Butterfly Network, Inc. (BFLY) Cash Flow Statement
Where BFLY’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$12.7M
- Capital expenditures
- $3.3M 3.4% of revenue
- Free cash flow
- −$16.0M −16.4% margin
- Returned to shareholders
- —
- Change in cash
- $61.7M cash at year-end $154.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
BFLY operating cash flow, capex and free cash flow
BFLY cash flow trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$69.6M2018 | −$12.7M2025 | — | |
| Capital expenditures | $1.1M2018 | $3.3M2025 | +17.3%/yr | |
| Free cash flow | −$70.7M2018 | −$16.0M2025 | — | |
| Free cash flow margin | −4,631.7%2018 | −16.4%2025 | +4,615.2 pts | |
| Stock-based compensation | $5.6M2018 | $23.4M2025 | +22.7%/yr | |
| Share buybacks (net) | $657,0002020 | $02022 | −100.0% | |
| Capex / revenue | 72.0%2018 | 3.4%2025 | −68.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BFLY cash flow by activity
BFLY net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BFLY cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | −$77.1M | −$72.5M | −$133.7M | −$168.7M | −$32.4M | −$162.7M | −$99.7M | −$50.8M |
| Depreciation & amortization | $8.1M | $10.3M | $10.6M | $5.9M | $2.1M | $1.3M | $758,000 | $391,000 |
| Stock-based compensation | $23.4M | $21.0M | $27.5M | $42.5M | $47.8M | $11.0M | $6.0M | $5.6M |
| Change in working capital | $15.2M | −$4.8M | −$20.1M | −$29.4M | −$51.0M | $48.0M | −$39.7M | −$27.4M |
| Other non-cash items | $17.6M | $4.2M | $17.0M | −$19.5M | −$155.6M | $20.7M | $12.2M | $2.6M |
| Cash from operating activities | −$12.7M | −$41.7M | −$98.8M | −$169.1M | −$189.2M | −$81.7M | −$120.4M | −$69.6M |
| Investing activities | ||||||||
| Capital expenditures | −$3.3M | −$2.7M | −$5.8M | −$18.3M | −$7.9M | −$2.4M | −$4.5M | −$1.1M |
| Investments (net) | $0 | −$2.7M | $70.4M | −$93.8M | −$2.0M | −$2.0M | −$2.0M | −$2.0M |
| Acquisitions & other investing | $0 | $2.7M | $5.8M | $18.3M | $0 | $2.0M | $2.0M | $2.0M |
| Cash from investing activities | −$3.3M | −$2.7M | $70.4M | −$93.8M | −$9.9M | −$2.4M | −$4.5M | −$1.1M |
| Financing activities | ||||||||
| Dividends paid | — | — | — | — | — | −$56.4M | — | — |
| Share repurchases & issuance (net) | — | — | — | $3.0M | $21.7M | −$657,000 | — | — |
| Net borrowing (repayment) | — | — | $0 | $0 | −$4.4M | $54.4M | $54.4M | $54.4M |
| Shares issued | $81.0M | $0 | $0 | $0 | $548.4M | $0 | $0 | $0 |
| Other financing | −$3.2M | −$1.5M | $228,000 | −$101,000 | −$52,000 | $57.0M | −$54.0M | $193.5M |
| Cash from financing activities | $77.8M | −$1.5M | $228,000 | $2.9M | $565.7M | $54.3M | $324,000 | $247.8M |
| Summary | ||||||||
| Net change in cash | $61.7M | −$45.9M | −$28.2M | −$260.0M | $366.6M | −$29.8M | −$124.6M | $177.2M |
| Cash at end of period | $154.5M | $92.8M | $138.7M | $166.8M | $426.8M | $60.2M | $90.0M | $214.6M |
| Free cash flow | −$16.0M | −$44.4M | −$104.6M | −$187.4M | −$197.1M | −$84.1M | −$124.9M | −$70.7M |
| Free cash flow margin | −16.4% | −54.1% | −158.7% | −255.4% | −315.0% | −181.8% | −452.8% | −4,631.7% |
| Capex / revenue | 3.4% | 3.3% | 8.8% | 24.9% | 12.6% | 5.1% | 16.2% | 72.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$12.9M | −$12.7M | −$15.3M | −$34.0M | −$13.8M | −$14.0M | −$18.1M | −$16.9M | −$15.7M | −$21.8M | −$44.1M | −$27.4M |
| Depreciation & amortization | $1.7M | $1.8M | $1.8M | $1.9M | $2.1M | $2.4M | $2.5M | $2.6M | $2.6M | $2.6M | $2.2M | $4.0M |
| Stock-based compensation | $7.0M | $5.5M | $6.4M | $4.9M | $5.9M | $6.3M | $5.2M | $4.4M | $5.9M | $5.5M | $6.6M | $6.8M |
| Change in working capital | −$13.0M | −$8.6M | $15.9M | $6.4M | −$1.2M | −$6.0M | $5.7M | −$162,000 | −$2.7M | −$7.7M | $648,000 | $4.1M |
| Other non-cash items | $978,000 | $4,000 | $268,000 | $17.8M | −$123,000 | −$372,000 | $1.5M | $2.1M | −$94,000 | $669,000 | $21.6M | −$3.6M |
| Cash from operating activities | −$16.3M | −$13.9M | $9.0M | −$2.9M | −$7.2M | −$11.7M | −$3.1M | −$7.9M | −$10.0M | −$20.7M | −$13.1M | −$16.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$974,000 | −$950,000 | −$1.1M | −$1.0M | −$896,000 | −$353,000 | −$408,000 | −$414,000 | −$734,000 | −$1.1M | −$2.5M | −$1.0M |
| Investments (net) | — | — | — | −$1.0M | −$896,000 | −$353,000 | −$408,000 | −$413,000 | −$699,000 | −$1.1M | −$2.5M | −$1.0M |
| Acquisitions & other investing | $0 | $0 | $0 | $1.0M | $896,000 | $353,000 | $408,000 | $414,000 | $734,000 | $1.1M | $2.5M | $1.0M |
| Cash from investing activities | −$974,000 | −$950,000 | −$1.1M | −$1.0M | −$896,000 | −$353,000 | −$408,000 | −$413,000 | −$699,000 | −$1.1M | −$2.5M | −$1.0M |
| Financing activities | ||||||||||||
| Shares issued | $0 | $0 | $0 | $0 | $0 | $81.1M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $3.9M | $2.3M | −$469,000 | −$1.2M | $987,000 | −$2.6M | −$1.5M | $0 | $0 | $0 | $0 | $92,000 |
| Cash from financing activities | $3.9M | $2.3M | −$469,000 | −$1.2M | $987,000 | $78.5M | −$1.5M | $0 | $0 | $0 | $0 | $92,000 |
| Summary | ||||||||||||
| Net change in cash | −$13.3M | −$12.5M | $6.3M | −$3.9M | −$7.1M | $66.4M | −$5.0M | −$8.3M | −$10.7M | −$21.8M | −$15.6M | −$16.9M |
| Cash at end of period | $128.7M | $142.0M | $154.5M | $148.2M | $152.2M | $159.2M | $92.8M | $97.8M | $102.1M | $112.8M | $134.6M | $154.3M |
| Free cash flow | −$17.2M | −$14.8M | $7.9M | −$3.9M | −$8.1M | −$12.0M | −$3.5M | −$8.3M | −$10.7M | −$21.8M | −$15.6M | −$17.0M |
| Free cash flow margin | −52.9% | −56.0% | 25.2% | −18.2% | −34.5% | −56.7% | −15.8% | −40.5% | −50.0% | −123.5% | −94.5% | −110.4% |
| Capex / revenue | 3.0% | 3.6% | 3.4% | 4.7% | 3.8% | 1.7% | 1.8% | 2.0% | 3.4% | 6.4% | 15.2% | 6.8% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
BFLY cash generation
In fiscal 2025 (ended December 31, 2025), Butterfly Network generated -$12.7 million of cash from operations and spent $3.3 million on capital expenditures, leaving free cash flow of -$16.0 million, −16.4% of revenue. Cash and equivalents rose by $61.7 million over the year.
Related: BFLY income statement, BFLY balance sheet. See the BFLY stock overview for the latest quote and news.
BFLY cash flow FAQ
What is Butterfly Network's free cash flow?
Butterfly Network's free cash flow was -$16.0 million in fiscal 2025: -$12.7 million of operating cash flow minus $3.3 million of capital expenditures It was -$44.4 million a year earlier..
How much cash does Butterfly Network generate from operations?
Butterfly Network generated -$12.7 million of cash from operating activities in fiscal 2025.
How much does Butterfly Network spend on capital expenditures?
Butterfly Network spent $3.3 million on capital expenditures in fiscal 2025, 3.4% of revenue, compared with $2.7 million the year before.