United Therapeutics Corporation (UTHR) Cash Flow Statement
Where UTHR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.56B +17.6% vs 2024
- Capital expenditures
- $520.5M 16.4% of revenue
- Free cash flow
- $1.04B 32.7% margin
- Returned to shareholders
- $1.00B 96% of free cash flow
- Change in cash
- −$140.1M cash at year-end $1.56B
Cash from operations
$1.56B
Capital expenditures
−$520.5M
Investments (net)
+$40.1M
Acquisitions & other
−$70.9M
Share buybacks (net)
−$1.00B
Net borrowing (repayment)
−$300.0M
Other financing
+$150.0M
Change in cash
−$140.1M
Drawn to scale: where the cash came from and how it was used. Hover for values.
UTHR operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
UTHR cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $643.6M2016 | $1.56B2025 | +10.3%/yr | |
| Capital expenditures | $43.2M2016 | $520.5M2025 | +31.9%/yr | |
| Free cash flow | $600.4M2016 | $1.04B2025 | +6.3%/yr | |
| Free cash flow margin | 37.6%2016 | 32.7%2025 | −4.9 pts | |
| Operating cash flow / net income | 0.902016 | 1.172025 | +0.27 | |
| Stock-based compensation | $12.1M2016 | $147.7M2025 | +32.0%/yr | |
| Dividends paid | $7.7M2016 | $98.0M2023 | +43.8%/yr | |
| Share buybacks (net) | $500.0M2016 | $1.00B2025 | +8.0%/yr | |
| Capex / revenue | 2.7%2016 | 16.4%2025 | +13.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
UTHR cash flow by activity
OperatingInvestingFinancingChange in cash
UTHR 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).
UTHR cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.33B | $1.20B | $984.8M | $727.3M | $475.8M | $514.8M | −$104.5M | $589.2M | $417.9M | $713.7M |
| Depreciation & amortization | $85.6M | $72.5M | $53.2M | $51.3M | $49.9M | $49.9M | $45.9M | $35.9M | $31.0M | $31.6M |
| Stock-based compensation | $147.7M | $144.0M | $39.1M | $106.8M | $138.5M | $163.8M | $45.4M | −$26.4M | $73.5M | $12.1M |
| Change in working capital | −$106.4M | −$60.2M | −$97.8M | −$141.2M | −$174.2M | $63.1M | −$178.3M | $124.4M | −$78.4M | −$117.4M |
| Other non-cash items | $99.6M | −$24.3M | −$1.3M | $58.3M | $108.2M | −$35.9M | −$15.1M | $55.3M | $30.2M | $3.6M |
| Cash from operating activities | $1.56B | $1.33B | $978.0M | $802.5M | $598.2M | $755.7M | −$206.6M | $778.4M | $474.2M | $643.6M |
| Investing activities | ||||||||||
| Capital expenditures | −$520.5M | −$246.5M | −$230.4M | −$138.8M | −$120.8M | −$59.3M | −$83.7M | −$184.4M | −$86.3M | −$43.2M |
| Investments (net) | $40.1M | $417.2M | −$951.0M | −$683.6M | −$366.1M | −$681.6M | −$239.2M | −$466.1M | −$757.7M | $91.5M |
| Acquisitions & other investing | −$70.9M | $246.5M | $461.8M | $10.9M | $0 | $2.4M | −$12.5M | −$170.1M | $8.4M | $0 |
| Cash from investing activities | −$551.3M | $417.2M | −$719.6M | −$811.5M | −$486.9M | −$738.5M | −$335.4M | −$820.6M | −$835.6M | $48.3M |
| Financing activities | ||||||||||
| Dividends paid | — | — | −$98.0M | −$94.3M | — | −$38.5M | −$14.0M | — | $0 | −$7.7M |
| Share repurchases & issuance (net) | −$1.00B | −$1.01B | −$13.8M | −$11.4M | −$10.8M | −$3.7M | −$2.1M | $19.5M | −$250.0M | −$500.0M |
| Net borrowing (repayment) | −$300.0M | −$400.0M | −$100.0M | −$7.5M | $0 | −$51.7M | $599.3M | −$13.2M | $249.3M | −$15.6M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3.9M | $0 | $0 |
| Other financing | $150.0M | $157.4M | $199.9M | $188.6M | $55.6M | $77.0M | $28.0M | −$3.9M | $44.0M | $25.6M |
| Cash from financing activities | −$1.15B | −$1.25B | −$11.9M | $75.4M | $44.8M | −$16.9M | $611.2M | $6.3M | $43.3M | −$497.7M |
| Summary | ||||||||||
| Net change in cash | −$140.1M | $489.5M | $246.5M | $66.4M | $156.1M | $300,000 | $69.2M | −$35.9M | −$317.9M | $191.2M |
| Cash at end of period | $1.56B | $1.70B | $1.21B | $961.2M | $894.8M | $738.7M | $738.4M | $669.2M | $705.1M | $1.02B |
| Free cash flow | $1.04B | $1.08B | $747.6M | $663.7M | $477.4M | $696.4M | −$290.3M | $594.0M | $387.9M | $600.4M |
| Free cash flow margin | 32.7% | 37.6% | 32.1% | 34.3% | 28.3% | 46.9% | −20.0% | 36.5% | 22.5% | 37.6% |
| Capex / revenue | 16.4% | 8.6% | 9.9% | 7.2% | 7.2% | 4.0% | 5.8% | 11.3% | 5.0% | 2.7% |
| Operating cash flow / net income | 1.17 | 1.11 | 0.99 | 1.10 | 1.26 | 1.47 | — | 1.32 | 1.13 | 0.90 |
| 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 | $333.0M | $274.9M | $364.3M | $338.7M | $309.5M | $322.2M | $301.3M | $309.1M | $278.1M | $306.6M | $217.1M | $267.6M |
| Depreciation & amortization | $24.2M | $22.6M | $22.8M | $21.9M | $21.1M | $19.8M | $19.7M | $19.1M | $18.7M | $15.0M | $13.7M | $13.3M |
| Stock-based compensation | $77.3M | $33.9M | $39.0M | $39.1M | $37.8M | $31.8M | $27.0M | $41.7M | $49.7M | $25.6M | $16.6M | $21.1M |
| Change in working capital | −$124.1M | $12.4M | −$143.9M | $162.5M | −$203.0M | $78.0M | −$4.2M | $13.0M | −$108.8M | $39.8M | −$91.7M | $46.0M |
| Other non-cash items | $3.2M | $119.5M | $64.0M | −$100,000 | $26.3M | $9.4M | −$2.6M | −$5.7M | −$5.5M | −$10.5M | −$5.0M | −$1.8M |
| Cash from operating activities | $313.6M | $463.3M | $346.2M | $562.1M | $191.7M | $461.2M | $341.2M | $377.2M | $232.2M | $376.5M | $150.7M | $346.2M |
| Investing activities | ||||||||||||
| Capital expenditures | −$108.0M | −$100.8M | −$172.9M | −$210.5M | −$62.2M | −$74.9M | −$86.7M | −$76.5M | −$45.1M | −$38.2M | −$78.7M | −$65.7M |
| Investments (net) | $196.2M | $875.2M | −$34.8M | $140.9M | −$299.9M | −$164.7M | −$123.2M | −$114.9M | −$80.0M | $735.3M | $42.1M | −$313.4M |
| Acquisitions & other investing | −$700,000 | −$30.7M | −$19.9M | $210.5M | $62.2M | $74.9M | $86.7M | $76.5M | $45.1M | $38.2M | $78.7M | $65.7M |
| Cash from investing activities | $87.5M | $743.7M | −$227.6M | $140.9M | −$299.9M | −$164.7M | −$123.2M | −$114.9M | −$80.0M | $735.3M | $42.1M | −$313.4M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | −$7.3M | — |
| Share repurchases & issuance (net) | −$58.8M | −$1.50B | $4.4M | −$1.00B | −$5.2M | −$15.3M | −$300,000 | −$400,000 | −$11.5M | −$1.00B | −$100,000 | −$200,000 |
| Net borrowing (repayment) | $0 | $0 | $0 | $0 | −$200.0M | −$100.0M | −$100.0M | −$100.0M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $181.2M | $15.6M | $94.0M | $44.0M | $6.6M | $21.5M | $25.6M | $36.3M | −$36.5M | −$68.0M | −$85.4M | $7.8M |
| Cash from financing activities | $122.4M | −$1.48B | $98.4M | −$956.0M | −$198.6M | −$93.8M | −$74.7M | −$64.1M | −$48.0M | −$1.07B | −$92.8M | $7.6M |
| Summary | ||||||||||||
| Net change in cash | $729.0M | −$482.9M | $217.0M | −$253.0M | −$306.8M | $202.7M | $143.3M | $198.2M | $104.2M | $43.8M | $100.0M | $40.4M |
| Cash at end of period | $1.80B | $1.07B | $1.56B | $1.34B | $1.59B | $1.90B | $1.70B | $1.55B | $1.36B | $1.25B | $1.21B | $1.11B |
| Free cash flow | $205.6M | $362.5M | $173.3M | $351.6M | $129.5M | $386.3M | $254.5M | $300.7M | $187.1M | $338.3M | $72.0M | $280.5M |
| Free cash flow margin | 26.2% | 46.4% | 21.9% | 44.0% | 16.2% | 48.6% | 34.6% | 40.2% | 26.2% | 49.9% | 11.7% | 46.0% |
| Capex / revenue | 13.8% | 12.9% | 21.9% | 26.3% | 7.8% | 9.4% | 11.8% | 10.2% | 6.3% | 5.6% | 12.8% | 10.8% |
| Operating cash flow / net income | 0.94 | 1.69 | 0.95 | 1.66 | 0.62 | 1.43 | 1.13 | 1.22 | 0.83 | 1.23 | 0.69 | 1.29 |
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.
UTHR cash generation
In fiscal 2025 (ended December 31, 2025), United Therapeutics generated $1.6 billion of cash from operations (up 17.6%) and spent $520.5 million on capital expenditures, leaving free cash flow of $1.0 billion, 32.7% of revenue. It returned $1.0 billion to shareholders through dividends ($0) and net share buybacks ($1.0 billion). Cash and equivalents fell by $140.1 million over the year.
Related: UTHR income statement, UTHR balance sheet. See the UTHR stock overview for the latest quote and news.
UTHR cash flow FAQ
What is United Therapeutics's free cash flow?
United Therapeutics's free cash flow was $1.0 billion in fiscal 2025: $1.6 billion of operating cash flow minus $520.5 million of capital expenditures It was $1.1 billion a year earlier..
How much cash does United Therapeutics generate from operations?
United Therapeutics generated $1.6 billion of cash from operating activities in fiscal 2025, 1.17 times its net income of $1.3 billion.
How much does United Therapeutics spend on capital expenditures?
United Therapeutics spent $520.5 million on capital expenditures in fiscal 2025, 16.4% of revenue, compared with $246.5 million the year before.
How much stock does United Therapeutics buy back?
United Therapeutics spent $1.0 billion on net share repurchases in fiscal 2025.