Arrowhead Pharmaceuticals Cash Flow Statement

Financials in millions USD. Fiscal year is October - September.

Millions USD. Fiscal year is Oct - Sep.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Sep '25 Sep 30, 2025	Sep '24 Sep 30, 2024	Sep '23 Sep 30, 2023	Sep '22 Sep 30, 2022	Sep '21 Sep 30, 2021
Net Income	202.27	-1.63	-599.49	-205.28	-176.06	-140.85
Depreciation & Amortization	25.08	23.93	18.6	12.49	10.42	8.27
Loss (Gain) From Sale of Investments	-0.02	-	0.08	-	4.43	-1.71
Stock-Based Compensation	67.53	63.37	73.97	78.13	120.89	76.67
Other Operating Activities	117.04	112.12	18.91	12.31	2.48	0.27
Change in Accounts Receivable	-266.51	-56.97	-	1.41	8.85	-9.41
Change in Accounts Payable	18.48	6.29	-5.54	33	-6.59	2.63
Change in Unearned Revenue	165.76	2.4	-0.87	-129.18	-112.5	223.26
Change in Other Net Operating Assets	10.14	30.05	31.49	43.23	11.95	12.19
Operating Cash Flow	339.31	179.55	-462.85	-153.89	-136.13	171.31
Capital Expenditures	-17.3	-22.67	-141.47	-176.74	-52.78	-23.57
Investment in Securities	-212.65	-106.63	-278.6	80.58	47.36	-118.11
Investing Cash Flow	-229.95	-129.29	-420.07	-96.16	-5.42	-141.68
Short-Term Debt Issued	-	10.26	-	-	-	-
Long-Term Debt Issued	-	-	392	-	-	-
Total Debt Issued	10.26	10.26	392	-	-	-
Long-Term Debt Repaid	-	-201.63	-	-	-	-
Net Debt Issued (Repaid)	-258.05	-191.37	392	-	-	-
Issuance of Common Stock	296.67	245.37	431.65	3.05	5.19	11.31
Other Financing Activities	-	20	46.87	250	60	-
Financing Cash Flow	38.62	74.01	870.52	253.05	65.19	11.31
Foreign Exchange Rate Adjustments	-0.23	-0.4	4.2	-0.12	-0.07	-0.09
Net Cash Flow	147.75	123.86	-8.21	2.89	-76.43	40.85
Free Cash Flow	322.01	156.89	-604.32	-330.63	-188.91	147.75
Free Cash Flow Margin	29.52%	18.92%	-17018.31%	-137.34%	-77.67%	106.84%
Free Cash Flow Per Share	2.34	1.17	-5.04	-3.10	-1.79	1.42
Cash Interest Paid	0.02	0.02	-	-	-	-
Cash Income Tax Paid	-	-0.81	3.74	-	0	0
Levered Free Cash Flow	178.86	96.15	-440.13	-251.42	-60.64	63
Unlevered Free Cash Flow	235.25	152	-419.91	-239.96	-60.64	63
Change in Working Capital	-72.59	-18.24	25.09	-51.55	-98.29	228.66

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.