MiniMed Group, Inc. (MMED) Cash Flow Statement
Where MMED’s cash came from and went, FY2026
April 30, 2026 · U.S. dollars- Cash from operations
- −$197.0M −240.7% vs FY2025
- Capital expenditures
- $223.0M 7.2% of revenue
- Free cash flow
- −$420.0M −13.5% margin
- Returned to shareholders
- —
- Change in cash
- $287.0M cash at year-end $298.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
MMED operating cash flow, capex and free cash flow
MMED cash flow trends, FY2023–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$6.0MFY2023 | −$197.0MFY2026 | — | |
| Capital expenditures | $167.0MFY2023 | $223.0MFY2026 | +10.1%/yr | |
| Free cash flow | −$173.0MFY2023 | −$420.0MFY2026 | — | |
| Free cash flow margin | −7.7%FY2023 | −13.5%FY2026 | −5.8 pts | |
| Stock-based compensation | $35.0MFY2023 | $46.0MFY2026 | +9.5%/yr | |
| Capex / revenue | 7.4%FY2023 | 7.2%FY2026 | −0.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MMED cash flow by activity
MMED 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).
MMED cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Operating activities | ||||
| Net income | −$317.0M | −$198.0M | −$107.0M | −$92.0M |
| Depreciation & amortization | $156.0M | $143.0M | $129.0M | $115.0M |
| Stock-based compensation | $46.0M | $41.0M | $38.0M | $35.0M |
| Change in working capital | −$166.0M | $122.0M | −$74.0M | −$90.0M |
| Other non-cash items | $84.0M | $32.0M | $55.0M | $26.0M |
| Cash from operating activities | −$197.0M | $140.0M | $41.0M | −$6.0M |
| Investing activities | ||||
| Capital expenditures | −$223.0M | −$193.0M | −$148.0M | −$167.0M |
| Investments (net) | $0 | $0 | $6.0M | −$13.0M |
| Acquisitions & other investing | −$10.0M | $0 | −$15.0M | $0 |
| Cash from investing activities | −$233.0M | −$193.0M | −$157.0M | −$180.0M |
| Financing activities | ||||
| Shares issued | $538.0M | $0 | $0 | $0 |
| Other financing | $178.0M | $10.0M | $112.0M | $185.0M |
| Cash from financing activities | $716.0M | $10.0M | $112.0M | $185.0M |
| Summary | ||||
| Net change in cash | $287.0M | −$43.0M | −$4.0M | −$2.0M |
| Cash at end of period | $298.0M | $11.0M | $54.0M | $58.0M |
| Free cash flow | −$420.0M | −$53.0M | −$107.0M | −$173.0M |
| Free cash flow margin | −13.5% | −2.0% | −4.3% | −7.7% |
| Capex / revenue | 7.2% | 7.1% | 6.0% | 7.4% |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | $0 | −$185.0M | −$111.0M | −$5.0M | −$19.0M | −$168.0M | −$10.0M |
| Depreciation & amortization | $41.0M | $39.0M | $39.0M | $39.0M | $39.0M | $38.0M | $37.0M |
| Stock-based compensation | $10.0M | $8.0M | $12.0M | $17.0M | $9.0M | $9.0M | $10.0M |
| Change in working capital | −$110.0M | $12.0M | $22.0M | −$12.0M | −$188.0M | $194.0M | −$24.0M |
| Other non-cash items | $10.0M | −$44.0M | $104.0M | $9.0M | $18.0M | $10.0M | $11.0M |
| Cash from operating activities | −$49.0M | −$170.0M | $66.0M | $48.0M | −$141.0M | $83.0M | $24.0M |
| Investing activities | |||||||
| Capital expenditures | −$41.0M | −$56.0M | −$53.0M | −$61.0M | −$53.0M | −$57.0M | −$50.0M |
| Acquisitions & other investing | $0 | $0 | $0 | $0 | — | $0 | — |
| Cash from investing activities | −$41.0M | −$56.0M | −$53.0M | −$61.0M | — | −$57.0M | — |
| Financing activities | |||||||
| Dividends paid | — | −$229.0M | — | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $741.0M | −$11.0M | $13.0M | $202.0M | −$25.0M | $26.0M |
| Cash from financing activities | $0 | $512.0M | −$11.0M | $13.0M | $202.0M | −$25.0M | $26.0M |
| Summary | |||||||
| Net change in cash | −$91.0M | $288.0M | $2.0M | −$1.0M | −$2.0M | $1.0M | $0 |
| Cash at end of period | $207.0M | $298.0M | $10.0M | $8.0M | $9.0M | $11.0M | $10.0M |
| Free cash flow | −$90.0M | −$226.0M | $13.0M | −$13.0M | −$194.0M | $26.0M | −$26.0M |
| Free cash flow margin | −10.7% | −27.0% | 1.6% | −1.7% | −26.8% | 3.6% | −3.8% |
| Capex / revenue | 4.9% | 6.7% | 6.7% | 8.1% | 7.3% | 7.9% | 7.3% |
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.
MMED cash generation
In fiscal 2026 (ended April 30, 2026), MiniMed generated -$197.0 million of cash from operations (down 240.7%) and spent $223.0 million on capital expenditures, leaving free cash flow of -$420.0 million, −13.5% of revenue. Cash and equivalents rose by $287.0 million over the year.
Related: MMED income statement, MMED balance sheet. See the MMED stock overview for the latest quote and news.
MMED cash flow FAQ
What is MiniMed's free cash flow?
MiniMed's free cash flow was -$420.0 million in fiscal 2026: -$197.0 million of operating cash flow minus $223.0 million of capital expenditures It was -$53.0 million a year earlier..
How much cash does MiniMed generate from operations?
MiniMed generated -$197.0 million of cash from operating activities in fiscal 2026.
How much does MiniMed spend on capital expenditures?
MiniMed spent $223.0 million on capital expenditures in fiscal 2026, 7.2% of revenue, compared with $193.0 million the year before.