Takeda Pharmaceutical Company Limited (TAK) Cash Flow Statement
Where TAK’s cash came from and went, FY2026
March 31, 2026 · Japanese yen- Cash from operations
- ¥1.04T −1.5% vs FY2025
- Capital expenditures
- ¥414.66B 8.7% of revenue
- Free cash flow
- ¥626.77B 13.1% margin
- Returned to shareholders
- ¥363.50B 58% of free cash flow
- Change in cash
- ¥209.94B cash at year-end ¥595.05B
Cash from operations
¥1.04T
Capital expenditures
−¥414.66B
Investments (net)
−¥10.40B
Acquisitions & other
+¥55.92B
Dividends
−¥311.90B
Share buybacks (net)
−¥51.60B
Other financing
−¥134.39B
Currency & other
+¥35.55B
Change in cash
¥209.94B
Drawn to scale: where the cash came from and how it was used. Hover for values.
TAK operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
TAK cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | ¥261.36BFY2017 | ¥1.04TFY2026 | +16.6%/yr | |
| Capital expenditures | ¥112.03BFY2017 | ¥414.66BFY2026 | +15.7%/yr | |
| Free cash flow | ¥149.34BFY2017 | ¥626.77BFY2026 | +17.3%/yr | |
| Free cash flow margin | 8.6%FY2017 | 13.1%FY2026 | +4.5 pts | |
| Operating cash flow / net income | 2.26FY2017 | 9.78FY2025 | +7.51 | |
| Stock-based compensation | ¥15.38BFY2017 | ¥72.78BFY2026 | +18.8%/yr | |
| Dividends paid | ¥141.69BFY2017 | ¥311.90BFY2026 | +9.2%/yr | |
| Share buybacks (net) | ¥23.12BFY2017 | ¥51.60BFY2026 | +9.3%/yr | |
| Capex / revenue | 6.5%FY2017 | 8.7%FY2026 | +2.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TAK cash flow by activity
OperatingInvestingFinancingChange in cash
TAK 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).
TAK cash flow statement in Japanese yen
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −¥152.12B | ¥108.14B | ¥144.20B | ¥317.04B | ¥230.17B | ¥376.17B | ¥44.29B | ¥135.08B | ¥186.71B | ¥115.51B |
| Depreciation & amortization | ¥721.13B | ¥761.40B | ¥728.00B | ¥664.40B | ¥583.15B | ¥559.67B | ¥583.65B | ¥247.69B | ¥182.13B | ¥171.43B |
| Stock-based compensation | ¥72.78B | ¥72.87B | ¥70.87B | ¥60.67B | ¥43.37B | ¥37.66B | ¥29.12B | ¥20.08B | ¥18.61B | ¥15.38B |
| Change in working capital | ¥199.91B | −¥59.37B | −¥256.00B | −¥25.26B | ¥98.61B | ¥275.78B | ¥94.67B | ¥63.98B | ¥13.40B | ¥29.68B |
| Other non-cash items | ¥199.75B | ¥174.15B | ¥29.28B | −¥39.69B | ¥167.81B | −¥238.35B | −¥81.98B | −¥138.35B | −¥23.00B | −¥70.64B |
| Cash from operating activities | ¥1.04T | ¥1.06T | ¥716.34B | ¥977.16B | ¥1.12T | ¥1.01T | ¥669.75B | ¥328.48B | ¥377.85B | ¥261.36B |
| Investing activities | ||||||||||
| Capital expenditures | −¥414.66B | −¥379.62B | −¥480.73B | −¥633.69B | −¥186.04B | −¥236.47B | −¥217.71B | −¥134.11B | −¥128.26B | −¥112.03B |
| Investments (net) | −¥10.40B | −¥367.06B | −¥463.86B | −¥607.10B | −¥198.12B | ¥62.01B | ¥292.12B | −¥2.84T | −¥93.34B | −¥655.69B |
| Acquisitions & other investing | ¥55.92B | ¥379.62B | ¥480.73B | ¥633.69B | ¥186.04B | ¥567.99B | ¥217.71B | ¥134.11B | ¥128.26B | ¥112.03B |
| Cash from investing activities | −¥369.14B | −¥367.06B | −¥463.86B | −¥607.10B | −¥198.12B | ¥393.53B | ¥292.12B | −¥2.84T | −¥93.34B | −¥655.69B |
| Financing activities | ||||||||||
| Dividends paid | −¥311.90B | −¥302.50B | −¥287.19B | −¥279.42B | −¥283.67B | −¥283.36B | −¥282.58B | −¥142.95B | −¥141.89B | −¥141.69B |
| Share repurchases & issuance (net) | −¥51.60B | −¥51.86B | −¥2.33B | −¥26.93B | −¥77.53B | −¥2.14B | −¥3.74B | −¥1.17B | −¥18.76B | −¥23.12B |
| Net borrowing (repayment) | ¥1.08B | −¥314.31B | ¥1.51B | −¥285.07B | −¥600.48B | −¥660.50B | −¥586.09B | ¥3.16T | −¥153.14B | ¥471.42B |
| Shares issued | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 |
| Other financing | −¥134.39B | −¥82.75B | −¥66.42B | −¥117.73B | −¥108.59B | −¥142.35B | −¥132.80B | −¥71.14B | −¥12.44B | −¥16.72B |
| Cash from financing activities | −¥496.82B | −¥751.42B | −¥354.42B | −¥709.15B | −¥1.07T | −¥1.09T | −¥1.01T | ¥2.95T | −¥326.23B | ¥289.90B |
| Summary | ||||||||||
| Net change in cash | ¥209.94B | −¥72.69B | −¥75.73B | −¥316.17B | −¥116.53B | ¥328.61B | −¥65.11B | ¥407.12B | −¥46.73B | −¥131.97B |
| Cash at end of period | ¥595.05B | ¥385.11B | ¥457.80B | ¥533.53B | ¥849.70B | ¥966.22B | ¥637.61B | ¥702.09B | ¥294.52B | ¥319.45B |
| Free cash flow | ¥626.77B | ¥677.56B | ¥235.61B | ¥343.47B | ¥937.07B | ¥774.46B | ¥452.04B | ¥194.37B | ¥249.59B | ¥149.34B |
| Free cash flow margin | 13.1% | 14.8% | 5.5% | 8.5% | 26.3% | 24.2% | 13.7% | 9.3% | 14.1% | 8.6% |
| Capex / revenue | 8.7% | 8.3% | 11.3% | 15.7% | 5.2% | 7.4% | 6.6% | 6.4% | 7.2% | 6.5% |
| Operating cash flow / net income | — | 9.78 | 4.97 | 3.08 | 4.88 | 2.69 | 15.12 | 2.43 | 2.02 | 2.26 |
| 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 | ¥113.20B | −¥368.41B | ¥103.73B | −¥11.73B | ¥124.28B | −¥103.10B | ¥23.84B | ¥92.11B | ¥95.30B | −¥2.99B | ¥105.75B | −¥47.97B |
| Depreciation & amortization | ¥162.64B | ¥163.87B | ¥190.64B | ¥184.98B | ¥181.64B | ¥189.77B | ¥186.96B | ¥192.45B | ¥192.22B | ¥186.74B | ¥187.06B | ¥182.70B |
| Stock-based compensation | ¥18.19B | ¥19.71B | ¥17.80B | ¥18.73B | ¥16.53B | ¥17.63B | ¥18.30B | ¥21.55B | ¥15.39B | ¥18.19B | ¥18.71B | ¥18.54B |
| Change in working capital | −¥158.66B | ¥251.00B | −¥39.33B | ¥21.94B | −¥33.70B | ¥2.87B | ¥88.76B | −¥70.81B | −¥80.19B | ¥59.38B | −¥166.02B | ¥1.59B |
| Other non-cash items | −¥7.74B | ¥8.36B | ¥100.41B | ¥164.31B | −¥73.32B | ¥114.99B | ¥65.91B | ¥45.66B | −¥52.41B | ¥17.27B | ¥951.0M | ¥44.05B |
| Cash from operating activities | ¥127.62B | ¥74.53B | ¥373.25B | ¥378.23B | ¥215.42B | ¥222.16B | ¥383.76B | ¥280.96B | ¥170.30B | ¥278.59B | ¥146.45B | ¥198.91B |
| Investing activities | ||||||||||||
| Capital expenditures | −¥53.81B | −¥64.39B | −¥222.37B | −¥52.83B | −¥75.07B | −¥92.72B | −¥56.65B | −¥92.45B | −¥153.49B | −¥64.33B | −¥77.12B | −¥70.04B |
| Investments (net) | — | ¥723.0M | −¥13.37B | −¥48.13B | −¥33.19B | −¥19.68B | −¥115.56B | −¥75.13B | −¥156.69B | −¥61.48B | −¥75.27B | −¥60.58B |
| Acquisitions & other investing | −¥33.89B | ¥5.65B | ¥5.94B | ¥52.83B | ¥75.07B | ¥92.72B | ¥56.65B | ¥92.45B | ¥153.49B | ¥64.33B | ¥77.12B | −¥196.49B |
| Cash from investing activities | −¥87.70B | −¥58.02B | −¥229.80B | −¥48.13B | −¥33.19B | −¥19.68B | −¥115.56B | −¥75.13B | −¥156.69B | −¥61.48B | −¥75.27B | −¥327.11B |
| Financing activities | ||||||||||||
| Dividends paid | −¥150.13B | −¥8.79B | −¥149.03B | −¥8.79B | −¥145.29B | −¥9.74B | −¥145.45B | −¥9.20B | −¥138.11B | −¥9.13B | −¥138.25B | −¥9.06B |
| Share repurchases & issuance (net) | −¥1.01B | ¥1.32B | ¥975.9M | ¥1.5M | −¥51.60B | −¥49.98B | −¥1.88B | −¥1.88B | −¥1.88B | −¥1.88B | ¥0 | −¥2.33B |
| Net borrowing (repayment) | — | −¥25.61B | −¥9.89B | ¥36.55B | ¥22.0M | −¥203.50B | −¥470.88B | −¥69.55B | — | — | — | −¥157.07B |
| Shares issued | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 |
| Other financing | −¥29.21B | −¥44.41B | −¥34.50B | −¥39.75B | −¥18.02B | −¥38.57B | −¥37.76B | −¥29.42B | ¥456.37B | −¥47.22B | ¥40.49B | ¥27.81B |
| Cash from financing activities | −¥180.35B | −¥77.49B | −¥192.45B | −¥11.98B | −¥214.90B | −¥301.79B | −¥655.97B | −¥110.05B | ¥316.38B | −¥58.22B | −¥97.76B | −¥140.66B |
| Summary | ||||||||||||
| Net change in cash | −¥134.07B | −¥59.88B | −¥26.55B | ¥331.48B | −¥35.10B | −¥109.01B | −¥364.89B | ¥54.00B | ¥347.21B | ¥169.44B | −¥29.69B | ¥1.67B |
| Cash at end of period | ¥460.98B | ¥595.05B | ¥654.94B | ¥681.49B | ¥350.01B | ¥385.11B | ¥494.13B | ¥859.01B | ¥805.01B | ¥457.80B | ¥288.36B | ¥318.05B |
| Free cash flow | ¥73.81B | ¥10.13B | ¥150.88B | ¥325.40B | ¥140.35B | ¥129.44B | ¥327.11B | ¥188.51B | ¥16.81B | ¥214.26B | ¥69.33B | ¥128.86B |
| Free cash flow margin | 6.1% | 0.9% | 12.4% | 29.2% | 12.7% | 12.3% | 28.6% | 16.0% | 1.4% | 20.4% | 6.2% | 12.4% |
| Capex / revenue | 4.4% | 5.8% | 18.3% | 4.7% | 6.8% | 8.8% | 5.0% | 7.9% | 12.7% | 6.1% | 6.9% | 6.7% |
| Operating cash flow / net income | 1.13 | — | 3.60 | — | 1.73 | — | 16.10 | 3.05 | 1.79 | — | 1.38 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Japanese yen as reported; data from EODHD.
TAK cash generation
In fiscal 2026 (ended March 31, 2026), Takeda Pharmaceutical generated ¥1.04 trillion of cash from operations (down 1.5%) and spent ¥414.7 billion on capital expenditures, leaving free cash flow of ¥626.8 billion, 13.1% of revenue. It returned ¥363.5 billion to shareholders through dividends (¥311.9 billion) and net share buybacks (¥51.6 billion). Cash and equivalents rose by ¥209.9 billion over the year.
Related: TAK income statement, TAK balance sheet, TAK dividend history. See the TAK stock overview for the latest quote and news.
TAK cash flow FAQ
What is Takeda Pharmaceutical's free cash flow?
Takeda Pharmaceutical's free cash flow was ¥626.8 billion in fiscal 2026: ¥1.04 trillion of operating cash flow minus ¥414.7 billion of capital expenditures It was ¥677.6 billion a year earlier..
How much cash does Takeda Pharmaceutical generate from operations?
Takeda Pharmaceutical generated ¥1.04 trillion of cash from operating activities in fiscal 2026.
How much does Takeda Pharmaceutical spend on capital expenditures?
Takeda Pharmaceutical spent ¥414.7 billion on capital expenditures in fiscal 2026, 8.7% of revenue, compared with ¥379.6 billion the year before.
How much stock does Takeda Pharmaceutical buy back?
Takeda Pharmaceutical spent ¥51.6 billion on net share repurchases in fiscal 2026.
How much does Takeda Pharmaceutical pay in dividends?
Takeda Pharmaceutical paid ¥311.9 billion in dividends in fiscal 2026, 49.8% of free cash flow.