Perrigo Company plc (PRGO) Cash Flow Statement
Where PRGO’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $238.5M −34.3% vs 2024
- Capital expenditures
- $93.4M 2.2% of revenue
- Free cash flow
- $145.1M 3.4% margin
- Returned to shareholders
- $159.3M 110% of free cash flow
- Change in cash
- −$27.2M cash at year-end $531.6M
Cash from operations
$238.5M
Capital expenditures
−$93.4M
Acquisitions & other
+$18.0M
Dividends
−$159.3M
Net borrowing (repayment)
−$34.8M
Other financing
−$26.4M
Currency & other
+$30.2M
Change in cash
−$27.2M
Drawn to scale: where the cash came from and how it was used. Hover for values.
PRGO operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
PRGO cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $654.9M2016 | $238.5M2025 | −10.6%/yr | |
| Capital expenditures | $106.2M2016 | $93.4M2025 | −1.4%/yr | |
| Free cash flow | $548.7M2016 | $145.1M2025 | −13.7%/yr | |
| Free cash flow margin | 10.4%2016 | 3.4%2025 | −7.0 pts | |
| Operating cash flow / net income | 5.842017 | 2.652019 | −3.19 | |
| Stock-based compensation | $23.0M2016 | $54.6M2025 | +10.1%/yr | |
| Dividends paid | $83.2M2016 | $159.3M2025 | +7.5%/yr | |
| Share buybacks (net) | $02016 | $02022 | — | |
| Capex / revenue | 2.0%2016 | 2.2%2025 | +0.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PRGO cash flow by activity
OperatingInvestingFinancingChange in cash
PRGO 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).
PRGO cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$1.40B | −$171.8M | −$12.7M | −$140.6M | −$68.9M | −$162.6M | $146.1M | $131.0M | $119.6M | −$4.01B |
| Depreciation & amortization | $337.5M | $325.9M | $359.5M | $338.6M | $312.2M | $384.8M | $396.5M | $423.6M | $444.8M | $457.0M |
| Stock-based compensation | $54.6M | $64.4M | $68.8M | $54.9M | $60.1M | $58.5M | $52.2M | $37.7M | $43.8M | $23.0M |
| Change in working capital | −$101.1M | −$74.7M | −$58.5M | $20.0M | −$295.4M | −$69.2M | −$313.5M | −$19.4M | −$103.9M | −$101.5M |
| Other non-cash items | $1.35B | $219.1M | $48.4M | $34.4M | $148.3M | $424.7M | $106.5M | $20.1M | $194.6M | $4.29B |
| Cash from operating activities | $238.5M | $362.9M | $405.5M | $307.3M | $156.3M | $636.2M | $387.8M | $593.0M | $698.9M | $654.9M |
| Investing activities | ||||||||||
| Capital expenditures | −$93.4M | −$118.3M | −$101.7M | −$96.4M | −$152.1M | −$170.4M | −$137.7M | −$102.6M | −$88.6M | −$106.2M |
| Investments (net) | $0 | $78.8M | −$80.7M | −$1.96B | $1.28B | −$15.0M | −$596.1M | −$7.5M | $2.20B | $4.5M |
| Acquisitions & other investing | $18.0M | $118.3M | $104.9M | $96.4M | $152.1M | −$2.4M | $137.7M | −$16.7M | $226.7M | −$73.3M |
| Cash from investing activities | −$75.4M | $78.8M | −$77.5M | −$1.96B | $1.28B | −$187.8M | −$596.1M | −$126.8M | $2.34B | −$175.0M |
| Financing activities | ||||||||||
| Dividends paid | −$159.3M | −$152.5M | −$149.7M | −$142.4M | −$129.6M | −$123.9M | −$112.4M | −$104.9M | −$91.1M | −$83.2M |
| Share repurchases & issuance (net) | — | — | — | $0 | $0 | −$164.2M | $600.5M | −$400.0M | −$191.5M | $1.19B |
| Net borrowing (repayment) | −$34.8M | −$437.8M | −$30.2M | $616.7M | −$30.6M | $124.2M | $123.5M | −$58.3M | −$2.73B | −$185.1M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $200,000 | $900,000 | $1.3M | $0 | $0 |
| Other financing | −$26.4M | −$20.7M | −$7.3M | −$52.7M | −$18.5M | −$17.4M | −$610.7M | −$10.0M | $3.0M | −$1.19B |
| Cash from financing activities | −$220.5M | −$611.0M | −$187.2M | $421.6M | −$178.7M | −$181.1M | $1.8M | −$571.9M | −$3.00B | −$268.7M |
| Summary | ||||||||||
| Net change in cash | −$27.2M | −$192.5M | $150.6M | −$1.26B | $1.23B | $287.2M | −$196.8M | −$127.6M | $56.4M | $204.5M |
| Cash at end of period | $531.6M | $558.8M | $751.3M | $600.7M | $1.86B | $641.5M | $354.3M | $551.1M | $678.7M | $622.3M |
| Free cash flow | $145.1M | $244.6M | $303.8M | $210.9M | $4.2M | $465.8M | $250.1M | $490.4M | $610.3M | $548.7M |
| Free cash flow margin | 3.4% | 5.6% | 6.5% | 4.7% | 0.1% | 11.4% | 6.5% | 10.4% | 12.3% | 10.4% |
| Capex / revenue | 2.2% | 2.7% | 2.2% | 2.2% | 3.7% | 4.2% | 3.6% | 2.2% | 1.8% | 2.0% |
| Operating cash flow / net income | — | — | — | — | — | — | 2.65 | 4.53 | 5.84 | — |
| 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 | −$324.1M | −$389.9M | −$1.41B | $12.7M | −$500,000 | $100,000 | −$44.5M | −$20.9M | −$108.4M | $2.0M | −$32.3M | $14.2M |
| Depreciation & amortization | $179.1M | $83.3M | $55.7M | $85.4M | $86.3M | $79.9M | $80.3M | $82.3M | $81.9M | $81.4M | $85.9M | $91.0M |
| Stock-based compensation | $21.2M | $14.4M | $13.0M | $13.2M | $16.8M | $11.6M | $19.9M | $5.9M | $23.0M | $15.6M | $10.6M | $14.7M |
| Change in working capital | $8.9M | −$196.3M | $158.8M | −$45.3M | −$38.2M | −$176.4M | $161.8M | −$17.6M | −$92.2M | −$126.7M | $129.2M | −$21.1M |
| Other non-cash items | $253.2M | $374.9M | $1.36B | −$14.3M | $11.5M | $20.3M | $95.1M | −$7.5M | $105.2M | $26.3M | $15.3M | $25.7M |
| Cash from operating activities | $138.3M | −$113.6M | $175.4M | $51.7M | $75.9M | −$64.5M | $312.6M | $42.2M | $9.5M | −$1.4M | $208.7M | $124.5M |
| Investing activities | ||||||||||||
| Capital expenditures | −$14.3M | −$13.8M | −$26.8M | −$21.9M | −$19.2M | −$25.5M | −$37.7M | −$27.1M | −$28.4M | −$25.1M | −$26.7M | −$31.8M |
| Investments (net) | — | — | $0 | −$21.4M | −$3.8M | −$25.7M | −$37.1M | $212.7M | −$73.3M | −$23.5M | −$22.8M | −$30.7M |
| Acquisitions & other investing | $349.9M | $1.4M | $2.3M | $21.9M | $19.2M | $25.5M | $37.7M | $27.1M | $28.4M | $25.1M | $26.7M | $31.8M |
| Cash from investing activities | $335.6M | −$12.4M | −$24.5M | −$21.4M | −$3.8M | −$25.7M | −$37.1M | $212.7M | −$73.3M | −$23.5M | −$22.8M | −$30.7M |
| Financing activities | ||||||||||||
| Dividends paid | −$80.1M | −$39.9M | −$39.9M | −$39.9M | −$38.9M | −$40.6M | −$39.6M | −$37.6M | −$37.7M | −$37.6M | −$37.6M | −$38.9M |
| Net borrowing (repayment) | $92.6M | −$424.3M | −$8.7M | −$8.5M | −$8.8M | −$8.8M | −$1.11B | $691.9M | — | — | — | −$9.1M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$441.3M | $418.9M | −$5.8M | −$1.9M | −$6.3M | −$12.4M | −$4.4M | −$1.0M | −$12.1M | −$22.8M | −$7.0M | $4.7M |
| Cash from financing activities | −$428.8M | −$45.3M | −$54.4M | −$50.3M | −$54.0M | −$61.8M | −$1.15B | $653.3M | −$49.8M | −$60.4M | −$44.6M | −$43.3M |
| Summary | ||||||||||||
| Net change in cash | $42.1M | −$174.4M | $99.5M | −$22.1M | $44.3M | −$148.9M | −$904.7M | $920.7M | −$115.7M | −$92.8M | $153.0M | $43.1M |
| Cash at end of period | $399.7M | $357.2M | $531.6M | $432.1M | $454.2M | $409.9M | $558.8M | $1.46B | $542.8M | $658.5M | $751.3M | $598.3M |
| Free cash flow | $124.0M | −$127.4M | $148.6M | $29.8M | $56.7M | −$90.0M | $274.9M | $15.1M | −$18.9M | −$26.5M | $182.0M | $92.7M |
| Free cash flow margin | 12.1% | −13.1% | 13.4% | 2.9% | 5.4% | −8.6% | 24.2% | 1.4% | −1.8% | −2.4% | 15.7% | 8.2% |
| Capex / revenue | 1.4% | 1.4% | 2.4% | 2.1% | 1.8% | 2.4% | 3.3% | 2.5% | 2.7% | 2.3% | 2.3% | 2.8% |
| Operating cash flow / net income | — | — | — | 4.07 | — | −645.00 | — | — | — | −0.70 | — | 8.77 |
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.
PRGO cash generation
In fiscal 2025 (ended December 31, 2025), Perrigo generated $238.5 million of cash from operations (down 34.3%) and spent $93.4 million on capital expenditures, leaving free cash flow of $145.1 million, 3.4% of revenue. It returned $159.3 million to shareholders through dividends ($159.3 million) and net share buybacks ($0). Cash and equivalents fell by $27.2 million over the year.
Related: PRGO income statement, PRGO balance sheet, PRGO dividend history. See the PRGO stock overview for the latest quote and news.
PRGO cash flow FAQ
What is Perrigo's free cash flow?
Perrigo's free cash flow was $145.1 million in fiscal 2025: $238.5 million of operating cash flow minus $93.4 million of capital expenditures It was $244.6 million a year earlier..
How much cash does Perrigo generate from operations?
Perrigo generated $238.5 million of cash from operating activities in fiscal 2025.
How much does Perrigo spend on capital expenditures?
Perrigo spent $93.4 million on capital expenditures in fiscal 2025, 2.2% of revenue, compared with $118.3 million the year before.
How much does Perrigo pay in dividends?
Perrigo paid $159.3 million in dividends in fiscal 2025, 109.8% of free cash flow.