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.

Vertex Pharmaceuticals Inc., consolidated cash flow statement (quarterly data)

US$ in thousands

3 months ended:	Jun 30, 2026	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021
Net income (loss)	1,099,800)	1,031,400)	1,191,100)	1,082,900)	1,032,900)	646,300)	913,000)	1,045,400)	(3,593,600)	1,099,600)	968,800)	1,035,300)	915,700)	699,800)	818,900)	930,500)	810,500)	762,100)	770,110)	851,928)	66,924)	653,138)
Stock-based compensation expense	170,200)	166,400)	157,600)	194,900)	167,300)	166,100)	167,800)	184,600)	154,200)	191,900)	208,600)	130,900)	119,300)	122,400)	111,500)	135,600)	113,900)	130,300)	118,608)	102,996)	104,622)	115,174)
Depreciation and amortization expense	56,500)	55,900)	55,700)	54,000)	51,700)	48,400)	46,500)	53,200)	54,000)	53,500)	59,000)	42,100)	41,400)	38,800)	38,400)	36,700)	37,300)	35,900)	33,832)	31,696)	31,238)	28,834)
Intangible asset impairment charge	—)	—)	—)	—)	—)	379,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Deferred income taxes	(69,700)	(65,300)	30,500)	(235,900)	(113,800)	(191,600)	51,600)	(123,300)	(118,800)	(158,300)	(131,000)	(115,500)	(176,600)	(113,400)	148,100)	(182,300)	(229,400)	(12,300)	(41,946)	68,241)	(237,938)	57,043)
Other non-cash items, net	(16,400)	(5,000)	10,900)	(4,100)	67,400)	39,200)	(34,100)	52,400)	(8,000)	(9,400)	(31,900)	(13,300)	(10,800)	13,400)	52,400)	(45,800)	23,800)	73,000)	(20,295)	(36,077)	(155)	50,727)
Accounts receivable	(140,200)	39,800)	(99,400)	(59,900)	(18,400)	(169,600)	69,000)	(51,800)	135,100)	(251,600)	15,400)	(6,100)	(2,900)	(90,500)	10,200)	(119,500)	(84,100)	(165,200)	(43,534)	(185,318)	52,525)	(98,373)
Inventories	(27,700)	(97,700)	(77,400)	(131,100)	(148,600)	(167,100)	(147,500)	(182,500)	(107,200)	(80,100)	(70,000)	(97,500)	(72,800)	(82,600)	(78,300)	(26,800)	(33,300)	2,000)	(26,973)	(18,335)	(24,707)	(22,785)
Prepaid expenses and other assets	(51,400)	173,400)	(250,600)	(40,900)	(76,400)	(28,100)	(164,600)	21,000)	(155,900)	99,200)	(451,300)	(121,000)	(19,600)	46,200)	(284,500)	(127,200)	17,700)	67,600)	15,872)	(15,485)	(78,868)	(13,319)
Accounts payable	(66,700)	35,600)	38,300)	(35,300)	7,600)	26,200)	8,400)	66,100)	(25,100)	100)	(31,800)	9,200)	35,600)	35,700)	159,900)	(69,900)	45,300)	(14,500)	53,943)	2,302)	(13,701)	(10,644)
Accrued expenses	222,500)	70,500)	(664,500)	332,900)	166,600)	48,100)	(320,100)	170,600)	168,300)	194,100)	(356,700)	368,700)	276,700)	140,700)	(437,800)	433,200)	485,500)	61,600)	51,243)	146,631)	(45,457)	152,983)
Other liabilities	(51,500)	23,100)	105,800)	83,900)	(63,200)	22,000)	(5,400)	134,100)	(256,600)	167,600)	55,500)	35,600)	28,400)	89,400)	539,600)	(9,000)	(47,400)	15,700)	84,133)	(21,360)	(54,250)	8,277)
Changes in operating assets and liabilities	(115,000)	244,700)	(947,800)	149,600)	(132,400)	(268,500)	(560,200)	157,500)	(241,400)	129,300)	(838,900)	188,900)	245,400)	138,900)	(90,900)	80,800)	383,700)	(32,800)	134,684)	(91,565)	(164,458)	16,139)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities	25,600)	396,700)	(693,100)	158,500)	40,200)	172,600)	(328,400)	324,400)	(160,000)	207,000)	(734,200)	233,100)	218,700)	200,100)	259,500)	25,000)	329,300)	194,100)	224,883)	75,291)	(266,691)	267,917)
Net cash provided by (used in) operating activities	1,125,400)	1,428,100)	498,000)	1,241,400)	1,073,100)	818,900)	584,600)	1,369,800)	(3,753,600)	1,306,600)	234,600)	1,268,400)	1,134,400)	899,900)	1,078,400)	955,500)	1,139,800)	956,200)	994,993)	927,219)	(199,767)	921,055)
Purchases of available-for-sale debt securities	(2,356,500)	(2,507,600)	(1,230,600)	(1,345,300)	(2,173,200)	(1,647,400)	(2,158,600)	(1,384,500)	(1,296,600)	(2,598,500)	(988,500)	(407,200)	(574,200)	(1,816,600)	(274,900)	(189,900)	(110,800)	(117,100)	(80,441)	(208,301)	(118,003)	(121,455)
Sales and maturities of available-for-sale debt securities	2,349,100)	2,209,100)	1,091,800)	1,329,300)	1,838,700)	1,637,600)	1,460,200)	1,112,300)	1,182,600)	710,500)	218,100)	331,200)	239,800)	50,000)	484,100)	193,600)	112,600)	129,700)	47,167)	230,862)	103,199)	118,072)
Acquisition of available-for-sale debt securities from Alpine Immune Sciences, Inc.	—)	—)	—)	—)	—)	—)	—)	—)	(258,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Purchases of property and equipment	(112,200)	(133,400)	(149,400)	(101,800)	(145,700)	(40,700)	(92,600)	(67,700)	(69,000)	(68,400)	(58,100)	(40,600)	(59,600)	(42,100)	(33,600)	(54,200)	(53,300)	(63,600)	(61,715)	(52,522)	(49,837)	(70,926)
Proceeds related to convertible note	75,500)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net payments related to finite-lived intangible assets	—)	—)	—)	—)	—)	—)	—)	—)	(7,700)	(180,000)	(58,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Sale of equity securities	—)	—)	16,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	95,100)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Payment to acquire business, net of cash acquired	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(295,900)	—)	—)	—)	—)	—)	—)
Other investing activities	(1,700)	—)	(15,900)	800)	(4,300)	(5,300)	(30,900)	(8,100)	(15,000)	—)	—)	(1,100)	(5,000)	(24,900)	—)	(37,800)	(10,000)	—)	(39,009)	(22,991)	(15,000)	—)
Net cash used in investing activities	(45,800)	(431,900)	(288,100)	(117,000)	(484,500)	(55,800)	(821,900)	(348,000)	(463,700)	(2,136,400)	(886,500)	(117,700)	(303,900)	(1,833,600)	175,600)	(384,200)	(61,500)	(51,000)	(133,998)	(52,952)	(79,641)	(74,309)
Issuances of common stock under benefit plans	47,700)	27,000)	54,000)	7,900)	49,100)	16,700)	34,300)	8,400)	55,000)	16,900)	46,400)	15,400)	58,600)	14,200)	51,600)	36,600)	64,400)	33,700)	34,711)	13,795)	37,935)	15,559)
Repurchases of common stock	(469,500)	(336,900)	(128,400)	(1,071,100)	(391,800)	(426,100)	(417,900)	(307,700)	(320,300)	(131,200)	(149,500)	(117,000)	(28,300)	(132,800)	—)	—)	—)	—)	(368,175)	(632,273)	—)	(424,952)
Payments in connection with common stock withheld for employee tax obligations	(4,300)	(228,500)	(2,500)	(91,000)	(5,900)	(270,500)	(7,300)	(83,700)	(80,500)	(233,500)	(3,200)	(53,200)	(3,100)	(166,600)	(2,100)	(48,000)	(4,400)	(117,500)	(1,677)	(28,559)	(3,524)	(102,140)
Payments on finance leases	—)	—)	(1,400)	(1,400)	(1,300)	(1,300)	(1,300)	(5,400)	(13,700)	(13,200)	(12,000)	(11,300)	(11,000)	(10,600)	(10,400)	(49,500)	(12,700)	(12,900)	(12,408)	(12,057)	(10,302)	(12,233)
Proceeds from finance leases	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	9,953)	1,022)	7,993)	3,632)
Other financing activities	(600)	(400)	1,100)	1,100)	700)	800)	900)	900)	900)	3,500)	(1,500)	1,100)	1,100)	1,100)	1,100)	700)	400)	1,300)	1,361)	1,411)	1,448)	1,480)
Net cash used in financing activities	(426,700)	(538,800)	(77,200)	(1,154,500)	(349,200)	(680,400)	(391,300)	(387,500)	(358,600)	(357,500)	(119,800)	(165,000)	17,300)	(294,700)	40,200)	(60,200)	47,700)	(95,400)	(336,235)	(656,661)	33,550)	(518,654)
Effect of changes in exchange rates on cash	(3,700)	(40,300)	7,300)	(4,100)	57,200)	30,500)	(47,300)	22,800)	(2,500)	(15,600)	27,400)	(22,500)	10,000)	12,000)	40,800)	(38,200)	(25,900)	(5,900)	(4,928)	(8,461)	4,019)	(4,030)
Net increase (decrease) in cash, cash equivalents and restricted cash	649,200)	417,100)	140,000)	(34,200)	296,600)	113,200)	(675,900)	657,100)	(4,578,400)	(1,202,900)	(744,300)	963,200)	857,800)	(1,216,400)	1,335,000)	472,900)	1,100,100)	803,900)	519,832)	209,145)	(241,839)	324,062)

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.

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Vertex Pharmaceuticals Inc. (NASDAQ:VRTX)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data