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Xencor cash flow, quarter by quarter

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

Free cash flow$838K in Q3 2026 · −$176M over twelve months

Operating cash flow$2.6M
Capital spending−$1.8M
Free cash flow+$838K
Cash / net income0.1×

Analysis

In Q3 2026, Xencor generated $2.6M of operating cash flow and spent $1.8M on capital projects, leaving free cash flow of $838K. That is $31.8M more than in Q3 2025 (−$31.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$172M; the largest uses were operating cash flow ($172M), capital spending ($4.1M); besides operations, cash came from other investing ($194M), shares issued ($16.7M); the cash balance rose by $36.2M.

Operating cash flow was $2.6M against net income of $39.4M — 0.1× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$27.1M, stock-based pay +$9.4M, payables −$6.0M.

Free cash flow

Xencor: free cash flow by quarterXencor: free cash flow by quarter−$51.5MQ4 2024−$17.7MQ1 2025−$36.8MQ2 2025−$31.0MQ3 2025−$52.9MQ4 2025−$68.2MQ1 2026−$56.2MQ2 2026$838KQ3 2026
Operating cash flow less capital spending.
Xencor: operating cash flow against capital spendingXencor: operating cash flow against capital spendingOperating cash flowCapital spending−$49.8M$1.7MQ4 2024−$16.2M$1.4MQ1 2025−$36.4M$383KQ2 2025−$30.8M$183KQ3 2025−$51.7M$1.1MQ4 2025−$67.6M$610KQ1 2026−$55.7M$538KQ2 2026$2.6M$1.8MQ3 2026
Latest (Q3 2026): Operating cash flow $2.6M, Capital spending $1.8M.

Capital allocation, year by year

Xencor: where the cash came from (up) and went (down), by fiscal yearXencor: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$16.9MFY2021: Shares issued $41.2MFY2021: Asset sales $19KFY2021: Capital spending −$13.3M$41.2MFY2021FY2022: Operating cash flow $24.5MFY2022: Shares issued $3.6MFY2022: Capital spending −$38.5M$28.1MFY2022FY2023: Operating cash flow −$77.9MFY2023: Shares issued $3.4MFY2023: Asset sales $1KFY2023: Capital spending −$18.4M$3.4MFY2023FY2024: Operating cash flow −$202MFY2024: Shares issued $208MFY2024: Capital spending −$6.1M$208MFY2024FY2025: Operating cash flow −$135MFY2025: Shares issued $8.7MFY2025: Capital spending −$3.1M$8.7MFY2025
Over these 5 years operating cash flow totalled −$408M; the largest uses were operating cash flow ($432M) and capital spending ($79.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$59.6M
Debt$95.1M
Net debt$35.4M
Cash runway4 months

Xencor is burning cash: its operations consume cash, a free cash flow of −$176M a year at the current rate against $59.6M of cash and investments: a runway of about 4 months before any new financing.

Where the cash came from and went

Xencor: sources (+) and uses (−) of cash, Q3 2026Xencor: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$20.0MShares issued$10.0MOther investing$9.1MOperating cash flow$2.6MCapital spending−$1.8M
Xencor: sources (+) and uses (−) of cash, TTM to Q3 2026Xencor: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing$194MOperating cash flow−$172MCash drawn (+) / kept (−)−$36.2MShares issued$16.7MCapital spending−$4.1MOther financing$1.6M

From profit to cash

Xencor: net income to operating cash flow, Q3 2026Xencor: net income to operating cash flow, Q3 2026Net income$39.4MDepreciation & amortization$2.2MStock-based pay$9.4MReceivables−$27.1MPayables−$6.0MAccrued liabilities$4.6MPrepaid and other assets−$1.4MOther operating capital$950KOperating cash flow$2.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$2.6M−$1.8M$10.0M−$20.0M$838K
Q2 2026−$55.7M−$538K$35K−$30.5M−$56.2M
Q1 2026−$67.6M−$610K$950K$40.0M−$68.2M
Q4 2025−$51.7M−$1.1M$5.7M−$25.8M−$52.9M
Q3 2025−$30.8M−$183K—$16.1M−$31.0M
Q2 2025−$36.4M−$383K—−$4.8M−$36.8M
Q1 2025−$16.2M−$1.4M$3.0M$1.3M−$17.7M
Q4 2024−$49.8M−$1.7M$3.7M−$11.8M−$51.5M

Xencor: income statement and cash flow

Xencor, Q3 2026: revenue $117M (+455% year over year), operating margin 19.6%. The chart follows the revenue to costs, profit and cash.

Xencor: 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.