Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Regeneron Pharmaceuticals Inc., consolidated cash flow statement (quarterly data)

US$ in thousands

3 months ended:	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021
Net income	844,600)	1,460,000)	1,391,600)	808,700)	917,700)	1,340,600)	1,432,300)	722,000)	1,159,600)	1,007,800)	968,400)	817,800)	1,197,100)	1,315,700)	852,100)	973,500)	2,229,000)	1,632,200)	3,098,900)	1,115,200)
Depreciation and amortization	145,000)	136,700)	135,100)	126,900)	126,400)	121,700)	120,700)	114,100)	113,000)	105,400)	103,100)	99,500)	100,100)	92,600)	74,400)	74,300)	74,500)	73,200)	71,100)	67,400)
Stock-based compensation expense	249,300)	237,000)	251,700)	255,700)	304,400)	225,100)	223,200)	230,100)	240,400)	203,900)	202,000)	238,700)	232,000)	166,300)	159,800)	166,900)	188,400)	136,900)	145,500)	130,900)
(Gains) losses on marketable and other securities, net	21,500)	(577,700)	(250,000)	(139,900)	212,900)	(134,700)	(392,600)	196,100)	(58,100)	127,000)	30,900)	166,600)	(80,600)	(253,500)	166,400)	204,500)	137,600)	29,300)	(409,500)	(144,400)
Other, net	136,900)	16,300)	(20,900)	3,200)	68,000)	(29,000)	(3,000)	100)	(17,500)	(11,800)	8,600)	20,600)	169,000)	60,700)	249,000)	84,300)	304,300)	71,800)	163,900)	28,700)
Deferred income taxes	(232,500)	(278,600)	(135,200)	(139,100)	(280,200)	(168,600)	(118,100)	(190,400)	(286,300)	(125,700)	(209,300)	(216,500)	(279,700)	(85,700)	(156,000)	(225,000)	(205,900)	7,000)	41,700)	10,100)
(Increase) decrease in accounts receivable	(51,200)	(80,300)	(28,200)	657,800)	(117,800)	(388,900)	(494,100)	446,800)	(82,700)	(463,500)	(2,700)	210,100)	219,600)	(386,900)	(322,400)	1,197,500)	(584,500)	1,541,000)	(2,825,600)	(58,300)
(Increase) decrease in inventories	2,100)	(82,600)	(42,500)	(152,300)	(117,700)	(164,400)	(181,800)	(155,800)	(47,300)	(77,200)	(100,400)	(46,800)	(144,300)	(223,500)	(240,100)	(88,600)	(163,700)	(109,100)	31,300)	(252,800)
(Increase) decrease in prepaid expenses and other assets	82,800)	(47,900)	(230,700)	(179,500)	(55,300)	252,000)	(526,300)	(77,900)	164,300)	(275,500)	(3,400)	(5,500)	18,700)	121,200)	(243,700)	(44,800)	76,100)	(39,000)	(227,800)	(50,000)
Increase (decrease) in deferred revenue	(3,100)	76,600)	(142,900)	17,700)	(21,200)	43,000)	89,100)	116,900)	43,000)	45,300)	(14,500)	(35,900)	(59,600)	(17,700)	100,200)	9,500)	(49,000)	(6,400)	78,800)	(143,600)
Increase (decrease) in accounts payable, accrued expenses, and other liabilities	(24,700)	759,200)	216,400)	(214,100)	225,600)	194,400)	204,600)	110,500)	(138,700)	578,600)	39,700)	119,000)	347,600)	(160,300)	(75,300)	(250,400)	365,700)	76,700)	458,400)	(34,700)
Changes in assets and liabilities	5,900)	625,000)	(227,900)	129,600)	(86,400)	(63,900)	(908,500)	440,500)	(61,400)	(192,300)	(81,300)	240,900)	382,000)	(667,200)	(781,300)	823,200)	(355,400)	1,463,200)	(2,484,900)	(539,400)
Adjustments to reconcile net income to net cash provided by operating activities	326,100)	158,700)	(247,200)	236,400)	345,100)	(49,400)	(1,078,300)	790,500)	(69,900)	106,500)	54,000)	549,800)	522,800)	(686,800)	(287,700)	1,128,200)	143,500)	1,781,400)	(2,472,200)	(446,700)
Net cash provided by operating activities	1,170,700)	1,618,700)	1,144,400)	1,045,100)	1,262,800)	1,291,200)	354,000)	1,512,500)	1,089,700)	1,114,300)	1,022,400)	1,367,600)	1,719,900)	628,900)	564,400)	2,101,700)	2,372,500)	3,413,600)	626,700)	668,500)
Purchases of marketable and other securities	(2,043,700)	(3,520,200)	(2,855,100)	(2,539,300)	(1,952,900)	(4,591,100)	(4,415,900)	(5,657,500)	(2,131,800)	(3,243,100)	(4,521,700)	(1,749,400)	(3,142,900)	(570,100)	(1,465,100)	(2,309,800)	(2,175,800)	(2,985,800)	(526,500)	(1,360,000)
Sales or maturities of marketable and other securities	2,555,000)	3,365,000)	2,167,900)	3,458,300)	2,582,000)	4,258,600)	4,054,500)	4,132,200)	2,382,900)	2,997,800)	2,268,700)	1,792,800)	1,537,400)	1,831,700)	1,435,100)	746,300)	318,000)	680,200)	800,800)	416,300)
Capital expenditures	(248,700)	(201,400)	(219,000)	(229,300)	(199,600)	(241,900)	(180,500)	(133,900)	(251,400)	(176,000)	(113,000)	(178,200)	(152,200)	(142,500)	(153,600)	(141,800)	(154,900)	(133,200)	(148,500)	(115,300)
Payments for intangible assets	(42,000)	(43,300)	(187,800)	(42,200)	(67,400)	—)	(30,400)	(27,900)	(62,100)	(23,900)	(20,900)	(100,900)	(100,000)	(926,800)	—)	—)	—)	—)	—)	—)
Proceeds from sale of property, plant, and equipment	—)	—)	—)	—)	—)	—)	20,100)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Acquisitions, net of cash acquired	(300)	(3,000)	—)	—)	(11,500)	—)	(5,000)	—)	(3,800)	(51,100)	—)	—)	—)	—)	(230,300)	—)	—)	—)	—)	—)
Net cash (used in) provided by investing activities	220,300)	(402,900)	(1,094,000)	647,500)	350,600)	(574,400)	(557,200)	(1,687,100)	(66,200)	(496,300)	(2,386,900)	(235,700)	(1,857,700)	192,300)	(413,900)	(1,705,300)	(2,012,700)	(2,438,800)	125,800)	(1,059,000)
Proceeds from issuance of Common Stock	503,500)	40,300)	31,500)	60,600)	90,900)	254,700)	437,600)	682,100)	301,000)	268,600)	90,700)	485,200)	372,600)	318,500)	306,800)	521,600)	542,700)	821,400)	213,200)	95,000)
Payments in connection with Common Stock tendered for employee tax obligations	(519,200)	(3,000)	(5,600)	(4,300)	(253,400)	(120,200)	(311,800)	(343,700)	(458,100)	(129,400)	(16,100)	(97,000)	(189,100)	(108,900)	(48,900)	(98,800)	(582,400)	(269,600)	(26,200)	(154,500)
Repurchases of Common Stock	(671,700)	(664,000)	(1,061,500)	(1,041,400)	(973,000)	(735,100)	(603,900)	(291,300)	(289,000)	(546,500)	(688,800)	(710,700)	(431,100)	(934,600)	(359,000)	(358,100)	(866,900)	(166,400)	(305,200)	(306,900)
Dividends paid	(92,700)	(91,200)	(92,600)	(93,800)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other	—)	—)	—)	(10,300)	—)	(33,400)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net cash provided by (used in) financing activities	(780,100)	(717,900)	(1,128,200)	(1,089,200)	(1,135,500)	(634,000)	(478,100)	47,100)	(446,100)	(407,300)	(614,200)	(322,500)	(247,600)	(725,000)	(101,100)	64,700)	(906,600)	385,400)	(118,200)	(366,400)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(300)	(400)	400)	600)	(700)	800)	(300)	(500)	200)	(200)	(400)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net increase (decrease) in cash, cash equivalents, and restricted cash	610,600)	497,500)	(1,077,400)	604,000)	477,200)	83,600)	(681,600)	(128,000)	577,600)	210,500)	(1,979,100)	809,400)	(385,400)	96,200)	49,400)	461,100)	(546,800)	1,360,200)	634,300)	(756,900)

The financial information reveals fluctuating cash flow patterns over the observed period. Net cash provided by operating activities demonstrates considerable variability, peaking in the September 2021 quarter at US$3,413,600 thousand before declining and exhibiting renewed strength in later periods, reaching US$1,618,700 thousand in the September 2025 quarter. Net income also shows significant quarterly fluctuations, with a high of US$3,098,900 thousand in June 2021 and a low of US$722,000 thousand in March 2023. Investing activities consistently represent a net cash outflow, though the magnitude varies substantially. Financing activities also display considerable volatility, shifting between net cash inflows and outflows throughout the period.

Operating Activities: Net cash provided by operating activities generally remained positive throughout the period, despite substantial quarterly variations. The largest fluctuations appear correlated with changes in net income, but are also influenced by significant movements in working capital accounts. Specifically, changes in accounts receivable demonstrate large swings, often inversely related to net income. Deferred income taxes consistently represent a cash outflow, and its magnitude increased over time. Stock-based compensation consistently contributed to cash inflows from operations.
Investing Activities: Investing activities are dominated by purchases of marketable securities, consistently representing a substantial cash outflow. Sales or maturities of these securities provide offsetting inflows, but the outflows generally exceed the inflows, resulting in a net cash outflow. Payments for intangible assets were notably high in September 2022 and continued to be a factor in subsequent periods. Acquisitions also contributed to cash outflows in certain quarters.
Financing Activities: Financing activities are characterized by significant volatility. Proceeds from the issuance of common stock provide cash inflows, but these are frequently offset by substantial repurchases of common stock and payments related to employee tax obligations on stock. Dividends paid also represent a consistent cash outflow in the later periods observed. The net effect is a highly variable cash flow pattern, shifting between net inflows and outflows.
Key Trends: A notable trend is the increasing magnitude of stock-based compensation expense, rising from US$130,900 thousand in March 2021 to US$249,300 thousand in September 2025. Depreciation and amortization also exhibited a steady upward trend. The company’s reliance on financing activities to offset investing outflows appears to have increased in later periods, as evidenced by the larger net cash outflows from financing in the most recent quarters. The fluctuations in accounts receivable suggest potential variations in the company’s credit and collection policies or changes in sales terms.

Overall, the cash flow statement indicates a company with substantial cash generation potential, but also significant variability in its cash flow patterns. The company actively manages its cash position through a combination of operating activities, investing in marketable securities, and financing activities involving stock issuance, repurchase, and dividends.

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Regeneron Pharmaceuticals Inc. (NASDAQ:REGN)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data