Income StatementBalance SheetCash FlowSegments
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United Therapeutics Cash Flow Statement

Operating, investing, and financing cash movements

United Therapeutics generated $1.6B in operating cash flow over the trailing twelve months. After $546.4M in capital expenditures, free cash flow was $1.0B. Free cash flow decreased 0.1% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$1.6BNet Cash From Investing (TTM)$357.1MNet Cash From Financing (TTM)-$2.6BCapital Expenditures (TTM)$546.4MDepreciation And Amortization Cf (TTM)$88.4MNet Change In Cash (TTM)-$213.8M
Latest FilingQ1 2026
Report Date2026-05-06
Market Cap$24.1B
P/E Ratio18.69
ROE20.26%

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other non-cash income (expense)$2.6M-$4.1M-$9.9M$100.0K$33.6M-$32.0M
Other non-cash income (expense)$2.6M-$4.1M-$9.9M$100.0K$33.6M-$32.0M
Change in accounts payable—-$2.6M$46.1M$31.2M$23.2M-$12.7M
Change in accounts receivable—$42.7M$57.3M-$81.6M$52.5M-$38.2M
Change in inventories$11.6M$11.2M$7.4M$17.5M$16.5M$40.1M
Other working capital changes-$27.0M-$134.5M$184.4M-$67.2M$98.2M-$27.0M
Deferred income taxes-$16.0M$0.0———$25.9M
Depreciation and amortization$19.7M$19.8M$21.1M$21.9M$22.8M$22.6M
Net gains (losses) on investments—-$5.3M———-$61.6M
Other Non-Cash Income (Expense)$2.6M-$4.1M-$9.9M$100.0K$33.6M-$32.0M
Other Non-cash Income (Expense)$2.6M-$4.1M-$9.9M$100.0K$33.6M-$32.0M
Other Non-cash Income (Expense)$2.6M-$4.1M-$9.9M$100.0K$33.6M-$32.0M
Net cash from operating activities$341.2M$461.2M$191.7M$562.1M$346.2M$463.3M
Net income$301.3M$322.2M$309.5M$338.7M$364.3M$274.9M
Other non-cash income (expense)$2.6M-$4.1M-$9.9M$100.0K$33.6M-$32.0M
Other Noncash Income (Expense)$2.6M-$4.1M-$9.9M$100.0K$33.6M-$32.0M
Other Non-cash Income and Expense$2.6M-$4.1M-$9.9M$100.0K$33.6M-$32.0M
Other Non-Cash Adjustments$2.6M-$4.1M-$9.9M$100.0K$33.6M-$32.0M
Other Non-Cash Income and Expense$2.6M-$4.1M-$9.9M$100.0K$33.6M-$32.0M
Stock-based compensation$27.0M$31.8M$37.8M$39.1M$39.0M$33.9M

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Sales of short-term available-for-sale investments$0.0$0.0$1.3B$596.0M$0.0$1.3B
Capital expenditures$86.7M$74.9M$62.2M$210.5M$172.9M$100.8M
Advance Payment Related to Property Plant and Equipment$6.0M$9.2M$600.0K$5.7M—$5.7M
Payments To Acquire Equity Securities Without Readily Determinable Fair Value$7.6M$0.0$0.0$30.0M$25.0M$25.0M
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-Sale$478.0M$611.7M$304.2M$182.5M$485.5M$269.0M
Sale of investments$0.0$0.0$1.3B$596.0M$0.0$1.3B
Net cash from investing activities—-$164.7M-$299.9M$140.9M-$227.6M$743.7M
Proceeds from maturities/sales of investments$0.0$0.0$1.3B$596.0M$0.0$1.3B
Purchases of investments$478.5M$692.3M$1.8B$385.9M$520.3M$701.7M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures incurred but not yet paid$0.0$47.2M$19.0M$26.0M$24.1M$99.6M
Income taxes paid$111.3M$500.0K$253.4M$8.4M$51.0M$1.5M
Interest paid$7.2M$5.4M$4.2M$1.9M$2.0M$1.9M
Capital expenditures incurred but not yet paid$0.0$47.2M$19.0M$26.0M$24.1M$99.6M
Capital Expenditures Incurred but Not Yet Paid$0.0$47.2M$19.0M$26.0M$24.1M$99.6M
Income Taxes Paid, Net$111.3M$500.0K$253.4M$8.4M$51.0M$1.5M
Excise tax on net share repurchase—$0.0$0.0$5.3M—$8.4M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Repayments of Lines of Credit$100.0M$100.0M$400.0M$0.0$0.0$0.0
Repayments of debt$100.0M$100.0M$400.0M$0.0$0.0$0.0
Issuance of stock under employee stock plans$0.0$4.9M$0.0$4.3M$0.0$5.6M
Repayments of Lines of Credit$100.0M$100.0M$400.0M$0.0$0.0$0.0
Net cash from financing activities-$74.7M-$93.8M-$198.6M-$956.0M$0.0-$1.5B
Repayments of Acquisition Credit Facilities$100.0M$100.0M$400.0M$0.0$0.0$0.0
Proceeds from issuance of common stock$25.7M$16.6M$18.1M$40.2M$99.0M$68.3M
Repurchases of common stock$0.0$0.0$0.0$1.0B$0.0$1.5B
Taxes paid for net share settlement$300.0K$15.3M$200.0K$500.0K$600.0K$58.3M
Repayments of lines of credit$100.0M$100.0M$400.0M$0.0$0.0$0.0

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$254.5M$386.3M$129.5M$351.6M$173.3M$362.5M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net increase (decrease) in cash$143.3M$202.7M-$306.8M-$253.0M—-$277.4M
Accrued payables for capital expenditures$0.0$47.2M$19.0M$26.0M$24.1M$99.6M