Jazz Pharmaceuticals plc (JAZZ) Cash Flow Statement
Where JAZZ’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.36B −2.9% vs 2024
- Capital expenditures
- $209.8M 4.9% of revenue
- Free cash flow
- $1.15B 26.9% margin
- Returned to shareholders
- $125.0M 11% of free cash flow
- Change in cash
- −$1.02B cash at year-end $1.39B
Cash from operations
$1.36B
Capital expenditures
−$209.8M
Investments (net)
−$470.3M
Acquisitions & other
−$829.9M
Share buybacks (net)
−$125.0M
Net borrowing (repayment)
−$781.0M
Other financing
+$32.6M
Currency & other
+$6.6M
Change in cash
−$1.02B
Drawn to scale: where the cash came from and how it was used. Hover for values.
JAZZ operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
JAZZ cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $590.5M2016 | $1.36B2025 | +9.7%/yr | |
| Capital expenditures | $181.6M2016 | $209.8M2025 | +1.6%/yr | |
| Free cash flow | $409.0M2016 | $1.15B2025 | +12.1%/yr | |
| Free cash flow margin | 27.5%2016 | 26.9%2025 | −0.6 pts | |
| Operating cash flow / net income | 1.492016 | 2.492024 | +1.00 | |
| Stock-based compensation | $98.8M2016 | $291.1M2025 | +12.8%/yr | |
| Dividends paid | $02016 | $98.0M2022 | — | |
| Share buybacks (net) | $278.3M2016 | $125.0M2025 | −8.5%/yr | |
| Capex / revenue | 12.2%2016 | 4.9%2025 | −7.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
JAZZ cash flow by activity
OperatingInvestingFinancingChange in cash
JAZZ 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).
JAZZ cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$356.1M | $560.1M | $414.8M | −$224.1M | −$329.7M | $238.6M | $523.4M | $447.1M | $487.8M | $396.8M |
| Depreciation & amortization | $696.3M | $660.1M | $638.7M | $629.5M | $552.5M | $278.3M | $370.2M | $216.7M | $165.2M | $113.8M |
| Stock-based compensation | $291.1M | $248.0M | $226.8M | $222.0M | $189.0M | $121.0M | $110.6M | $102.4M | $106.9M | $98.8M |
| Change in working capital | $18.9M | −$76.7M | −$204.4M | $9.9M | −$48.0M | −$85.4M | −$150.1M | $23.3M | $26.8M | −$22.7M |
| Other non-cash items | $705.6M | $4.4M | $16.1M | $634.7M | $414.6M | $347.2M | −$77.6M | $9.3M | −$93.6M | $3.9M |
| Cash from operating activities | $1.36B | $1.40B | $1.09B | $1.27B | $778.5M | $899.6M | $776.4M | $798.9M | $693.1M | $590.5M |
| Investing activities | ||||||||||
| Capital expenditures | −$209.8M | −$48.1M | −$24.0M | −$498.2M | −$45.5M | −$379.3M | −$182.3M | −$131.5M | −$114.0M | −$181.6M |
| Investments (net) | −$470.3M | −$508.2M | −$589.2M | −$1.0M | $1.07B | −$642.7M | −$155.3M | −$310.9M | −$155.0M | −$65.3M |
| Acquisitions & other investing | −$829.9M | $48.1M | $450.1M | $53.0M | −$6.23B | $14.3M | $182.3M | $47.9M | $0 | −$1.50B |
| Cash from investing activities | −$1.51B | −$508.2M | −$163.1M | −$446.2M | −$5.21B | −$1.01B | −$155.3M | −$394.5M | −$268.9M | −$1.75B |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | −$98.0M | −$99.7M | −$99.7M | −$57.8M | — | $0 | $0 |
| Share repurchases & issuance (net) | −$125.0M | −$311.4M | −$269.8M | −$54,000 | −$35.6M | −$146.5M | −$301.4M | −$523.7M | −$98.8M | −$278.3M |
| Net borrowing (repayment) | −$781.0M | $374.8M | −$31.0M | −$582.0M | $3.87B | $591.8M | −$33.4M | −$32.1M | −$326.7M | $816.3M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $32.6M | −$42.8M | −$4.5M | $150.6M | $234.9M | $182.5M | $98.9M | $76.7M | $16.4M | $2.9M |
| Cash from financing activities | −$873.4M | $20.5M | −$305.3M | −$529.5M | $3.97B | $528.1M | −$293.7M | −$479.1M | −$409.1M | $541.0M |
| Summary | ||||||||||
| Net change in cash | −$1.02B | $906.6M | $624.8M | $290.0M | −$466.3M | $420.4M | $327.7M | −$76.4M | $20.1M | −$622.8M |
| Cash at end of period | $1.39B | $2.41B | $1.51B | $881.5M | $591.4M | $1.06B | $637.3M | $309.6M | $386.0M | $366.0M |
| Free cash flow | $1.15B | $1.35B | $1.07B | $773.8M | $733.0M | $520.4M | $594.1M | $667.4M | $579.1M | $409.0M |
| Free cash flow margin | 26.9% | 33.1% | 27.9% | 21.1% | 23.7% | 22.0% | 27.5% | 35.3% | 35.8% | 27.5% |
| Capex / revenue | 4.9% | 1.2% | 0.6% | 13.6% | 1.5% | 16.0% | 8.4% | 7.0% | 7.0% | 12.2% |
| Operating cash flow / net income | — | 2.49 | 2.63 | — | — | 3.77 | 1.48 | 1.79 | 1.42 | 1.49 |
| 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 | $192.8M | $293.1M | −$903.6M | $251.4M | −$718.5M | −$92.5M | $191.1M | $215.1M | $168.6M | −$14.6M | $94.2M | $146.8M |
| Depreciation & amortization | $179.1M | $181.4M | $179.2M | $178.2M | $174.0M | $164.9M | $168.4M | $165.2M | $163.0M | $163.4M | $159.2M | $162.6M |
| Stock-based compensation | $73.3M | $74.5M | $199.8M | $88.1M | $64.5M | $67.7M | $70.2M | $59.8M | $56.7M | $61.4M | $52.9M | $56.1M |
| Change in working capital | −$94.4M | −$12.1M | −$72.7M | $130.8M | −$327.1M | $287.9M | −$79.9M | −$26.4M | −$26.8M | $56.4M | −$181.0M | −$24.5M |
| Other non-cash items | $64.9M | −$128.7M | $959.8M | −$174.0M | $895.9M | $1.9M | $48.8M | −$14.9M | −$30.1M | $622,999 | $42.1M | −$33.8M |
| Cash from operating activities | $415.7M | $408.2M | $362.5M | $474.6M | $88.9M | $429.8M | $398.6M | $398.7M | $331.4M | $267.2M | $167.3M | $307.2M |
| Investing activities | ||||||||||||
| Capital expenditures | −$18.1M | −$19.7M | −$65.7M | −$15.2M | −$12.0M | −$38.9M | −$13.3M | −$10.8M | −$7.1M | −$6.9M | −$10.1M | −$4.3M |
| Investments (net) | $250.0M | $220.0M | −$330.1M | −$327.8M | −$641.0M | −$168.9M | −$193.3M | $214.1M | −$257.1M | −$271.9M | $101.8M | −$174.3M |
| Acquisitions & other investing | $123.0M | −$77.2M | $23.7M | $15.2M | $12.0M | $38.9M | $13.3M | $10.8M | $7.1M | $6.9M | — | $4.3M |
| Cash from investing activities | $354.9M | $123.1M | −$372.2M | −$327.8M | −$641.0M | −$168.9M | −$193.3M | $214.1M | −$257.1M | −$271.9M | — | −$174.3M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | −$112.3M | — | −$5.5M |
| Share repurchases & issuance (net) | — | — | $0 | −$23,000 | −$125.0M | — | $360.7M | −$150.0M | −$161.4M | −$99.8M | −$99.8M | −$74.4M |
| Net borrowing (repayment) | −$1.01B | −$7.8M | −$7.8M | −$7.8M | −$7.8M | −$757.8M | −$7.8M | $398.0M | — | — | — | −$7.8M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $13.2M | −$70.7M | $83.2M | −$3.1M | $8.2M | −$55.7M | −$361.2M | −$1.6M | $343,000 | $155.5M | −$511,000 | $9.1M |
| Cash from financing activities | −$994.5M | −$78.5M | $75.4M | −$10.8M | −$124.5M | −$813.5M | −$8.3M | $246.4M | −$161.1M | −$56.6M | −$100.3M | −$78.5M |
| Summary | ||||||||||||
| Net change in cash | −$224.5M | $452.4M | $75.8M | $46.2M | −$672.1M | −$550.9M | $234.7M | $862.3M | $62.4M | $27.1M | $180.6M | $53.4M |
| Cash at end of period | $1.62B | $1.84B | $1.31B | $1.24B | $1.19B | $1.86B | $2.20B | $2.22B | $1.30B | $1.23B | $1.21B | $1.34B |
| Free cash flow | $397.6M | $388.5M | $296.8M | $459.4M | $100.9M | $390.9M | $385.3M | $388.0M | $324.3M | $260.3M | $157.2M | $302.9M |
| Free cash flow margin | 32.9% | 36.3% | 24.8% | 40.8% | 9.6% | 43.5% | 35.4% | 36.8% | 31.7% | 28.9% | 15.5% | 31.2% |
| Capex / revenue | 1.5% | 1.8% | 5.5% | 1.3% | 1.2% | 4.3% | 1.2% | 1.0% | 0.7% | 0.8% | 1.0% | 0.4% |
| Operating cash flow / net income | 2.16 | 1.39 | — | 1.89 | — | — | 2.09 | 1.85 | 1.97 | — | 1.78 | 2.09 |
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.
JAZZ cash generation
In fiscal 2025 (ended December 31, 2025), Jazz Pharmaceuticals generated $1.4 billion of cash from operations (down 2.9%) and spent $209.8 million on capital expenditures, leaving free cash flow of $1.1 billion, 26.9% of revenue. It returned $125.0 million to shareholders through dividends ($0) and net share buybacks ($125.0 million). Cash and equivalents fell by $1.0 billion over the year.
Related: JAZZ income statement, JAZZ balance sheet. See the JAZZ stock overview for the latest quote and news.
JAZZ cash flow FAQ
What is Jazz Pharmaceuticals's free cash flow?
Jazz Pharmaceuticals's free cash flow was $1.1 billion in fiscal 2025: $1.4 billion of operating cash flow minus $209.8 million of capital expenditures It was $1.3 billion a year earlier..
How much cash does Jazz Pharmaceuticals generate from operations?
Jazz Pharmaceuticals generated $1.4 billion of cash from operating activities in fiscal 2025.
How much does Jazz Pharmaceuticals spend on capital expenditures?
Jazz Pharmaceuticals spent $209.8 million on capital expenditures in fiscal 2025, 4.9% of revenue, compared with $48.1 million the year before.
How much stock does Jazz Pharmaceuticals buy back?
Jazz Pharmaceuticals spent $125.0 million on net share repurchases in fiscal 2025.