Teva Pharmaceutical Industries Limited (TEVA) Cash Flow Statement
Where TEVA’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.65B +32.2% vs 2024
- Capital expenditures
- $501.0M 2.9% of revenue
- Free cash flow
- $1.15B 6.7% margin
- Returned to shareholders
- —
- Change in cash
- $256.0M cash at year-end $3.56B
Cash from operations
$1.65B
Capital expenditures
−$501.0M
Investments (net)
−$15.0M
Acquisitions & other
+$1.25B
Net borrowing (repayment)
−$1.81B
Other financing
−$337.0M
Currency & other
+$21.0M
Change in cash
$256.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
TEVA operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
TEVA cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $5.22B2016 | $1.65B2025 | −12.0%/yr | |
| Capital expenditures | $901.0M2016 | $501.0M2025 | −6.3%/yr | |
| Free cash flow | $4.32B2016 | $1.15B2025 | −13.7%/yr | |
| Free cash flow margin | 19.7%2016 | 6.7%2025 | −13.1 pts | |
| Operating cash flow / net income | 16.802016 | 1.162025 | −15.64 | |
| Stock-based compensation | $124.0M2016 | $157.0M2025 | +2.7%/yr | |
| Dividends paid | $1.56B2016 | $52.0M2019 | −67.8%/yr | |
| Share buybacks (net) | $02016 | $1.98B2019 | — | |
| Capex / revenue | 4.1%2016 | 2.9%2025 | −1.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TEVA cash flow by activity
OperatingInvestingFinancingChange in cash
TEVA 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).
TEVA cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.42B | −$1.96B | −$615.0M | −$2.50B | $456.0M | −$4.10B | $76.0M | −$2.47B | −$16.45B | $311.0M |
| Depreciation & amortization | $1.00B | $1.06B | $1.15B | $1.31B | $1.33B | $1.56B | $416.0M | $1.84B | $2.11B | $1.52B |
| Stock-based compensation | $157.0M | $123.0M | $121.0M | $124.0M | $119.0M | $129.0M | $20.0M | $155.0M | $133.0M | $124.0M |
| Change in working capital | −$1.37B | −$435.0M | −$72.0M | $1.35B | −$1.70B | −$2.19B | −$112.0M | −$1.82B | −$363.0M | $1.22B |
| Other non-cash items | $438.0M | $2.46B | $781.0M | $1.30B | $594.0M | $5.82B | $138.0M | $4.74B | $18.07B | $2.05B |
| Cash from operating activities | $1.65B | $1.25B | $1.37B | $1.59B | $798.0M | $1.22B | $538.0M | $2.45B | $3.51B | $5.22B |
| Investing activities | ||||||||||
| Capital expenditures | −$501.0M | −$498.0M | −$526.0M | −$548.0M | −$562.0M | −$578.0M | −$119.0M | −$651.0M | −$874.0M | −$901.0M |
| Investments (net) | −$15.0M | $792.0M | $968.0M | $656.0M | $172.0M | $67.0M | $343.0M | $890.0M | $3.48B | −$35.74B |
| Acquisitions & other investing | $1.25B | $498.0M | $526.0M | $548.0M | $1.91B | $1.37B | $1.13B | $1.63B | −$439.0M | $901.0M |
| Cash from investing activities | $737.0M | $792.0M | $968.0M | $656.0M | $1.52B | $863.0M | $1.35B | $1.87B | $2.16B | −$35.74B |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | −$52.0M | −$22.0M | −$1.16B | −$1.56B |
| Share repurchases & issuance (net) | — | — | — | — | — | — | −$1.98B | −$1.78B | $0 | $27.61B |
| Net borrowing (repayment) | −$1.81B | −$1.64B | −$1.70B | −$1.37B | −$1.68B | −$1.88B | −$1.86B | −$3.27B | −$4.98B | $26.25B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$337.0M | −$150.0M | −$212.0M | −$118.0M | −$497.0M | −$5.0M | $3.65B | $1.73B | $394.0M | −$27.09B |
| Cash from financing activities | −$2.15B | −$1.79B | −$1.91B | −$1.49B | −$2.17B | −$1.89B | −$241.0M | −$3.35B | −$5.75B | $25.22B |
| Summary | ||||||||||
| Net change in cash | $256.0M | $73.0M | $393.0M | $636.0M | $21.0M | $202.0M | $734.0M | $819.0M | −$25.0M | −$5.96B |
| Cash at end of period | $3.56B | $3.30B | $3.23B | $2.83B | $2.20B | $2.18B | $1.98B | $1.78B | $963.0M | $988.0M |
| Free cash flow | $1.15B | $749.0M | $842.0M | $1.04B | $236.0M | $638.0M | $419.0M | $1.79B | $2.63B | $4.32B |
| Free cash flow margin | 6.7% | 4.5% | 5.3% | 7.0% | 1.5% | 3.8% | 2.5% | 9.5% | 11.8% | 19.7% |
| Capex / revenue | 2.9% | 3.0% | 3.3% | 3.7% | 3.5% | 3.5% | 0.7% | 3.5% | 3.9% | 4.1% |
| Operating cash flow / net income | 1.16 | — | — | — | 1.75 | — | 7.08 | — | — | 16.80 |
| 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 | −$575.0M | $369.0M | $481.0M | $434.0M | $283.0M | $220.0M | −$275.0M | −$390.0M | −$874.0M | −$419.0M | $433.0M | $77.0M |
| Depreciation & amortization | $241.0M | $239.0M | $260.0M | $249.0M | $251.0M | $244.0M | $269.0M | $259.0M | $259.0M | $272.0M | $266.0M | $283.0M |
| Stock-based compensation | $40.0M | $43.0M | $51.0M | $34.0M | $38.0M | $34.0M | $34.0M | $29.0M | $32.0M | $28.0M | $28.0M | $31.0M |
| Change in working capital | −$164.0M | −$617.0M | $229.0M | −$561.0M | −$336.0M | −$700.0M | −$245.0M | $317.0M | −$10.0M | −$497.0M | $326.0M | −$227.0M |
| Other non-cash items | $869.0M | −$74.0M | $137.0M | $213.0M | −$9.0M | $97.0M | $792.0M | $478.0M | $696.0M | $492.0M | $131.0M | −$159.0M |
| Cash from operating activities | $411.0M | −$40.0M | $1.16B | $369.0M | $227.0M | −$105.0M | $575.0M | $693.0M | $103.0M | −$124.0M | $1.18B | $5.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$104.0M | −$168.0M | −$142.0M | −$136.0M | −$96.0M | −$127.0M | −$129.0M | −$148.0M | −$97.0M | −$124.0M | −$119.0M | −$149.0M |
| Investments (net) | −$1.0M | $0 | $25.0M | $135.0M | $236.0M | $201.0M | $202.0M | $268.0M | $178.0M | $144.0M | $301.0M | $184.0M |
| Acquisitions & other investing | −$386.0M | $397.0M | $282.0M | $136.0M | $96.0M | $127.0M | $129.0M | $148.0M | $97.0M | $124.0M | $119.0M | $149.0M |
| Cash from investing activities | −$491.0M | $229.0M | $165.0M | $135.0M | $236.0M | $201.0M | $202.0M | $268.0M | $178.0M | $144.0M | $301.0M | $184.0M |
| Financing activities | ||||||||||||
| Net borrowing (repayment) | $0 | −$23.0M | $0 | −$451.0M | $5.0M | −$1.37B | −$685.0M | $0 | — | — | — | −$500.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$1.0M | $36.0M | $40.0M | −$2.0M | $1.0M | −$376.0M | $11.0M | $0 | −$966.0M | −$151.0M | −$576.0M | −$76.0M |
| Cash from financing activities | −$1.0M | $13.0M | $40.0M | −$453.0M | $6.0M | −$1.74B | −$674.0M | $0 | −$966.0M | −$151.0M | −$576.0M | −$576.0M |
| Summary | ||||||||||||
| Net change in cash | −$86.0M | $185.0M | $1.35B | $42.0M | $464.0M | −$1.60B | −$19.0M | $1.06B | −$733.0M | −$236.0M | $977.0M | −$420.0M |
| Cash at end of period | $3.65B | $3.74B | $3.56B | $2.20B | $2.16B | $1.70B | $3.30B | $3.32B | $2.26B | $2.99B | $3.23B | $2.25B |
| Free cash flow | $307.0M | −$208.0M | $1.02B | $233.0M | $131.0M | −$232.0M | $446.0M | $545.0M | $6.0M | −$248.0M | $1.06B | −$144.0M |
| Free cash flow margin | 7.4% | −5.2% | 21.6% | 5.2% | 3.1% | −6.0% | 10.5% | 12.6% | 0.1% | −6.5% | 23.9% | −3.7% |
| Capex / revenue | 2.5% | 4.2% | 3.0% | 3.0% | 2.3% | 3.3% | 3.1% | 3.4% | 2.3% | 3.2% | 2.7% | 3.9% |
| Operating cash flow / net income | — | −0.11 | 2.41 | 0.85 | 0.80 | −0.48 | — | — | — | — | 2.73 | 0.06 |
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.
TEVA cash generation
In fiscal 2025 (ended December 31, 2025), Teva Pharmaceutical Industries generated $1.6 billion of cash from operations (up 32.2%) and spent $501.0 million on capital expenditures, leaving free cash flow of $1.1 billion, 6.7% of revenue. Cash and equivalents rose by $256.0 million over the year.
Related: TEVA income statement, TEVA balance sheet. See the TEVA stock overview for the latest quote and news.
TEVA cash flow FAQ
What is Teva Pharmaceutical Industries's free cash flow?
Teva Pharmaceutical Industries's free cash flow was $1.1 billion in fiscal 2025: $1.6 billion of operating cash flow minus $501.0 million of capital expenditures It was $749.0 million a year earlier..
How much cash does Teva Pharmaceutical Industries generate from operations?
Teva Pharmaceutical Industries generated $1.6 billion of cash from operating activities in fiscal 2025, 1.16 times its net income of $1.4 billion.
How much does Teva Pharmaceutical Industries spend on capital expenditures?
Teva Pharmaceutical Industries spent $501.0 million on capital expenditures in fiscal 2025, 2.9% of revenue, compared with $498.0 million the year before.