Operating cash flow has turned negative to -$113.6 million in 2026Q1, highlighting a disconnect between accounting results and the company's ability to generate internal liquidity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Cash from Operations | 189.4M | 238.5M | 362.9M | 405.5M | 307.3M | 156.3M | 636.2M | 387.8M | 593M | 698.9M | 654.9M | 1.2B | 693.5M | 553.8M | 513.38M | 373.96M | 314.17M | 258.35M | 248.31M | 128.92M | 126.53M | 77.64M | 118.53M | 80.23M | 104.19M | 68.22M | 117.81M | -15.4M | 22.3M | 86.5M | 72.9M |
| Operating CF Margin % | - | 5.61% | 8.3% | 8.71% | 6.9% | 3.78% | 15.56% | 10.02% | 12.53% | 14.13% | 12.4% | 26.03% | 17.08% | 15.65% | 16.18% | 13.57% | 13.85% | 12.87% | 13.63% | 8.91% | 9.26% | 7.58% | 13.2% | 9.71% | 12.61% | 9.05% | 15.95% | -1.75% | 2.47% | 10.24% | 9.37% |
| Operating CF Growth % | 601.45% | -34.28% | -10.51% | 31.96% | 96.61% | -75.43% | 64.05% | -34.6% | -15.15% | 6.72% | -45.35% | 72.79% | 25.23% | 7.87% | 37.28% | 19.03% | 21.61% | 4.04% | 92.6% | 1.89% | 62.96% | -34.49% | 47.73% | -22.99% | 52.73% | -42.1% | 865.02% | -169.06% | -74.22% | 18.66% | 71.93% |
| Net Income | -1.82B | -1.4B | -171.8M | -12.7M | -130.9M | -68.9M | -162.6M | 146.1M | 131M | 119.6M | -4.01B | 128M | 205.3M | 441.9M | 401.61M | 339.2M | 222.55M | 144.05M | 135.77M | 73.8M | 71.4M | -352.98M | 80.57M | 54.05M | 50.2M | 27.66M | 19.3M | 1.5M | -51.6M | 45M | 39.8M |
| Depreciation & Amortization | 310.7M | 337.5M | 325.9M | 359.5M | 338.6M | 312.2M | 384.8M | 396.5M | 423.6M | 444.8M | 457M | 548.8M | 358.9M | 160.2M | 135.32M | 102.94M | 76.13M | 70.14M | 69.23M | 58.03M | 56.6M | 34.81M | 28.45M | 26.13M | 25.61M | 23.02M | 22.25M | 21.1M | 29.4M | 28.6M | 27.2M |
| Stock-Based Compensation | 0 | 0 | 64.4M | 68.8M | 0 | 60.1M | 58.5M | 52.2M | 37.7M | 43.8M | 23M | 30.3M | 31.6M | 24.6M | 18.4M | 19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -60.6M | -50.8M | 9.8M | -106.6M | -50.5M | 9.4M | -54.5M | -43.9M | -17.9M | -48.9M | -990.9M | -16.4M | -56.3M | 4.3M | 25.68M | -58.53M | -10.35M | -1.42M | 6.44M | -1.37M | -5.8M | -9.83M | 3.37M | -6.85M | 2.23M | -10.55M | 27.14M | -3.4M | -34.8M | -1.1M | 3.6M |
| Other Non-Cash Items | 1.85B | 1.46B | 209.3M | 155M | 130.1M | 138.9M | 479.2M | 150.4M | 38M | 243.5M | 5.28B | 359M | 225.8M | 800K | -16.36M | -14.01M | 16.61M | 25.85M | 21.6M | 19.24M | 17.27M | 384.85M | 5.13M | 5.22M | 18.66M | 1.34M | 56K | 100K | 100K | 600K | -100K |
| Working Capital Changes | -121M | -101.1M | -74.7M | -58.5M | 20M | -295.4M | -69.2M | -313.5M | -19.4M | -103.9M | -101.5M | 147.3M | -64.8M | -71.8M | -51.85M | -11M | -5.47M | 9.37M | 15.26M | -20.77M | -12.94M | 20.79M | 1.01M | 1.68M | 7.49M | 24.57M | 45.6M | -58M | -43.1M | 13.4M | 2M |
| Change in Receivables | 3.4M | 30.7M | -11.1M | -57.1M | 100K | -159.7M | 168.9M | -140.7M | 21M | 3.2M | -600K | -81.7M | -226.7M | -37M | -49.35M | -107.23M | -6.89M | 6.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 25M | -61.1M | 13.7M | 19.4M | -76.7M | -2.4M | -170.6M | -67M | -98.6M | -16M | 100.7M | 10.7M | 83M | -94.6M | 5.35M | -30.42M | -30.2M | 341K | -72.48M | 18.79M | -31.68M | 40.53M | -6.17M | -4.66M | 5.51M | -29.38M | 70.5M | -17.4M | -63.2M | -4.5M | 6.6M |
| Change in Payables | -71.8M | -28.7M | 54.2M | -65.9M | 100.3M | -7.9M | -2.7M | 17M | 28.8M | -39.6M | -75.7M | 140.6M | -24.9M | 6.5M | -23.55M | 57.8M | -21.17M | 24.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -62.1M | -75.4M | 78.8M | -77.5M | -1.96B | 1.28B | -187.8M | -596.1M | -126.8M | 2.34B | -175M | -2.65B | -1.7B | -947.8M | -684.13M | -110.57M | -917.98M | -146.37M | -121.24M | -125.43M | -48.71M | -649.42M | -53.15M | -33.28M | -13.77M | -72.54M | 20.53M | -24.7M | -88.5M | -24.8M | -23.4M |
| Capital Expenditures | -81.7M | -93.4M | -118.3M | -101.7M | -96.4M | -152.1M | -170.4M | -137.7M | -102.6M | -88.6M | -106.2M | -137M | -171.6M | -104.1M | -120.19M | -99.44M | -55.89M | -59.24M | -57.23M | -104.55M | -36.43M | -32.39M | -28.29M | -32.3M | -27.53M | -26.8M | -14.36M | -32.3M | -85.4M | -23M | -17.6M |
| CapEx % of Revenue | 1.96% | 2.2% | 2.71% | 2.18% | 2.17% | 3.68% | 4.17% | 3.56% | 2.17% | 1.79% | 2.01% | 2.98% | 4.23% | 2.94% | 3.79% | 3.61% | 2.46% | 2.95% | 3.14% | 7.22% | 2.67% | 3.16% | 3.15% | 3.91% | 3.33% | 3.56% | 1.94% | 3.68% | 9.46% | 2.72% | 2.26% |
| Acquisitions | 14.4M | 0 | 0 | 0 | -1.95B | 1.49B | 4.3M | -565.2M | 5.2M | 154.2M | -358.3M | -2.18B | -1.61B | -852.3M | -573.69M | -934K | -832.82M | -88.25M | -83.31M | 2.61M | 0 | -381.57M | -12.06M | 0 | 0 | -46M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 5.2M | 18M | 197.1M | 24.2M | 90.5M | -64M | -21.7M | 106.8M | -35.6M | 72.5M | 285M | 1.8M | 6.2M | 133.1M | 9.75M | -10.75M | -29.26M | 1.11M | -12.5M | -1M | -3M | -412.57M | -19.1M | -980K | 13.76M | 268K | 34.89M | 7.6M | -3.1M | -1.8M | -5.8M |
| Cash from Financing | -204M | -220.5M | -611M | -187.2M | 421.6M | -178.7M | -181.1M | 1.8M | -571.9M | -3B | -268.7M | 1.52B | 1.03B | 577.2M | 458.71M | -58.79M | 383.3M | -115.21M | 169.85M | 9.6M | -77.03M | 583.19M | 1.48M | -29.83M | -24.71M | 8.28M | -132.98M | 40.3M | 53.3M | -47.6M | -49.6M |
| Debt Issued (Net) | -28.2M | -34.8M | -437.8M | -30.2M | 583.6M | -30.6M | 149.9M | 124.5M | -58.3M | -2.72B | -174.2M | 689.4M | 626.8M | 1.12B | 602.3M | 476.5M | -51.2M | 451.23M | -45.12M | 227.42M | 31.7M | -40.29M | 590.46M | 702K | 640K | -4.51M | 2.14M | -133.14M | 55M | 82.5M | -47.3M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | -164.2M | 900K | -400M | -191.5M | 8.3M | -495.1M | 1.04B | 9.8M | 10.7M | 3.4M | 6M | -49.64M | -52.43M | -45.95M | -7.1M | -20.27M | 4.01M | 8.32M | -26.39M | -20.47M | 6.14M | 105K | -14.7M | -29.6M | -700K |
| Dividends Paid | -158.6M | -159.3M | -152.5M | -149.7M | -142.4M | -129.6M | -123.9M | -112.4M | -104.9M | -91.1M | -83.2M | -72.2M | -64.8M | -46.1M | -33M | -29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -164.2M | 0 | -400M | -191.5M | 0 | 2.45B | 0 | -7.5M | 0 | -8.2M | -8.3M | -71.09M | -62.49M | -78.16M | -22.46M | -28.33M | -3.02M | -2.77M | -33.68M | -31.92M | -1.09M | 0 | -14.8M | -30.2M | -900K |
| Other Financing | -17.2M | -26.4M | -20.7M | -7.3M | -19.6M | -18.5M | -42.9M | -11.2M | -8.7M | -1.8M | -19.6M | -44.7M | -83.1M | -57.8M | -2.8M | -509.69M | 11.7M | 4.05M | 2.29M | -153.65M | -85.16M | 659.36M | 650K | 1.6M | -4.08M | 131K | -620K | 52K | 0 | -100.5M | -1.6M |
| Net Change in Cash | -52.7M | -27.2M | -192.5M | 150.6M | -1.26B | 1.23B | 287.2M | -196.8M | -127.6M | 56.4M | 204.5M | -13.9M | 19.6M | 177.4M | 292.38M | 200.34M | -218.57M | -2.47M | 288.3M | 11.29M | 2.31M | 8.31M | 67.42M | 17M | 65.71M | 3.96M | 5.36M | 200K | -12.9M | 14.1M | -100K |
| Free Cash Flow | 107.7M | 145.1M | 244.6M | 303.8M | 210.9M | 4.2M | 465.8M | 250.1M | 490.4M | 610.3M | 548.7M | 1.06B | 521.9M | 449.7M | 393.18M | 274.52M | 258.28M | 199.11M | 191.08M | 24.37M | 90.1M | 45.26M | 90.23M | 47.94M | 76.66M | 41.41M | 103.45M | -47.7M | -63.1M | 63.5M | 55.3M |
| FCF Margin % | 2.58% | 3.41% | 5.59% | 6.53% | 4.74% | 0.1% | 11.39% | 6.46% | 10.36% | 12.34% | 10.39% | 23.05% | 12.85% | 12.7% | 12.39% | 9.96% | 11.38% | 9.92% | 10.49% | 1.68% | 6.59% | 4.42% | 10.05% | 5.8% | 9.28% | 5.5% | 14.01% | -5.44% | -6.99% | 7.52% | 7.11% |
| FCF Growth % | -40.53% | -40.68% | -19.49% | 44.05% | 4921.43% | -99.1% | 86.25% | -49% | -19.65% | 11.23% | -48.3% | 103.35% | 16.06% | 14.37% | 43.23% | 6.29% | 29.72% | 4.2% | 684.05% | -72.95% | 99.09% | -49.84% | 88.23% | -37.47% | 85.11% | -59.97% | 316.87% | 24.41% | -199.37% | 14.83% | 1355.26% |
| FCF per Share | 0.78 | 1.05 | 1.78 | 2.25 | 1.57 | 0.03 | 3.42 | 1.83 | 3.55 | 4.28 | 3.83 | 7.59 | 4.51 | 4.76 | 4.18 | 2.94 | 2.78 | 2.13 | 2.01 | 0.26 | 0.96 | 0.59 | 1.25 | 0.67 | 1.03 | 0.56 | 1.41 | -0.64 | -0.84 | 0.82 | 0.71 |
| FCF Conversion (FCF/Net Income) | -0.06x | -0.17x | -2.11x | -31.93x | -2.19x | -2.27x | -3.91x | 2.65x | 4.53x | 5.84x | -0.16x | 9.37x | 3.38x | 1.25x | 1.28x | 1.10x | 1.41x | 1.79x | 1.83x | 1.75x | 1.77x | -0.22x | 1.47x | 1.48x | 2.08x | 2.47x | 6.10x | -10.27x | -0.43x | 1.92x | 1.83x |
| Interest Paid | 0 | 0 | 251.4M | 276.9M | 0 | 133M | 145.8M | 136.8M | 133.8M | 187.6M | 205.1M | 0 | 143.2M | 98.4M | 58.5M | 53.7M | 47.5M | 53.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 155.7M | 107.5M | 0 | 448M | 81.2M | 136.2M | 144.2M | 186.9M | 139.5M | 0 | 131M | 93.2M | 133.2M | 82.3M | 115.6M | 77.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent cash flow volatility
According to the provided quarterly data, Perrigo's operating cash flow frequently diverges from net income, evidenced by a 2026Q1 operating cash flow of -$113.6 million against a net loss of $398.6 million, suggesting that accounting accruals and non-cash charges are masking the underlying cash generation capability.
The extreme volatility in the OCF/NI ratio indicates that reported net income is a poor proxy for the company's actual liquidity position. Investors should monitor whether this disconnect stems from recurring restructuring costs or fundamental inefficiencies in converting sales into realized cash.
As reported in financial statements, Perrigo's free cash flow trajectory remains highly erratic, swinging from a peak margin of 24.1% in 2024Q4 to a negative 13.1% in 2026Q1, which underscores the difficulty in maintaining consistent cash generation amidst ongoing operational and regulatory headwinds.
The inability to sustain positive free cash flow suggests that the company's current cost structure may be too rigid to absorb revenue fluctuations. This inconsistency warrants further investigation into whether capital expenditures are being prioritized over the preservation of core operating liquidity.
Based on Perrigo's reported figures, working capital changes have acted as a significant drag on cash flow, with a notable $196.3 million outflow in 2026Q1, indicating that the company is struggling to optimize its inventory and receivables management in a tightening retail environment.
The recurring negative working capital swings suggest that the company may be forced to carry excess inventory or offer extended payment terms to maintain its shelf-space incumbency. This dynamic appears to be a primary driver of the company's recent cash burn, necessitating a closer look at supply chain efficiency.
Data from recent filings reveals that Perrigo continues to prioritize dividend payments, totaling $39.9 million in 2026Q1, despite experiencing negative free cash flow, which may indicate a commitment to shareholder returns that appears increasingly difficult to reconcile with the company's current cash-burning operational profile.
Maintaining dividend payouts while operating cash flow is negative suggests a reliance on external financing or existing cash reserves to fund shareholder distributions. Investors should monitor whether this capital allocation strategy is sustainable if the current trend of negative free cash flow persists.
Quick answers to the most common questions about buying PRGO stock.
Perrigo Company plc (PRGO) generated $238.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Perrigo Company plc (PRGO) generated $145.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Perrigo Company plc (PRGO) spent $93.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Perrigo Company plc (PRGO) returned $159.3M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.