BeiGene, Ltd. (ONC) Cash Flow Statement
Where ONC’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.13B
- Capital expenditures
- $185.8M 3.5% of revenue
- Free cash flow
- $941.7M 17.6% margin
- Returned to shareholders
- —
- Change in cash
- $1.97B cash at year-end $4.61B
Cash from operations
$1.13B
Capital expenditures
−$185.8M
Investments (net)
−$8.4M
Acquisitions & other
−$81.9M
Other financing
+$1.06B
Currency & other
+$63.8M
Change in cash
$1.97B
Drawn to scale: where the cash came from and how it was used. Hover for values.
ONC operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
ONC cash flow trends, 2015–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$39.8M2015 | $1.13B2025 | — | |
| Capital expenditures | $5.3M2015 | $185.8M2025 | +48.4%/yr | |
| Free cash flow | −$45.2M2015 | $941.7M2025 | — | |
| Free cash flow margin | −512.2%2015 | 17.6%2025 | +529.8 pts | |
| Stock-based compensation | $10.2M2015 | $510.9M2025 | +54.5%/yr | |
| Capex / revenue | 60.3%2015 | 3.5%2025 | −56.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ONC cash flow by activity
OperatingInvestingFinancingChange in cash
ONC 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).
ONC cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $286.9M | −$644.8M | −$881.7M | −$2.00B | −$1.41B | −$950.6M | −$674.0M | −$93.3M | −$119.2M | −$57.1M |
| Depreciation & amortization | $141.7M | $171.8M | $87.7M | $66.3M | $46.5M | $18.6M | $10.4M | $4.8M | $1.9M | $1.5M |
| Stock-based compensation | $510.9M | $441.6M | $367.6M | $303.2M | $240.7M | $134.2M | $87.1M | $42.9M | $10.6M | $10.2M |
| Change in working capital | $191.4M | −$157.2M | −$370.5M | $132.4M | −$118.3M | −$10.8M | −$17.2M | $57.2M | $14.1M | $2.3M |
| Other non-cash items | −$3.3M | $47.9M | −$360.5M | $5.4M | −$54.2M | $58.4M | $46.0M | $1.2M | $3.0M | $3.2M |
| Cash from operating activities | $1.13B | −$140.6M | −$1.16B | −$1.50B | −$1.30B | −$750.3M | −$547.7M | $12.8M | −$89.5M | −$39.8M |
| Investing activities | ||||||||||
| Capital expenditures | −$185.8M | −$529.1M | −$596.3M | −$469.1M | −$314.9M | −$158.6M | −$140.8M | −$58.7M | −$23.5M | −$5.3M |
| Investments (net) | −$8.4M | −$548.4M | $60.0M | $1.08B | $640.7M | — | — | — | — | — |
| Acquisitions & other investing | −$81.9M | $529.1M | $596.3M | $469.1M | $314.9M | $712.8M | −$496.8M | −$297.6M | −$198.3M | −$53.6M |
| Cash from investing activities | −$276.2M | −$548.4M | $60.0M | $1.08B | $640.7M | $554.2M | −$637.6M | −$356.3M | −$221.8M | −$58.9M |
| Financing activities | ||||||||||
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | — | −$75,000 |
| Net borrowing (repayment) | $3.8M | $145.1M | $360.8M | −$65.9M | $101.5M | — | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $3.44B | $0 | $0 | $0 | $0 | $0 |
| Other financing | $1.06B | $48.4M | $55.7M | $47.0M | $92.8M | $85.7M | $1.69B | $490.4M | $380.9M | $103.3M |
| Cash from financing activities | $1.06B | $193.4M | $416.5M | −$19.0M | $3.64B | $85.7M | $1.69B | $490.4M | $380.9M | $103.2M |
| Summary | ||||||||||
| Net change in cash | $1.97B | −$547.2M | −$689.1M | −$507.9M | $2.99B | −$119.9M | $501.1M | $152.1M | $69.6M | $4.0M |
| Cash at end of period | $4.61B | $2.64B | $3.19B | $3.88B | $4.38B | $620.8M | $740.7M | $239.6M | $87.5M | $17.9M |
| Free cash flow | $941.7M | −$669.8M | −$1.75B | −$1.97B | −$1.61B | −$908.9M | −$688.6M | −$46.0M | −$113.0M | −$45.2M |
| Free cash flow margin | 17.6% | −17.6% | −71.3% | −138.8% | −137.2% | −212.3% | −347.4% | −19.3% | −10,562.1% | −512.2% |
| Capex / revenue | 3.5% | 13.9% | 24.3% | 33.1% | 26.8% | 37.0% | 71.1% | 24.6% | 2,196.4% | 60.3% |
| Operating cash flow / net income | 3.93 | — | — | — | — | — | — | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||
| Net income | $464.4M | $228.0M | $382.5M | $124.8M | $94.3M | $1.3M | −$151.9M | −$121.3M | −$120.4M | −$251.2M | $215.4M |
| Depreciation & amortization | $40.5M | $41.1M | $36.0M | $37.3M | $35.6M | $32.8M | $50.2M | $71.3M | $24.9M | $25.3M | $21.5M |
| Stock-based compensation | $260.8M | $123.4M | $757.1M | $140.8M | $150.8M | $95.5M | $107.6M | $114.7M | $130.6M | $88.7M | $96.0M |
| Change in working capital | −$119.4M | −$189.7M | $164.0M | $100.0M | $5.4M | −$78.0M | −$18.9M | $130.5M | −$113.4M | −$155.4M | −$58.2M |
| Other non-cash items | $17.9M | −$890,611 | −$922.3M | −$401,000 | −$22.5M | −$7.4M | $88.0M | −$6.7M | −$17.3M | −$16.1M | −$352.9M |
| Cash from operating activities | $664.2M | $201.9M | $417.3M | $402.6M | $263.6M | $44.1M | $75.2M | $188.4M | −$95.6M | −$308.6M | −$78.2M |
| Investing activities | |||||||||||
| Capital expenditures | −$68.3M | −$40.9M | −$286.1M | −$48.1M | −$63.8M | −$116.4M | −$92.5M | −$133.7M | −$110.0M | −$193.1M | −$182.3M |
| Investments (net) | $5.8M | $27,000 | −$10.2M | −$49.3M | −$66.6M | −$121.9M | −$93.6M | −$133.9M | −$111.0M | −$209.8M | −$186.3M |
| Acquisitions & other investing | −$32.4M | −$4.8M | $257.7M | $48.1M | $63.8M | $116.4M | $92.5M | $133.7M | $110.0M | $193.1M | $182.3M |
| Cash from investing activities | −$94.9M | −$45.6M | −$38.6M | −$49.3M | −$66.6M | −$121.9M | −$93.6M | −$133.9M | −$111.0M | −$209.8M | −$186.3M |
| Financing activities | |||||||||||
| Net borrowing (repayment) | −$17.1M | $50.6M | $79.1M | −$4.3M | $26.1M | −$97.1M | −$13.3M | −$3.6M | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $79.6M | $18.3M | $18.7M | $965.5M | $8.9M | $63.4M | $8.8M | $16.2M | $23.0M | $162.3M | −$76.8M |
| Cash from financing activities | $62.6M | $68.8M | $97.8M | $961.3M | $35.0M | −$33.8M | −$4.5M | $12.7M | $23.0M | $162.3M | −$76.8M |
| Summary | |||||||||||
| Net change in cash | $671.0M | $243.8M | $499.1M | $1.32B | $255.5M | −$108.2M | −$74.7M | $95.5M | −$189.5M | −$378.5M | −$340.7M |
| Cash at end of period | $5.28B | $4.83B | $4.61B | $4.11B | $2.79B | $2.53B | $2.64B | $2.71B | $2.62B | $2.81B | $3.08B |
| Free cash flow | $595.9M | $161.0M | $131.3M | $354.5M | $199.8M | −$72.3M | −$17.3M | $54.7M | −$205.5M | −$501.6M | −$260.4M |
| Free cash flow margin | 34.9% | 10.6% | 8.8% | 25.1% | 15.2% | −6.5% | −1.5% | 5.5% | −22.1% | −66.7% | −33.3% |
| Capex / revenue | 4.0% | 2.7% | 19.1% | 3.4% | 4.9% | 10.4% | 8.2% | 13.3% | 11.8% | 25.7% | 23.3% |
| Operating cash flow / net income | 1.43 | 0.89 | 1.09 | 3.22 | 2.79 | 34.71 | — | — | — | — | −0.36 |
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.
ONC cash generation
In fiscal 2025 (ended December 31, 2025), BeiGene generated $1.1 billion of cash from operations and spent $185.8 million on capital expenditures, leaving free cash flow of $941.7 million, 17.6% of revenue. Cash and equivalents rose by $2.0 billion over the year.
Related: ONC income statement, ONC balance sheet. See the ONC stock overview for the latest quote and news.
ONC cash flow FAQ
What is BeiGene's free cash flow?
BeiGene's free cash flow was $941.7 million in fiscal 2025: $1.1 billion of operating cash flow minus $185.8 million of capital expenditures It was -$669.8 million a year earlier..
How much cash does BeiGene generate from operations?
BeiGene generated $1.1 billion of cash from operating activities in fiscal 2025, 3.93 times its net income of $286.9 million.
How much does BeiGene spend on capital expenditures?
BeiGene spent $185.8 million on capital expenditures in fiscal 2025, 3.5% of revenue, compared with $529.1 million the year before.