Emergent BioSolutions (EBS) Cash Flow: Operating & Free Cash Flow

Emergent BioSolutions 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 Emergent BioSolutions Inc. (EBS) - 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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	52.60	-190.60	-760.50	-211.60	230.90	305.80	54.50	62.70	82.59
Depreciation & Amortization	95.80	116.20	125.10	143.30	123.80	114.50	110.70	62.20	42.57
Deferred Income Tax	-4.00	-5.50	-8.90	-28.60	46.00	-3.30	-1.10	8.60	3.26
Stock Based Compensation	16.20	18.00	23.10	45.10	42.40	51.80	26.70	23.20	15.21
Change in Working Capital	-22.40	88.70	-70.30	-2.10	-145.00	9.50	-42.40	-119.10	53.72
Change in Accounts Receivable	25.50	-24.40	-21.60	118.10	-48.20	27.50	-8.20	-94.20	-4.81
Change in Inventory	-30.30	-24.50	0.60	-57.10	-66.60	-66.90	-16.70	-1.90	6.07
Change in Accounts Payable	-8.40	-33.00	10.60	-14.00	-1.60	28.30	16.50	-7.00	16.13
Change in Other Working Capital	-9.20	169.90	-59.90	9.50	9.00	3.40	-34.00	-16.00	36.33
Other Operating Activities	32.40	26.40	485.20	9.50	9.00	22.80	39.60	4.20	10.78
Net Cash from Operating Activities	170.60	58.70	-206.30	-34.10	320.20	536.90	188.00	41.80	208.14
Investing Activities
Capital Expenditures	-13.80	-22.90	-51.60	-115.80	-224.10	-141.90	-86.90	-72.10	-54.83
Acquisitions	0.00	0.00	270.20	0.00	0.00	0.00	0.00	-827.70	-195.10
Sales/Maturities of Investments	0.00	30.00	0.00	0.00	0.00	-10.00	0.00	0.00	0.00
Other Investing Activities	83.20	30.00	-6.30	-265.50	0.00	-10.00	-10.00	2.60	-195.10
Net Cash from Investing Activities	69.40	125.20	212.30	-381.30	-224.10	-151.90	-96.90	-897.20	-249.93
Financing Activities
Debt Repayment	-112.50	-198.20	-543.40	-33.80	-35.90	-387.10	13.70	795.20	-20.00
Common Stock Issued	2.20	10.80	8.40	0.00	0.00	31.60	0.00	0.00	0.00
Common Stock Repurchased	-24.90	-1.20	0.00	-82.10	-106.00	-13.80	0.00	-0.10	-33.10
Other Financing Activities	-1.40	-1.20	-0.70	-5.90	-15.00	-11.20	-49.60	-6.40	1.70
Net Cash from Financing Activities	-136.60	-190.00	-535.70	481.20	-141.00	69.50	-35.90	788.70	-51.40
Summary
Effect of Forex Changes on Cash	0.10	-1.20	-1.20	0.50	-0.30	-1.00	0.40	-0.20	-0.03
Net Change in Cash	103.50	-6.10	-530.90	66.30	-44.90	453.50	55.60	-66.90	-93.22
Cash at Beginning of Period	105.60	111.70	642.60	576.30	621.50	168.00	112.40	179.30	271.51
Cash at End of Period	209.10	105.60	111.70	642.60	576.30	621.50	168.00	112.40	178.29
Free Cash Flow	156.80	35.80	-257.90	-149.90	96.10	395.00	101.10	-30.30	153.31
Supplemental Disclosures
Interest Paid	-	64.00	68.30	33.00	30.40	21.00	-	-	-
Income Taxes Paid	-	26.50	52.80	6.20	71.60	109.30	-	-	-

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

Frequently Asked Questions About Emergent BioSolutions Cash Flow

What is Emergent BioSolutions's free cash flow?

Emergent BioSolutions generated free cash flow of $156.80M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $170.60M minus $13.80M of capital expenditures. That was up 338.0% from $35.80M a year earlier. Free cash flow equaled 21.1% of revenue.

How much does Emergent BioSolutions spend on capital expenditures?

Emergent BioSolutions spent $13.80M on capital expenditures in fiscal 2025, compared with $22.90M a year earlier. That equals 8.1% of operating cash flow.

Does Emergent BioSolutions pay dividends or buy back shares?

Yes. In fiscal 2025 Emergent BioSolutions returned $24.90M in share buybacks to shareholders, according to its cash flow statement.

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