Cash Flow Statement

Operating Cash Flow

+95%

+107%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	(34)	(26)	(28)	(24)	(21)	(20)	(9)	(10)	(9)	(2)	5	15	25	33	42	65	60	55	48	74	69	67	73	12	25	31	27	(49)	(46)	(60)	(59)	20	25	65	93	106	103	140	184	218	272	271	264	304	296	304	288	175	250	282	194	340	186	173	663	652	904	1 011	708	714	657	395	509	418	484	713	543	589	(150)	(118)	(92)	(105)	528	430	469	515	405	471	462	476	687	631	707	727	728	872	900	985	1 051	1 069	1 111	1 195	1 211	1 242	1 272	1 335
Depreciation & Amortization	3	2	2	2	2	2	2	2	3	2	2	2	2	3	3	3	3	2	3	3	3	3	3	3	4	4	4	5	5	7	8	11	14	16	19	18	19	19	19	21	21	23	25	27	29	30	31	31	31	31	31	32	33	34	34	33	32	32	32	32	32	32	31	31	31	31	33	36	38	41	44	46	48	50	49	50	50	50	50	50	50	50	51	51	52	52	53	53	55	61	67	73	77	80	83	86
Change in Deffered Taxes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(18)	(16)	(11)	(6)	(37)	(40)	(43)	(46)	(8)	(1)	3	7	(34)	(33)	(43)	(53)	(1)	2	24	45	42	43	59	60	81	104	99	111	136	132	139	147	104	152	174	125	185	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	98
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	24	29	37	45	49	50	49	54	29	36	64	76	101	117	82	88	114	121	94	15	(16)	(53)	(16)	63	30	65	89	132	321	225	190	336	190	485	534	195	280	(99)	(145)	24	12	138	134	60	74	(9)	14	89	(26)	104	46	19	45	47	136	100	164	173	150	188	139	77	114	87	107	116	64	87	39	77	113	134	144	150	138	136	148
Other Non-Cash Items	3	8	14	13	12	7	2	2	2	2	1	2	2	2	2	2	8	12	16	13	19	21	23	42	35	34	33	21	32	63	86	121	129	92	99	121	141	123	81	42	(1)	43	84	64	98	112	153	332	233	190	332	183	471	510	(179)	(100)	(474)	(505)	18	16	136	386	317	104	30	(205)	(115)	29	166	75	49	33	11	143	104	131	188	164	217	247	145	220	177	165	190	91	97	38	60	90	107	120	146	166	169	150
Cash Taxes Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	1	1	2	1	1	2	2	3	4	11	24	23	23	15	23	27	35	46	47	70	89	96	102	118	131	146	142	164	197	200	196	145	165	135	293	366	405	460	362	274	298	329	347	347	221	148	103	103	134	145	120	111	102	88	93	100	134	161	153	155	206	212	276	275	285	323	333	337	397	386	401	396	443	374	313
Cash Interest Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	1	1	1	1	2	1	1	1	1	1	1	1	1	2	3	3	4	4	5	5	6	5	6	6	6	6	6	5	5	6	4	4	2	1	0	0	0	2	2	3	5	8	9	10	11	9	16	26	34	41	39	33	26	21	17	16	16	16	16	18	22	29	38	47	53	56	56	52	47	40	33	26	19	14
Change in Working Capital	(11)	(19)	(17)	(13)	(7)	3	8	(3)	(3)	(1)	(3)	1	(3)	(4)	(8)	(8)	0	1	3	(3)	(4)	(2)	1	(1)	8	8	(6)	18	(30)	(13)	(27)	(51)	(40)	(86)	(57)	(75)	(76)	(81)	(107)	(111)	(163)	(178)	(213)	(208)	(171)	(205)	(194)	(217)	(226)	(377)	(312)	(386)	(446)	(316)	(128)	(202)	(62)	(53)	(252)	(117)	(76)	(119)	(134)	(78)	(26)	89	146	124	(179)	(170)	(224)	(181)	49	43	111	60	(12)	(70)	(180)	(174)	(85)	(126)	(87)	(141)	(82)	(147)	(94)	(98)	(185)	(115)	(148)	(60)	(22)	(116)	33	(107)
Cash from Operating Activities	(38) N/A	(35) +8%	(30) +15%	(22) +25%	(15) +34%	(8) +44%	3 N/A	(9) N/A	(8) +8%	1 N/A	6 +530%	21 +230%	26 +24%	33 +30%	39 +16%	43 +11%	55 +26%	60 +10%	64 +5%	49 -22%	47 -5%	46 -2%	54 +18%	49 -9%	70 +43%	80 +13%	66 -17%	(40) N/A	(72) -77%	(48) +34%	(45) +6%	100 N/A	130 +30%	112 -14%	199 +78%	212 +6%	231 +9%	260 +13%	238 -9%	250 +5%	234 -6%	257 +10%	270 +5%	324 +20%	384 +19%	380 -1%	426 +12%	425 0%	438 +3%	300 -32%	369 +23%	355 -4%	354 0%	449 +27%	448 0%	383 -15%	400 +4%	484 +21%	506 +4%	644 +27%	749 +16%	694 -7%	723 +4%	474 -34%	519 +9%	628 +21%	607 -3%	778 +28%	(125) N/A	(172) -38%	(224) -30%	(207) +8%	635 N/A	667 +5%	732 +10%	756 +3%	631 -17%	615 -3%	550 -11%	598 +9%	797 +33%	776 -3%	849 +9%	803 -5%	889 +11%	868 -2%	956 +10%	978 +2%	980 +0%	1 106 +13%	1 137 +3%	1 327 +17%	1 412 +6%	1 371 -3%	1 556 +13%	1 561 +0%
Investing Cash Flow
Capital Expenditures	(1)	(1)	(3)	(4)	(4)	(5)	(4)	(7)	(6)	(9)	(9)	(5)	(5)	(5)	(5)	(6)	(7)	(11)	(15)	(16)	(23)	(19)	(23)	(39)	(44)	(73)	(107)	(124)	(133)	(127)	(110)	(95)	(81)	(55)	(35)	(19)	(19)	(28)	(42)	(36)	(70)	(101)	(90)	(112)	(76)	(37)	(40)	(32)	(46)	(54)	(59)	(47)	(33)	(24)	(21)	(50)	(55)	(61)	(60)	(43)	(50)	(60)	(73)	(86)	(108)	(141)	(160)	(184)	(172)	(139)	(111)	(84)	(72)	(70)	(72)	(59)	(57)	(55)	(63)	(121)	(124)	(124)	(170)	(139)	(167)	(194)	(191)	(230)	(227)	(228)	(239)	(247)	(283)	(300)	(440)	(526)
Other Items	(122)	(111)	80	124	89	86	(50)	(40)	(11)	(10)	(0)	(8)	(15)	(57)	(62)	(65)	(58)	(48)	(44)	(86)	(58)	(37)	(74)	17	(7)	(59)	(39)	(57)	(75)	(9)	0	(67)	(38)	(2)	(179)	(191)	(234)	(306)	(159)	(85)	(62)	13	107	(52)	(31)	(43)	(264)	(263)	(153)	(89)	189	386	333	273	520	553	502	485	156	92	(80)	(268)	(476)	(749)	(620)	(756)	(866)	(636)	(650)	(366)	(363)	(252)	(231)	(566)	(537)	(679)	(660)	(336)	(292)	(366)	(716)	(836)	(648)	(673)	(507)	(537)	(760)	(489)	464	612	821	664	(200)	(402)	(7)	(25)
Cash from Investing Activities	(123) N/A	(112) +8%	77 N/A	120 +56%	85 -29%	81 -4%	(54) N/A	(48) +11%	(17) +64%	(18) -8%	(9) +51%	(13) -45%	(20) -55%	(63) -213%	(68) -8%	(71) -5%	(65) +8%	(60) +8%	(59) +2%	(102) -73%	(80) +21%	(56) +30%	(97) -72%	(22) +78%	(51) -134%	(132) -159%	(145) -10%	(181) -25%	(207) -14%	(136) +34%	(111) +19%	(163) -47%	(119) +27%	(56) +53%	(214) -279%	(209) +2%	(253) -21%	(334) -32%	(201) +40%	(121) +40%	(132) -9%	(88) +33%	18 N/A	(163) N/A	(107) +35%	(80) +25%	(303) -280%	(295) +3%	(199) +32%	(144) +28%	130 N/A	339 +160%	301 -11%	249 -17%	499 +100%	504 +1%	447 -11%	424 -5%	96 -77%	48 -50%	(129) N/A	(328) -154%	(549) -67%	(836) -52%	(729) +13%	(897) -23%	(1 027) -14%	(821) +20%	(822) 0%	(505) +39%	(474) +6%	(335) +29%	(303) +10%	(636) -110%	(609) +4%	(739) -21%	(717) +3%	(391) +46%	(355) +9%	(487) -37%	(840) -72%	(960) -14%	(818) +15%	(812) +1%	(673) +17%	(732) -9%	(951) -30%	(720) +24%	237 N/A	384 +62%	583 +52%	417 -28%	(483) N/A	(703) -46%	(447) +36%	(551) -23%
Financing Cash Flow
Net Issuance of Common Stock	(2)	(0)	0	0	0	3	4	4	5	3	5	7	9	11	14	15	16	15	(27)	(179)	(241)	(238)	(193)	(9)	59	63	74	192	184	180	177	32	68	81	74	85	63	55	45	(188)	(200)	(296)	(333)	(171)	(173)	(117)	(70)	(13)	(100)	(336)	(354)	(430)	(482)	(386)	(427)	(351)	(329)	(293)	(379)	(488)	(335)	(447)	(311)	(206)	(230)	22	21	20	19	15	14	14	6	27	31	39	56	45	56	56	43	56	47	94	152	152	153	105	(914)	(887)	(858)	(840)	136	102	(890)	(817)
Net Issuance of Debt	(0)	(0)	0	(0)	(0)	(0)	(1)	(2)	(3)	(3)	(3)	(1)	0	0	(0)	(1)	(1)	(1)	(1)	242	242	242	242	0	0	(0)	0	0	0	0	0	0	0	0	0	39	0	0	0	(34)	0	0	0	(1)	0	0	0	(1)	0	74	(1)	(178)	(192)	(357)	(285)	(133)	(119)	(37)	(35)	(9)	(9)	249	250	250	0	0	0	0	800	800	750	600	(250)	(250)	(200)	(50)	0	0	0	0	0	0	0	0	0	0	0	(100)	(200)	(300)	(400)	(400)	(400)	(500)	(400)	(300)
Other	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	11	13	17	19	30	32	33	40	21	17	13	5	4	15	19	20	23	16	13	11	4	0	(2)	(1)	3	4	5	7	9	14	21	27	31	34	40	39	37	24	11	4	(1)	3	2	1	(1)	(1)	(13)	(13)	(13)	(14)	(3)	(3)	(3)	(4)	(4)	(4)	(5)	(12)	(12)	(12)	(11)	(19)	(19)	(19)	(19)	(17)	(17)	(16)	(17)	(14)	(15)	(15)	(15)	(16)	(33)	(33)	(33)
Cash from Financing Activities	(2) N/A	(0) +79%	0 N/A	0 N/A	0 N/A	3 +1 150%	4 +40%	2 -43%	2 -5%	1 -74%	2 +360%	6 +174%	9 +41%	11 +27%	13 +19%	14 +6%	15 +7%	14 -5%	(27) N/A	74 N/A	14 -81%	21 +48%	68 +230%	21 -69%	90 +333%	96 +6%	114 +19%	213 +87%	201 -6%	193 -4%	182 -6%	37 -80%	83 +126%	100 +21%	94 -6%	147 +56%	118 -20%	106 -10%	94 -11%	(218) N/A	(234) -7%	(332) -42%	(368) -11%	(169) +54%	(171) -1%	(113) +34%	(64) +44%	(5) +92%	(88) -1 620%	(241) -175%	(328) -36%	(577) -76%	(640) -11%	(703) -10%	(672) +4%	(447) +34%	(425) +5%	(319) +25%	(410) -28%	(498) -21%	(340) +32%	(196) +42%	(60) +69%	43 N/A	20 -55%	9 -53%	8 -12%	6 -21%	805 +12 675%	812 +1%	761 -6%	611 -20%	(248) N/A	(227) +9%	(173) +24%	(17) +90%	43 N/A	32 -25%	43 +34%	45 +3%	24 -47%	37 +56%	27 -26%	75 +175%	135 +79%	136 +1%	136 +0%	(12) N/A	(1 129) -9 383%	(1 201) -6%	(1 273) -6%	(1 255) +1%	(281) +78%	(431) -54%	(1 323) -207%	(1 150) +13%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(0)	(1)	(1)	(1)	(0)	(3)	(3)	(3)	(3)	3	4	4	3	(0)	(1)	(1)	(1)	0	(1)	(0)	0	(0)	0	1	(1)	(4)	(7)	(6)	(7)	(5)	(2)	(6)	(4)	(3)	(3)	(1)	0	0	0	(0)	0	0	0	0	(0)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Change in Cash	(163) N/A	(148) +9%	47 N/A	98 +107%	71 -28%	76 +7%	(47) N/A	(54) -15%	(23) +58%	(17) +27%	(0) +98%	14 N/A	15 +3%	(18) N/A	(15) +15%	(13) +13%	5 N/A	15 +213%	(22) N/A	22 N/A	(20) N/A	10 N/A	25 +148%	48 +94%	110 +128%	44 -60%	34 -22%	(10) N/A	(79) -704%	8 N/A	27 +228%	(29) N/A	91 N/A	152 +67%	76 -50%	152 +100%	99 -35%	36 -64%	134 +275%	(90) N/A	(132) -48%	(164) -24%	(81) +51%	(9) +89%	105 N/A	187 +77%	59 -68%	125 +112%	152 +21%	(84) N/A	170 N/A	114 -33%	8 -93%	(10) N/A	268 N/A	434 +62%	420 -3%	583 +39%	188 -68%	191 +2%	276 +44%	168 -39%	115 -32%	(318) N/A	(190) +40%	(260) -37%	(412) -58%	(36) +91%	(142) -296%	135 N/A	64 -53%	69 +9%	85 +22%	(196) N/A	(50) +75%	0 N/A	(43) N/A	257 N/A	238 -7%	156 -34%	(19) N/A	(147) -674%	58 N/A	66 +14%	350 +427%	272 -22%	141 -48%	247 +75%	88 -64%	288 +228%	446 +55%	490 +10%	648 +32%	237 -63%	(214) N/A	(140) +34%
Free Cash Flow
Free Cash Flow	(39) N/A	(36) +8%	(33) +9%	(26) +21%	(19) +27%	(14) +29%	(1) +93%	(16) -1 490%	(14) +10%	(8) +48%	(2) +71%	16 N/A	21 +32%	28 +37%	34 +20%	37 +10%	48 +29%	49 +2%	49 -1%	34 -31%	24 -28%	26 +9%	31 +19%	10 -68%	26 +157%	7 -74%	(41) N/A	(165) -307%	(204) -24%	(175) +14%	(155) +11%	4 N/A	49 +1 049%	57 +16%	164 +187%	193 +18%	212 +10%	232 +9%	196 -15%	214 +9%	164 -23%	156 -5%	180 +15%	212 +18%	308 +45%	343 +11%	386 +13%	393 +2%	392 0%	246 -37%	311 +26%	308 -1%	321 +4%	425 +33%	427 +0%	333 -22%	345 +4%	423 +23%	446 +5%	600 +35%	699 +16%	633 -9%	650 +3%	388 -40%	411 +6%	487 +19%	447 -8%	594 +33%	(297) N/A	(310) -5%	(335) -8%	(290) +13%	564 N/A	597 +6%	660 +11%	696 +5%	574 -18%	560 -2%	487 -13%	477 -2%	673 +41%	652 -3%	679 +4%	664 -2%	722 +9%	674 -7%	764 +13%	748 -2%	752 +1%	878 +17%	898 +2%	1 081 +20%	1 129 +4%	1 071 -5%	1 116 +4%	1 035 -7%

Income Statement Balance Sheet Cash Flow Statement

United Therapeutics Corp
NASDAQ:UTHR

Cash Flow Statement

Cash Flow Statement
United Therapeutics Corp

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United Therapeutics Corp NASDAQ:UTHR

Cash Flow Statement

Cash Flow Statement United Therapeutics Corp

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United Therapeutics Corp
NASDAQ:UTHR

Cash Flow Statement
United Therapeutics Corp