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Vertex Pharmaceuticals cash flow, quarter by quarter

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

Free cash flow$546M in Q3 2026 · $3.2B over twelve months

Operating cash flow$643M
Capital spending−$97.3M
Free cash flow+$546M
Cash / net income1.0×
Cash conversion cycle331 days

Analysis

In Q3 2026, Vertex Pharmaceuticals generated $643M of operating cash flow and spent $97.3M on capital projects, leaving free cash flow of $546M. That is $594M less than in Q3 2025 ($1.1B).

Over the twelve months to Sep 30, 2026, operating cash flow was $3.7B; the largest uses were other investing ($6.4B), buybacks ($1.1B), capital spending ($492M); besides operations, cash came from other financing ($4.5B), shares issued ($152M); the cash balance rose by $40.8M.

Operating cash flow was $643M against net income of $654M — 1.0× profit, roughly in line with earnings. The largest differences: stock-based pay +$174M, receivables −$174M, other non-cash +$71.1M.

Its cash conversion cycle was 331 days (receivables 59 + inventory 351 − payables 79).

Free cash flow

Vertex Pharmaceuticals: free cash flow by quarterVertex Pharmaceuticals: free cash flow by quarter$492MQ4 2024$778MQ1 2025$927MQ2 2025$1.1BQ3 2025$349MQ4 2025$1.3BQ1 2026$1.0BQ2 2026$546MQ3 2026
Operating cash flow less capital spending.
Vertex Pharmaceuticals: operating cash flow against capital spendingVertex Pharmaceuticals: operating cash flow against capital spendingOperating cash flowCapital spending$585M$92.6MQ4 2024$819M$40.7MQ1 2025$1.1B$146MQ2 2025$1.2B$102MQ3 2025$498M$149MQ4 2025$1.4B$133MQ1 2026$1.1B$112MQ2 2026$643M$97.3MQ3 2026
Latest (Q3 2026): Operating cash flow $643M, Capital spending $97.3M.

Capital allocation, year by year

Vertex Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearVertex Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $2.6BFY2021: Net borrowing −$47.0MFY2021: Shares issued $64.2MFY2021: Capital spending −$235MFY2021: Buybacks −$1.4B$2.7BFY2021FY2022: Operating cash flow $4.1BFY2022: Net borrowing −$85.5MFY2022: Shares issued $145MFY2022: Capital spending −$205MFY2022: Acquisitions −$296M$4.3BFY2022FY2023: Operating cash flow $3.5BFY2023: Net borrowing −$44.9MFY2023: Shares issued $80.8MFY2023: Capital spending −$200MFY2023: Buybacks −$428M$3.6BFY2023FY2024: Operating cash flow −$493MFY2024: Net borrowing −$33.6MFY2024: Shares issued $50.0MFY2024: Capital spending −$298MFY2024: Buybacks −$1.2B$50.0MFY2024FY2025: Operating cash flow $3.6BFY2025: Net borrowing −$5.4MFY2025: Shares issued $55.6MFY2025: Capital spending −$438MFY2025: Buybacks −$2.0B$3.7BFY2025
Over these 5 years operating cash flow totalled $13.4B; the largest uses were buybacks ($5.0B) and capital spending ($1.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$6.3B
Debt$4.5B
Net cash$1.8B
Due within a year$1.0B

Vertex Pharmaceuticals funds itself: free cash flow was $3.2B over the last twelve months, and $6.3B of cash and investments stands against $4.5B of debt ($1.0B due within a year, 6.3× covered by cash).

Where the cash came from and went

Vertex Pharmaceuticals: sources (+) and uses (−) of cash, Q3 2026Vertex Pharmaceuticals: sources (+) and uses (−) of cash, Q3 2026Other investing−$6.0BOther financing$4.5BCash drawn (+) / kept (−)$1.2BOperating cash flow$643MBuybacks−$127MCapital spending−$97.3MTaxes on employees’ shares−$79.3MShares issued$22.9MExchange rates−$4.9M
Vertex Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q3 2026Vertex Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$6.4BOther financing$4.5BOperating cash flow$3.7BBuybacks−$1.1BCapital spending−$492MTaxes on employees’ shares−$315MShares issued$152MExchange rates−$41.6MCash drawn (+) / kept (−)−$40.8M

From profit to cash

Vertex Pharmaceuticals: net income to operating cash flow, Q3 2026Vertex Pharmaceuticals: net income to operating cash flow, Q3 2026Net income$654MDepreciation & amortization$69.2MStock-based pay$174MOther non-cash$71.1MReceivables−$174MInventory−$34.2MPayables$40.9MAccrued liabilities−$7.4MPrepaid and other assets$1.6MOperating cash flow$643M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20265935179331
Q2 20265632885299
Q1 202661396109348
Q4 20255832787298
Q3 20255734796308
Q2 20255731999277
Q1 202555318106267
Q4 20245324888213

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$643M−$97.3M−$127M—$22.9M$1.2B$546M
Q2 2026$1.1B−$112M−$470M—$47.7M−$649M$1.0B
Q1 2026$1.4B−$133M−$337M—$27.0M−$417M$1.3B
Q4 2025$498M−$149M−$128M−$1.4M$54.0M−$140M$349M
Q3 2025$1.2B−$102M−$1.1B−$1.4M$7.9M$34.2M$1.1B
Q2 2025$1.1B−$146M−$392M—$49.1M−$297M$927M
Q1 2025$819M−$40.7M−$426M−$1.3M$16.7M−$113M$778M
Q4 2024$585M−$92.6M−$418M−$1.3M$34.3M$676M$492M

Vertex Pharmaceuticals: income statement and cash flow

Vertex Pharmaceuticals, Q3 2026: revenue $3.4B (+12% year over year), operating margin 20.7%. The chart follows the revenue to costs, profit and cash.

Vertex 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.