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.

Vertex 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 (loss)	1,191,100)	1,082,900)	1,032,900)	646,300)	913,000)	1,045,400)	(3,593,600)	1,099,600)	968,800)	1,035,300)	915,700)	699,800)	818,900)	930,500)	810,500)	762,100)	770,110)	851,928)	66,924)	653,138)
Stock-based compensation expense	157,600)	194,900)	167,300)	166,100)	167,800)	184,600)	154,200)	191,900)	208,600)	130,900)	119,300)	122,400)	111,500)	135,600)	113,900)	130,300)	118,608)	102,996)	104,622)	115,174)
Depreciation and amortization expense	55,700)	54,000)	51,700)	48,400)	46,500)	53,200)	54,000)	53,500)	59,000)	42,100)	41,400)	38,800)	38,400)	36,700)	37,300)	35,900)	33,832)	31,696)	31,238)	28,834)
Intangible asset impairment charge	—)	—)	—)	379,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Deferred income taxes	30,500)	(235,900)	(113,800)	(191,600)	51,600)	(123,300)	(118,800)	(158,300)	(131,000)	(115,500)	(176,600)	(113,400)	148,100)	(182,300)	(229,400)	(12,300)	(41,946)	68,241)	(237,938)	57,043)
Other non-cash items, net	10,900)	(4,100)	67,400)	39,200)	(34,100)	52,400)	(8,000)	(9,400)	(31,900)	(13,300)	(10,800)	13,400)	52,400)	(45,800)	23,800)	73,000)	(20,295)	(36,077)	(155)	50,727)
Accounts receivable	(99,400)	(59,900)	(18,400)	(169,600)	69,000)	(51,800)	135,100)	(251,600)	15,400)	(6,100)	(2,900)	(90,500)	10,200)	(119,500)	(84,100)	(165,200)	(43,534)	(185,318)	52,525)	(98,373)
Inventories	(77,400)	(131,100)	(148,600)	(167,100)	(147,500)	(182,500)	(107,200)	(80,100)	(70,000)	(97,500)	(72,800)	(82,600)	(78,300)	(26,800)	(33,300)	2,000)	(26,973)	(18,335)	(24,707)	(22,785)
Prepaid expenses and other assets	(250,600)	(40,900)	(76,400)	(28,100)	(164,600)	21,000)	(155,900)	99,200)	(451,300)	(121,000)	(19,600)	46,200)	(284,500)	(127,200)	17,700)	67,600)	15,872)	(15,485)	(78,868)	(13,319)
Accounts payable	38,300)	(35,300)	7,600)	26,200)	8,400)	66,100)	(25,100)	100)	(31,800)	9,200)	35,600)	35,700)	159,900)	(69,900)	45,300)	(14,500)	53,943)	2,302)	(13,701)	(10,644)
Accrued expenses	(664,500)	332,900)	166,600)	48,100)	(320,100)	170,600)	168,300)	194,100)	(356,700)	368,700)	276,700)	140,700)	(437,800)	433,200)	485,500)	61,600)	51,243)	146,631)	(45,457)	152,983)
Other liabilities	105,800)	83,900)	(63,200)	22,000)	(5,400)	134,100)	(256,600)	167,600)	55,500)	35,600)	28,400)	89,400)	539,600)	(9,000)	(47,400)	15,700)	84,133)	(21,360)	(54,250)	8,277)
Changes in operating assets and liabilities	(947,800)	149,600)	(132,400)	(268,500)	(560,200)	157,500)	(241,400)	129,300)	(838,900)	188,900)	245,400)	138,900)	(90,900)	80,800)	383,700)	(32,800)	134,684)	(91,565)	(164,458)	16,139)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities	(693,100)	158,500)	40,200)	172,600)	(328,400)	324,400)	(160,000)	207,000)	(734,200)	233,100)	218,700)	200,100)	259,500)	25,000)	329,300)	194,100)	224,883)	75,291)	(266,691)	267,917)
Net cash provided by (used in) operating activities	498,000)	1,241,400)	1,073,100)	818,900)	584,600)	1,369,800)	(3,753,600)	1,306,600)	234,600)	1,268,400)	1,134,400)	899,900)	1,078,400)	955,500)	1,139,800)	956,200)	994,993)	927,219)	(199,767)	921,055)
Purchases of available-for-sale debt securities	(1,230,600)	(1,345,300)	(2,173,200)	(1,647,400)	(2,158,600)	(1,384,500)	(1,296,600)	(2,598,500)	(988,500)	(407,200)	(574,200)	(1,816,600)	(274,900)	(189,900)	(110,800)	(117,100)	(80,441)	(208,301)	(118,003)	(121,455)
Sales and maturities of available-for-sale debt securities	1,091,800)	1,329,300)	1,838,700)	1,637,600)	1,460,200)	1,112,300)	1,182,600)	710,500)	218,100)	331,200)	239,800)	50,000)	484,100)	193,600)	112,600)	129,700)	47,167)	230,862)	103,199)	118,072)
Acquisition of available-for-sale debt securities from Alpine Immune Sciences, Inc.	—)	—)	—)	—)	—)	—)	(258,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Purchases of property and equipment	(149,400)	(101,800)	(145,700)	(40,700)	(92,600)	(67,700)	(69,000)	(68,400)	(58,100)	(40,600)	(59,600)	(42,100)	(33,600)	(54,200)	(53,300)	(63,600)	(61,715)	(52,522)	(49,837)	(70,926)
Net payments related to finite-lived intangible assets	—)	—)	—)	—)	—)	—)	(7,700)	(180,000)	(58,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Sale of equity securities	16,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	95,100)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Payment to acquire business, net of cash acquired	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(295,900)	—)	—)	—)	—)	—)	—)
Other investing activities	(15,900)	800)	(4,300)	(5,300)	(30,900)	(8,100)	(15,000)	—)	—)	(1,100)	(5,000)	(24,900)	—)	(37,800)	(10,000)	—)	(39,009)	(22,991)	(15,000)	—)
Net cash used in investing activities	(288,100)	(117,000)	(484,500)	(55,800)	(821,900)	(348,000)	(463,700)	(2,136,400)	(886,500)	(117,700)	(303,900)	(1,833,600)	175,600)	(384,200)	(61,500)	(51,000)	(133,998)	(52,952)	(79,641)	(74,309)
Issuances of common stock under benefit plans	54,000)	7,900)	49,100)	16,700)	34,300)	8,400)	55,000)	16,900)	46,400)	15,400)	58,600)	14,200)	51,600)	36,600)	64,400)	33,700)	34,711)	13,795)	37,935)	15,559)
Repurchases of common stock	(128,400)	(1,071,100)	(391,800)	(426,100)	(417,900)	(307,700)	(320,300)	(131,200)	(149,500)	(117,000)	(28,300)	(132,800)	—)	—)	—)	—)	(368,175)	(632,273)	—)	(424,952)
Payments in connection with common stock withheld for employee tax obligations	(2,500)	(91,000)	(5,900)	(270,500)	(7,300)	(83,700)	(80,500)	(233,500)	(3,200)	(53,200)	(3,100)	(166,600)	(2,100)	(48,000)	(4,400)	(117,500)	(1,677)	(28,559)	(3,524)	(102,140)
Payments on finance leases	(1,400)	(1,400)	(1,300)	(1,300)	(1,300)	(5,400)	(13,700)	(13,200)	(12,000)	(11,300)	(11,000)	(10,600)	(10,400)	(49,500)	(12,700)	(12,900)	(12,408)	(12,057)	(10,302)	(12,233)
Proceeds from finance leases	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	9,953)	1,022)	7,993)	3,632)
Other financing activities	1,100)	1,100)	700)	800)	900)	900)	900)	3,500)	(1,500)	1,100)	1,100)	1,100)	1,100)	700)	400)	1,300)	1,361)	1,411)	1,448)	1,480)
Net cash used in financing activities	(77,200)	(1,154,500)	(349,200)	(680,400)	(391,300)	(387,500)	(358,600)	(357,500)	(119,800)	(165,000)	17,300)	(294,700)	40,200)	(60,200)	47,700)	(95,400)	(336,235)	(656,661)	33,550)	(518,654)
Effect of changes in exchange rates on cash	7,300)	(4,100)	57,200)	30,500)	(47,300)	22,800)	(2,500)	(15,600)	27,400)	(22,500)	10,000)	12,000)	40,800)	(38,200)	(25,900)	(5,900)	(4,928)	(8,461)	4,019)	(4,030)
Net increase (decrease) in cash, cash equivalents and restricted cash	140,000)	(34,200)	296,600)	113,200)	(675,900)	657,100)	(4,578,400)	(1,202,900)	(744,300)	963,200)	857,800)	(1,216,400)	1,335,000)	472,900)	1,100,100)	803,900)	519,832)	209,145)	(241,839)	324,062)

The financial information reveals significant fluctuations in cash flow patterns over the observed period. Net cash provided by operating activities generally remained positive, though with considerable variability. Investing and financing activities exhibited more pronounced shifts, impacting the overall cash position.

Operating Activities: Net cash provided by operating activities demonstrated a strong start, peaking at approximately 995,000 US$ in thousands in December 2021. This was followed by continued strength through June 2023, consistently exceeding 1,134,400 US$ in thousands. However, a substantial decline occurred in the latter half of 2023, culminating in a significant negative swing in June 2024 (-3,753,600 US$ in thousands), before recovering somewhat in subsequent quarters. Adjustments to reconcile net income to net cash provided by operating activities were consistently positive, contributing to the overall cash inflow from operations, except for a notable negative adjustment in December 2023.
Investing Activities: Net cash used in investing activities was consistently negative throughout the period, indicating ongoing investments. The magnitude of these outflows varied considerably. A particularly large outflow occurred in September 2022 (-295,900 US$ in thousands) and again in March 2023 (-1,833,600 US$ in thousands). Purchases of available-for-sale debt securities represented a significant component of cash outflow, with substantial purchases observed across multiple quarters. Conversely, sales and maturities of these securities provided some offsetting cash inflows. A notable acquisition of available-for-sale debt securities from Alpine Immune Sciences, Inc. occurred in September 2022, contributing to the increased cash outflow during that period.
Financing Activities: Net cash used in financing activities was predominantly negative, suggesting a reliance on external funding or a return of capital to shareholders. Significant negative cash flows were observed in March 2021 (-518,654 US$ in thousands) and again in March 2023 (-294,700 US$ in thousands). Repurchases of common stock constituted a major cash outflow, particularly in September 2025 (-1,071,100 US$ in thousands). Issuances of common stock under benefit plans provided some offsetting inflows, but were generally insufficient to counteract the outflows from stock repurchases and payments related to employee tax obligations. The period from March 2024 to December 2025 shows a consistent negative trend in net cash used in financing activities.
Key Non-Cash Items: Stock-based compensation expense remained consistently positive throughout the period, ranging from approximately 103,000 US$ to 208,600 US$ in thousands. Depreciation and amortization expense also exhibited a steady positive trend, increasing from approximately 29,000 US$ to 59,000 US$ in thousands. An intangible asset impairment charge of 379,000 US$ in thousands was recorded in March 2025. Deferred income taxes showed significant variability, oscillating between positive and negative values, indicating changes in deferred tax liabilities and assets. Accounts receivable, inventories, and prepaid expenses and other assets generally represented cash outflows, while accounts payable and accrued expenses often provided cash inflows, though with considerable fluctuation.

The substantial negative cash flow from financing activities in June 2024, coupled with the large net loss reported for that period, suggests a potentially challenging financial situation. The subsequent recovery in operating cash flow and continued investment activity indicate ongoing business operations, but the overall cash position requires continued monitoring.

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Vertex Pharmaceuticals Inc. (NASDAQ:VRTX)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data