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Viatris cash flow, quarter by quarter

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

Free cash flow$814M in Q3 2026 · $2.1B over twelve months

Operating cash flow$899M
Capital spending−$85.7M
Free cash flow+$814M
Cash conversion cycle164 days

Analysis

In Q3 2026, Viatris generated $899M of operating cash flow and spent $85.7M on capital projects, leaving free cash flow of $814M. That is $156M more than in Q3 2025 ($658M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.5B; the largest uses were net borrowing (+) / repaid (−) ($924M), partners ($555M), buybacks ($385M); besides operations, cash came from other investing ($682M), shares issued ($2.3M); the cash balance rose by $789M.

Operating cash flow was $899M against net income of −$325M. The largest differences: depreciation & amortization +$697M, income taxes payable +$365M, other operating capital +$106M.

Its cash conversion cycle was 164 days (receivables 77 + inventory 154 − payables 67).

Free cash flow

Viatris: free cash flow by quarterViatris: free cash flow by quarter$320MQ2 2024$750MQ3 2024$493MQ1 2025$167MQ2 2025$658MQ3 2025$348MQ1 2026$329MQ2 2026$814MQ3 2026
Operating cash flow less capital spending.
Viatris: operating cash flow against capital spendingViatris: operating cash flow against capital spendingOperating cash flowCapital spending$379M$58.8MQ2 2024$826M$77.0MQ3 2024$536M$42.6MQ1 2025$220M$52.9MQ2 2025$745M$86.8MQ3 2025$388M$39.9MQ1 2026$382M$52.8MQ2 2026$899M$85.7MQ3 2026
Latest (Q3 2026): Operating cash flow $899M, Capital spending $85.7M.

Capital allocation, year by year

Viatris: where the cash came from (up) and went (down), by fiscal yearViatris: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $3.0BFY2021: Net borrowing −$2.1BFY2021: Asset sales $115MFY2021: Capital spending −$457MFY2021: Acquisitions $277M$3.4BFY2021FY2022: Operating cash flow $3.0BFY2022: Net borrowing −$3.3BFY2022: Shares issued $3.3MFY2022: Asset sales $2.0BFY2022: Capital spending −$406M$5.0BFY2022FY2023: Operating cash flow $2.9BFY2023: Net borrowing −$1.2BFY2023: Shares issued $3.1MFY2023: Asset sales $378MFY2023: Capital spending −$377MFY2023: Acquisitions −$668MFY2023: Buybacks −$250M$3.3BFY2023FY2024: Operating cash flow $2.3BFY2024: Net borrowing −$3.7BFY2024: Shares issued $2.5MFY2024: Asset sales $2.5BFY2024: Capital spending −$326MFY2024: Acquisitions −$350MFY2024: Buybacks −$250M$4.8BFY2024FY2025: Operating cash flow $2.3BFY2025: Net borrowing $100KFY2025: Shares issued $2.6MFY2025: Asset sales $37.4MFY2025: Capital spending −$379MFY2025: Buybacks −$500M$2.4BFY2025
Over these 5 years operating cash flow totalled $13.5B; the largest uses were net borrowing ($10.3B) and capital spending ($1.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.4B
Debt$14.4B
Net debt$13.0B
Due within a year$1.9B

Viatris funds itself: free cash flow was $2.1B over the last twelve months, and $1.4B of cash and investments stands against $14.4B of debt ($1.9B due within a year, 0.7× covered by cash).

Viatris: debt maturities by year (FY2025)Viatris: debt maturities by year (FY2025)$1.7BYear 2$1.6BYear 3$254MYear 4$1.4BYear 5$7.9BAfter year 5
Principal due in each year as disclosed in the annual report, against $1.4B of cash and investments now.

Where the cash came from and went

Viatris: sources (+) and uses (−) of cash, Q3 2026Viatris: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$903MOperating cash flow$899MOther investing$377MBuybacks−$150MPartners−$138MCapital spending−$85.7MOther financing−$2.1MAsset & business sales$1.1MExchange rates$800KTaxes on employees’ shares−$700KShares issued$500K
Viatris: sources (+) and uses (−) of cash, TTM to Q3 2026Viatris: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$2.5BNet borrowing (+) / repaid (−)−$924MCash drawn (+) / kept (−)−$789MOther investing$682MPartners−$555MBuybacks−$385MCapital spending−$375MTaxes on employees’ shares−$57.4MOther financing−$53.5MExchange rates−$30.4MShares issued$2.3M

From profit to cash

Viatris: net income to operating cash flow, Q3 2026Viatris: net income to operating cash flow, Q3 2026Net income−$325MDepreciation & amortization$697MStock-based pay$39.6MDeferred taxes−$42.0MImpairments$17.5MOther non-cash$75.2MReceivables$19.3MInventory$15.6MPayables−$45.5MIncome taxes payable$365MOther operating capital$106MOperating cash flow$899M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20267715467164
Q2 20267515569162
Q1 20267815167162
Q3 20258116169174
Q2 20258116976174
Q1 20258817183176
Q3 20248916178172
Q2 20248615080156

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$899M−$85.7M−$150M—$500K−$903M$814M
Q2 2026$382M−$52.8M−$150M—$700K$916M$329M
Q1 2026$388M−$39.9M——$500K−$458M$348M
Q3 2025$745M−$86.8M−$67.9M$300K$700K−$436M$658M
Q2 2025$220M−$52.9M−$175M—$700K$188M$167M
Q1 2025$536M−$42.6M−$175M$1.4M$600K−$20.2M$493M
Q3 2024$826M−$77.0M—−$1.5B$600K−$962M$750M
Q2 2024$379M−$58.8M—−$802M$700K$97.4M$320M

Viatris: income statement and cash flow

Viatris, Q3 2026: revenue $3.7B (-0.3% year over year), operating margin 7.0%. The chart follows the revenue to costs, profit and cash.

Viatris: 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.