United Therapeutics Corporation (UTHR) quarterly cash flow statement — complete operating, investing & financing history
United Therapeutics Corporation (UTHR) cash flow statement — 28-year operating, investing & financing cash flows
| Metric | Q2'26 | 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 |
|---|
| Cash from Operations | 313.6M | 463.3M | 346.2M | 562.1M | 191.7M | 461.2M | 341.2M | 377.2M | 232.2M | 376.5M | 150.7M | 346.2M | 106.3M | 374.8M | 128.2M | 258.6M | 127M | 288.7M | 174.6M | 185.6M |
| Operating CF Margin % | 40.04% | 59.28% | 43.81% | 70.31% | 24% | 58.06% | 46.37% | 50.37% | 32.48% | 55.56% | 24.52% | 56.81% | 17.82% | 73.94% | 26.08% | 50.12% | 27.2% | 62.5% | 42.05% | 41.74% |
| Operating CF Growth % | 63.59% | 0.46% | 1.47% | 49.02% | -17.44% | 22.5% | 126.41% | 8.95% | 118.44% | 0.45% | 17.55% | 33.87% | -16.3% | 29.82% | -26.57% | 39.33% | -14.31% | 221.49% | 38.35% | -26.03% |
| Net Income | 333M | 274.9M | 364.3M | 338.7M | 309.5M | 322.2M | 301.3M | 309.1M | 278.1M | 306.6M | 217.1M | 267.6M | 259.2M | 240.9M | 132.1M | 239.3M | 116M | 239.9M | 112.2M | 162.7M |
| Depreciation & Amortization | 24.2M | 22.6M | 22.8M | 21.9M | 21.1M | 19.8M | 19.7M | 19.1M | 18.7M | 15M | 13.7M | 13.3M | 12.9M | 13.3M | 13.2M | 12.9M | 12.7M | 12.5M | 12.6M | 12.4M |
| Stock-Based Compensation | 77.3M | 0 | 39M | 39.1M | 37.8M | 31.8M | 27M | 41.7M | 49.7M | 25.6M | 16.6M | 21.1M | 13.8M | -12.4M | 64.8M | -2.4M | 65.5M | -21.1M | 44.7M | 24.6M |
| Deferred Taxes | 25.7M | 25.9M | 97.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -22.5M | 127.5M | -33.6M | -100K | 26.3M | 9.4M | -2.6M | -5.7M | -5.5M | -10.5M | -5M | -1.8M | -300K | 5.8M | 5.9M | 16.1M | 46.8M | -10.5M | 38.2M | 32.2M |
| Working Capital Changes | -124.1M | 12.4M | -143.9M | 162.5M | -203M | 78M | -4.2M | 13M | -108.8M | 39.8M | -91.7M | 46M | -179.3M | 127.2M | -87.8M | -7.3M | -114M | 67.9M | -33.1M | -46.3M |
| Change in Receivables | 1.7M | 38.2M | -52.5M | 81.6M | -57.3M | -42.7M | 62.5M | -51.1M | 16.5M | -28.3M | -20.3M | 14M | -138.1M | 85.9M | 11.3M | -58.3M | -2.8M | 28.1M | 14.1M | -39.3M |
| Change in Inventory | -17.7M | -40.1M | -16.5M | -17.5M | -7.4M | -11.2M | -11.6M | -11.3M | -14.7M | -9.3M | -7M | -3.1M | -1M | -2.5M | -13.9M | -600K | -4.6M | 5.7M | -100K | -8.2M |
| Change in Payables | -4M | -12.7M | 66.7M | 31.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 87.5M | 743.7M | -227.6M | 140.9M | -299.9M | -164.7M | -123.2M | -114.9M | -80M | 735.3M | 42.1M | -313.4M | -227.2M | -221.1M | -189.3M | -94M | -169M | -359.2M | -195.8M | -235.9M |
| Capital Expenditures | -108M | -100.8M | -172.9M | -210.5M | -62.2M | -74.9M | -86.7M | -76.5M | -45.1M | -38.2M | -78.7M | -65.7M | -44.7M | -41.3M | -39.5M | -68.8M | -17M | -13.5M | -70.6M | -23.3M |
| CapEx % of Revenue | 13.79% | 12.9% | 21.88% | 26.33% | 7.79% | 9.43% | 11.78% | 10.21% | 6.31% | 5.64% | 12.8% | 10.78% | 7.49% | 8.15% | 8.04% | 13.33% | 3.64% | 2.92% | 17% | 5.24% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | -30M | 0 | 0 | 0 | -89.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -700K | -5.7M | 1.27B | 584.8M | -600K | -9.2M | -6M | -17.8M | -900K | -4.3M | -8.7M | -10.6M | -3.7M | 0 | 3.5M | -1.5M | 0 | 0 | 0 | 7.8M |
| Cash from Financing | 122.4M | -1.48B | 98.4M | -956M | -198.6M | -93.8M | -74.7M | -64.1M | -48M | -1.07B | -92.8M | 7.6M | 24.7M | 48.6M | 55.5M | 7M | 23.9M | -11M | 7.5M | 16.6M |
| Debt Issued (Net) | 0 | 0 | 11.5M | 0 | -211.5M | -100M | -100M | -100M | -100M | -100M | -100M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 67.5M | -1.43B | 120.5M | -955.5M | 18.1M | 21.5M | -300K | -400K | -11.5M | -1B | -100K | -200K | -13.5M | -13.5M | 0 | -300K | 23.9M | -11.1M | -200K | -200K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -58.8M | -1.5B | 0 | -1B | 0 | 0 | -300K | -400K | -11.5M | -1B | -100K | -200K | -13.5M | -13.5M | 0 | -300K | 0 | -11.1M | -200K | -200K |
| Other Financing | 54.9M | -58.3M | -33.6M | -500K | -5.2M | -15.3M | 25.6M | 36.3M | 63.5M | 32M | 7.3M | 7.8M | 38.2M | 62.1M | 55.5M | 7.3M | 0 | 100K | 7.7M | 16.8M |
| Net Change in Cash | 729M | -482.9M | 217M | -253M | -306.8M | 202.7M | 143.3M | 198.2M | 104.2M | 43.8M | 100M | 40.4M | -96.2M | 202.3M | -5.6M | 171.6M | -18.1M | -81.5M | -13.7M | -33.7M |
| Free Cash Flow | 205.6M | 362.5M | 173.3M | 351.6M | 129.5M | 386.3M | 254.5M | 300.7M | 187.1M | 338.3M | 72M | 280.5M | 61.6M | 333.5M | 88.7M | 189.8M | 110M | 275.2M | 104M | 162.3M |
| FCF Margin % | 26.25% | 46.39% | 21.93% | 43.98% | 16.22% | 48.63% | 34.58% | 40.15% | 26.17% | 49.92% | 11.71% | 46.03% | 10.33% | 65.79% | 18.05% | 36.78% | 23.56% | 59.58% | 25.05% | 36.5% |
| FCF Growth % | 58.76% | -6.16% | -31.91% | 16.93% | -30.79% | 14.19% | 253.47% | 7.2% | 203.73% | 1.44% | -18.83% | 47.79% | -44% | 21.18% | -14.71% | 16.94% | -16.6% | 247.47% | -8.69% | -30.97% |
| FCF per Share | 4.49 | 7.68 | 3.62 | 7.43 | 2.68 | 7.95 | 5.23 | 6.21 | 3.94 | 6.81 | 1.45 | 5.64 | 1.24 | 6.72 | 1.80 | 3.90 | 2.29 | 5.77 | 2.18 | 3.41 |
| FCF Conversion (FCF/Net Income) | 0.94x | 1.69x | 0.95x | 1.66x | 0.62x | 1.43x | 1.13x | 1.22x | 0.83x | 1.23x | 0.69x | 1.29x | 0.41x | 1.56x | 0.97x | 1.08x | 1.09x | 1.20x | 1.56x | 1.14x |
| Interest Paid | 1.9M | 1.9M | 3.9M | 1.9M | 4.2M | 5.4M | 7.2M | 9.6M | 10.8M | 12.6M | 14.2M | 14.6M | 14.1M | 13.1M | 11.3M | 8.4M | 5.3M | 4.1M | 4.1M | 4M |
| Taxes Paid | 101M | 1.5M | 59.4M | 8.4M | 253.4M | 500K | -289.3M | 77.3M | 207.3M | 4.7M | 96.6M | 88.4M | 147.5M | 0 | 86.6M | 51M | 137.7M | 400K | 23.2M | 44.7M |