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United Therapeutics cash flow, quarter by quarter

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

Free cash flow$126M in Q3 2026 · $867M over twelve months

Operating cash flow$306M
Capital spending−$181M
Free cash flow+$126M
Cash / net income1.2×
Cash conversion cycle-252 days

Analysis

In Q3 2026, United Therapeutics generated $306M of operating cash flow and spent $181M on capital projects, leaving free cash flow of $126M. That is $226M less than in Q3 2025 ($352M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.4B; the largest uses were buybacks ($2.0B), capital spending ($562M), taxes on employees’ shares ($60.2M); besides operations, cash came from other investing ($655M), shares issued ($381M); the cash balance fell by $151M.

Operating cash flow was $306M against net income of $259M — 1.2× profit, cash ran ahead of reported earnings. The largest differences: deferred taxes +$48.5M, payables +$46.7M, stock-based pay +$41.0M.

Its cash conversion cycle was -252 days (receivables 36 + inventory 184 − payables 473): suppliers fund its working capital.

Free cash flow

United Therapeutics: free cash flow by quarterUnited Therapeutics: free cash flow by quarter$254MQ4 2024$386MQ1 2025$130MQ2 2025$352MQ3 2025$173MQ4 2025$362MQ1 2026$206MQ2 2026$126MQ3 2026
Operating cash flow less capital spending.
United Therapeutics: operating cash flow against capital spendingUnited Therapeutics: operating cash flow against capital spendingOperating cash flowCapital spending$341M$86.7MQ4 2024$461M$74.9MQ1 2025$192M$62.2MQ2 2025$562M$210MQ3 2025$346M$173MQ4 2025$463M$101MQ1 2026$314M$108MQ2 2026$306M$181MQ3 2026
Latest (Q3 2026): Operating cash flow $306M, Capital spending $181M.

Capital allocation, year by year

United Therapeutics: where the cash came from (up) and went (down), by fiscal yearUnited Therapeutics: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $598MFY2021: Shares issued $50.0MFY2021: Capital spending −$121M$648MFY2021FY2022: Operating cash flow $802MFY2022: Shares issued $88.4MFY2022: Capital spending −$139M$891MFY2022FY2023: Operating cash flow $978MFY2023: Net borrowing −$100MFY2023: Shares issued $98.0MFY2023: Capital spending −$230MFY2023: Acquisitions −$89.2M$1.1BFY2023FY2024: Operating cash flow $1.3BFY2024: Net borrowing −$400MFY2024: Shares issued $152MFY2024: Capital spending −$246MFY2024: Buybacks −$1.0B$1.5BFY2024FY2025: Operating cash flow $1.6BFY2025: Net borrowing −$300MFY2025: Shares issued $174MFY2025: Capital spending −$520MFY2025: Buybacks −$1.0B$1.7BFY2025
Over these 5 years operating cash flow totalled $5.3B; the largest uses were buybacks ($2.0B) and capital spending ($1.3B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.1B
Debtnone
Net cash$2.1B

United Therapeutics funds itself: free cash flow was $867M over the last twelve months, with $2.1B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

United Therapeutics: sources (+) and uses (−) of cash, Q3 2026United Therapeutics: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$614MBuybacks−$500MOther investing−$330MOperating cash flow$306MCapital spending−$181MShares issued$87.4MOther financing$3.2MTaxes on employees’ shares−$800K
United Therapeutics: sources (+) and uses (−) of cash, TTM to Q3 2026United Therapeutics: sources (+) and uses (−) of cash, TTM to Q3 2026Buybacks−$2.0BOperating cash flow$1.4BOther investing$655MCapital spending−$562MShares issued$381MCash drawn (+) / kept (−)$151MTaxes on employees’ shares−$60.2MOther financing$5.4M

From profit to cash

United Therapeutics: net income to operating cash flow, Q3 2026United Therapeutics: net income to operating cash flow, Q3 2026Net income$259MDepreciation & amortization$26.4MStock-based pay$41.0MDeferred taxes$48.5MOther non-cash−$11.1MReceivables−$38.3MInventory−$25.6MPayables$46.7MOther operating capital−$20.5MOperating cash flow$306M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202636184473-252
Q2 202636170456-249
Q1 202638122333-173
Q3 202539158410-214
Q2 202540174415-201
Q1 202534157346-155

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$306M−$181M−$500M—$87.4M$614M$126M
Q2 2026$314M−$108M——$126M−$524M$206M
Q1 2026$463M−$101M−$1.5B—$68.3M$277M$362M
Q4 2025$346M−$173M——$99.0M−$217M$173M
Q3 2025$562M−$210M−$1.0B—$40.2M$253M$352M
Q2 2025$192M−$62.2M—−$400M$18.1M$307M$130M
Q1 2025$461M−$74.9M—−$100M$16.6M−$203M$386M
Q4 2024$341M−$86.7M—−$100M$25.7M−$143M$254M

United Therapeutics: income statement and cash flow

United Therapeutics, Q3 2026: revenue $832M (+4% year over year), operating margin 37.0%. The chart follows the revenue to costs, profit and cash.

United Therapeutics: 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.