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
- Analysis of Short-term (Operating) Activity Ratios
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Vertex 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).
Operating cash flow exhibits a generally robust trajectory, typically ranging between $800 million and $1.4 billion per quarter. However, a significant anomaly occurred on June 30, 2024, where net income plummeted to a loss of approximately $3.59 billion, resulting in a corresponding net cash outflow from operating activities of $3.75 billion. Outside of this specific event, the company maintains a strong ability to generate cash from its core business operations, with a notable recovery to $1.37 billion by September 30, 2024.
- Operating Cash Flow and Working Capital
- Net cash provided by operating activities remains strong but is subject to significant volatility caused by changes in operating assets and liabilities. Frequent fluctuations in accounts receivable and accrued expenses suggest active working capital management. A substantial cash drain was observed on December 31, 2023, and December 31, 2024, driven by negative changes in operating assets and liabilities, which partially offset the strong net income performance in those periods.
- Investment Activity and Capital Expenditures
- Investing activities are characterized by high-volume turnover in available-for-sale debt securities. The company frequently alternates between large-scale purchases and sales of these securities to manage liquidity. Capital expenditures for property and equipment show a gradual upward trend, increasing from an average of approximately $50 million to $60 million per quarter in 2021 to peaks exceeding $140 million in 2025, indicating expanding infrastructure or capacity investments.
- Financing and Capital Allocation
- A consistent strategy of returning capital to shareholders is evident through aggressive common stock repurchases. These outflows are persistent and substantial, often exceeding $300 million per quarter, with a peak expenditure of approximately $1.07 billion on September 30, 2025. Financing activities are almost exclusively dominated by these buybacks and payments for employee tax obligations related to stock, with minimal reliance on external debt financing.
- Non-Cash Adjustments
- Stock-based compensation represents a significant and steady non-cash add-back to net income, generally trending upward from approximately $110 million per quarter in 2021 to between $160 million and $190 million in 2024 and 2025. Depreciation and amortization expenses have also seen a steady increase, rising from roughly $30 million per quarter in early 2021 to consistently above $50 million by 2025, reflecting a growing asset base.
The overall financial position is marked by high operational efficiency and a disciplined approach to liquidity management via debt securities, balanced against a heavy commitment to share repurchases. The severe volatility seen in mid-2024 appears to be a non-recurring event, as operating cash flows returned to historical norms in subsequent quarters.