United Therapeutics Corporation (UTHR)

United Therapeutics Cash Flow Statement

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

Operating Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	1,231	1,335	1,195	984.8	727.3	475.8
Depreciation & Amortization	96	85.6	72.5	53.2	51.3	49.9
Asset Writedown & Restructuring Costs	-	21.7	-	3.6	11.2	132.6
Loss (Gain) From Sale of Investments	25.5	-	-	-	-5.4	-90.3
Stock-Based Compensation	157.3	147.7	144	39.1	106.8	138.5
Other Operating Activities	112.4	78	-88.4	-69.3	52.5	65.9
Change in Accounts Receivable	-50.9	-70.9	-0.4	-58.5	-21.7	-41.3
Change in Inventory	-99.9	-52.6	-46.9	-13.6	-13.4	-7.5
Change in Accounts Payable	53.2	97.9	42.7	57.1	44.5	-12.5
Change in Other Net Operating Assets	-94.8	-80.9	8.5	-18.4	-150.6	-112.9
Operating Cash Flow	1,430	1,561	1,327	978	802.5	598.2
Operating Cash Flow Growth	-8.13%	17.64%	35.70%	21.87%	34.15%	-20.84%

Investing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Capital Expenditures	-562.4	-520.5	-246.5	-230.4	-138.8	-120.8
Cash Acquisitions	-	-	-	-89.2	-	-
Sale (Purchase) of Intangibles	-5.5	-5.5	-	-	-	-
Investment in Securities	640.8	-14.9	692.2	-377	-676.2	-366.1
Other Investing Activities	20.1	-10.4	-28.5	-23	3.5	-
Investing Cash Flow	93	-551.3	417.2	-719.6	-811.5	-486.9

Financing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Long-Term Debt Issued	-	200	-	-	800	-
Long-Term Debt Repaid	-	-500	-400	-100	-800	-
Net Debt Issued (Repaid)	-	-300	-400	-100	-	-
Issuance of Common Stock	391.6	183.1	160.1	104.6	94.3	55.6
Repurchase of Common Stock	-2,062	-1,022	-1,012	-13.8	-11.4	-10.8
Other Financing Activities	-3.4	-11.5	-2.7	-2.7	-7.5	-
Financing Cash Flow	-1,674	-1,150	-1,255	-11.9	75.4	44.8

Net Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Cash Flow	-151.2	-140.1	489.5	246.5	66.4	156.1

Free Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Free Cash Flow	867.2	1,041	1,081	747.6	663.7	477.4
Free Cash Flow Growth	-22.70%	-3.69%	44.54%	12.64%	39.02%	-31.45%
Free Cash Flow Margin	27.21%	32.70%	37.55%	32.12%	34.28%	28.32%
Free Cash Flow Per Share	18.69	21.73	22.28	15.04	13.69	10.09
Levered Free Cash Flow	501.53	583.2	834.08	613.49	506.28	406.69
Unlevered Free Cash Flow	508.96	595.39	860.89	650.55	526.53	418.31

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash Interest Paid	7.7	13.5	40.2	56	29.1	16.2
Cash Income Tax Paid	157.2	313.3	400.6	332.5	275.7	153.3
Change in Working Capital	-192.4	-106.5	3.9	-33.4	-141.2	-174.2

SEC Filings: 10-K · 10-Q

Data Source: S&P Global Market Intelligence Last updated: Nov 4, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Nov 5, 2026

Data Sources Report a data error