Arrowhead Pharmaceuticals (ARWR) Cash Flow: Operating & Free Cash Flow

Arrowhead Pharmaceuticals Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Arrowhead Pharmaceuticals, Inc. (ARWR) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021	Sep 2020	Sep 2019	Sep 2018	Sep 2017
Operating Activities
Net Income	30.11	-609.69	-209.28	-176.49	-140.85	-84.55	67.98	-54.45	-34.38
Depreciation & Amortization	23.93	18.60	12.49	10.42	8.27	5.94	4.44	4.70	4.69
Stock Based Compensation	63.37	73.97	78.13	120.89	76.67	43.38	12.39	8.45	7.89
Change in Working Capital	-18.24	25.09	-51.55	-98.29	228.66	-61.08	87.16	-5.88	-1.21
Change in Accounts Receivable	-56.97	0.00	1.41	8.85	-9.41	-0.18	-0.33	-0.26	0.01
Change in Accounts Payable	6.29	-5.54	33.00	-6.59	2.63	-0.82	4.84	-1.27	-3.51
Change in Other Working Capital	32.45	0.58	-85.96	2.91	235.44	-60.07	82.65	-4.35	2.30
Other Operating Activities	80.38	27.99	16.31	2.91	-1.44	0.51	1.07	-0.05	-0.93
Net Cash from Operating Activities	179.55	-462.85	-153.89	-136.13	171.31	-95.80	173.04	-47.22	-23.94
Investing Activities
Capital Expenditures	-22.67	-141.47	-176.74	-52.78	-23.57	-11.95	-12.00	-1.42	-7.92
Purchases of Investments	-796.26	-720.95	-246.14	-223.39	-240.70	-278.96	-90.27	-52.08	-44.97
Sales/Maturities of Investments	689.63	442.34	326.72	270.75	122.59	50.14	54.52	46.07	4.25
Net Cash from Investing Activities	-129.29	-420.07	-96.16	-5.42	-141.68	-240.78	-47.75	-7.43	-48.64
Financing Activities
Debt Repayment	-191.37	392.00	0.00	0.00	0.00	0.00	-2.42	-0.21	-0.20
Common Stock Issued	270.37	431.65	3.05	5.19	0.00	250.48	60.52	56.59	12.42
Other Financing Activities	-5.00	46.87	250.00	60.00	11.31	7.47	8.28	3.58	-0.17
Net Cash from Financing Activities	74.01	870.52	253.05	65.19	11.31	257.95	66.38	59.95	12.06
Summary
Effect of Forex Changes on Cash	-0.40	4.20	-0.12	-0.07	-0.09	0.41	0.00	0.00	0.00
Net Change in Cash	123.86	-8.21	2.89	-76.36	40.85	-78.22	191.67	5.29	-60.53
Cash at Beginning of Period	102.69	110.89	108.01	184.43	143.58	221.80	30.13	24.84	85.37
Cash at End of Period	226.55	102.69	110.89	108.01	184.43	143.58	221.80	30.13	24.84
Free Cash Flow	156.89	-604.32	-330.63	-188.91	147.75	-107.75	161.03	-48.64	-31.86
Supplemental Disclosures
Interest Paid	0.02	-	-	-	-	-	-	-	-
Income Taxes Paid	-0.81	3.74	-	0.00	0.00	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Arrowhead Pharmaceuticals Cash Flow

What is Arrowhead Pharmaceuticals's free cash flow?

Arrowhead Pharmaceuticals generated free cash flow of $156.89M in fiscal 2025 (fiscal year ended Sep 30, 2025), operating cash flow of $179.55M minus $22.67M of capital expenditures. Free cash flow equaled 18.9% of revenue.

How much does Arrowhead Pharmaceuticals spend on capital expenditures?

Arrowhead Pharmaceuticals spent $22.67M on capital expenditures in fiscal 2025, compared with $141.47M a year earlier. That equals 12.6% of operating cash flow.

Does Arrowhead Pharmaceuticals pay dividends or buy back shares?

Arrowhead Pharmaceuticals's cash flow statement for fiscal 2025 shows no dividend payments or share repurchases.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition