Corcept Therapeutics Incorporated (CORT) Cash Flow Statement
Where CORT’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $142.0M −28.3% vs 2024
- Capital expenditures
- $211,000 0.0% of revenue
- Free cash flow
- $141.8M 18.6% margin
- Returned to shareholders
- $245.9M 173% of free cash flow
- Change in cash
- −$7.2M cash at year-end $120.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CORT operating cash flow, capex and free cash flow
CORT cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $18.4M2016 | $142.0M2025 | +25.5%/yr | |
| Capital expenditures | $194,0002016 | $211,0002025 | +0.9%/yr | |
| Free cash flow | $18.2M2016 | $141.8M2025 | +25.6%/yr | |
| Free cash flow margin | 22.4%2016 | 18.6%2025 | −3.8 pts | |
| Operating cash flow / net income | 2.262016 | 1.452025 | −0.81 | |
| Stock-based compensation | $7.1M2016 | $84.5M2025 | +31.8%/yr | |
| Dividends paid | $02016 | $23.9M2022 | — | |
| Share buybacks (net) | $02016 | $245.9M2025 | — | |
| Capex / revenue | 0.2%2016 | 0.0%2025 | −0.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CORT cash flow by activity
CORT 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).
CORT cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $98.2M | $141.2M | $106.1M | $101.4M | $112.5M | $106.0M | $94.2M | $75.4M | $129.1M | $8.1M |
| Depreciation & amortization | $1.9M | $1.3M | $2.4M | $3.4M | $3.1M | $2.2M | $2.2M | $236,000 | $106,000 | $87,000 |
| Stock-based compensation | $84.5M | $61.4M | $48.9M | $42.4M | $42.9M | $33.5M | $29.3M | $23.7M | $13.4M | $7.1M |
| Change in working capital | −$27.6M | $45.3M | $8.2M | $5.5M | −$57,000 | −$5.4M | −$4.7M | $3.9M | −$5.7M | $1.2M |
| Other non-cash items | −$15.0M | −$51.1M | −$38.6M | −$32.5M | $9.4M | $15.5M | $15.1M | $12.3M | −$75.9M | $1.9M |
| Cash from operating activities | $142.0M | $198.1M | $127.0M | $120.3M | $167.9M | $152.0M | $136.1M | $115.7M | $60.9M | $18.4M |
| Investing activities | ||||||||||
| Capital expenditures | −$211,000 | −$2.2M | −$139,000 | −$413,000 | −$469,000 | −$1.2M | −$1.1M | −$298,000 | −$419,000 | −$194,000 |
| Investments (net) | $70.0M | −$177.6M | $56.6M | −$114.3M | $136.6M | −$118.0M | −$116.7M | −$90.5M | −$73.0M | −$194,000 |
| Acquisitions & other investing | $0 | $2.2M | $34.5M | $413,000 | $0 | $0 | $0 | $0 | $0 | $194,000 |
| Cash from investing activities | $69.8M | −$177.6M | $90.9M | −$114.3M | $136.1M | −$119.3M | −$117.8M | −$90.8M | −$73.5M | −$194,000 |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | −$23.9M | −$14.2M | −$21.5M | −$7.0M | — | $0 | $0 |
| Share repurchases & issuance (net) | −$245.9M | −$15.7M | −$145.4M | −$21.7M | −$296.0M | −$9.9M | −$31.0M | −$23.7M | $7.2M | $7.7M |
| Net borrowing (repayment) | — | — | — | — | — | — | — | — | −$15.1M | −$14.8M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $25.5M | −$12.7M | −$3.3M | $28.2M | $7.6M | $43.7M | $9.3M | $9.3M | $0 | $0 |
| Cash from financing activities | −$220.4M | −$28.3M | −$148.7M | −$17.3M | −$302.6M | $12.2M | −$28.6M | −$14.3M | −$8.0M | −$7.1M |
| Summary | ||||||||||
| Net change in cash | −$7.2M | −$7.9M | $69.2M | −$11.3M | $1.4M | $44.9M | −$10.4M | $10.6M | −$20.5M | $11.1M |
| Cash at end of period | $120.5M | $127.7M | $135.6M | $66.3M | $77.6M | $76.2M | $31.3M | $41.6M | $31.1M | $51.5M |
| Free cash flow | $141.8M | $195.9M | $126.9M | $119.9M | $167.4M | $150.7M | $135.0M | $115.4M | $60.5M | $18.2M |
| Free cash flow margin | 18.6% | 29.0% | 26.3% | 29.8% | 45.7% | 42.6% | 44.1% | 45.9% | 38.0% | 22.4% |
| Capex / revenue | 0.0% | 0.3% | 0.0% | 0.1% | 0.1% | 0.3% | 0.4% | 0.1% | 0.3% | 0.2% |
| Operating cash flow / net income | 1.45 | 1.40 | 1.20 | 1.19 | 1.49 | 1.43 | 1.45 | 1.53 | 0.47 | 2.26 |
| 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 | $43.0M | −$31.8M | $98.2M | $19.4M | $35.1M | $20.5M | $30.4M | $46.7M | $35.1M | $27.8M | $31.4M | $31.4M |
| Depreciation & amortization | $863,000 | $598,000 | $482,000 | $477,000 | $469,000 | $462,000 | $460,000 | $499,000 | $257,000 | $179,000 | $630,000 | $289,000 |
| Stock-based compensation | $29.4M | $23.0M | −$63.7M | $22.9M | $19.0M | $21.8M | $16.8M | $16.1M | $15.2M | $13.2M | $13.1M | $12.9M |
| Change in working capital | −$46.8M | $8.4M | $2.1M | $3.3M | $8.4M | −$22.3M | $17.3M | $28.1M | $7.3M | −$7.4M | −$32.3M | $20.0M |
| Other non-cash items | $7.1M | −$17.1M | $1.4M | $8.4M | −$19.1M | −$15.4M | −$5.7M | −$17.6M | −$16.7M | −$10.0M | −$6.9M | −$11.6M |
| Cash from operating activities | $33.5M | −$16.8M | $38.4M | $54.5M | $43.9M | $5.1M | $59.3M | $73.8M | $41.2M | $23.8M | $5.9M | $52.9M |
| Investing activities | ||||||||||||
| Capital expenditures | −$2.5M | −$201,000 | −$50,000 | $0 | −$57,000 | −$104,000 | −$121,000 | −$1.6M | −$416,000 | $0 | $0 | −$37,000 |
| Investments (net) | −$26.7M | $4.7M | −$11.8M | $14.6M | $70.1M | −$3.2M | −$64.4M | −$44.0M | −$60.2M | −$9.0M | $17.1M | −$109.6M |
| Acquisitions & other investing | $0 | $0 | $0 | $0 | $57,000 | $104,000 | $121,000 | $1.6M | $416,000 | $0 | $0 | $37,000 |
| Cash from investing activities | −$29.2M | $4.5M | −$11.8M | $14.6M | $70.1M | −$3.2M | −$64.4M | −$44.0M | −$60.2M | −$9.0M | $17.1M | −$109.6M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | −$1.2M | −$5.1M |
| Share repurchases & issuance (net) | −$11.5M | −$5.8M | −$36.5M | −$42.5M | −$103.0M | −$27.4M | $0 | −$11.7M | −$3.5M | −$476,000 | −$145.4M | −$5.1M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $9.4M | $6.5M | $5.3M | −$3.9M | $84,000 | −$12.4M | −$4.6M | −$9.4M | $1.3M | −$67,000 | $147.4M | $6.3M |
| Cash from financing activities | −$2.0M | $760,000 | −$31.2M | −$46.4M | −$102.9M | −$39.8M | −$4.6M | −$21.1M | −$2.1M | −$543,000 | $766,000 | −$3.9M |
| Summary | ||||||||||||
| Net change in cash | $2.3M | −$11.8M | −$4.6M | $22.4M | $12.9M | −$37.8M | −$9.6M | $8.7M | −$21.2M | $14.2M | $23.8M | −$60.6M |
| Cash at end of period | $112.3M | $110.0M | $120.5M | $125.1M | $102.7M | $89.8M | $127.7M | $137.3M | $128.6M | $149.8M | $135.6M | $111.8M |
| Free cash flow | $31.0M | −$17.0M | $38.4M | $54.5M | $43.9M | $5.0M | $59.2M | $72.2M | $40.8M | $23.8M | $5.9M | $52.9M |
| Free cash flow margin | 12.1% | −10.3% | 19.0% | 26.2% | 22.6% | 3.2% | 32.5% | 39.5% | 24.9% | 16.2% | 4.3% | 42.8% |
| Capex / revenue | 1.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% | 0.9% | 0.3% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | 0.78 | — | 0.39 | 2.81 | 1.25 | 0.25 | 1.95 | 1.58 | 1.17 | 0.86 | 0.19 | 1.69 |
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.
CORT cash generation
In fiscal 2025 (ended December 31, 2025), Corcept Therapeutics generated $142.0 million of cash from operations (down 28.3%) and spent $0.2 million on capital expenditures, leaving free cash flow of $141.8 million, 18.6% of revenue. It returned $245.9 million to shareholders through dividends ($0) and net share buybacks ($245.9 million). Cash and equivalents fell by $7.2 million over the year.
Related: CORT income statement, CORT balance sheet. See the CORT stock overview for the latest quote and news.
CORT cash flow FAQ
What is Corcept Therapeutics's free cash flow?
Corcept Therapeutics's free cash flow was $141.8 million in fiscal 2025: $142.0 million of operating cash flow minus $0.2 million of capital expenditures It was $195.9 million a year earlier..
How much cash does Corcept Therapeutics generate from operations?
Corcept Therapeutics generated $142.0 million of cash from operating activities in fiscal 2025, 1.45 times its net income of $98.2 million.
How much does Corcept Therapeutics spend on capital expenditures?
Corcept Therapeutics spent $0.2 million on capital expenditures in fiscal 2025, 0.0% of revenue, compared with $2.2 million the year before.
How much stock does Corcept Therapeutics buy back?
Corcept Therapeutics spent $245.9 million on net share repurchases in fiscal 2025.