$91.6M−$9.1M$7.1M−$90.4M$82.5M
Q1 2025−$2.9M−$27.0M$1.7M$26.5M−$29.9M
Q4 2024$19.7M−$13.6M$1.2M−$6.6M$6.1M

TransMedics Group: income statement and cash flow

TransMedics Group, Q3 2026: revenue $203M (+41% year over year), operating margin 13.9%. The chart follows the revenue to costs, profit and cash.

TransMedics Group: 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.