Credo Technology Group Holding Ltd (CRDO) Cash Flow Statement
Where CRDO’s cash came from and went, FY2026
April 30, 2026 · U.S. dollars- Cash from operations
- $464.3M +613.4% vs FY2025
- Capital expenditures
- $57.3M 4.3% of revenue
- Free cash flow
- $407.0M 30.5% margin
- Returned to shareholders
- $19.2M 5% of free cash flow
- Change in cash
- $928.6M cash at year-end $1.16B
Drawn to scale: where the cash came from and how it was used. Hover for values.
CRDO operating cash flow, capex and free cash flow
CRDO cash flow trends, FY2020–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$10.3MFY2020 | $464.3MFY2026 | — | |
| Capital expenditures | $8.8MFY2020 | $57.3MFY2026 | +36.6%/yr | |
| Free cash flow | −$19.1MFY2020 | $407.0MFY2026 | — | |
| Free cash flow margin | −35.5%FY2020 | 30.5%FY2026 | +65.9 pts | |
| Operating cash flow / net income | −7.71FY2020 | 0.98FY2026 | +8.70 | |
| Stock-based compensation | $1.2MFY2020 | $182.6MFY2026 | +129.6%/yr | |
| Share buybacks (net) | $0FY2020 | $19.2MFY2026 | — | |
| Capex / revenue | 16.4%FY2020 | 4.3%FY2026 | −12.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CRDO cash flow by activity
CRDO 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).
CRDO cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | $472.3M | $52.2M | −$28.4M | −$16.5M | −$22.2M | −$27.5M | $1.3M |
| Depreciation & amortization | $34.6M | $21.9M | $13.8M | $9.5M | $4.8M | $2.2M | $1.8M |
| Stock-based compensation | $182.6M | $77.4M | $39.0M | $23.5M | $9.2M | $2.6M | $1.2M |
| Change in working capital | −$195.2M | −$108.4M | −$731,000 | −$50.4M | −$29.6M | −$19.6M | −$14.8M |
| Other non-cash items | −$30.0M | $22.0M | $9.0M | $9.3M | $7.0M | $0 | $153,000 |
| Cash from operating activities | $464.3M | $65.1M | $32.7M | −$24.6M | −$30.8M | −$42.4M | −$10.3M |
| Investing activities | |||||||
| Capital expenditures | −$57.3M | −$36.1M | −$15.7M | −$21.7M | −$17.6M | −$6.1M | −$8.8M |
| Investments (net) | −$83.3M | $112.0M | −$249.5M | −$109.2M | −$17.6M | −$6.1M | −$8.8M |
| Acquisitions & other investing | −$112.9M | $36.1M | $15.7M | $0 | $17.6M | $6.1M | $8.8M |
| Cash from investing activities | −$253.5M | $112.0M | −$249.5M | −$130.9M | −$17.6M | −$6.1M | −$8.8M |
| Financing activities | |||||||
| Share repurchases & issuance (net) | −$19.2M | — | — | $5.5M | $204.2M | −$22.9M | $0 |
| Shares issued | $736.3M | $0 | $173.4M | $194.2M | $201.4M | $99.3M | $60.5M |
| Other financing | $459,000 | −$7.7M | $1.8M | −$194.8M | −$201.4M | $1.4M | $721,000 |
| Cash from financing activities | $717.6M | −$7.7M | $175.3M | $4.9M | $204.2M | $77.9M | $61.2M |
| Summary | |||||||
| Net change in cash | $928.6M | $169.4M | −$41.6M | −$150.7M | $155.6M | $29.8M | $42.2M |
| Cash at end of period | $1.16B | $236.3M | $66.9M | $108.6M | $259.3M | $103.8M | $73.9M |
| Free cash flow | $407.0M | $29.0M | $17.1M | −$46.3M | −$48.4M | −$48.4M | −$19.1M |
| Free cash flow margin | 30.5% | 6.6% | 8.9% | −25.2% | −45.5% | −82.5% | −35.5% |
| Capex / revenue | 4.3% | 8.3% | 8.1% | 11.8% | 16.5% | 10.3% | 16.4% |
| Operating cash flow / net income | 0.98 | 1.25 | — | — | — | — | −7.71 |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $129.4M | $169.1M | $157.1M | $82.6M | $63.4M | $36.6M | $29.4M | −$4.2M | −$9.5M | −$10.5M | $428,000 | −$6.6M |
| Depreciation & amortization | $20.2M | $16.3M | $6.8M | $6.6M | $5.5M | $7.7M | $5.1M | $5.0M | $4.2M | $3.7M | $3.4M | $3.7M |
| Stock-based compensation | $88.0M | $49.7M | $52.2M | $45.3M | $35.5M | $27.9M | $16.2M | $16.7M | $16.6M | $14.6M | $8.3M | $8.1M |
| Change in working capital | −$151.3M | −$162.3M | −$32.9M | $52.1M | −$52.1M | −$18.8M | −$55.9M | −$12.3M | −$21.5M | −$10.2M | −$14.2M | −$1.1M |
| Other non-cash items | $3.9M | $109.5M | −$16.9M | −$125.0M | $2.0M | $4.5M | $9.5M | $5.1M | $2.9M | $6.6M | $990,000 | $883,000 |
| Cash from operating activities | $90.2M | $182.2M | $166.2M | $61.7M | $54.2M | $57.8M | $4.2M | $10.3M | −$7.2M | $4.2M | −$1.0M | $5.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$7.3M | −$4.8M | −$26.5M | −$23.2M | −$2.8M | −$3.7M | −$4.6M | −$21.9M | −$5.9M | −$3.2M | −$5.1M | −$2.0M |
| Investments (net) | −$19.1M | −$197.3M | $165.0M | $14.0M | −$67.8M | −$118.7M | $59.1M | $129.1M | $42.5M | −$33.2M | −$206.6M | −$3.0M |
| Acquisitions & other investing | −$735.6M | −$30.3M | $0 | −$82.6M | $2.8M | $3.7M | $4.6M | $21.9M | $5.9M | $3.2M | $5.1M | $2.0M |
| Cash from investing activities | −$762.0M | −$232.5M | $138.5M | −$91.7M | −$67.8M | −$118.7M | $59.1M | $129.1M | $42.5M | −$33.2M | −$206.6M | −$3.0M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$25.9M | −$19.2M | — | — | — | — | −$4.9M | −$1.2M | −$1.1M | — | — | −$182,000 |
| Shares issued | $0 | $0 | $351.7M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$720,000 | $13.8M | −$3.7M | $377.9M | −$3.0M | −$2.0M | $1.6M | −$2.8M | $2.7M | $7,000 | $174.6M | $312,000 |
| Cash from financing activities | −$26.7M | −$5.3M | $348.0M | $377.9M | −$3.0M | −$2.0M | −$3.3M | −$4.0M | $1.6M | $7,000 | $174.6M | $130,000 |
| Summary | ||||||||||||
| Net change in cash | −$698.1M | −$55.5M | $652.9M | $347.9M | −$16.7M | −$62.9M | $60.0M | $135.3M | $37.0M | −$29.1M | −$32.9M | $1.9M |
| Cash at end of period | $466.9M | $1.16B | $1.22B | $567.6M | $219.6M | $236.3M | $299.2M | $239.2M | $103.9M | $66.9M | $96.1M | $129.0M |
| Free cash flow | $82.9M | $177.5M | $139.7M | $38.5M | $51.3M | $54.2M | −$383,000 | −$11.7M | −$13.1M | $962,000 | −$6.1M | $3.0M |
| Free cash flow margin | 17.3% | 40.6% | 34.3% | 14.4% | 23.0% | 31.9% | −0.3% | −16.2% | −21.9% | 1.6% | −11.6% | 6.7% |
| Capex / revenue | 1.5% | 1.1% | 6.5% | 8.7% | 1.3% | 2.1% | 3.4% | 30.5% | 9.8% | 5.3% | 9.6% | 4.6% |
| Operating cash flow / net income | 0.70 | 1.08 | 1.06 | 0.75 | 0.85 | 1.58 | 0.14 | — | — | — | −2.42 | — |
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.
CRDO cash generation
In fiscal 2026 (ended April 30, 2026), Credo Technology generated $464.3 million of cash from operations (up 613.4%) and spent $57.3 million on capital expenditures, leaving free cash flow of $407.0 million, 30.5% of revenue. It returned $19.2 million to shareholders through dividends ($0) and net share buybacks ($19.2 million). Cash and equivalents rose by $928.6 million over the year.
Related: CRDO income statement, CRDO balance sheet. See the CRDO stock overview for the latest quote and news.
CRDO cash flow FAQ
What is Credo Technology's free cash flow?
Credo Technology's free cash flow was $407.0 million in fiscal 2026: $464.3 million of operating cash flow minus $57.3 million of capital expenditures It was $29.0 million a year earlier..
How much cash does Credo Technology generate from operations?
Credo Technology generated $464.3 million of cash from operating activities in fiscal 2026, 0.98 times its net income of $472.3 million.
How much does Credo Technology spend on capital expenditures?
Credo Technology spent $57.3 million on capital expenditures in fiscal 2026, 4.3% of revenue, compared with $36.1 million the year before.
How much stock does Credo Technology buy back?
Credo Technology spent $19.2 million on net share repurchases in fiscal 2026.