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Vericel cash flow, quarter by quarter

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

Free cash flow$15.7M in Q3 2026 · $57.9M over twelve months

Operating cash flow$17.7M
Capital spending−$2.0M
Free cash flow+$15.7M
Cash / net income1.3×
Cash conversion cycle74 days

Analysis

In Q3 2026, Vericel generated $17.7M of operating cash flow and spent $2.0M on capital projects, leaving free cash flow of $15.7M. That is $3.8M less than in Q3 2025 ($19.5M).

Over the twelve months to Sep 30, 2026, operating cash flow was $65.3M; the largest uses were other investing ($18.7M), other financing ($8.6M), capital spending ($7.4M); besides operations, cash came from shares issued ($7.6M); the cash balance rose by $33.1M.

Operating cash flow was $17.7M against net income of $14.2M — 1.3× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$7.8M, receivables −$6.1M, depreciation & amortization +$3.6M.

Its cash conversion cycle was 74 days (receivables 85 + inventory 72 − payables 82).

Free cash flow

Vericel: free cash flow by quarterVericel: free cash flow by quarter$8.5MQ4 2024−$7.6MQ1 2025$81KQ2 2025$19.5MQ3 2025$12.8MQ4 2025$15.1MQ1 2026$14.3MQ2 2026$15.7MQ3 2026
Operating cash flow less capital spending.
Vericel: operating cash flow against capital spendingVericel: operating cash flow against capital spendingOperating cash flowCapital spending$22.2M$13.8MQ4 2024$6.6M$14.2MQ1 2025$8.2M$8.1MQ2 2025$22.1M$2.6MQ3 2025$15.0M$2.2MQ4 2025$16.4M$1.3MQ1 2026$16.2M$1.9MQ2 2026$17.7M$2.0MQ3 2026
Latest (Q3 2026): Operating cash flow $17.7M, Capital spending $2.0M.

Capital allocation, year by year

Vericel: where the cash came from (up) and went (down), by fiscal yearVericel: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingFY2021: Operating cash flow $29.0MFY2021: Shares issued $11.2MFY2021: Capital spending −$7.9M$40.2MFY2021FY2022: Operating cash flow $17.7MFY2022: Shares issued $3.7MFY2022: Capital spending −$7.6M$21.3MFY2022FY2023: Operating cash flow $35.3MFY2023: Shares issued $12.0MFY2023: Capital spending −$20.0M$47.3MFY2023FY2024: Operating cash flow $58.2MFY2024: Shares issued $49.0MFY2024: Capital spending −$64.0M$107MFY2024FY2025: Operating cash flow $51.9MFY2025: Shares issued $13.9MFY2025: Capital spending −$27.2M$65.8MFY2025
Over these 5 years operating cash flow totalled $192M; the largest uses were capital spending ($127M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$170M
Debtnone
Net cash$170M

Vericel funds itself: free cash flow was $57.9M over the last twelve months, with $170M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Vericel: sources (+) and uses (−) of cash, Q3 2026Vericel: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$17.7MOther financing−$8.6MCash drawn (+) / kept (−)−$8.1MCapital spending−$2.0MShares issued$2.0MOther investing−$666KTaxes on employees’ shares−$281K
Vericel: sources (+) and uses (−) of cash, TTM to Q3 2026Vericel: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$65.3MCash drawn (+) / kept (−)−$33.1MOther investing−$18.7MOther financing−$8.6MShares issued$7.6MCapital spending−$7.4MTaxes on employees’ shares−$5.1M

From profit to cash

Vericel: net income to operating cash flow, Q3 2026Vericel: net income to operating cash flow, Q3 2026Net income$14.2MDepreciation & amortization$3.6MStock-based pay$7.8MOther non-cash$27KReceivables−$6.1MInventory$1.4MPayables−$1.6MAccrued liabilities$2.4MPrepaid and other assets−$3.5MOther liabilities$7KOperating cash flow$17.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202685728274
Q2 202687798681
Q1 20261038482106
Q4 202572837282
Q3 2025859072102
Q2 202584938196
Q1 2025989511281
Q4 2024679012235

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$17.7M−$2.0M$2.0M−$8.1M$15.7M
Q2 2026$16.2M−$1.9M$2.9M−$16.1M$14.3M
Q1 2026$16.4M−$1.3M$1.6M−$9.2M$15.1M
Q4 2025$15.0M−$2.2M$1.3M$311K$12.8M
Q3 2025$22.1M−$2.6M$1.5M−$19.9M$19.5M
Q2 2025$8.2M−$8.1M$1.8M−$827K$81K
Q1 2025$6.6M−$14.2M$9.4M$5.3M−$7.6M
Q4 2024$22.2M−$13.8M$7.3M−$14.7M$8.5M

Vericel: income statement and cash flow

Vericel, Q3 2026: revenue $85.4M (+26% year over year), operating margin 14.3%. The chart follows the revenue to costs, profit and cash.

Vericel: 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.