Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
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Regeneron Pharmaceuticals Inc., consolidated cash flow statement (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The operational cash flow profile exhibits a consistent ability to generate liquidity, although net income fluctuates significantly across quarters. While net income peaks reached over 3 billion US$ in mid-2021, it has since stabilized in a range between 700 million US$ and 1.5 billion US$. Net cash provided by operating activities remains positive throughout the analyzed period, generally exceeding net income due to the additive effect of non-cash charges.
- Operating Cash Flow Drivers
- A steady upward trajectory is observed in depreciation and amortization, rising from 67.4 million US$ in early 2021 to 123.2 million US$ by early 2026. Similarly, stock-based compensation expenses have trended upward, nearly doubling from approximately 130.9 million US$ to 257.4 million US$ over the same period. These non-cash additions provide a consistent buffer to operating cash flow.
- Working capital adjustments show high volatility, particularly in accounts receivable and prepaid expenses, which creates periodic swings in the total net cash provided by operations.
- Investment and Capital Allocation
- Capital expenditures demonstrate a clear long-term increase, growing from a baseline of approximately 115 million US$ per quarter in 2021 to over 230 million US$ by 2026, indicating sustained investment in physical infrastructure.
- The management of marketable securities is characterized by high-volume turnover. Large-scale purchases, often exceeding 3 billion US$ per quarter, are frequently offset by maturities and sales of similar magnitude, suggesting an active liquidity management strategy rather than a static investment portfolio.
- Payments for intangible assets became a recurring expenditure starting in 2022, with a notable peak of 926.8 million US$ in the third quarter of 2022.
- Financing and Shareholder Returns
- A strategic shift toward increased shareholder distributions is evident. Common stock repurchases have accelerated, with quarterly outflows frequently exceeding 600 million US$ and reaching peaks over 1 billion US$ in 2024 and 2025.
- The introduction of quarterly dividends is observed starting in the first quarter of 2024, with payments stabilizing between 91 million US$ and 98 million US$ per quarter through early 2026.
- Cash inflows from the issuance of common stock persist but are consistently outweighed by the combined outflows of buybacks and dividends, resulting in a predominantly negative net cash flow from financing activities in recent periods.
Overall, the financial pattern indicates a mature cash-generative business that is leveraging its operating strength to fund both internal capacity expansion and aggressive shareholder return programs. The volatility in net cash changes is primarily attributed to the timing of marketable security transactions rather than operational instability.