TeraWulf Inc. (WULF) Cash Flow Statement
Where WULF’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$123.2M
- Capital expenditures
- $1.06B 629.4% of revenue
- Free cash flow
- −$1.18B −702.5% margin
- Returned to shareholders
- $33.3M
- Change in cash
- $3.45B cash at year-end $3.72B
Drawn to scale: where the cash came from and how it was used. Hover for values.
WULF operating cash flow, capex and free cash flow
WULF cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $916,9472016 | −$123.2M2025 | — | |
| Capital expenditures | $2.1M2016 | $1.06B2025 | +99.8%/yr | |
| Free cash flow | −$1.2M2016 | −$1.18B2025 | — | |
| Free cash flow margin | −6.7%2016 | −702.5%2025 | −695.8 pts | |
| Stock-based compensation | $25,0072016 | $50.9M2025 | +133.2%/yr | |
| Share buybacks (net) | $300,4662017 | $33.3M2025 | +80.1%/yr | |
| Capex / revenue | 11.9%2016 | 629.4%2025 | +617.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
WULF cash flow by activity
WULF 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).
WULF cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$661.4M | −$72.4M | −$73.4M | −$90.8M | −$46.6M | −$10.1M | −$813,558 | $139,465 | −$226,147 | −$65,060 |
| Depreciation & amortization | $93.1M | $61.2M | $29.4M | $7.0M | $52,000 | $698,054 | $671,866 | $795,319 | $836,877 | $794,540 |
| Stock-based compensation | $50.9M | $30.9M | $5.9M | $1.6M | $9.6M | $13.6M | $8,821 | $13,634 | $23,561 | $25,007 |
| Change in working capital | $71.4M | −$10.1M | −$10.6M | $13.2M | $11.0M | $520,389 | −$256,656 | $236,117 | −$137,178 | $107,211 |
| Other non-cash items | $322.9M | −$34.0M | $53.1M | $35.0M | $1.8M | −$5.2M | −$87,504 | $40,230 | −$292,424 | $55,249 |
| Cash from operating activities | −$123.2M | −$24.4M | $4.3M | −$34.1M | −$24.1M | −$398,828 | −$477,031 | $1.2M | $204,689 | $916,947 |
| Investing activities | ||||||||||
| Capital expenditures | −$1.06B | −$267.9M | −$75.2M | −$72.9M | −$109.1M | −$164,826 | −$498,018 | −$593,115 | −$269,066 | −$2.1M |
| Investments (net) | — | −$91.2M | −$69.4M | −$94.0M | −$125.2M | −$125.2M | — | — | — | — |
| Acquisitions & other investing | −$308.8M | $267.9M | $66.6M | $72.9M | $32.9M | $127.4M | $505,596 | $200,000 | $383,635 | −$3.2M |
| Cash from investing activities | −$1.37B | −$91.2M | −$78.0M | −$94.0M | −$201.4M | $2.1M | $7,578 | −$393,115 | $114,569 | −$5.3M |
| Financing activities | ||||||||||
| Share repurchases & issuance (net) | −$33.3M | −$118.2M | −$2.0M | $0 | — | — | −$49,595 | — | −$300,466 | — |
| Net borrowing (repayment) | $5.10B | $346.7M | −$5.3M | $25.3M | $157.7M | $157.7M | — | — | — | — |
| Shares issued | $0 | $188.7M | $68.2M | $56.9M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$123.4M | −$82.0M | $59.1M | $7.8M | $114.3M | −$156.6M | −$140,440 | −$138,213 | −$137,805 | $3.2M |
| Cash from financing activities | $4.94B | $335.2M | $119.9M | $90.0M | $272.0M | $1.1M | −$190,035 | −$138,213 | −$438,271 | $3.2M |
| Summary | ||||||||||
| Net change in cash | $3.45B | $219.6M | $46.1M | −$38.1M | $42.8M | $2.7M | −$659,488 | $693,437 | −$119,013 | −$1.2M |
| Cash at end of period | $3.72B | $274.1M | $54.4M | $8.3M | $46.5M | $3.7M | $963,649 | $1.6M | $929,700 | $1.0M |
| Free cash flow | −$1.18B | −$292.4M | −$70.9M | −$106.9M | −$133.2M | −$563,654 | −$975,049 | $631,650 | −$64,377 | −$1.2M |
| Free cash flow margin | −702.5% | −208.8% | −102.4% | −711.3% | −1,045.0% | −4.2% | −5.5% | 3.5% | −0.4% | −6.7% |
| Capex / revenue | 629.4% | 191.3% | 108.6% | 484.6% | 855.9% | 1.2% | 2.8% | 3.3% | 1.6% | 11.9% |
| Operating cash flow / net income | — | — | — | — | — | — | — | 8.78 | — | — |
| 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 | −$940.8M | −$427.7M | −$145.8M | −$455.1M | −$18.4M | −$61.4M | −$29.2M | −$22.7M | −$10.9M | −$9.6M | −$10.5M | −$19.1M |
| Depreciation & amortization | $23.1M | $30.3M | $29.6M | $27.7M | $19.5M | $16.2M | $15.6M | $15.9M | $14.4M | $15.3M | $8.5M | $8.5M |
| Stock-based compensation | $83.9M | $101.4M | −$32.1M | $4.3M | $1.3M | $38.7M | $16.7M | $2.4M | $4.8M | $6.9M | $1.8M | $1.4M |
| Change in working capital | −$89.6M | $23.7M | $3.9M | −$11.3M | −$17.2M | $95.9M | −$5.8M | $3.8M | −$2.4M | −$5.7M | −$767,000 | −$2.7M |
| Other non-cash items | $786.6M | $254.7M | $56.2M | $397.6M | −$40.1M | −$32.9M | −$40.0M | −$20.3M | $10.5M | $15.9M | $11.8M | $14.3M |
| Cash from operating activities | −$136.7M | −$17.6M | −$88.2M | −$36.7M | −$54.8M | $56.5M | −$42.7M | −$20.9M | $16.4M | $22.8M | $10.9M | $2.4M |
| Investing activities | ||||||||||||
| Capital expenditures | −$855.6M | −$523.0M | −$615.0M | −$231.6M | −$119.9M | −$93.7M | −$153.6M | −$20.7M | −$46.6M | −$47.0M | −$33.8M | −$25.4M |
| Investments (net) | — | — | — | −$200.2M | −$71.0M | −$61.1M | −$8.8M | $11.2M | −$46.6M | −$47.0M | −$24.2M | −$25.4M |
| Acquisitions & other investing | −$37.3M | −$189.9M | −$421.6M | $231.6M | $119.9M | $93.7M | $153.6M | $20.7M | $46.6M | $47.0M | $33.8M | $25.4M |
| Cash from investing activities | −$892.9M | −$712.8M | −$1.04B | −$200.2M | −$71.0M | −$61.1M | −$8.8M | $11.2M | −$46.6M | −$47.0M | −$24.2M | −$25.4M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | $0 | $0 | $33.3M | −$100.6M | −$902,000 | −$33.3M | −$178.2M | $0 | −$5.0M | −$651,000 | −$1.2M | — |
| Net borrowing (repayment) | −$100.1M | $92.8M | $4.13B | $966.2M | $0 | $0 | $486.1M | −$75.8M | — | — | — | — |
| Shares issued | $1.19B | $9.0M | $0 | $0 | $0 | $0 | $0 | $15.5M | $122.5M | $50.7M | $78.3M | $21.5M |
| Other financing | −$125.3M | −$1.3M | −$29.8M | −$7.3M | $0 | −$18.0M | −$6.3M | −$10.1M | −$29.0M | −$34.6M | −$16.0M | −$163,000 |
| Cash from financing activities | $965.5M | $100.4M | $4.13B | $858.3M | −$902,000 | −$51.3M | $301.6M | −$70.4M | $88.5M | $15.5M | $61.1M | $21.4M |
| Summary | ||||||||||||
| Net change in cash | −$64.1M | −$630.0M | $2.75B | $621.3M | −$126.7M | −$55.9M | $250.1M | −$80.2M | $58.3M | −$8.6M | $47.8M | −$1.6M |
| Cash at end of period | $3.03B | $3.09B | $3.46B | $711.3M | $91.4M | $218.2M | $274.1M | $23.9M | $104.1M | $45.8M | $54.4M | $6.6M |
| Free cash flow | −$992.3M | −$540.5M | −$703.2M | −$268.3M | −$174.8M | −$37.2M | −$196.4M | −$41.7M | −$30.2M | −$24.1M | −$22.9M | −$23.0M |
| Free cash flow margin | −2,216.5% | −1,589.3% | −1,962.2% | −530.4% | −366.8% | −108.1% | −561.3% | −153.9% | −84.9% | −56.9% | −98.3% | −117.2% |
| Capex / revenue | 1,911.1% | 1,537.6% | 1,716.1% | 457.8% | 251.8% | 272.3% | 439.1% | 76.6% | 131.0% | 110.7% | 145.1% | 129.3% |
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.
WULF cash generation
In fiscal 2025 (ended December 31, 2025), TeraWulf generated -$123.2 million of cash from operations and spent $1.1 billion on capital expenditures, leaving free cash flow of -$1.2 billion, −702.5% of revenue. It returned $33.3 million to shareholders through dividends ($0) and net share buybacks ($33.3 million). Cash and equivalents rose by $3.4 billion over the year.
Related: WULF income statement, WULF balance sheet. See the WULF stock overview for the latest quote and news.
WULF cash flow FAQ
What is TeraWulf's free cash flow?
TeraWulf's free cash flow was -$1.2 billion in fiscal 2025: -$123.2 million of operating cash flow minus $1.1 billion of capital expenditures It was -$292.4 million a year earlier..
How much cash does TeraWulf generate from operations?
TeraWulf generated -$123.2 million of cash from operating activities in fiscal 2025.
How much does TeraWulf spend on capital expenditures?
TeraWulf spent $1.1 billion on capital expenditures in fiscal 2025, 629.4% of revenue, compared with $267.9 million the year before.
How much stock does TeraWulf buy back?
TeraWulf spent $33.3 million on net share repurchases in fiscal 2025.