Biogen Inc. (BIIB) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 645.5M | 511.9M | 1.27B | 160.9M | 259.3M | 760.9M | 935.6M | 625.8M | 553.2M | 12.5M | 592.4M | 487M | 455.3M | -175M | 661M | 736.5M | 161.8M | 838.3M | 805.3M | 1.23B |
| Operating CF Margin % | 26.05% | 22.46% | 51.84% | 6.08% | 10.67% | 31% | 37.94% | 25.39% | 24.15% | 0.52% | 23.41% | 19.83% | 18.49% | -6.88% | 26.35% | 28.45% | 6.39% | 30.66% | 28.98% | 44.23% |
| Operating CF Growth % | 148.94% | -32.72% | 36.01% | -74.29% | -53.13% | 5987.2% | 57.93% | 28.5% | 21.5% | 107.14% | -10.38% | -33.88% | 181.4% | -120.88% | -17.92% | -39.99% | -78.96% | 328.36% | -31.82% | -37.01% |
| Net Income | 319.5M | -48.9M | 466.5M | 634.8M | 240.5M | 266.7M | 388.5M | 583.6M | 393.4M | 248.9M | -68.3M | 593.3M | 387.6M | 549.5M | 1.13B | 1.06B | 218.5M | -20.5M | 318M | 1.03B |
| Depreciation & Amortization | 204.4M | 200.2M | 202.2M | 194.3M | 183.2M | 184M | 182.8M | 158.9M | 147.5M | 140.1M | 125M | 117.4M | 112.3M | 119.8M | 120.7M | 134.8M | 143.1M | 134.7M | 133.2M | 72.9M |
| Stock-Based Compensation | 84M | 59.6M | 75.3M | 74.9M | 81M | 75.1M | 72.7M | 70.6M | 72.8M | 54.9M | 62.2M | 73.7M | 75.6M | 67.2M | 63.6M | 55.7M | 67.6M | 58.8M | 55.7M | 54.1M |
| Deferred Taxes | 23.6M | 166.9M | 253.8M | -31.3M | -27.8M | -58.4M | -52.6M | -87M | 39.9M | 71.9M | -206.8M | -106.4M | -64.5M | -28.8M | -92.3M | -48.5M | 1M | 323.3M | -127.3M | -607.8M |
| Other Non-Cash Items | 141.9M | 242.8M | 100.5M | 77.8M | 115.9M | 265.2M | 110.4M | 88.3M | 128.3M | 144.8M | 365.9M | -57.9M | 128.4M | 104.8M | -563.2M | -1.34B | 512.1M | 265.8M | 542.2M | 456.6M |
| Working Capital Changes | -127.9M | -108.7M | 174.2M | -789.6M | -333.5M | 28.3M | 233.8M | -188.6M | -228.7M | -648.1M | 314.4M | -130.9M | -184.1M | -987.5M | -2.7M | 880.4M | -780.5M | 76.2M | -116.5M | 226M |
| Change in Receivables | 69.7M | -21M | 229.4M | -55.7M | -110.6M | 82.5M | 114.5M | -87.2M | 84.4M | 130.1M | -88.5M | -99.7M | 114.8M | -109.9M | -21.6M | -26.3M | -64.6M | 154.7M | -31.5M | 121.8M |
| Change in Inventory | 116.2M | -29.4M | -7.4M | -89.9M | 62M | -66.4M | -19.2M | -110.5M | -77.7M | -96M | 30.2M | -93M | 27.9M | 18.1M | -95M | -100.7M | -142.6M | -139.8M | -128.8M | -81.3M |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -209.5M | -1.23B | -35.1M | -57M | -47.3M | -18.6M | -1.18B | 466.5M | -66M | -644.2M | -1.74B | -752M | -952.8M | -140.9M | 1.68B | 693.5M | -648M | -112.7M | -233.6M | -152.7M |
| Capital Expenditures | -51.2M | 43.9M | -51.5M | -26.6M | -47.1M | -66.3M | -130M | -42.6M | -120.9M | -65.2M | -87.6M | -87M | -71.6M | -87.4M | -59.1M | -38.8M | -57.9M | -68.5M | -61.9M | -71.9M |
| CapEx % of Revenue | 2.07% | 1.93% | 2.1% | 1.01% | 1.94% | 2.7% | 5.27% | 1.73% | 5.28% | 2.73% | 3.46% | 3.54% | 2.91% | 3.44% | 2.36% | 1.5% | 2.29% | 2.51% | 2.23% | 2.59% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | -1.07B | 0 | 0 | -582.4M | -6.33B | 1.5M | 200K | 200K | 594.8M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -35.2M | -1.28B | 50.8M | -30.4M | -200K | 88.3M | -1.1M | -2.6M | -700K | -10M | -200K | -400K | -700K | 22.6M | -200K | 2.2M | -200K | 12.3M | -1.4M | -700K |
| Cash from Financing | -43.8M | -136.9M | -130.2M | -11.7M | -23M | 7.9M | -6.6M | -245.2M | -439.6M | -654.2M | 846.1M | -11.3M | -43.6M | -7.6M | -1.26B | -471.5M | -16.5M | 9.8M | -746.5M | -564.5M |
| Debt Issued (Net) | 0 | 0 | -300K | -16.6M | 0 | 0 | 0 | -250M | -400M | -650M | 837.3M | 0 | 0 | 0 | -1B | 0 | 0 | 0 | 0 | -700K |
| Equity Issued (Net) | -55.1M | 3M | 5.2M | 6.1M | -24.3M | 3.5M | 6M | 6.1M | -46.9M | 3.7M | 6.6M | 5.5M | -60.1M | 3.9M | -244.3M | -490.7M | -20.8M | 7.6M | -744.1M | -437.1M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -250M | -500M | 0 | 0 | -750M | -450M |
| Other Financing | 11.3M | -139.9M | -135.1M | -1.2M | 1.3M | 4.4M | -12.6M | -1.3M | 7.3M | -7.9M | 2.2M | -16.8M | 16.5M | -11.5M | -17.6M | 19.2M | 4.3M | 2.2M | -2.4M | -126.7M |
| Net Change in Cash | 374.2M | -856.6M | 1.1B | 160.5M | 223.3M | 675.8M | -209.7M | 834.5M | 24.5M | -1.24B | -329.9M | -280.4M | -521.1M | -256.3M | 1.03B | 897.3M | -512.1M | 719.6M | -200.2M | 524.5M |
| Free Cash Flow | 696.7M | 555.9M | 1.23B | 144.3M | 212.2M | 694.6M | 805.6M | 583.2M | 432.3M | -52.7M | 504.8M | 400M | 388.7M | -262.4M | 601.9M | 697.7M | 103.9M | 769.8M | 743.4M | 1.16B |
| FCF Margin % | 28.12% | 24.39% | 49.96% | 5.45% | 8.73% | 28.3% | 32.67% | 23.66% | 18.87% | -2.21% | 19.95% | 16.29% | 15.78% | -10.31% | 23.99% | 26.95% | 4.1% | 28.16% | 26.75% | 41.64% |
| FCF Growth % | 228.32% | -19.97% | 52.22% | -75.26% | -50.91% | 1418.03% | 59.59% | 45.8% | 11.22% | 79.92% | -16.13% | -42.67% | 274.11% | -134.09% | -19.03% | -39.61% | -84.64% | 264.45% | -32.23% | -37.33% |
| FCF per Share | 4.69 | 3.79 | 8.34 | 0.99 | 1.45 | 4.75 | 5.52 | 4.00 | 2.96 | -0.36 | 3.49 | 2.75 | 2.68 | -1.81 | 4.16 | 4.77 | 0.70 | 5.22 | 5.00 | 7.70 |
| FCF Conversion (FCF/Net Income) | 2.02x | -10.57x | 2.73x | 0.25x | 1.08x | 2.85x | 2.41x | 1.07x | 1.41x | 0.05x | -8.70x | 0.82x | 1.17x | -0.32x | 0.58x | 0.70x | 0.53x | 2.28x | 2.45x | 2.74x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |