Centrus Energy Corp. (LEU) Cash Flow Statement
Where LEU’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $51.0M +37.8% vs 2024
- Capital expenditures
- $19.7M 4.4% of revenue
- Free cash flow
- $31.3M 7.0% margin
- Returned to shareholders
- —
- Change in cash
- $1.26B cash at year-end $1.96B
Cash from operations
$51.0M
Capital expenditures
−$19.7M
Share buybacks (net)
+$523.7M
Net borrowing (repayment)
+$708.1M
Shares issued
+$523.7M
Other financing
−$530.6M
Change in cash
$1.26B
Drawn to scale: where the cash came from and how it was used. Hover for values.
LEU operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
LEU cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $37.7M2016 | $51.0M2025 | +3.4%/yr | |
| Capital expenditures | $3.0M2016 | $19.7M2025 | +23.3%/yr | |
| Free cash flow | $34.7M2016 | $31.3M2025 | −1.1%/yr | |
| Free cash flow margin | 11.1%2016 | 7.0%2025 | −4.2 pts | |
| Operating cash flow / net income | −2.062017 | 0.662025 | +2.71 | |
| Stock-based compensation | $500,0002016 | $5.8M2025 | +31.3%/yr | |
| Dividends paid | $02016 | $02025 | — | |
| Share buybacks (net) | $9.8M2016 | $02025 | −100.0% | |
| Capex / revenue | 1.0%2016 | 4.4%2025 | +3.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LEU cash flow by activity
OperatingInvestingFinancingChange in cash
LEU 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).
LEU cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $77.8M | $73.2M | $84.4M | $52.2M | $175.0M | $54.4M | −$16.5M | −$104.1M | $12.2M | −$67.0M |
| Depreciation & amortization | $9.9M | $10.8M | $7.1M | $9.6M | $8.6M | $7.3M | $7.0M | $7.4M | $12.0M | $13.1M |
| Stock-based compensation | $5.8M | $1.5M | $2.3M | $1.9M | $12.1M | $7.1M | $1.4M | $400,000 | $500,000 | $500,000 |
| Change in working capital | −$48.1M | −$32.7M | −$44.3M | −$93.1M | −$53.3M | $3.6M | $3.8M | $4.2M | $11.8M | $95.4M |
| Other non-cash items | $5.6M | −$15.8M | −$40.4M | $50.0M | −$92.4M | −$5.3M | $15.6M | $17.7M | −$61.6M | −$4.3M |
| Cash from operating activities | $51.0M | $37.0M | $9.1M | $20.6M | $50.0M | $67.1M | $11.3M | −$74.4M | −$25.1M | $37.7M |
| Investing activities | ||||||||||
| Capital expenditures | −$19.7M | −$4.1M | −$1.6M | −$700,000 | −$1.2M | −$1.4M | −$100,000 | −$100,000 | −$500,000 | −$3.0M |
| Investments (net) | — | −$4.1M | −$1.2M | −$700,000 | −$1.2M | −$1.4M | $600,000 | $400,000 | $4.2M | −$1.2M |
| Acquisitions & other investing | $0 | $4.1M | $1.2M | $700,000 | $1.2M | $1.4M | $100,000 | $100,000 | $500,000 | $3.0M |
| Cash from investing activities | −$19.7M | −$4.1M | −$1.6M | −$700,000 | −$1.2M | −$1.4M | $600,000 | $400,000 | $4.2M | −$1.2M |
| Financing activities | ||||||||||
| Dividends paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Share repurchases & issuance (net) | $523.7M | $55.1M | −$3.0M | −$1.9M | −$44.4M | −$61.6M | — | — | −$27.6M | −$9.8M |
| Net borrowing (repayment) | $708.1M | $388.7M | $0 | −$6.1M | −$6.1M | −$6.2M | −$35.0M | −$11.1M | −$3.4M | −$9.8M |
| Shares issued | $523.7M | $54.7M | $26.8M | $3.6M | $42.1M | $23.1M | $0 | $0 | $0 | $0 |
| Other financing | −$530.6M | −$61.4M | −$9.9M | $100,000 | −$1.5M | $300,000 | $0 | $0 | $0 | $9.8M |
| Cash from financing activities | $1.22B | $437.1M | $13.9M | −$4.3M | −$9.9M | −$44.4M | −$35.0M | −$11.1M | −$31.0M | −$9.8M |
| Summary | ||||||||||
| Net change in cash | $1.26B | $470.2M | $21.4M | $15.6M | $38.9M | $21.3M | −$23.1M | −$85.1M | −$51.9M | $26.7M |
| Cash at end of period | $1.96B | $704.0M | $233.8M | $212.4M | $196.8M | $157.9M | $136.6M | $159.7M | $208.8M | $260.7M |
| Free cash flow | $31.3M | $32.9M | $7.5M | $19.9M | $48.8M | $65.7M | $11.2M | −$74.5M | −$25.6M | $34.7M |
| Free cash flow margin | 7.0% | 7.4% | 2.3% | 6.8% | 16.4% | 26.6% | 5.3% | −38.6% | −11.7% | 11.1% |
| Capex / revenue | 4.4% | 0.9% | 0.5% | 0.2% | 0.4% | 0.6% | 0.0% | 0.1% | 0.2% | 1.0% |
| Operating cash flow / net income | 0.66 | 0.51 | 0.11 | 0.39 | 0.29 | 1.23 | — | — | −2.06 | — |
| 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 | $16.8M | $10.0M | $17.8M | $3.9M | $28.9M | $27.2M | $53.7M | −$5.0M | $30.6M | −$6.1M | $56.3M | $8.2M |
| Depreciation & amortization | $2.9M | $2.2M | $3.0M | $1.5M | $3.9M | $1.5M | $2.9M | $2.7M | $3.9M | $1.3M | $2.3M | $1.6M |
| Stock-based compensation | $17.7M | $400,000 | $500,000 | $600,000 | $4.2M | $500,000 | $400,000 | $400,000 | $500,000 | $200,000 | $300,000 | $400,000 |
| Change in working capital | −$24.8M | −$51.2M | −$77.3M | $14.7M | $5.6M | $8.9M | $9.1M | −$32.1M | −$21.3M | $11.6M | −$18.0M | −$19.9M |
| Other non-cash items | $5.8M | $3.5M | $7.6M | −$10.6M | $10.2M | −$1.6M | −$8.2M | $800,000 | −$6.7M | −$1.7M | −$23.0M | −$14.3M |
| Cash from operating activities | $18.4M | −$35.1M | −$48.4M | $10.1M | $52.8M | $36.5M | $57.9M | −$33.2M | $7.0M | $5.3M | $17.9M | −$24.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$71.6M | −$23.2M | −$9.6M | −$4.4M | −$3.6M | −$2.1M | −$700,000 | −$1.0M | −$900,000 | −$1.5M | −$500,000 | −$400,000 |
| Investments (net) | — | — | — | −$4.4M | −$3.6M | −$2.1M | −$700,000 | −$1.0M | −$900,000 | −$1.5M | −$500,000 | −$400,000 |
| Acquisitions & other investing | $0 | $0 | $0 | $4.4M | $3.6M | $2.1M | $700,000 | $1.0M | $900,000 | $1.5M | $500,000 | $400,000 |
| Cash from investing activities | −$71.6M | −$23.2M | −$9.6M | −$4.4M | −$3.6M | −$2.1M | −$700,000 | −$1.0M | −$900,000 | −$1.5M | −$500,000 | −$400,000 |
| Financing activities | ||||||||||||
| Dividends paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Share repurchases & issuance (net) | — | — | $523.7M | $139.7M | $139.9M | $25.2M | $55.1M | $300,000 | −$300,000 | — | $3.0M | −$1.1M |
| Net borrowing (repayment) | $0 | $0 | $0 | $782.4M | $0 | −$74.3M | — | — | — | — | — | — |
| Shares issued | $53.9M | $0 | $384.0M | $0 | $114.7M | $25.2M | $31.3M | $4.4M | $11.9M | $7.1M | $0 | $0 |
| Other financing | −$100,000 | −$300,000 | −$524.2M | −$140.3M | −$142.4M | −$28.7M | $333.3M | −$3.3M | $0 | −$2.7M | −$3.0M | −$3.1M |
| Cash from financing activities | $53.8M | −$300,000 | $383.5M | $781.8M | $112.2M | −$52.6M | $419.7M | $1.4M | $11.6M | $4.4M | $0 | −$4.2M |
| Summary | ||||||||||||
| Net change in cash | $700,000 | −$89.0M | $325.5M | $787.6M | $161.3M | −$18.3M | $477.1M | −$32.7M | $17.7M | $8.1M | $17.9M | −$29.2M |
| Cash at end of period | $1.90B | $1.87B | $1.96B | $1.63B | $847.0M | $685.7M | $704.0M | $226.9M | $259.6M | $241.9M | $201.2M | $215.8M |
| Free cash flow | −$53.2M | −$58.3M | −$58.0M | $5.7M | $49.2M | $34.4M | $57.2M | −$34.2M | $6.1M | $3.8M | $17.4M | −$24.4M |
| Free cash flow margin | −30.2% | −76.0% | −39.7% | 7.6% | 31.8% | 47.1% | 37.7% | −59.3% | 3.2% | 8.7% | 16.8% | −47.6% |
| Capex / revenue | 40.7% | 30.2% | 6.6% | 5.9% | 2.3% | 2.9% | 0.5% | 1.7% | 0.5% | 3.4% | 0.5% | 0.8% |
| Operating cash flow / net income | 1.10 | −3.51 | −2.72 | 2.59 | 1.83 | 1.34 | 1.08 | — | 0.23 | — | 0.32 | −2.93 |
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.
LEU cash generation
In fiscal 2025 (ended December 31, 2025), Centrus Energy generated $51.0 million of cash from operations (up 37.8%) and spent $19.7 million on capital expenditures, leaving free cash flow of $31.3 million, 7.0% of revenue. Cash and equivalents rose by $1.3 billion over the year.
Related: LEU income statement, LEU balance sheet. See the LEU stock overview for the latest quote and news.
LEU cash flow FAQ
What is Centrus Energy's free cash flow?
Centrus Energy's free cash flow was $31.3 million in fiscal 2025: $51.0 million of operating cash flow minus $19.7 million of capital expenditures It was $32.9 million a year earlier..
How much cash does Centrus Energy generate from operations?
Centrus Energy generated $51.0 million of cash from operating activities in fiscal 2025, 0.66 times its net income of $77.8 million.
How much does Centrus Energy spend on capital expenditures?
Centrus Energy spent $19.7 million on capital expenditures in fiscal 2025, 4.4% of revenue, compared with $4.1 million the year before.