Revolution Medicines, Inc. (RVMD) Cash Flow Statement
Where RVMD’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$897.7M
- Capital expenditures
- $16.0M
- Free cash flow
- −$913.7M
- Returned to shareholders
- —
- Change in cash
- −$158.2M cash at year-end $388.6M
Cash from operations
−$897.7M
Capital expenditures
−$16.0M
Investments (net)
+$134.0M
Share buybacks (net)
+$8.0M
Shares issued
+$347.9M
Other financing
+$265.6M
Change in cash
−$158.2M
Drawn to scale: where the cash came from and how it was used. Hover for values.
RVMD operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
RVMD cash flow trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$25.1M2017 | −$897.7M2025 | — | |
| Capital expenditures | $1.6M2017 | $16.0M2025 | +33.6%/yr | |
| Free cash flow | −$26.7M2017 | −$913.7M2025 | — | |
| Free cash flow margin | −1.4%2018 | −3,094.1%2023 | −3,092.7 pts | |
| Stock-based compensation | $141,0002017 | $118.4M2025 | +132.0%/yr | |
| Share buybacks (net) | $02017 | $02025 | — | |
| Capex / revenue | 7.4%2018 | 66.7%2023 | +59.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RVMD cash flow by activity
OperatingInvestingFinancingChange in cash
RVMD 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).
RVMD cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||
| Net income | −$1.13B | −$600.1M | −$436.4M | −$248.7M | −$187.1M | −$108.2M | −$47.7M | −$41.8M | −$31.1M |
| Depreciation & amortization | $16.6M | $11.8M | $9.3M | $9.7M | $7.3M | $6.5M | $3.3M | $1.8M | $1.2M |
| Stock-based compensation | $118.4M | $79.2M | $61.8M | $31.2M | $20.7M | $8.9M | $3.2M | $855,000 | $141,000 |
| Change in working capital | $86.8M | $1.2M | $40.7M | −$13.5M | $8.7M | −$8.3M | −$4.5M | $38.1M | $4.7M |
| Other non-cash items | $11.8M | −$49.5M | −$25.9M | −$3.1M | $3.1M | $968,000 | −$4.0M | $2.3M | $0 |
| Cash from operating activities | −$897.7M | −$557.4M | −$350.6M | −$224.4M | −$147.2M | −$100.1M | −$49.6M | $1.2M | −$25.1M |
| Investing activities | |||||||||
| Capital expenditures | −$16.0M | −$10.3M | −$7.7M | −$10.8M | −$6.5M | −$2.9M | −$2.6M | −$1.5M | −$1.6M |
| Investments (net) | $134.0M | −$554.4M | −$342.6M | −$24.1M | −$135.6M | −$231.3M | −$105.6M | −$1.3M | −$1.6M |
| Acquisitions & other investing | $0 | $10.3M | $7.7M | $10.8M | $0 | $0 | $6.2M | $1.5M | $1.6M |
| Cash from investing activities | $118.1M | −$554.4M | −$342.6M | −$24.1M | −$142.1M | −$234.2M | −$102.0M | −$1.3M | −$1.6M |
| Financing activities | |||||||||
| Share repurchases & issuance (net) | $8.0M | $5.0M | $3.3M | $1.9M | $1.9M | $832,000 | −$45,000 | −$131,000 | $22.7M |
| Shares issued | $347.9M | $846.3M | $385.8M | $298.0M | $291.2M | $420.1M | $100.0M | $60.6M | $0 |
| Other financing | $265.6M | $108.0M | $840.1M | $1.5M | $1.1M | $1.9M | −$1.3M | $420,000 | $0 |
| Cash from financing activities | $621.5M | $959.4M | $1.23B | $301.4M | $294.2M | $422.8M | $98.7M | $60.8M | $22.7M |
| Summary | |||||||||
| Net change in cash | −$158.2M | −$153.1M | $534.7M | $52.9M | $4.9M | $88.5M | −$52.9M | $60.7M | −$4.1M |
| Cash at end of period | $388.6M | $543.1M | $696.1M | $163.1M | $110.2M | $105.4M | $16.7M | $69.8M | $9.1M |
| Free cash flow | −$913.7M | −$567.7M | −$358.3M | −$235.2M | −$153.7M | −$103.0M | −$52.2M | −$286,000 | −$26.7M |
| Free cash flow margin | — | — | −3,094.1% | −664.8% | −523.0% | −239.6% | −104.3% | −1.4% | — |
| Capex / revenue | — | — | 66.7% | 30.6% | 22.2% | 6.8% | 5.2% | 7.4% | — |
| 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 | −$644.4M | −$453.8M | −$364.9M | −$305.2M | −$247.8M | −$213.4M | −$194.6M | −$156.3M | −$133.2M | −$116.0M | −$161.5M | −$108.4M |
| Depreciation & amortization | $4.5M | $4.5M | $4.7M | $4.3M | $3.8M | $3.7M | $3.4M | $2.9M | $2.8M | $2.8M | $2.9M | $2.1M |
| Stock-based compensation | $154.3M | $87.3M | $33.7M | $30.8M | $28.8M | $25.1M | $22.4M | $20.8M | $19.8M | $16.2M | $25.4M | $13.7M |
| Change in working capital | $15.1M | −$16.9M | $32.2M | $56.4M | −$4.3M | $2.4M | $42.8M | $13.1M | −$4.7M | −$47.2M | $21.2M | $1.1M |
| Other non-cash items | $83.2M | $24.8M | $20.0M | $6.3M | −$2.3M | −$12.3M | −$12.3M | −$10.9M | −$12.8M | −$16.3M | −$8.5M | −$9.0M |
| Cash from operating activities | −$387.3M | −$354.2M | −$274.2M | −$207.3M | −$221.8M | −$194.4M | −$138.3M | −$130.4M | −$128.2M | −$160.6M | −$120.6M | −$100.5M |
| Investing activities | ||||||||||||
| Capital expenditures | −$2.3M | −$1.5M | −$1.9M | −$3.3M | −$7.5M | −$3.3M | −$1.2M | −$3.5M | −$2.4M | −$3.2M | −$2.3M | −$2.5M |
| Investments (net) | −$1.48B | $174.2M | $76.8M | $24.8M | $34.3M | −$15.9M | −$392.9M | −$21.5M | $107.9M | −$248.0M | −$380.4M | $77.4M |
| Acquisitions & other investing | −$174.2M | $0 | $0 | $3.3M | $7.5M | $3.3M | $1.2M | $3.5M | $2.4M | $3.2M | $2.3M | $2.5M |
| Cash from investing activities | −$1.66B | $172.6M | $74.9M | $24.8M | $34.3M | −$15.9M | −$392.9M | −$21.5M | $107.9M | −$248.0M | −$380.4M | $77.4M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | $8.5M | — | −$1.3M | — | $4.6M | — | $1.9M | — | $3.2M | — | $3.3M | — |
| Net borrowing (repayment) | $487.1M | — | — | — | — | — | — | — | — | — | — | — |
| Shares issued | $1.88B | $226.7M | $347.9M | $0 | $0 | $0 | $772.1M | $74.3M | $0 | $0 | $0 | $0 |
| Other financing | $46.9M | $12.0M | $19.0M | −$1.6M | $251.9M | $874,000 | $99.9M | $3.0M | $4.3M | $810,000 | $836.0M | $1.0M |
| Cash from financing activities | $2.42B | $238.7M | $365.7M | −$1.6M | $256.6M | $874,000 | $873.8M | $77.3M | $7.5M | $810,000 | $839.4M | $1.0M |
| Summary | ||||||||||||
| Net change in cash | $374.5M | $57.2M | $166.3M | −$184.1M | $69.1M | −$209.5M | $341.8M | −$74.6M | −$12.7M | −$407.7M | $337.7M | −$21.9M |
| Cash at end of period | $815.4M | $440.9M | $388.6M | $222.3M | $406.4M | $337.3M | $543.1M | $204.2M | $275.7M | $288.4M | $696.1M | $358.4M |
| Free cash flow | −$389.6M | −$355.7M | −$276.2M | −$210.7M | −$229.2M | −$197.7M | −$139.5M | −$133.9M | −$130.6M | −$163.7M | −$122.9M | −$103.0M |
| Free cash flow margin | — | — | — | — | — | — | −53.3% | — | — | — | −16,560.6% | — |
| Capex / revenue | — | — | — | — | — | — | 0.5% | — | — | — | 312.3% | — |
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.
RVMD cash generation
In fiscal 2025 (ended December 31, 2025), Revolution Medicines generated -$897.7 million of cash from operations and spent $16.0 million on capital expenditures, leaving free cash flow of -$913.7 million. Cash and equivalents fell by $158.2 million over the year.
Related: RVMD income statement, RVMD balance sheet. See the RVMD stock overview for the latest quote and news.
RVMD cash flow FAQ
What is Revolution Medicines's free cash flow?
Revolution Medicines's free cash flow was -$913.7 million in fiscal 2025: -$897.7 million of operating cash flow minus $16.0 million of capital expenditures It was -$567.7 million a year earlier..
How much cash does Revolution Medicines generate from operations?
Revolution Medicines generated -$897.7 million of cash from operating activities in fiscal 2025.
How much does Revolution Medicines spend on capital expenditures?
Revolution Medicines spent $16.0 million on capital expenditures in fiscal 2025, compared with $10.3 million the year before.