Regeneron Pharmaceuticals, Inc. (REGN) Cash Flow Statement
Where REGN’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $4.98B +12.6% vs 2024
- Capital expenditures
- $898.4M 6.3% of revenue
- Free cash flow
- $4.08B 28.4% margin
- Returned to shareholders
- $4.34B 106% of free cash flow
- Change in cash
- $634.7M cash at year-end $3.12B
Drawn to scale: where the cash came from and how it was used. Hover for values.
REGN operating cash flow, capex and free cash flow
REGN cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.49B2016 | $4.98B2025 | +14.4%/yr | |
| Capital expenditures | $511.9M2016 | $898.4M2025 | +6.4%/yr | |
| Free cash flow | $974.0M2016 | $4.08B2025 | +17.3%/yr | |
| Free cash flow margin | 20.0%2016 | 28.4%2025 | +8.4 pts | |
| Operating cash flow / net income | 1.662016 | 1.112025 | −0.55 | |
| Stock-based compensation | $559.9M2016 | $993.7M2025 | +6.6%/yr | |
| Dividends paid | $500.2M2016 | $370.3M2025 | −3.3%/yr | |
| Share buybacks (net) | $143.2M2016 | $3.97B2025 | +44.7%/yr | |
| Capex / revenue | 10.5%2016 | 6.3%2025 | −4.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
REGN cash flow by activity
REGN net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
REGN cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $4.50B | $4.41B | $3.95B | $4.34B | $8.08B | $3.51B | $2.12B | $2.44B | $1.20B | $895.5M |
| Depreciation & amortization | $543.7M | $482.9M | $421.0M | $341.4M | $286.2M | $235.9M | $210.3M | $148.2M | $145.5M | $104.7M |
| Stock-based compensation | $993.7M | $982.8M | $885.0M | $725.0M | $601.7M | $432.0M | $464.3M | $427.4M | $507.3M | $559.9M |
| Change in working capital | $532.6M | −$618.3M | −$94.1M | −$243.3M | −$1.92B | −$1.50B | −$200.5M | −$697.0M | −$926.5M | $228.2M |
| Other non-cash items | −$1.60B | −$839.5M | −$571.5M | −$146.6M | $34.6M | −$59.4M | −$159.9M | −$127.9M | $382.4M | −$302.4M |
| Cash from operating activities | $4.98B | $4.42B | $4.59B | $5.01B | $7.08B | $2.62B | $2.43B | $2.20B | $1.31B | $1.49B |
| Investing activities | ||||||||||
| Capital expenditures | −$898.4M | −$755.9M | −$926.4M | −$590.1M | −$551.9M | −$614.6M | −$429.6M | −$383.1M | −$272.6M | −$511.9M |
| Investments (net) | $587.9M | −$2.47B | −$4.98B | −$1.94B | −$4.83B | $544.0M | −$1.60B | −$1.07B | −$732.6M | −$535.0M |
| Acquisitions & other investing | −$318.6M | $755.9M | $2.72B | −$1.26B | $0 | $0 | $0 | −$10.0M | −$26,000 | −$41,000 |
| Cash from investing activities | −$629.1M | −$2.47B | −$3.19B | −$3.78B | −$5.38B | −$70.6M | −$2.03B | −$1.46B | −$1.01B | −$1.05B |
| Financing activities | ||||||||||
| Dividends paid | −$370.3M | $0 | $0 | — | — | — | — | — | −$358.7M | −$500.2M |
| Share repurchases & issuance (net) | −$3.97B | −$3.63B | −$2.23B | −$2.53B | −$2.68B | −$6.53B | −$463.9M | −$191.6M | −$301.7M | −$143.2M |
| Net borrowing (repayment) | — | — | — | $0 | $0 | $1.98B | $1.98B | $1.98B | $37.1M | −$40.6M |
| Shares issued | $635.9M | $1.47B | $1.22B | $1.52B | $1.67B | $2.58B | $211.8M | $114.5M | $0 | $0 |
| Other financing | −$10.3M | −$33.4M | −$772.2M | $0 | $0 | $0 | −$1.98B | −$1.98B | $598.9M | −$16.4M |
| Cash from financing activities | −$3.72B | −$2.20B | −$1.79B | −$1.01B | −$1.01B | −$1.97B | −$252.1M | −$77.1M | −$24.4M | −$700.4M |
| Summary | ||||||||||
| Net change in cash | $634.7M | −$248.8M | −$381.6M | $221.3M | $690.8M | $577.0M | $150.1M | $655.0M | $277.5M | −$273.9M |
| Cash at end of period | $3.12B | $2.49B | $2.74B | $3.12B | $2.90B | $2.21B | $1.63B | $1.48B | $812.7M | $535.2M |
| Free cash flow | $4.08B | $3.66B | $3.67B | $4.42B | $6.53B | $2.00B | $2.00B | $1.81B | $1.03B | $974.0M |
| Free cash flow margin | 28.4% | 25.8% | 28.0% | 36.3% | 40.6% | 23.6% | 25.4% | 27.0% | 17.6% | 20.0% |
| Capex / revenue | 6.3% | 5.3% | 7.1% | 4.8% | 3.4% | 7.2% | 5.5% | 5.7% | 4.6% | 10.5% |
| Operating cash flow / net income | 1.11 | 1.00 | 1.16 | 1.16 | 0.88 | 0.75 | 1.15 | 0.90 | 1.09 | 1.66 |
| 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 | $1.30B | $727.2M | $844.6M | $1.46B | $1.39B | $808.7M | $917.7M | $1.34B | $1.43B | $722.0M | $1.16B | $1.01B |
| Depreciation & amortization | $123.7M | $123.2M | $145.0M | $136.7M | $135.1M | $126.9M | $126.4M | $121.7M | $120.7M | $114.1M | $113.0M | $105.4M |
| Stock-based compensation | $243.0M | $257.4M | $249.3M | $237.0M | $251.7M | $255.7M | $304.4M | $225.1M | $223.2M | $230.1M | $240.4M | $203.9M |
| Change in working capital | −$161.1M | −$77.4M | $5.9M | $625.0M | −$227.9M | $129.6M | −$86.4M | $468.0M | −$908.5M | $440.5M | −$61.4M | −$192.3M |
| Other non-cash items | −$928.0M | $48.5M | −$74.1M | −$840.0M | −$406.1M | −$275.8M | $700,000 | −$864.2M | −$513.7M | $5.8M | −$361.9M | −$10.5M |
| Cash from operating activities | $574.5M | $1.08B | $1.17B | $1.62B | $1.14B | $1.05B | $1.26B | $1.29B | $354.0M | $1.51B | $1.09B | $1.11B |
| Investing activities | ||||||||||||
| Capital expenditures | −$240.2M | −$230.6M | −$248.7M | −$201.4M | −$176.8M | −$271.5M | −$267.0M | −$183.6M | −$210.9M | −$161.8M | −$313.5M | −$176.0M |
| Investments (net) | $198.5M | −$149.4M | $511.3M | −$402.9M | −$1.09B | $647.5M | $350.6M | −$574.4M | −$557.2M | −$1.69B | −$66.2M | −$496.3M |
| Acquisitions & other investing | −$51.0M | −$48.9M | −$42.3M | $201.4M | $176.8M | $271.5M | $267.0M | $183.6M | $210.9M | $161.8M | $313.5M | $176.0M |
| Cash from investing activities | −$92.7M | −$428.9M | $220.3M | −$402.9M | −$1.09B | $647.5M | $350.6M | −$574.4M | −$557.2M | −$1.69B | −$66.2M | −$496.3M |
| Financing activities | ||||||||||||
| Dividends paid | −$96.8M | −$97.8M | −$92.7M | −$91.2M | −$92.6M | −$93.8M | — | — | $0 | $0 | — | — |
| Share repurchases & issuance (net) | −$1.17B | −$794.3M | −$671.7M | −$664.0M | −$1.06B | −$1.05B | −$973.0M | −$735.1M | −$603.9M | −$291.3M | −$747.1M | −$675.9M |
| Shares issued | $49.2M | $163.1M | $503.5M | $40.3M | $31.5M | $60.6M | $90.9M | $254.7M | $437.6M | $682.1M | $301.0M | $268.6M |
| Other financing | −$1.13B | −$73.2M | −$519.2M | −$3.0M | −$5.6M | −$10.3M | −$253.4M | −$153.6M | −$311.8M | −$343.7M | $0 | $0 |
| Cash from financing activities | −$2.34B | −$802.2M | −$780.1M | −$717.9M | −$1.13B | −$1.09B | −$1.14B | −$634.0M | −$478.1M | $47.1M | −$446.1M | −$407.3M |
| Summary | ||||||||||||
| Net change in cash | −$1.86B | −$153.1M | $610.6M | $497.5M | −$1.08B | $604.0M | $477.2M | $83.6M | −$681.6M | −$128.0M | $577.6M | $210.5M |
| Cash at end of period | $1.11B | $2.97B | $3.12B | $2.51B | $2.02B | $3.09B | $2.49B | $2.01B | $1.93B | $2.60B | $2.74B | $2.16B |
| Free cash flow | $334.3M | $848.3M | $922.0M | $1.42B | $967.6M | $773.6M | $995.8M | $1.11B | $143.1M | $1.35B | $776.2M | $938.3M |
| Free cash flow margin | 7.8% | 23.5% | 23.7% | 37.8% | 26.3% | 25.5% | 26.3% | 29.8% | 4.0% | 42.9% | 22.6% | 27.9% |
| Capex / revenue | 5.6% | 6.4% | 6.4% | 5.4% | 4.8% | 9.0% | 7.0% | 4.9% | 5.9% | 5.1% | 9.1% | 5.2% |
| Operating cash flow / net income | 0.44 | 1.48 | 1.39 | 1.11 | 0.82 | 1.29 | 1.38 | 0.96 | 0.25 | 2.09 | 0.94 | 1.11 |
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.
REGN cash generation
In fiscal 2025 (ended December 31, 2025), Regeneron generated $5.0 billion of cash from operations (up 12.6%) and spent $898.4 million on capital expenditures, leaving free cash flow of $4.1 billion, 28.4% of revenue. It returned $4.3 billion to shareholders through dividends ($370.3 million) and net share buybacks ($4.0 billion). Cash and equivalents rose by $634.7 million over the year.
Related: REGN income statement, REGN balance sheet, REGN dividend history. See the REGN stock overview for the latest quote and news.
REGN cash flow FAQ
What is Regeneron's free cash flow?
Regeneron's free cash flow was $4.1 billion in fiscal 2025: $5.0 billion of operating cash flow minus $898.4 million of capital expenditures It was $3.7 billion a year earlier..
How much cash does Regeneron generate from operations?
Regeneron generated $5.0 billion of cash from operating activities in fiscal 2025, 1.11 times its net income of $4.5 billion.
How much does Regeneron spend on capital expenditures?
Regeneron spent $898.4 million on capital expenditures in fiscal 2025, 6.3% of revenue, compared with $755.9 million the year before.
How much stock does Regeneron buy back?
Regeneron spent $4.0 billion on net share repurchases in fiscal 2025.
How much does Regeneron pay in dividends?
Regeneron paid $370.3 million in dividends in fiscal 2025, 9.1% of free cash flow.