Incyte Corporation (INCY) Cash Flow Statement
Where INCY’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.41B +321.5% vs 2024
- Capital expenditures
- $58.9M 1.1% of revenue
- Free cash flow
- $1.35B 26.3% margin
- Returned to shareholders
- $19.1M 1% of free cash flow
- Change in cash
- $1.41B cash at year-end $3.10B
Cash from operations
$1.41B
Capital expenditures
−$58.9M
Investments (net)
−$18.7M
Acquisitions & other
−$25.0M
Share buybacks (net)
−$19.1M
Other financing
+$124.7M
Currency & other
−$6.5M
Change in cash
$1.41B
Drawn to scale: where the cash came from and how it was used. Hover for values.
INCY operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
INCY cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $304.8M2016 | $1.41B2025 | +18.6%/yr | |
| Capital expenditures | $120.3M2016 | $58.9M2025 | −7.6%/yr | |
| Free cash flow | $184.5M2016 | $1.35B2025 | +24.8%/yr | |
| Free cash flow margin | 16.7%2016 | 26.3%2025 | +9.7 pts | |
| Operating cash flow / net income | 2.922016 | 1.102025 | −1.83 | |
| Stock-based compensation | $96.2M2016 | $249.3M2025 | +11.2%/yr | |
| Dividends paid | $02016 | $26.3M2022 | — | |
| Share buybacks (net) | $02016 | $19.1M2025 | — | |
| Capex / revenue | 10.9%2016 | 1.1%2025 | −9.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
INCY cash flow by activity
OperatingInvestingFinancingChange in cash
INCY net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
INCY cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.29B | $32.6M | $597.6M | $340.7M | $948.6M | −$295.7M | $446.9M | $109.5M | −$313.1M | $104.2M |
| Depreciation & amortization | $93.3M | $89.2M | $82.7M | $67.9M | $57.8M | $51.8M | $54.5M | $55.0M | $52.2M | $58.4M |
| Stock-based compensation | $249.3M | $266.1M | $215.9M | $188.4M | $183.0M | $177.9M | $166.6M | $148.2M | $133.1M | $96.2M |
| Change in working capital | −$527.2M | $138.2M | −$248.7M | $198.8M | −$14.6M | −$71.7M | $57.3M | −$46.5M | −$64.2M | $24.8M |
| Other non-cash items | $311.4M | −$190.8M | −$151.0M | $174.2M | −$425.4M | $13.2M | −$14.7M | $70.2M | $99.2M | $21.2M |
| Cash from operating activities | $1.41B | $335.3M | $496.5M | $969.9M | $749.5M | −$124.6M | $710.7M | $336.2M | −$93.0M | $304.8M |
| Investing activities | ||||||||||
| Capital expenditures | −$58.9M | −$86.3M | −$32.5M | −$77.8M | −$181.0M | −$187.4M | −$78.1M | −$73.5M | −$111.0M | −$120.3M |
| Investments (net) | −$18.7M | $157.5M | −$74.1M | −$709,000 | −$26.7M | −$81.6M | −$9.4M | −$12.9M | −$239.0M | $30.6M |
| Acquisitions & other investing | −$25.0M | $86.3M | −$101.1M | $0 | $0 | $0 | $0 | $0 | $0 | −$142.9M |
| Cash from investing activities | −$102.6M | $157.5M | −$207.7M | −$78.5M | −$207.7M | −$269.0M | −$87.5M | −$86.4M | −$350.0M | −$232.5M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | −$26.3M | −$29.9M | −$22.8M | −$16.8M | — | $0 | $0 |
| Share repurchases & issuance (net) | −$19.1M | −$2.00B | −$28.6M | −$26.3M | −$29.9M | −$22.8M | −$16.8M | $29.9M | $716.2M | $50.0M |
| Net borrowing (repayment) | −$4.5M | −$3.8M | −$3.4M | −$2.9M | −$2.4M | −$836,000 | −$822,000 | −$822,000 | −$39,000 | $13.6M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $124.7M | −$13.0M | $11.9M | $54.7M | $68.5M | $118.1M | $80.0M | −$14.5M | −$25.9M | −$4.9M |
| Cash from financing activities | $101.0M | −$2.02B | −$20.0M | −$794,000 | $6.2M | $71.7M | $45.7M | $14.7M | $690.2M | $58.6M |
| Summary | ||||||||||
| Net change in cash | $1.41B | −$1.53B | $262.0M | $894.0M | $544.4M | −$319.7M | $668.7M | $264.5M | $247.2M | $130.4M |
| Cash at end of period | $3.10B | $1.69B | $3.21B | $2.95B | $2.06B | $1.51B | $1.83B | $1.16B | $899.5M | $652.4M |
| Free cash flow | $1.35B | $249.1M | $464.0M | $892.1M | $568.5M | −$312.0M | $632.6M | $262.7M | −$204.0M | $184.5M |
| Free cash flow margin | 26.3% | 5.9% | 12.6% | 26.3% | 19.0% | −11.7% | 29.3% | 14.0% | −13.3% | 16.7% |
| Capex / revenue | 1.1% | 2.0% | 0.9% | 2.3% | 6.1% | 7.0% | 3.6% | 3.9% | 7.2% | 10.9% |
| Operating cash flow / net income | 1.10 | 10.28 | 0.83 | 2.85 | 0.79 | — | 1.59 | 3.07 | — | 2.92 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $585.6M | $303.3M | $299.3M | $424.2M | $405.0M | $158.2M | $201.2M | $106.5M | −$444.6M | $169.5M | $201.1M | $171.3M |
| Depreciation & amortization | $26.5M | $23.8M | $24.0M | $24.0M | $22.9M | $22.4M | $22.7M | $22.5M | $22.0M | $21.9M | $21.8M | $21.4M |
| Stock-based compensation | $67.3M | $64.1M | $62.2M | $61.6M | $64.6M | $61.0M | $71.7M | $77.9M | $56.6M | $59.8M | $60.0M | $48.0M |
| Change in working capital | −$281.6M | −$91.3M | $103.2M | −$60.4M | −$583.0M | $13.0M | $83.6M | $108.9M | −$153.5M | $99.2M | −$73.2M | −$91.1M |
| Other non-cash items | $109.9M | $69.4M | $54.7M | $110.0M | $135.2M | $11.5M | $2.0M | −$4.9M | −$56.2M | −$131.7M | −$61.9M | −$1.7M |
| Cash from operating activities | $507.7M | $369.4M | $543.3M | $559.4M | $44.7M | $266.1M | $381.2M | $310.9M | −$575.6M | $218.8M | $147.7M | $147.8M |
| Investing activities | ||||||||||||
| Capital expenditures | −$12.4M | −$10.2M | −$21.9M | −$14.7M | −$19.1M | −$3.2M | −$17.4M | −$5.2M | −$54.1M | −$9.5M | −$2.3M | −$11.0M |
| Investments (net) | −$39.4M | −$73.0M | −$15.5M | −$47.4M | −$18.9M | $1.1M | −$21.5M | $38.3M | $213.8M | −$73.1M | −$154.5M | −$17.2M |
| Acquisitions & other investing | $0 | −$5.0M | $0 | $14.7M | $19.1M | $3.2M | $17.4M | $5.2M | $54.1M | $9.5M | $2.3M | $11.0M |
| Cash from investing activities | −$51.8M | −$88.2M | −$37.4M | −$47.4M | −$18.9M | $1.1M | −$21.5M | $38.3M | $213.8M | −$73.1M | −$154.5M | −$17.2M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | −$24.7M |
| Share repurchases & issuance (net) | — | −$6.9M | $0 | $0 | −$19.1M | $19.2M | $0 | −$103,000 | −$2.00B | −$6.2M | −$489,000 | −$24.7M |
| Net borrowing (repayment) | −$1.2M | −$1.2M | −$1.2M | −$1.1M | −$1.2M | −$1.1M | −$1.0M | −$979,000 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $477,000 | $0 | $0 |
| Other financing | $66.6M | $92.9M | $138.9M | −$11.6M | $9.0M | −$30.8M | $21.4M | −$31.3M | $7.5M | −$6.7M | $835,000 | $12.1M |
| Cash from financing activities | $65.5M | $84.8M | $137.7M | −$12.8M | −$11.2M | −$12.7M | $20.4M | −$32.4M | −$2.00B | −$12.4M | $346,000 | −$37.3M |
| Summary | ||||||||||||
| Net change in cash | $521.3M | $363.3M | $642.8M | $500.0M | $13.2M | $253.9M | $383.7M | $316.8M | −$2.36B | $132.8M | −$13.9M | $96.1M |
| Cash at end of period | $3.98B | $3.46B | $3.10B | $2.46B | $1.95B | $1.94B | $1.69B | $1.30B | $987.3M | $3.35B | $3.21B | $3.23B |
| Free cash flow | $495.2M | $359.2M | $521.4M | $544.6M | $25.7M | $262.9M | $363.8M | $305.7M | −$629.7M | $209.3M | $145.5M | $136.9M |
| Free cash flow margin | 29.6% | 28.2% | 34.6% | 39.9% | 2.1% | 25.0% | 30.9% | 26.9% | −60.3% | 23.8% | 14.4% | 14.9% |
| Capex / revenue | 0.7% | 0.8% | 1.5% | 1.1% | 1.6% | 0.3% | 1.5% | 0.5% | 5.2% | 1.1% | 0.2% | 1.2% |
| Operating cash flow / net income | 0.87 | 1.22 | 1.82 | 1.32 | 0.11 | 1.68 | 1.89 | 2.92 | — | 1.29 | 0.73 | 0.86 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
INCY cash generation
In fiscal 2025 (ended December 31, 2025), Incyte generated $1.4 billion of cash from operations (up 321.5%) and spent $58.9 million on capital expenditures, leaving free cash flow of $1.4 billion, 26.3% of revenue. It returned $19.1 million to shareholders through dividends ($0) and net share buybacks ($19.1 million). Cash and equivalents rose by $1.4 billion over the year.
Related: INCY income statement, INCY balance sheet. See the INCY stock overview for the latest quote and news.
INCY cash flow FAQ
What is Incyte's free cash flow?
Incyte's free cash flow was $1.4 billion in fiscal 2025: $1.4 billion of operating cash flow minus $58.9 million of capital expenditures It was $249.1 million a year earlier..
How much cash does Incyte generate from operations?
Incyte generated $1.4 billion of cash from operating activities in fiscal 2025, 1.10 times its net income of $1.3 billion.
How much does Incyte spend on capital expenditures?
Incyte spent $58.9 million on capital expenditures in fiscal 2025, 1.1% of revenue, compared with $86.3 million the year before.
How much stock does Incyte buy back?
Incyte spent $19.1 million on net share repurchases in fiscal 2025.