Vericel Corporation (VCEL) Cash Flow Statement
Where VCEL’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $51.9M −10.8% vs 2024
- Capital expenditures
- $27.2M 9.8% of revenue
- Free cash flow
- $24.7M 9.0% margin
- Returned to shareholders
- —
- Change in cash
- $15.0M cash at year-end $100.1M
Cash from operations
$51.9M
Capital expenditures
−$27.2M
Investments (net)
−$16.8M
Shares issued
+$13.9M
Other financing
−$6.9M
Change in cash
$15.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
VCEL operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
VCEL cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$19.9M2016 | $51.9M2025 | — | |
| Capital expenditures | $1.4M2016 | $27.2M2025 | +38.9%/yr | |
| Free cash flow | −$21.3M2016 | $24.7M2025 | — | |
| Free cash flow margin | −39.2%2016 | 9.0%2025 | +48.1 pts | |
| Operating cash flow / net income | 6.142020 | 3.142025 | −2.99 | |
| Stock-based compensation | $2.5M2016 | $38.8M2025 | +35.6%/yr | |
| Dividends paid | $02016 | $02017 | — | |
| Share buybacks (net) | $02016 | $02022 | — | |
| Capex / revenue | 2.6%2016 | 9.8%2025 | +7.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VCEL cash flow by activity
OperatingInvestingFinancingChange in cash
VCEL 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).
VCEL cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $16.5M | $10.4M | −$3.2M | −$16.7M | −$7.5M | $2.9M | −$9.7M | −$8.1M | −$17.3M | −$19.6M |
| Depreciation & amortization | $11.4M | $5.5M | $4.6M | $4.0M | $3.0M | $2.4M | $1.7M | $1.4M | $1.6M | $1.9M |
| Stock-based compensation | $38.8M | $36.5M | $32.3M | $37.2M | $34.3M | $13.8M | $13.2M | $7.2M | $2.7M | $2.5M |
| Change in working capital | −$21.4M | −$450,000 | −$4.0M | −$11.2M | −$6.2M | −$6.4M | −$14.7M | −$4.0M | −$1.6M | −$9.2M |
| Other non-cash items | $6.6M | $6.3M | $5.5M | $4.4M | $5.4M | $4.9M | $2.2M | $3.1M | $1.4M | $4.5M |
| Cash from operating activities | $51.9M | $58.2M | $35.3M | $17.7M | $29.0M | $17.6M | −$7.2M | −$412,000 | −$13.2M | −$19.9M |
| Investing activities | ||||||||||
| Capital expenditures | −$27.2M | −$64.0M | −$27.5M | −$7.6M | −$7.9M | −$2.6M | −$2.6M | −$2.7M | −$1.5M | −$1.4M |
| Investments (net) | −$16.8M | −$79.0M | −$16.8M | −$36.2M | $4.4M | −$14.5M | $13.2M | −$64.3M | −$1.5M | −$1.4M |
| Acquisitions & other investing | $0 | $64.0M | $41.2M | $7.6M | $0 | $0 | $0 | $0 | $1.5M | $1.4M |
| Cash from investing activities | −$43.9M | −$79.0M | −$3.1M | −$36.2M | −$3.5M | −$17.2M | $10.6M | −$67.0M | −$1.5M | −$1.4M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | $0 | $0 |
| Share repurchases & issuance (net) | — | — | — | $3.7M | $11.2M | $6.6M | $5.3M | $77.1M | $12.4M | $19.5M |
| Net borrowing (repayment) | — | — | — | −$1.1M | — | — | — | −$18.2M | $6.1M | $10.2M |
| Shares issued | $13.9M | $24.5M | $5.2M | $3.7M | $11.2M | $6.6M | $0 | $74.4M | $0 | $0 |
| Other financing | −$6.9M | −$5.5M | −$1.6M | −$5.2M | −$13.2M | −$6.8M | −$26,000 | −$74.4M | $0 | $0 |
| Cash from financing activities | $7.1M | $19.1M | $3.6M | $1.0M | $9.2M | $6.4M | $5.3M | $58.9M | $18.6M | $29.7M |
| Summary | ||||||||||
| Net change in cash | $15.0M | −$1.8M | $35.8M | −$17.5M | $34.7M | $6.9M | $8.7M | −$8.6M | $3.9M | $8.4M |
| Cash at end of period | $100.1M | $85.0M | $86.9M | $51.1M | $68.5M | $33.8M | $27.0M | $18.3M | $26.9M | $23.0M |
| Free cash flow | $24.7M | −$5.8M | $7.8M | $10.1M | $21.1M | $14.9M | −$9.8M | −$3.1M | −$14.7M | −$21.3M |
| Free cash flow margin | 9.0% | −2.4% | 3.9% | 6.1% | 13.5% | 12.0% | −8.3% | −3.4% | −23.0% | −39.2% |
| Capex / revenue | 9.8% | 27.0% | 13.9% | 4.6% | 5.1% | 2.1% | 2.2% | 2.9% | 2.4% | 2.6% |
| Operating cash flow / net income | 3.14 | 5.61 | — | — | — | 6.14 | — | — | — | — |
| 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 | $6.3M | −$6.3M | $23.2M | $5.1M | −$553,000 | −$11.2M | $19.8M | −$901,000 | −$4.7M | −$3.9M | $13.0M | −$3.7M |
| Depreciation & amortization | $3.6M | $3.3M | $3.3M | $2.9M | $2.8M | $2.7M | $1.5M | $1.3M | $1.3M | $1.4M | $1.1M | $1.2M |
| Stock-based compensation | −$11.3M | $11.3M | $8.4M | $8.7M | $10.1M | $11.5M | $7.9M | $9.2M | $9.5M | $9.8M | $6.9M | $7.9M |
| Change in working capital | −$6.5M | $6.5M | −$22.3M | $4.1M | −$5.5M | $2.3M | −$8.4M | −$1.0M | $10.9M | −$1.9M | −$12.8M | $156,000 |
| Other non-cash items | $24.1M | $1.6M | $2.3M | $1.3M | $1.3M | $1.3M | $1.5M | $1.5M | $1.5M | $1.7M | $1.8M | $1.6M |
| Cash from operating activities | $16.2M | $16.4M | $15.0M | $22.1M | $8.2M | $6.6M | $22.2M | $10.2M | $18.5M | $7.2M | $10.1M | $7.2M |
| Investing activities | ||||||||||||
| Capital expenditures | −$1.9M | −$1.3M | −$14.2M | −$2.6M | −$14.2M | −$14.2M | −$13.8M | −$30.8M | −$16.8M | −$14.0M | −$7.8M | −$6.6M |
| Investments (net) | −$888,000 | −$2.9M | −$14.2M | −$3.4M | −$9.0M | −$15.1M | −$14.7M | −$21.2M | −$17.7M | −$25.5M | −$8.1M | $4.6M |
| Acquisitions & other investing | $0 | $0 | $12.0M | $2.6M | $14.2M | $14.2M | $13.8M | $30.8M | $16.8M | $14.0M | $7.8M | $6.6M |
| Cash from investing activities | −$2.8M | −$4.2M | −$16.4M | −$3.4M | −$9.0M | −$15.1M | −$14.7M | −$21.2M | −$17.7M | −$25.5M | −$8.1M | $4.6M |
| Financing activities | ||||||||||||
| Shares issued | $2.9M | $1.6M | $1.3M | $1.5M | $1.8M | $9.4M | $7.3M | $5.8M | $4.4M | $7.0M | $1.4M | $1.1M |
| Other financing | −$1.7M | −$4.5M | −$190,000 | −$316,000 | −$147,000 | −$6.2M | −$153,000 | −$271,000 | −$138,000 | −$4.9M | −$79,000 | −$107,000 |
| Cash from financing activities | $1.1M | −$3.0M | $1.1M | $1.2M | $1.6M | $3.2M | $7.1M | $5.5M | $4.3M | $2.1M | $1.3M | $1.0M |
| Summary | ||||||||||||
| Net change in cash | $14.5M | $9.2M | −$311,000 | $19.9M | $827,000 | −$5.3M | $14.7M | −$5.5M | $5.1M | −$16.1M | $3.3M | $12.7M |
| Cash at end of period | $123.8M | $109.3M | $100.1M | $100.4M | $80.5M | $79.7M | $85.0M | $70.3M | $75.9M | $70.7M | $86.9M | $83.6M |
| Free cash flow | $14.3M | $15.1M | $802,000 | $19.5M | $22.4M | −$7.6M | $8.5M | $41.0M | $1.8M | −$6.8M | $2.3M | $600,000 |
| Free cash flow margin | 18.4% | 22.1% | 0.9% | 28.8% | 35.5% | −14.5% | 11.2% | 70.7% | 3.4% | −13.3% | 3.5% | 1.3% |
| Capex / revenue | 2.5% | 1.8% | 15.3% | 3.9% | 22.5% | 27.0% | 18.3% | 53.2% | 31.8% | 27.3% | 12.1% | 14.4% |
| Operating cash flow / net income | 2.57 | — | 0.65 | 4.35 | — | — | 1.12 | — | — | — | 0.78 | — |
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.
VCEL cash generation
In fiscal 2025 (ended December 31, 2025), Vericel generated $51.9 million of cash from operations (down 10.8%) and spent $27.2 million on capital expenditures, leaving free cash flow of $24.7 million, 9.0% of revenue. Cash and equivalents rose by $15.0 million over the year.
Related: VCEL income statement, VCEL balance sheet. See the VCEL stock overview for the latest quote and news.
VCEL cash flow FAQ
What is Vericel's free cash flow?
Vericel's free cash flow was $24.7 million in fiscal 2025: $51.9 million of operating cash flow minus $27.2 million of capital expenditures It was -$5.8 million a year earlier..
How much cash does Vericel generate from operations?
Vericel generated $51.9 million of cash from operating activities in fiscal 2025, 3.14 times its net income of $16.5 million.
How much does Vericel spend on capital expenditures?
Vericel spent $27.2 million on capital expenditures in fiscal 2025, 9.8% of revenue, compared with $64.0 million the year before.