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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Vertex Pharmaceuticals Inc. pages available for free this week:
- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
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Vertex Pharmaceuticals Inc., consolidated cash flow statement (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2026-06-30), 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 demonstrates a pattern of consistent strength with a significant singular anomaly in the second quarter of 2024. For the majority of the analyzed period, net cash provided by operating activities typically ranges between 800 million and 1.4 billion US dollars per quarter, consistently exceeding net income due to the additive effects of stock-based compensation and depreciation. However, a substantial divergence occurred on June 30, 2024, where net income fell to negative 3.59 billion US dollars and operating cash flow dropped to negative 3.75 billion US dollars, indicating a massive non-recurring event or adjustment.
- Operating Cash Flow Drivers
- Stock-based compensation expense has trended upward, moving from approximately 115 million US dollars in early 2021 to a range of 160 million to 190 million US dollars by 2025 and 2026. Depreciation and amortization expenses also show a steady increase, rising from roughly 30 million US dollars per quarter in 2021 to over 55 million US dollars by mid-2026. These non-cash charges provide a consistent buffer that enhances cash flow relative to reported net income.
- Investing Activity Patterns
- The company maintains an active portfolio of available-for-sale debt securities, characterized by frequent and large-scale purchases and sales. Investment in property and equipment has accelerated over time; capital expenditures, which averaged between 40 million and 70 million US dollars per quarter from 2021 to 2023, increased significantly in 2025 and 2026, with several quarters exceeding 130 million US dollars.
- Financing and Capital Allocation
- Common stock repurchases represent the primary use of cash in financing activities. While buybacks were sporadic in 2021 and 2022, they became a sustained and aggressive strategy from 2023 onward, peaking in September 2025 with a repurchase of 1.07 billion US dollars. This trend indicates a shift toward returning substantial capital to shareholders.
- Working Capital Volatility
- Changes in operating assets and liabilities exhibit high quarterly volatility. Significant fluctuations are observed in accrued expenses and prepaid expenses, particularly in the later periods, which occasionally create large swings in the net cash provided by operations, such as the negative 947.8 million US dollar impact in December 2025.
Overall, the cash flow profile reveals a highly profitable core operation capable of generating significant liquidity. This liquidity is systematically deployed into increasing capital expenditures and an aggressive share repurchase program, despite the volatility introduced by investment portfolio management and a singular, extreme deficit in mid-2024.