Royalty Pharma plc (RPRX) Cash Flow Statement
Where RPRX’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.49B −10.1% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $2.49B 104.7% margin
- Returned to shareholders
- $1.61B 64% of free cash flow
- Change in cash
- −$310.3M cash at year-end $618.7M
Cash from operations
$2.49B
Investments (net)
−$1.36B
Acquisitions & other
−$249.5M
Dividends
−$378.3M
Share buybacks (net)
−$1.23B
Net borrowing (repayment)
+$954.5M
Other financing
−$534.8M
Change in cash
−$310.3M
Drawn to scale: where the cash came from and how it was used. Hover for values.
RPRX operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
RPRX cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$15.6M2016 | $2.49B2025 | — | |
| Capital expenditures | $02016 | $02025 | — | |
| Free cash flow | −$15.6M2016 | $2.49B2025 | — | |
| Free cash flow margin | −0.8%2016 | 104.7%2025 | +105.5 pts | |
| Operating cash flow / net income | 1.062017 | 1.882025 | +0.82 | |
| Stock-based compensation | $5.4M2020 | $289.9M2025 | +121.6%/yr | |
| Dividends paid | $735.2M2017 | $378.3M2025 | −8.0%/yr | |
| Share buybacks (net) | $02016 | $1.23B2025 | — | |
| Capex / revenue | 0.0%2016 | 0.0%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RPRX cash flow by activity
OperatingInvestingFinancingChange in cash
RPRX 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).
RPRX cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.32B | $1.33B | $1.70B | $230.1M | $1.24B | $1.70B | $2.46B | $1.52B | $1.34B | −$17.3M |
| Depreciation & amortization | $3.9M | $0 | $20.5M | $5.7M | $23.0M | $23.1M | $23.9M | $33.3M | $33.3M | $5,000 |
| Stock-based compensation | $289.9M | $2.3M | $2.4M | $2.2M | $2.4M | $5.4M | — | — | — | — |
| Change in working capital | −$17.2M | $53.4M | $5.4M | $32.7M | −$16.3M | −$1.88B | −$1.67B | −$1.56B | −$1.48B | — |
| Other non-cash items | $889.0M | $1.38B | $1.26B | $1.87B | $767.2M | $2.19B | $855.4M | $1.63B | $1.52B | $1.7M |
| Cash from operating activities | $2.49B | $2.77B | $2.99B | $2.14B | $2.02B | $2.03B | $1.67B | $1.62B | $1.42B | −$15.6M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | −$2.12B | −$2.04B | −$523,000 | −$2.20B | −$1.72B | −$269.6M | −$2.29B | $0 |
| Investments (net) | −$1.36B | −$2.68B | −$657.9M | −$1.15B | −$1.83B | −$3.09B | −$2.12B | $573.0M | $588.0M | — |
| Acquisitions & other investing | −$249.5M | $0 | $700.6M | $2.16B | −$37.3M | $2.53B | $1.68B | $0 | $115.0M | — |
| Cash from investing activities | −$1.61B | −$2.68B | −$2.07B | −$1.03B | −$1.87B | −$2.76B | −$2.15B | $303.4M | −$1.59B | — |
| Financing activities | ||||||||||
| Dividends paid | −$378.3M | −$376.5M | −$358.3M | −$333.3M | −$285.2M | −$397.0M | −$739.3M | −$814.4M | −$735.2M | — |
| Share repurchases & issuance (net) | −$1.23B | −$229.7M | −$304.8M | −$144.1M | −$479.6M | $11.89B | −$4.3M | $0 | — | $2.9M |
| Net borrowing (repayment) | $954.5M | $1.47B | −$1.00B | −$1.3M | $1.26B | $728.1M | −$294.0M | −$294.0M | $907.0M | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $1.91B | $0 | $0 | $0 | $0 |
| Other financing | −$534.8M | −$504.0M | −$485.7M | −$466.1M | −$109.6M | −$12.64B | −$154.1M | −$270.7M | −$295.1M | $0 |
| Cash from financing activities | −$1.19B | $361.1M | −$2.15B | −$944.9M | $385.1M | $1.49B | −$1.19B | −$1.38B | −$123.3M | $2.9M |
| Summary | ||||||||||
| Net change in cash | −$310.3M | $452.0M | −$1.23B | $169.7M | $532.4M | $763.0M | −$1.64B | $542.6M | −$292.6M | −$12.7M |
| Cash at end of period | $618.7M | $929.0M | $477.0M | $1.71B | $1.54B | $1.01B | $283.7M | $1.92B | $1.38B | $1.67B |
| Free cash flow | $2.49B | $2.77B | $2.99B | $4.19B | $2.02B | $4.23B | $1.67B | $1.62B | $1.42B | −$15.6M |
| Free cash flow margin | 104.7% | 122.3% | 126.9% | 187.1% | 88.1% | 199.4% | 91.9% | 90.2% | 88.8% | −0.8% |
| Capex / revenue | 0.0% | 0.0% | 89.8% | 91.2% | 0.0% | 103.5% | 94.9% | 15.0% | 143.4% | 0.0% |
| Operating cash flow / net income | 1.88 | 2.08 | 1.76 | 9.32 | 1.63 | 1.20 | 0.68 | 1.07 | 1.06 | — |
| 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 | −$294.7M | $294.7M | $355.9M | $444.2M | $90.6M | $433.4M | $334.4M | $806.4M | $194.4M | −$4.3M | $717.6M | $122.1M |
| Depreciation & amortization | $1.3M | $1.2M | $1.2M | $1.3M | $1.4M | $0 | — | −$4.6M | $4.6M | — | $0 | $0 |
| Stock-based compensation | $107.1M | $122.0M | $125.8M | $72.8M | $90.8M | $515,000 | $525,000 | $526,000 | $681,000 | $612,000 | $617,000 | $581,000 |
| Change in working capital | −$1.67B | $835.2M | $48.5M | −$50.9M | $49.7M | −$64.5M | $51.5M | −$18.7M | $50.1M | −$29.5M | $47.9M | −$37.0M |
| Other non-cash items | $2.54B | −$492.5M | $295.8M | $235.2M | $131.5M | $226.6M | $356.1M | −$80.0M | $408.5M | $697.8M | $6.5M | $487.9M |
| Cash from operating activities | $686.2M | $760.5M | $827.1M | $702.6M | $364.0M | $596.1M | $742.5M | $703.6M | $658.2M | $664.6M | $772.6M | $573.5M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | −$1.1M | $0 | $0 | $0 | −$832.7M | −$746.6M | −$86.1M | −$1.00B | −$451.1M |
| Investments (net) | −$216.2M | −$470.2M | −$850.1M | −$958.3M | −$312.0M | $503.9M | −$505.6M | −$1.19B | −$893.2M | −$86.7M | −$1.00B | −$450.7M |
| Acquisitions & other investing | $28.8M | −$50.0M | $2.3M | $1.1M | $0 | $0 | $0 | $832.7M | $746.6M | $86.1M | $1.00B | $451.1M |
| Cash from investing activities | −$187.4M | −$520.2M | −$847.8M | −$958.3M | −$312.0M | $503.9M | −$505.6M | −$1.19B | −$893.2M | −$86.7M | −$1.00B | −$450.7M |
| Financing activities | ||||||||||||
| Dividends paid | −$104.9M | −$104.5M | −$94.3M | −$95.3M | −$93.2M | −$95.4M | −$93.7M | −$94.1M | −$94.9M | −$93.8M | −$89.3M | −$89.8M |
| Share repurchases & issuance (net) | −$44.6M | −$50.1M | −$80.5M | −$146.5M | −$291.6M | −$708.8M | −$52.6M | −$97.0M | −$80.0M | $0 | −$30.2M | −$140.1M |
| Net borrowing (repayment) | — | — | $0 | $954.5M | — | — | $0 | $0 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$123.6M | −$118.1M | −$124.7M | −$149.9M | −$123.0M | −$137.2M | −$111.7M | −$134.4M | $1.33B | −$118.2M | −$112.4M | −$1.13B |
| Cash from financing activities | −$273.1M | −$272.7M | −$299.6M | $562.7M | −$507.8M | −$941.3M | −$258.0M | −$325.5M | $1.16B | −$212.0M | −$231.9M | −$1.36B |
| Summary | ||||||||||||
| Net change in cash | $225.6M | −$32.3M | −$320.2M | $307.0M | −$455.8M | $158.7M | −$21.0M | −$814.6M | $921.6M | $366.0M | −$459.4M | −$1.24B |
| Cash at end of period | $812.0M | $586.4M | $618.7M | $938.9M | $631.9M | $1.09B | $929.0M | $950.1M | $1.76B | $843.0M | $477.0M | $936.4M |
| Free cash flow | $686.2M | $760.5M | $827.1M | $702.6M | $364.0M | $596.1M | $742.5M | $703.6M | $658.2M | $664.6M | $772.6M | $573.5M |
| Free cash flow margin | 101.8% | 120.6% | 133.0% | 115.3% | 62.9% | 104.9% | 125.1% | 124.6% | 122.5% | 117.0% | 129.6% | 106.9% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 0.0% | 0.0% | 147.5% | 139.0% | 15.2% | 168.1% | 84.1% |
| Operating cash flow / net income | — | 2.58 | 2.32 | 1.58 | 4.02 | 1.38 | 2.22 | 0.87 | 3.39 | — | 1.08 | 4.70 |
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.
RPRX cash generation
In fiscal 2025 (ended December 31, 2025), Royalty Pharma generated $2.5 billion of cash from operations (down 10.1%) and spent $0 on capital expenditures, leaving free cash flow of $2.5 billion, 104.7% of revenue. It returned $1.6 billion to shareholders through dividends ($378.3 million) and net share buybacks ($1.2 billion). Cash and equivalents fell by $310.3 million over the year.
Related: RPRX income statement, RPRX balance sheet, RPRX dividend history. See the RPRX stock overview for the latest quote and news.
RPRX cash flow FAQ
What is Royalty Pharma's free cash flow?
Royalty Pharma's free cash flow was $2.5 billion in fiscal 2025: $2.5 billion of operating cash flow minus $0 of capital expenditures It was $2.8 billion a year earlier..
How much cash does Royalty Pharma generate from operations?
Royalty Pharma generated $2.5 billion of cash from operating activities in fiscal 2025, 1.88 times its net income of $1.3 billion.
How much stock does Royalty Pharma buy back?
Royalty Pharma spent $1.2 billion on net share repurchases in fiscal 2025.
How much does Royalty Pharma pay in dividends?
Royalty Pharma paid $378.3 million in dividends in fiscal 2025, 15.2% of free cash flow.