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Incyte Cash Flow Statement

Operating, investing, and financing cash movements

Incyte generated $1.5B in operating cash flow over the trailing twelve months. After $3.7M in capital expenditures, free cash flow was $1.5B. Free cash flow increased 3.0% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$1.5BNet Cash From Investing (TTM)-$191.9MNet Cash From Financing (TTM)$198.5MCapital Expenditures (TTM)$3.7MDepreciation And Amortization Cf (TTM)$94.7MNet Change In Cash (TTM)$1.5B
Latest FilingQ1 2026
Report Date2026-04-28
Market Cap$21.5B
P/E Ratio15.05
ROE30.82%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures—$2.9M$1.2M$112K$771K$1.6M
Payments to Acquire Intangible Assets$0$0$0$25M$0$5M
Payments To Acquire Other Productive Assets$17.4M$3.2M$19.1M$14.7M$21.9M$10.2M
Sales of strategic investments$1.9M$8K—$1K—$0
Net cash from investing activities—$1.1M-$18.9M-$47.4M-$37.4M-$88.2M
Proceeds from maturities/sales of investments$1.9M$8K—$1K—$0
Purchases of intangible assets$0$0$0$25M$0$5M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in accounts payable$19.1M-$2.2M$19.9M-$44.2M$33M$23.4M
Change in accounts receivable$96.7M-$31M$20.2M$53M$128.5M$27M
Change in accrued liabilities$129.8M$74.8M-$476.7M——-$84.7M
Change in inventories$34.3M$28.6M$19.5M$5.6M$4.9M$12.2M
Change in other assets-$65.7M$62M$86.4M$72.8M—-$9.2M
Other working capital changes$4.2M-$5.3M$8.5M-$6.7M-$11.4M-$12.8M
Change in fair value of contingent consideration—$11.6M$22.8M-$12.2M-$28.3M-$168K
Deferred income taxes$0-$6.7M-$103.4M-$124.1M-$13.5M$63.4M
Depreciation and amortization$22.7M$22.4M$22.9M$24M$24M$23.8M
Net gains (losses) on investments$0-$1.3M-$4.2M$8.6M$18.2M$6.6M
Net cash from operating activities$381.2M$266.1M$44.7M$559.4M$543.3M$369.4M
Net income$201.2M$158.2M$405M$424.2M$299.3M$303.3M
Contingent consideration fair value adjustments—$11.6M$22.8M-$12.2M-$28.3M-$168K
Equity Securities, FV-NI, Gain (Loss)$0-$1.3M-$4.2M$8.6M$18.2M$6.6M
Increase (Decrease) in Prepaid Expense and Other Assets-$65.7M$62M$86.4M$72.8M—-$9.2M
Other Noncash Income (Expense)$4.2M-$5.3M$8.5M-$6.7M-$11.4M-$12.8M
Stock-based compensation$71.7M$61M$64.6M$61.6M$62.2M$64.1M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Finance Lease, Principal Payments$1M$1.1M$1.2M$1.1M$1.2M$1.2M
Proceeds from issuance of common stock relating to employee stock plans$33.1M$3.2M$14.9M$43.4M$160.2M$97.9M
Net cash from financing activities$0-$12.7M-$11.2M-$12.8M$137.7M$84.8M
Other financing activities$5.5M$5.4M———$5M
Payments for finance leases$1M$1.1M$1.2M$1.1M$1.2M$1.2M
Proceeds from issuance of common stock$33.1M$3.2M$14.9M$43.4M$160.2M$97.9M
Taxes paid for net share settlement$886K$9.5M$912K$50.1M$16.3M$7M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$382.2M$263.2M$43.6M$559.3M$542.5M$367.7M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash$3.5M-$552K-$1.2M—-$801K-$2.7M
Net increase (decrease) in cash—$253.9M$13.4M$500M$642.8M$363.3M
Accrued payables for capital expenditures—$2.9M$1.2M$112K$771K$1.6M
Leased assets obtained in exchange for finance lease liabilities$6.9M$220K$84K$134K$499K$279K
Leased assets obtained in exchange for operating lease liabilities$7.2M$1.2M$597K$1.4M$0$572K

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income taxes paid$70.2M$844K$177.1M$7.3M—-$8.8M
Unpaid excise tax on repurchase of Common Stock—$19.2M-$19.2M$0$0$0
Income Taxes Paid, Net$70.2M$844K$177.1M$7.3M—-$8.8M