Krystal Biotech, Inc. (KRYS) Cash Flow Statement
Where KRYS’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $200.9M +62.7% vs 2024
- Capital expenditures
- $12.0M 3.1% of revenue
- Free cash flow
- $188.9M 48.5% margin
- Returned to shareholders
- —
- Change in cash
- $151.4M cash at year-end $496.3M
Cash from operations
$200.9M
Capital expenditures
−$12.0M
Investments (net)
−$46.9M
Other financing
+$8.7M
Change in cash
$151.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
KRYS operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
KRYS cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$1.3M2016 | $200.9M2025 | — | |
| Capital expenditures | $15,0002016 | $12.0M2025 | +110.1%/yr | |
| Free cash flow | −$1.3M2016 | $188.9M2025 | — | |
| Free cash flow margin | −1,137.2%2018 | 48.5%2025 | +1,185.7 pts | |
| Operating cash flow / net income | −8.122023 | 0.982025 | +9.10 | |
| Stock-based compensation | $33,0002016 | $54.5M2025 | +127.8%/yr | |
| Share buybacks (net) | $02016 | $02021 | — | |
| Capex / revenue | 217.5%2018 | 3.1%2025 | −214.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
KRYS cash flow by activity
OperatingInvestingFinancingChange in cash
KRYS 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).
KRYS cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $204.8M | $89.2M | $10.9M | −$140.0M | −$69.6M | −$32.2M | −$19.1M | −$10.9M | −$7.9M | −$1.1M |
| Depreciation & amortization | $6.6M | $6.7M | $5.0M | $4.1M | $2.8M | $1.9M | $974,000 | $141,000 | $23,000 | $2,000 |
| Stock-based compensation | $54.5M | $49.1M | $39.9M | $33.2M | $15.3M | $3.3M | $1.2M | $792,000 | $246,000 | $33,000 |
| Change in working capital | −$36.4M | −$14.5M | −$37.9M | $2.8M | $2.1M | $928,000 | −$1.7M | $511,000 | $498,000 | −$203,000 |
| Other non-cash items | −$28.6M | −$7.1M | −$106.8M | −$689,999 | $1.5M | $33,000 | −$159,000 | $0 | $3.3M | $7,000 |
| Cash from operating activities | $200.9M | $123.4M | −$88.8M | −$100.6M | −$47.9M | −$26.1M | −$18.7M | −$9.4M | −$3.9M | −$1.3M |
| Investing activities | ||||||||||
| Capital expenditures | −$12.0M | −$4.2M | −$11.8M | −$53.0M | −$68.3M | −$14.8M | −$6.4M | −$2.2M | −$210,000 | −$15,000 |
| Investments (net) | −$46.9M | −$163.4M | $82.6M | −$114.1M | −$158.4M | $3.7M | $1.4M | −$10.3M | −$210,000 | −$15,000 |
| Acquisitions & other investing | $435,000 | $4.2M | $11.8M | $53.0M | $0 | $0 | $0 | $2.2M | $210,000 | $15,000 |
| Cash from investing activities | −$58.4M | −$163.4M | $82.6M | −$114.1M | −$226.8M | −$11.2M | −$5.0M | −$10.3M | −$210,000 | −$15,000 |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | $0 | — |
| Share repurchases & issuance (net) | — | — | — | — | $355.6M | $118.0M | $107.5M | $73.8M | $49.5M | $1.4M |
| Net borrowing (repayment) | — | — | — | — | — | — | — | — | $2.3M | $1.8M |
| Shares issued | $0 | $0 | $203.5M | $36.0M | $355.6M | $118.0M | $107.5M | $73.8M | $0 | $0 |
| Other financing | $8.7M | $27.0M | −$749,000 | −$649,000 | −$363.6M | −$118.0M | −$107.5M | −$73.8M | $0 | $0 |
| Cash from financing activities | $8.7M | $27.0M | $202.8M | $35.3M | $347.7M | $118.0M | $107.5M | $73.8M | $51.8M | $3.2M |
| Summary | ||||||||||
| Net change in cash | $151.4M | −$13.5M | $196.4M | −$179.3M | $73.0M | $80.8M | $83.8M | $54.1M | $47.7M | $1.9M |
| Cash at end of period | $496.3M | $344.9M | $358.3M | $161.9M | $341.2M | $268.3M | $187.5M | $103.7M | $49.6M | $1.9M |
| Free cash flow | $188.9M | $119.2M | −$100.6M | −$153.5M | −$116.3M | −$40.9M | −$25.1M | −$11.7M | −$4.1M | −$1.3M |
| Free cash flow margin | 48.5% | 41.0% | −198.4% | — | — | — | — | −1,137.2% | — | — |
| Capex / revenue | 3.1% | 1.5% | 23.3% | — | — | — | — | 217.5% | — | — |
| Operating cash flow / net income | 0.98 | 1.38 | −8.12 | — | — | — | — | — | — | — |
| 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 | $54.8M | $55.9M | $51.4M | $79.4M | $38.3M | $35.7M | $45.5M | $27.2M | $15.6M | $932,000 | $8.7M | $80.7M |
| Depreciation & amortization | $1.6M | $1.7M | $1.8M | $1.6M | $1.5M | $1.6M | $1.6M | $1.5M | $2.0M | $1.6M | $1.5M | $1.4M |
| Stock-based compensation | $14.2M | $13.6M | $13.8M | $13.2M | $14.1M | $13.5M | $13.4M | $13.3M | $13.2M | $9.3M | $9.9M | $8.3M |
| Change in working capital | $2.9M | $14.0M | $9.5M | −$27.9M | $494,000 | −$18.5M | −$5.7M | $18.2M | −$33.3M | $6.3M | −$25.7M | −$9.5M |
| Other non-cash items | $1.4M | −$4.9M | $1.1M | −$26.6M | −$1.8M | −$1.3M | −$1.9M | −$1.4M | −$1.6M | −$2.3M | −$1.6M | −$102.2M |
| Cash from operating activities | $74.8M | $80.4M | $77.5M | $39.7M | $52.7M | $31.0M | $52.8M | $58.9M | −$4.2M | $15.9M | −$7.2M | −$21.2M |
| Investing activities | ||||||||||||
| Capital expenditures | −$3.6M | −$7.1M | −$2.1M | −$1.7M | −$1.9M | −$6.2M | −$801,000 | −$1.0M | −$1.1M | −$1.3M | −$1.8M | −$1.8M |
| Investments (net) | −$158.0M | −$56.4M | $13.3M | −$4.3M | −$10.5M | −$54.8M | −$83.8M | −$34.3M | −$19.4M | −$26.0M | −$10.2M | $105.2M |
| Acquisitions & other investing | $0 | $0 | $0 | $1.7M | $1.9M | $6.2M | $801,000 | $1.0M | $1.1M | $1.3M | $1.8M | $1.8M |
| Cash from investing activities | −$161.6M | −$63.6M | $11.2M | −$4.3M | −$10.5M | −$54.8M | −$83.8M | −$34.3M | −$19.4M | −$26.0M | −$10.2M | $105.2M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$108,000 | −$17.0M | — | — | — | — | — | — | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.6M | $13.4M |
| Other financing | $15.2M | $6.5M | $15.7M | $3.7M | $1.8M | −$12.5M | $2.4M | $3.4M | $10.6M | $10.6M | $0 | $0 |
| Cash from financing activities | $15.1M | −$10.5M | $15.7M | $3.7M | $1.8M | −$12.5M | $2.4M | $3.4M | $10.6M | $10.6M | $2.6M | $13.4M |
| Summary | ||||||||||||
| Net change in cash | −$73.6M | $5.0M | $103.7M | $38.8M | $45.1M | −$36.1M | −$29.1M | $28.2M | −$13.2M | $678,000 | −$14.9M | $97.4M |
| Cash at end of period | $427.7M | $501.3M | $496.3M | $392.6M | $353.8M | $308.8M | $344.9M | $374.0M | $345.8M | $359.0M | $358.3M | $373.2M |
| Free cash flow | $71.2M | $73.2M | $75.4M | $38.0M | $50.8M | $24.8M | $52.0M | $57.8M | −$5.3M | $14.6M | −$9.1M | −$23.0M |
| Free cash flow margin | 59.7% | 62.9% | 70.4% | 38.8% | 52.9% | 28.1% | 57.1% | 69.0% | −7.5% | 32.3% | −21.5% | −268.9% |
| Capex / revenue | 3.0% | 6.1% | 2.0% | 1.7% | 2.0% | 7.0% | 0.9% | 1.2% | 1.6% | 2.8% | 4.4% | 20.8% |
| Operating cash flow / net income | 1.37 | 1.44 | 1.51 | 0.50 | 1.38 | 0.87 | 1.16 | 2.17 | −0.27 | 17.05 | −0.83 | −0.26 |
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.
KRYS cash generation
In fiscal 2025 (ended December 31, 2025), Krystal Biotech generated $200.9 million of cash from operations (up 62.7%) and spent $12.0 million on capital expenditures, leaving free cash flow of $188.9 million, 48.5% of revenue. Cash and equivalents rose by $151.4 million over the year.
Related: KRYS income statement, KRYS balance sheet. See the KRYS stock overview for the latest quote and news.
KRYS cash flow FAQ
What is Krystal Biotech's free cash flow?
Krystal Biotech's free cash flow was $188.9 million in fiscal 2025: $200.9 million of operating cash flow minus $12.0 million of capital expenditures It was $119.2 million a year earlier..
How much cash does Krystal Biotech generate from operations?
Krystal Biotech generated $200.9 million of cash from operating activities in fiscal 2025, 0.98 times its net income of $204.8 million.
How much does Krystal Biotech spend on capital expenditures?
Krystal Biotech spent $12.0 million on capital expenditures in fiscal 2025, 3.1% of revenue, compared with $4.2 million the year before.