Ocular Therapeutix, Inc. (OCUL) Cash Flow Statement
Where OCUL’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$204.9M
- Capital expenditures
- $12.0M 23.2% of revenue
- Free cash flow
- −$216.9M −418.5% margin
- Returned to shareholders
- —
- Change in cash
- $345.0M cash at year-end $738.7M
Cash from operations
−$204.9M
Capital expenditures
−$12.0M
Share buybacks (net)
+$1.6M
Shares issued
+$541.2M
Other financing
+$19.0M
Change in cash
$345.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
OCUL operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
OCUL cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$34.0M2016 | −$204.9M2025 | — | |
| Capital expenditures | $1.9M2016 | $12.0M2025 | +22.6%/yr | |
| Free cash flow | −$35.9M2016 | −$216.9M2025 | — | |
| Free cash flow margin | −1,903.6%2016 | −418.5%2025 | +1,485.0 pts | |
| Stock-based compensation | $6.0M2016 | $43.2M2025 | +24.6%/yr | |
| Dividends paid | $02016 | $52.6M2023 | — | |
| Share buybacks (net) | $02016 | $02025 | — | |
| Capex / revenue | 101.7%2016 | 23.2%2025 | −78.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
OCUL cash flow by activity
OperatingInvestingFinancingChange in cash
OCUL 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).
OCUL cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$265.9M | −$193.5M | −$80.7M | −$71.0M | −$6.6M | −$155.6M | −$86.4M | −$60.0M | −$63.4M | −$44.7M |
| Depreciation & amortization | $4.3M | $3.8M | $3.0M | $2.1M | $2.4M | $2.8M | $2.5M | $2.3M | $1.6M | $881,000 |
| Stock-based compensation | $43.2M | $33.1M | $17.8M | $17.0M | $15.0M | $7.5M | $8.8M | $7.5M | $7.3M | $6.0M |
| Change in working capital | $7.7M | −$10.2M | −$7.4M | $1.3M | −$2.9M | $1.2M | −$1.9M | $585,000 | $3.5M | $2.1M |
| Other non-cash items | $5.8M | $32.2M | −$2.9M | −$9.0M | −$73.5M | $90.6M | −$620,000 | $397,000 | $417,000 | $1.8M |
| Cash from operating activities | −$204.9M | −$134.7M | −$70.2M | −$59.6M | −$65.5M | −$53.6M | −$77.6M | −$49.2M | −$50.5M | −$34.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$12.0M | −$1.3M | −$6.1M | −$3.7M | −$1.2M | −$841,000 | −$2.2M | −$1.9M | −$8.3M | −$1.9M |
| Investments (net) | — | −$1.3M | −$7.8M | −$3.7M | −$1.2M | −$841,000 | −$2.2M | −$1.9M | $35.2M | $39.0M |
| Acquisitions & other investing | $130,000 | $1.3M | $7.8M | $3.7M | $1.2M | $841,000 | $2.2M | $1.9M | $119,000 | −$1.5M |
| Cash from investing activities | −$11.9M | −$1.3M | −$6.1M | −$3.7M | −$1.2M | −$841,000 | −$2.2M | −$1.9M | $27.1M | $35.6M |
| Financing activities | ||||||||||
| Dividends paid | — | — | −$52.6M | — | −$710,000 | −$747,000 | −$37.3M | −$297,000 | −$4.4M | $0 |
| Share repurchases & issuance (net) | $1.6M | $1.0M | $851,000 | $940,000 | $985,000 | $747,000 | $451,000 | $297,000 | $276,000 | $1.1M |
| Net borrowing (repayment) | $0 | $0 | $56.3M | $0 | −$445,000 | −$445,000 | $37.3M | $6.4M | $2.4M | $2.4M |
| Shares issued | $541.2M | $316.4M | $9.5M | $8.8M | $985,000 | $224.7M | $37.5M | $61.6M | $0 | $0 |
| Other financing | $19.0M | $14.7M | $155.7M | −$8.3M | $2.0M | $3.8M | $37.4M | $694,000 | $33.7M | −$2.9M |
| Cash from financing activities | $561.7M | $332.1M | $169.8M | $1.5M | $2.9M | $228.0M | $75.3M | $68.6M | $32.0M | $585,000 |
| Summary | ||||||||||
| Net change in cash | $345.0M | $196.1M | $93.5M | −$61.9M | −$63.9M | $173.6M | −$4.5M | $17.5M | $8.6M | $2.2M |
| Cash at end of period | $738.7M | $393.7M | $197.6M | $104.1M | $165.9M | $229.8M | $56.2M | $60.7M | $41.5M | $32.9M |
| Free cash flow | −$216.9M | −$136.0M | −$76.3M | −$63.3M | −$66.7M | −$54.4M | −$79.8M | −$51.1M | −$58.7M | −$35.9M |
| Free cash flow margin | −418.5% | −213.4% | −130.6% | −123.0% | −153.4% | −312.6% | −1,888.2% | −2,568.6% | −3,053.8% | −1,903.6% |
| Capex / revenue | 23.2% | 2.0% | 10.4% | 7.2% | 2.7% | 4.8% | 52.9% | 94.9% | 429.1% | 101.7% |
| 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 | −$78.8M | −$88.6M | −$64.7M | −$69.4M | −$67.8M | −$64.1M | −$48.4M | −$36.5M | −$43.8M | −$64.8M | −$29.2M | −$516,000 |
| Depreciation & amortization | $1.9M | $1.3M | $1.2M | $1.1M | $1.0M | $981,000 | $951,000 | $959,000 | $956,000 | $920,000 | $958,000 | $890,000 |
| Stock-based compensation | $14.6M | $15.6M | $11.4M | $11.7M | $9.7M | $10.5M | $7.2M | $6.6M | $11.3M | $8.0M | $4.3M | $4.5M |
| Change in working capital | −$5.0M | $962,000 | −$2.1M | $3.7M | $552,000 | $5.5M | $858,000 | −$1.2M | $3.1M | −$13.0M | −$6.6M | $6.2M |
| Other non-cash items | −$49,000 | $4.8M | −$100,000 | $2.2M | $1.3M | $2.4M | −$47,000 | −$6.5M | $3.6M | $35.1M | $8.0M | −$24.0M |
| Cash from operating activities | −$67.3M | −$66.0M | −$54.2M | −$50.7M | −$55.2M | −$44.7M | −$39.4M | −$36.6M | −$24.8M | −$33.9M | −$22.5M | −$12.9M |
| Investing activities | ||||||||||||
| Capital expenditures | −$3.4M | −$4.7M | −$2.8M | −$6.0M | −$1.2M | −$1.9M | −$202,000 | −$89,000 | −$742,000 | −$255,000 | −$459,000 | −$259,000 |
| Investments (net) | — | — | — | −$6.0M | −$1.1M | −$1.9M | −$202,000 | −$89,000 | −$742,000 | −$255,000 | −$459,000 | −$259,000 |
| Acquisitions & other investing | $0 | $0 | $0 | $6.0M | $1.2M | $1.9M | $202,000 | $89,000 | $742,000 | $255,000 | $459,000 | $259,000 |
| Cash from investing activities | −$3.4M | −$4.7M | −$2.8M | −$6.0M | −$1.1M | −$1.9M | −$202,000 | −$89,000 | −$742,000 | −$255,000 | −$459,000 | −$259,000 |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | $902,000 | — | — | — | $713,000 | — | — | $492,000 | — | — | $851,000 | — |
| Net borrowing (repayment) | — | — | — | — | — | — | $0 | $0 | — | — | — | — |
| Shares issued | $0 | $0 | $446.4M | $0 | $94.7M | $0 | $524,000 | $0 | $492,000 | $316.4M | $107.7M | $708,000 |
| Other financing | $1.7M | $294,000 | $2.9M | $10.4M | $2.4M | $4.2M | $4.0M | $3.7M | $1.7M | $4.9M | −$410,000 | $56.4M |
| Cash from financing activities | $2.6M | $294,000 | $449.4M | $10.4M | $97.8M | $4.2M | $4.5M | $4.2M | $2.2M | $321.2M | $108.2M | $57.1M |
| Summary | ||||||||||||
| Net change in cash | −$68.1M | −$70.4M | $392.3M | −$46.4M | $41.5M | −$42.4M | −$35.1M | −$32.5M | −$23.3M | $287.1M | $85.3M | $43.9M |
| Cash at end of period | $600.3M | $668.3M | $738.7M | $344.8M | $392.7M | $351.3M | $393.7M | $428.8M | $461.3M | $484.7M | $197.6M | $112.3M |
| Free cash flow | −$70.6M | −$70.7M | −$57.1M | −$56.7M | −$56.5M | −$46.6M | −$39.6M | −$36.6M | −$25.5M | −$34.1M | −$22.9M | −$13.2M |
| Free cash flow margin | −524.2% | −655.1% | −430.9% | −390.0% | −419.7% | −435.6% | −232.0% | −237.6% | −155.4% | −231.1% | −154.8% | −87.4% |
| Capex / revenue | 25.0% | 43.2% | 21.4% | 41.2% | 9.3% | 18.1% | 1.2% | 0.6% | 4.5% | 1.7% | 3.1% | 1.7% |
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.
OCUL cash generation
In fiscal 2025 (ended December 31, 2025), Ocular Therapeutix generated -$204.9 million of cash from operations and spent $12.0 million on capital expenditures, leaving free cash flow of -$216.9 million, −418.5% of revenue. Cash and equivalents rose by $345.0 million over the year.
Related: OCUL income statement, OCUL balance sheet. See the OCUL stock overview for the latest quote and news.
OCUL cash flow FAQ
What is Ocular Therapeutix's free cash flow?
Ocular Therapeutix's free cash flow was -$216.9 million in fiscal 2025: -$204.9 million of operating cash flow minus $12.0 million of capital expenditures It was -$136.0 million a year earlier..
How much cash does Ocular Therapeutix generate from operations?
Ocular Therapeutix generated -$204.9 million of cash from operating activities in fiscal 2025.
How much does Ocular Therapeutix spend on capital expenditures?
Ocular Therapeutix spent $12.0 million on capital expenditures in fiscal 2025, 23.2% of revenue, compared with $1.3 million the year before.