Cosmos Health Inc. (COSM) Cash Flow Statement
Where COSM’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$8.4M
- Capital expenditures
- $55,675 0.1% of revenue
- Free cash flow
- −$8.5M −13.0% margin
- Returned to shareholders
- —
- Change in cash
- $3.1M cash at year-end $3.5M
Cash from operations
−$8.4M
Capital expenditures
−$55,675
Acquisitions & other
−$2.0M
Net borrowing (repayment)
+$10.5M
Shares issued
+$5.4M
Other financing
−$1.8M
Currency & other
−$448,834
Change in cash
$3.1M
Drawn to scale: where the cash came from and how it was used. Hover for values.
COSM operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
COSM cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$2.1M2016 | −$8.4M2025 | — | |
| Capital expenditures | $12,8162016 | $55,6752025 | +17.7%/yr | |
| Free cash flow | −$2.1M2016 | −$8.5M2025 | — | |
| Free cash flow margin | −31.7%2016 | −13.0%2025 | +18.6 pts | |
| Stock-based compensation | $16,6362016 | $2.3M2025 | +73.0%/yr | |
| Dividends paid | $02016 | $6.2M2024 | — | |
| Share buybacks (net) | $02016 | $100,4522024 | — | |
| Capex / revenue | 0.2%2016 | 0.1%2025 | −0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
COSM cash flow by activity
OperatingInvestingFinancingChange in cash
COSM net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
COSM cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$19.1M | −$16.2M | −$25.8M | −$13.8M | −$8.0M | $820,786 | −$3.3M | −$9.1M | −$6.2M | −$601,002 |
| Depreciation & amortization | $1.4M | $1.2M | $614,377 | $188,890 | $449,692 | $397,595 | $394,628 | $43,930 | $25,903 | $9,448 |
| Stock-based compensation | $2.3M | $1.7M | $577,931 | $24,401 | $5.9M | −$903,428 | $0 | $242,002 | $740,592 | $16,636 |
| Change in working capital | −$777,930 | $159,681 | −$7.9M | −$8.7M | −$6.3M | −$11.9M | −$3.6M | $667,348 | −$6.2M | −$1.6M |
| Other non-cash items | $7.8M | $5.4M | $16.9M | $7.4M | $810,817 | $57,834 | $1.7M | $6.6M | $2.8M | $16,063 |
| Cash from operating activities | −$8.4M | −$7.7M | −$15.6M | −$14.9M | −$7.1M | −$11.5M | −$4.8M | −$1.6M | −$8.8M | −$2.1M |
| Investing activities | ||||||||||
| Capital expenditures | −$55,675 | −$418,075 | −$9.2M | −$383,073 | −$890,516 | −$117,744 | −$672,789 | −$503,362 | −$55,337 | −$12,816 |
| Investments (net) | — | −$798,269 | $0 | −$21,497 | −$826,817 | −$117,744 | $1.3M | $1.3M | $1.3M | $1.3M |
| Acquisitions & other investing | −$2.0M | $418,075 | — | −$422,247 | $890,516 | $117,744 | $0 | −$954,128 | −$1.2M | −$1.4M |
| Cash from investing activities | −$2.0M | −$798,269 | — | −$826,817 | −$826,817 | −$117,744 | $588,929 | −$195,772 | −$14,479 | −$144,716 |
| Financing activities | ||||||||||
| Dividends paid | — | −$6.2M | — | −$32.0M | −$7.6M | — | — | $0 | $0 | $0 |
| Share repurchases & issuance (net) | — | −$100,452 | −$100,452 | −$376,863 | −$376,863 | −$200,000 | −$845,247 | −$80,053 | −$34,460 | $0 |
| Net borrowing (repayment) | $10.5M | $548,243 | −$21,412 | −$13.9M | $7.4M | $12.7M | $4.4M | $2.1M | $9.2M | $2.7M |
| Shares issued | $5.4M | $649,039 | $10.0M | $41.3M | $250,000 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$1.8M | $10.1M | $2.8M | $40.0M | $7.6M | $0 | $0 | $0 | $91,780 | $24,140 |
| Cash from financing activities | $14.1M | $5.0M | $12.7M | $35.0M | $7.3M | $12.5M | $3.6M | $2.0M | $9.3M | $2.7M |
| Summary | ||||||||||
| Net change in cash | $3.1M | −$3.5M | −$16.9M | $20.5M | −$341,908 | $589,858 | −$825,806 | $81,490 | $66,263 | $518,541 |
| Cash at end of period | $3.5M | $315,105 | $3.8M | $20.7M | $286,487 | $628,395 | $38,537 | $864,343 | $782,853 | $716,590 |
| Free cash flow | −$8.5M | −$8.1M | −$24.8M | −$15.3M | −$8.0M | −$11.6M | −$5.5M | −$2.1M | −$8.8M | −$2.1M |
| Free cash flow margin | −13.0% | −14.9% | −46.5% | −30.3% | −14.2% | −21.0% | −13.8% | −5.6% | −29.4% | −31.7% |
| Capex / revenue | 0.1% | 0.8% | 17.2% | 0.8% | 1.6% | 0.2% | 1.7% | 1.4% | 0.2% | 0.2% |
| Operating cash flow / net income | — | — | — | — | — | −14.01 | — | — | — | — |
| 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 | −$6.1M | −$2.8M | −$10.1M | −$5.4M | −$2.8M | −$818,097 | −$9.5M | −$2.2M | −$2.6M | −$1.9M | −$21.0M | −$3.3M |
| Depreciation & amortization | $349,183 | $348,179 | $317,141 | $377,911 | $353,862 | $320,439 | $312,238 | $304,139 | $313,074 | $319,787 | $135,910 | $624,448 |
| Stock-based compensation | $558,858 | $535,786 | $582,008 | $570,601 | $603,021 | $556,611 | $586,512 | $422,811 | $340,195 | $340,194 | $363,426 | $109,636 |
| Change in working capital | $426,799 | $16,952 | $62,471 | −$846,215 | $300,078 | −$294,264 | −$353,221 | $2.1M | $649,268 | −$2.2M | $2.7M | −$2.3M |
| Other non-cash items | $3.0M | $837,440 | $4.6M | $1.3M | $361,187 | $48,995 | $5.2M | $85,608 | $77,288 | $40,722 | $18.7M | $424,616 |
| Cash from operating activities | −$1.7M | −$1.1M | −$4.6M | −$4.0M | −$1.2M | −$186,316 | −$3.8M | $739,774 | −$1.2M | −$3.4M | $951,727 | −$4.5M |
| Investing activities | ||||||||||||
| Capital expenditures | −$63,637 | −$11,399 | −$8,053 | −$12,715 | −$118,563 | −$13,803 | −$921,650 | −$228,767 | −$34,164 | −$82,662 | −$3.6M | −$2.1M |
| Investments (net) | — | — | — | −$1.0M | $71,820 | −$7,069 | −$1.0M | −$35,433 | $115,950 | $126,454 | −$3.4M | −$2.0M |
| Acquisitions & other investing | $178,242 | −$697,564 | — | $12,715 | $118,563 | $13,803 | — | $228,767 | $34,164 | — | — | $2.1M |
| Cash from investing activities | $114,605 | −$708,963 | — | −$1.0M | $71,820 | −$7,069 | — | −$35,433 | $115,950 | — | — | −$2.0M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | −$6.2M | — | −$6.2M | −$372,414 | — | — | −$100,251 |
| Share repurchases & issuance (net) | −$512,997 | $0 | — | — | $0 | $0 | $0 | — | −$201 | — | −$201 | −$100,251 |
| Net borrowing (repayment) | $1.3M | −$1.4M | $435,090 | $7.7M | $1.8M | $560,862 | $1.6M | −$1.2M | — | — | — | — |
| Shares issued | $1.1M | $1.8M | $4.4M | $1.0M | $0 | $0 | $0 | $649,039 | $0 | $649,039 | $49,980 | $5.2M |
| Other financing | −$74,277 | −$54,976 | −$131,864 | $0 | −$182,448 | $6.2M | $0 | $9.4M | $912,283 | −$442,097 | $4.2M | $1.3M |
| Cash from financing activities | $1.8M | $347,627 | $4.7M | $8.7M | $1.6M | $560,862 | $1.6M | $2.7M | $539,668 | $206,942 | $4.3M | $6.3M |
| Summary | ||||||||||||
| Net change in cash | $286,247 | −$1.3M | −$1.2M | $4.0M | −$87,378 | $427,776 | −$3.0M | $3.0M | −$521,590 | −$3.0M | $1.5M | $127,907 |
| Cash at end of period | $2.4M | $2.2M | $3.5M | $4.6M | $655,503 | $742,881 | $315,105 | $3.3M | $343,509 | $865,099 | $3.8M | $2.4M |
| Free cash flow | −$1.8M | −$1.1M | −$4.6M | −$4.0M | −$1.3M | −$200,119 | −$4.8M | $511,007 | −$1.2M | −$3.5M | −$2.6M | −$6.7M |
| Free cash flow margin | −9.4% | −6.0% | −23.4% | −23.3% | −9.0% | −1.5% | −33.4% | 4.1% | −9.4% | −24.0% | −16.5% | −52.0% |
| Capex / revenue | 0.3% | 0.1% | 0.0% | 0.1% | 0.8% | 0.1% | 6.5% | 1.8% | 0.3% | 0.6% | 22.5% | 16.7% |
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.
COSM cash generation
In fiscal 2025 (ended December 31, 2025), Cosmos Health generated -$8.4 million of cash from operations and spent $0.1 million on capital expenditures, leaving free cash flow of -$8.5 million, −13.0% of revenue. Cash and equivalents rose by $3.1 million over the year.
Related: COSM income statement, COSM balance sheet. See the COSM stock overview for the latest quote and news.
COSM cash flow FAQ
What is Cosmos Health's free cash flow?
Cosmos Health's free cash flow was -$8.5 million in fiscal 2025: -$8.4 million of operating cash flow minus $0.1 million of capital expenditures It was -$8.1 million a year earlier..
How much cash does Cosmos Health generate from operations?
Cosmos Health generated -$8.4 million of cash from operating activities in fiscal 2025.
How much does Cosmos Health spend on capital expenditures?
Cosmos Health spent $0.1 million on capital expenditures in fiscal 2025, 0.1% of revenue, compared with $0.4 million the year before.