Pure Cycle Corporation (PCYO) Cash Flow Statement
Where PCYO’s cash came from and went, FY2025
August 31, 2025 · U.S. dollars- Cash from operations
- $13.2M +495.1% vs FY2024
- Capital expenditures
- $9.5M 36.3% of revenue
- Free cash flow
- $3.7M 14.1% margin
- Returned to shareholders
- $397,000 11% of free cash flow
- Change in cash
- −$182,000 cash at year-end $21.9M
Cash from operations
$13.2M
Capital expenditures
−$9.5M
Investments (net)
−$9.7M
Acquisitions & other
+$9.5M
Share buybacks (net)
−$397,000
Net borrowing (repayment)
−$94,000
Currency & other
−$3.2M
Change in cash
−$182,000
Drawn to scale: where the cash came from and how it was used. Hover for values.
PCYO operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
PCYO cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$270,729FY2016 | $13.2MFY2025 | — | |
| Capital expenditures | $1.7MFY2016 | $9.5MFY2025 | +21.2%/yr | |
| Free cash flow | −$2.0MFY2016 | $3.7MFY2025 | — | |
| Free cash flow margin | −431.8%FY2016 | 14.1%FY2025 | +446.0 pts | |
| Operating cash flow / net income | 0.00FY2018 | 1.00FY2025 | +1.00 | |
| Stock-based compensation | $219,886FY2016 | $323,000FY2025 | +4.4%/yr | |
| Dividends paid | $0FY2016 | $0FY2018 | — | |
| Share buybacks (net) | $0FY2016 | $397,000FY2025 | — | |
| Capex / revenue | 371.9%FY2016 | 36.3%FY2025 | −335.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PCYO cash flow by activity
OperatingInvestingFinancingChange in cash
PCYO 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).
PCYO cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $13.1M | $11.6M | $4.7M | $9.6M | $20.1M | $6.8M | $4.8M | $414,680 | −$1.7M | −$1.3M |
| Depreciation & amortization | $2.3M | $2.1M | $2.2M | $2.1M | $1.8M | $1.7M | $1.3M | $902,679 | $734,321 | $420,104 |
| Stock-based compensation | $323,000 | $436,000 | $539,000 | $603,000 | $497,000 | $517,000 | $336,228 | $324,840 | $233,245 | $219,886 |
| Change in working capital | −$2.7M | −$7.4M | −$4.1M | −$2.5M | −$19.6M | $3.9M | −$1.5M | −$1.7M | −$389,045 | −$1.2M |
| Other non-cash items | $146,000 | −$4.5M | −$5.7M | $7.7M | $682,000 | $7.8M | −$1.4M | $70,253 | $79,468 | $1.6M |
| Cash from operating activities | $13.2M | $2.2M | −$2.3M | $17.5M | $3.5M | $20.7M | $3.5M | $482 | −$1.1M | −$270,729 |
| Investing activities | ||||||||||
| Capital expenditures | −$9.5M | −$2.7M | −$7.8M | −$5.7M | −$2.9M | −$8.6M | −$14.5M | −$5.5M | −$3.5M | −$1.7M |
| Investments (net) | −$9.7M | −$4.7M | −$9.2M | −$6.7M | −$2.9M | $5.2M | $3.7M | $11.4M | $9.8M | $2.8M |
| Acquisitions & other investing | $9.5M | $2.7M | $7.8M | $5.7M | $2.9M | −$3 | $0 | −$241,819 | −$4.4M | −$33.3M |
| Cash from investing activities | −$9.7M | −$4.7M | −$9.2M | −$6.7M | −$2.9M | −$3.4M | −$10.8M | $5.7M | $1.9M | −$32.1M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Share repurchases & issuance (net) | −$397,000 | −$581,000 | $0 | $34,000 | $89,000 | $49,199 | $193,101 | $75,000 | $0 | $0 |
| Net borrowing (repayment) | −$94,000 | −$31,000 | $3.0M | $4.0M | $4.0M | $4.0M | $4.0M | $215,504 | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $0 | −$111,000 | −$2,000 | −$4.0M | −$4.0M | −$4.0M | −$2,523 | −$2,408 | −$2,041 |
| Cash from financing activities | −$491,000 | −$612,000 | $2.8M | $4.0M | $87,000 | $44,778 | $186,205 | $287,981 | −$2,408 | −$2,041 |
| Summary | ||||||||||
| Net change in cash | −$182,000 | −$3.1M | −$8.7M | $14.8M | −$1.7M | $17.3M | −$7.1M | $6.0M | $878,535 | −$32.4M |
| Cash at end of period | $21.9M | $25.4M | $28.5M | $34.9M | $20.1M | $21.8M | $4.5M | $11.6M | $5.6M | $4.7M |
| Free cash flow | $3.7M | −$461,000 | −$10.2M | $11.8M | $560,000 | $12.1M | −$10.9M | −$5.5M | −$4.5M | −$2.0M |
| Free cash flow margin | 14.1% | −1.6% | −69.6% | 51.2% | 3.3% | 46.8% | −53.7% | −78.6% | −369.5% | −431.8% |
| Capex / revenue | 36.3% | 9.3% | 53.6% | 24.7% | 16.9% | 33.4% | 71.0% | 78.6% | 283.8% | 371.9% |
| Operating cash flow / net income | 1.00 | 0.19 | −0.50 | 1.81 | 0.17 | 3.07 | 0.73 | 0.00 | — | — |
| May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | Aug '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $2.9M | $1.1M | $4.6M | $6.1M | $2.3M | $809,000 | $3.9M | $6.6M | $2.8M | $118,000 | $2.1M | $1.1M |
| Depreciation & amortization | $625,000 | $556,000 | $566,000 | $620,000 | $534,000 | $617,000 | $526,000 | $521,000 | $561,000 | $508,000 | $510,000 | $562,000 |
| Stock-based compensation | $17,000 | $228,000 | $183,000 | $29,000 | $100,000 | $209,000 | $56,000 | $56,000 | $55,000 | $244,000 | $81,000 | −$20,000 |
| Change in working capital | −$11.8M | −$6.1M | −$6.3M | $2.5M | −$3.9M | −$1.9M | $2.8M | −$4.3M | −$2.5M | −$1.3M | −$2.3M | −$1.7M |
| Other non-cash items | $11.7M | $0 | $0 | $146,000 | $594,001 | −$1.2M | −$1.6M | $165,000 | −$98,000 | $0 | −$1.6M | $687,000 |
| Cash from operating activities | $3.5M | −$4.2M | −$979,000 | $9.4M | −$428,000 | −$1.4M | $5.7M | $3.0M | $892,000 | −$457,000 | −$1.2M | $631,000 |
| Investing activities | ||||||||||||
| Capital expenditures | −$74,000 | −$303,000 | −$150,000 | −$2.3M | −$1.1M | −$43,000 | −$6.1M | −$1.0M | −$300,000 | −$514,000 | −$821,000 | −$1.8M |
| Investments (net) | −$1.2M | −$1.3M | −$447,000 | −$1.3M | −$1.2M | −$576,000 | −$6.6M | −$738,000 | −$799,000 | −$803,000 | −$2.4M | −$3.4M |
| Acquisitions & other investing | −$5.2M | −$6.3M | −$4.1M | $2.3M | $1.1M | $43,000 | $6.1M | $1.0M | $300,000 | $514,000 | $821,000 | $1.8M |
| Cash from investing activities | −$6.5M | −$7.9M | −$4.7M | −$1.3M | −$1.2M | −$576,000 | −$6.6M | −$738,000 | −$799,000 | −$803,000 | −$2.4M | −$3.4M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | −$8,000 | −$15.1M |
| Share repurchases & issuance (net) | −$79,000 | −$121,000 | $0 | −$74,000 | −$22,000 | −$193,000 | −$108,000 | −$142,000 | −$141,000 | −$100,000 | −$198,000 | $15.0M |
| Net borrowing (repayment) | $6.2M | −$28,000 | $1.2M | −$67,000 | −$10,000 | −$12,000 | −$5,000 | −$8,000 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$8,000 | −$7,000 | $0 | $3.1M |
| Cash from financing activities | $6.1M | −$149,000 | $1.2M | −$141,000 | −$32,000 | −$205,000 | −$113,000 | −$150,000 | −$149,000 | −$107,000 | −$206,000 | $3.0M |
| Summary | ||||||||||||
| Net change in cash | $3.0M | −$12.3M | −$4.5M | $7.5M | −$1.7M | −$2.2M | −$3.1M | $2.1M | −$56,000 | −$1.4M | −$3.8M | $155,000 |
| Cash at end of period | $14.6M | $11.6M | $23.9M | $21.9M | $20.5M | $22.1M | $19.0M | $25.4M | $23.2M | $23.3M | $24.7M | $28.5M |
| Free cash flow | $3.4M | −$4.5M | −$1.1M | $7.1M | −$1.5M | −$1.4M | −$434,000 | $2.0M | $592,000 | −$971,000 | −$2.0M | −$1.1M |
| Free cash flow margin | 41.3% | −87.3% | −12.4% | 63.0% | −29.6% | −35.1% | −7.5% | 15.7% | 7.8% | −30.4% | −38.0% | −33.3% |
| Capex / revenue | 0.9% | 5.9% | 1.6% | 20.7% | 21.3% | 1.1% | 106.2% | 8.3% | 3.9% | 16.1% | 15.2% | 51.9% |
| Operating cash flow / net income | 1.18 | −3.81 | −0.21 | 1.53 | −0.19 | −1.79 | 1.44 | 0.45 | 0.32 | −3.87 | −0.59 | 0.60 |
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.
PCYO cash generation
In fiscal 2025 (ended August 31, 2025), Pure Cycle generated $13.2 million of cash from operations (up 495.1%) and spent $9.5 million on capital expenditures, leaving free cash flow of $3.7 million, 14.1% of revenue. It returned $0.4 million to shareholders through dividends ($0) and net share buybacks ($0.4 million). Cash and equivalents fell by $0.2 million over the year.
Related: PCYO income statement, PCYO balance sheet. See the PCYO stock overview for the latest quote and news.
PCYO cash flow FAQ
What is Pure Cycle's free cash flow?
Pure Cycle's free cash flow was $3.7 million in fiscal 2025: $13.2 million of operating cash flow minus $9.5 million of capital expenditures It was -$0.5 million a year earlier..
How much cash does Pure Cycle generate from operations?
Pure Cycle generated $13.2 million of cash from operating activities in fiscal 2025, 1.00 times its net income of $13.1 million.
How much does Pure Cycle spend on capital expenditures?
Pure Cycle spent $9.5 million on capital expenditures in fiscal 2025, 36.3% of revenue, compared with $2.7 million the year before.
How much stock does Pure Cycle buy back?
Pure Cycle spent $0.4 million on net share repurchases in fiscal 2025.