United Therapeutics Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	1,272	1,195	984.8	727.3	475.8	514.8
Depreciation & Amortization	82.5	72.5	53.2	51.3	49.9	49.9
Asset Writedown & Restructuring Costs	21.7	-	3.6	11.2	132.6	5.4
Loss (Gain) From Sale of Investments	-	-	-	-5.4	-90.3	5.7
Stock-Based Compensation	135.7	144	39.1	106.8	138.5	163.8
Other Operating Activities	11.3	-24.3	-4.9	52.5	65.9	-47
Change in Accounts Receivable	44.1	-0.4	-58.5	-21.7	-41.3	-6
Change in Inventory	-47.7	-46.9	-13.6	-13.4	-7.5	10.3
Change in Accounts Payable	56.7	42.7	57.1	44.5	-12.5	38.6
Change in Other Net Operating Assets	-19.8	-55.6	-82.8	-150.6	-112.9	20.2
Operating Cash Flow	1,556	1,327	978	802.5	598.2	755.7
Operating Cash Flow Growth	36.92%	35.70%	21.87%	34.15%	-20.84%	-
Capital Expenditures	-434.3	-246.5	-230.4	-138.8	-120.8	-59.3
Sale of Property, Plant & Equipment	-	-	-	-	-	2.4
Cash Acquisitions	-	-	-89.2	-	-	-
Sale (Purchase) of Intangibles	-5.5	-	-	-	-	-
Investment in Securities	14.4	692.2	-377	-676.2	-366.1	-681.6
Other Investing Activities	-21.5	-28.5	-23	3.5	-	-
Investing Cash Flow	-446.9	417.2	-719.6	-811.5	-486.9	-738.5
Long-Term Debt Issued	-	-	-	800	-	-
Total Debt Issued	200	-	-	800	-	-
Long-Term Debt Repaid	-	-400	-100	-800	-	-50
Total Debt Repaid	-600	-400	-100	-800	-	-50
Net Debt Issued (Repaid)	-400	-400	-100	-	-	-50
Issuance of Common Stock	109.7	160.1	104.6	94.3	55.6	38.5
Repurchase of Common Stock	-1,021	-1,012	-13.8	-11.4	-10.8	-3.7
Other Financing Activities	-11.5	-2.7	-2.7	-7.5	-	-1.7
Financing Cash Flow	-1,323	-1,255	-11.9	75.4	44.8	-16.9
Net Cash Flow	-213.8	489.5	246.5	66.4	156.1	0.3
Free Cash Flow	1,122	1,081	747.6	663.7	477.4	696.4
Free Cash Flow Growth	24.92%	44.54%	12.64%	39.02%	-31.45%	-
Free Cash Flow Margin	35.86%	37.55%	32.12%	34.28%	28.32%	46.95%
Free Cash Flow Per Share	23.28	22.28	15.04	13.69	10.09	15.61
Cash Interest Paid	18.7	40.2	56	29.1	16.2	20.7
Cash Income Tax Paid	373.6	400.6	332.5	275.7	153.3	92.8
Levered Free Cash Flow	734.61	824.73	611.99	506.28	406.69	669.16
Unlevered Free Cash Flow	749.8	851.54	649.05	526.53	418.31	683.85
Change in Working Capital	33.3	-60.2	-97.8	-141.2	-174.2	63.1

Source: S&P Global Market Intelligence. Standard template. Financial Sources.