Despite recurring net losses, the company has preserved liquidity through consistent free cash flow generation, including $3.3M in 2026Q1, while continuing to deploy capital toward share repurchases.
Cross Country Healthcare, Inc. (CCRN) cash flow statement — 27-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Cash from Operations | 47.34M | 48.25M | 120.12M | 248.5M | 134.05M | -85.62M | 27.2M | 5.54M | 21M | 45.51M | 30.14M | 18.23M | -4.07M | 8.66M | 10.15M | 18.3M | 31.52M | 72.32M | 50.99M | 35.96M | 32.92M | 30.79M | 43.27M | 51.8M | 41.42M | 19.7M | 10.4M | 18.48M |
| Operating CF Margin % | - | 4.58% | 8.94% | 12.3% | 4.78% | -5.11% | 3.25% | 0.67% | 2.57% | 5.26% | 3.62% | 2.38% | -0.66% | 1.98% | 2.29% | 3.63% | 6.73% | 12.51% | 6.94% | 5.01% | 5.02% | 4.77% | 6.61% | 7.54% | 6.47% | 3.94% | 2.83% | 9.54% |
| Operating CF Growth % | 33.55% | -59.83% | -51.66% | 85.38% | 256.57% | -414.73% | 390.87% | -73.61% | -53.86% | 50.96% | 65.31% | 547.81% | -147.03% | -14.66% | -44.55% | -41.96% | -56.41% | 41.82% | 41.79% | 9.25% | 6.91% | -28.84% | -16.47% | 25.05% | 110.23% | 89.5% | -43.74% | - |
| Net Income | -98.63M | -94.85M | -14.56M | 72.63M | 185.98M | 132M | -12.14M | -55.94M | -15.72M | 38.8M | 8.73M | 4.95M | -31.53M | -51.97M | -42.22M | 4.1M | -2.77M | 6.69M | -142.94M | 24.58M | 16.64M | 14.75M | 20.66M | 25.82M | 29.78M | 8.67M | 4.6M | 11.54M |
| Depreciation & Amortization | 15.69M | 16.79M | 18.2M | 18.35M | 12.58M | 9.85M | 12.67M | 14.07M | 11.78M | 10.17M | 9.18M | 8.07M | 7.44M | 6.18M | 8.95M | 10.28M | 11.89M | 12.79M | 10.8M | 8.51M | 7.17M | 7.55M | 7.55M | 8.12M | 6.67M | 17.74M | 15.02M | 5.29M |
| Stock-Based Compensation | 7M | 7.14M | 6.03M | 6.58M | 7.39M | 6.89M | 5.4M | 3.4M | 3.58M | 4.08M | 3.38M | 2.46M | 1.39M | 2.1M | 2.59M | 2.9M | 2.66M | 1.96M | 1.23B | 0 | 46.8M | 115.66M | 62.7M | 47.03M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 10.97M | 10.07M | -1.94M | 1.3M | 5.11M | -9.93M | -932K | 31.16M | -3.41M | -33.81M | -5.32M | -1.54M | -857K | 45.9M | -18.52M | 3.05M | 5.38M | 9.24M | -68.22M | 11.35M | 7.04M | 4.65M | 5.51M | 4.6M | 3.98M | 0 | 0 | 0 |
| Other Non-Cash Items | 78.91M | 78.63M | 24.77M | 22.16M | 26.7M | 12.82M | 25.05M | 27.03M | 32.16M | 23.17M | 26.61M | 17.87M | 28.86M | 5.18M | 56.51M | 1.52M | 11.74M | 3.7M | -983.41M | 2M | -39.2M | -112.45M | -63.92M | -44.41M | 655.18K | 10.58M | 4.73M | 1.65M |
| Working Capital Changes | 33.4M | 30.46M | 87.63M | 127.48M | -103.71M | -237.26M | -2.85M | -14.17M | -7.39M | 3.1M | -12.44M | -13.57M | -9.37M | 1.27M | 2.83M | -3.55M | 2.62M | 37.93M | 4.7M | -10.47M | -5.52M | 634.83K | 10.77M | 10.64M | 332.68K | -17.28M | -13.95M | 0 |
| Change in Receivables | 44.1M | 56.73M | 128.33M | 251.43M | -153.23M | -318.42M | -4.75M | -6.64M | 2.82M | 9.71M | -30.78M | -28.71M | -16.12M | 2.04M | -4.26M | -7.97M | 5.46M | 47.74M | 19.26B | 0 | -3.67B | -13.62B | 13.53B | 6.71B | -6.87B | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -83.29M | -7.24M | 1.31M | 7.09M | 1.82M | -1.53M | 3.55M | 1.03M | 319.23M | -4.12B | 0 | 0 | 11.36B | -4.37B | 0 | 11.93B | -9.55B | -12.17B | -8.7B | 4.51B | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | -29.75M | -126.61M | 0 | 83.29M | 7.24M | -1.31M | -7.09M | -9.28M | 20.37M | 11.21M | 5.65M | -319.86M | 4.13B | 0 | 0 | -11.37B | -14.88B | 0 | -8.34B | 23.1B | -1.42B | 1.92B | 2.28B | 0 | 0 | 0 |
| Cash from Investing | -7.73M | -8.16M | -8.71M | -13.78M | -43.87M | -34.05M | -4.62M | -2.94M | -6.68M | -91.38M | -9.78M | -24.07M | -45.45M | 15.2M | 174.63K | -4.2M | -16.2M | -10M | -129.56M | -35.33M | -27.85M | -8.41M | 4.01M | -109.48M | -18.57M | -42.32M | -9.58M | 1.17M |
| Capital Expenditures | -7.73M | -8.16M | -8.71M | -13.97M | -8.79M | -7.17M | -4.62M | -2.94M | -4.6M | -5.11M | -6.52M | -2.36M | -4.57M | -1.75M | -2.22M | -4M | -2.39M | -2.45M | -4.69M | -8.28M | -9.31M | -7.63M | -4.62M | -3.57M | -7.24M | -5.66M | -1.99M | 0 |
| CapEx % of Revenue | 0.77% | 0.77% | 0.65% | 0.69% | 0.31% | 0.43% | 0.55% | 0.36% | 0.56% | 0.59% | 0.78% | 0.31% | 0.74% | 0.4% | 0.5% | 0.79% | 0.51% | 0.42% | 0.64% | 1.15% | 1.42% | 1.18% | 0.71% | 0.52% | 1.13% | 1.13% | 0.54% | - |
| Acquisitions | 0 | 0 | 0 | 199K | -35.09M | -26.88M | -1.15M | -1.57M | -2.08M | -86.27M | -3.26M | -21.71M | 3.75M | 45.66M | 0 | 0 | -12.83M | -7.55M | -124.87M | -27.05M | -18.54M | 0 | -30.39K | -105.95M | -11.78M | -34.95M | -7.7M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 1.15M | 1.57M | -151K | -292K | 500K | -338K | -44.63M | -28.7M | -258.83K | -197.91K | -981.32K | -748.24M | -13.13B | -35.33M | -18.54B | -785.34K | 8.65M | 44.65K | 456.64K | -1.71M | 108.08K | 1.17M |
| Cash from Financing | -14.74M | -13.01M | -46.85M | -221.24M | -87.6M | 119.09M | -22.01M | -17.6M | -23.77M | 50.76M | -2.16M | 3.35M | 46.46M | -26.06M | -10.58M | -14.24M | -11.19M | -64.14M | 80.08M | 8.43M | -5.07M | -22.38M | -47.28M | 40.47M | -8.38M | 25.26M | -5.64M | -15.08M |
| Debt Issued (Net) | 0 | 0 | 0 | -150.68M | 32.34M | 127.68M | -20.07M | -14.96M | -16.12M | 55.5M | 1.5M | 4.5M | 47.92M | -25.76M | -10.06M | -11.78M | -10.97M | -70.75M | 89.69M | 17.14M | -3.99M | -19.16M | -51.3M | 50.49M | -6.41M | -112.73M | -5.64M | 0 |
| Equity Issued (Net) | -12.39M | -6.83M | -37.31M | -57.65M | -35.28M | -2.23M | -658K | -801K | -5M | 0 | 0 | 0 | 0 | -300K | -374K | -2.23M | 0 | 0 | -10.78M | -8.98M | -1.47M | -2.51M | 4.13M | -6.7M | -1.61M | 138.97M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -119K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -12.39M | -6.83M | -37.31M | -57.65M | -35.28M | -2.23M | -658K | -801K | -5M | -1.77M | 0 | -543K | -245K | -300K | -374K | -2.23M | 0 | 0 | -10.78M | -10.88M | -2.76M | -4.29M | -446K | -7.71M | -6.01M | 0 | 0 | 0 |
| Other Financing | -2.35M | -6.17M | -9.54M | -12.91M | -84.65M | -6.35M | -1.28M | -1.84M | -2.64M | -4.74M | -3.66M | -1.15M | -1.46M | -531 | -152.76K | -221.6K | -226.29K | 6.62M | 1.17M | 276.97K | 390.1K | -712.88K | -111.56K | -3.33M | -362.57K | -981.83K | 0 | -15.08M |
| Net Change in Cash | 24.89M | 27.11M | 64.54M | 13.49M | 2.57M | -564K | 568K | -14.99M | -9.52M | 4.91M | 18.18M | -2.54M | -3.06M | -2.41M | -185.34K | -308.63K | 4.1M | -1.6M | 1.11M | 8.43M | 0 | 0 | 0 | 40.47M | 14.47M | 25.26M | -5.64M | -15.08M |
| Free Cash Flow | 39.6M | 40.09M | 111.4M | 234.52M | 125.26M | -92.79M | 22.59M | 2.6M | 16.4M | 40.4M | 23.62M | 15.87M | -8.64M | 6.91M | 7.93M | 14.3M | 29.13M | 69.87M | 46.3M | 27.69M | 23.61M | 23.16M | 38.65M | 48.23M | 34.18M | 14.04M | 8.4M | 18.48M |
| FCF Margin % | 3.95% | 3.8% | 8.29% | 11.61% | 4.47% | -5.53% | 2.7% | 0.32% | 2.01% | 4.67% | 2.83% | 2.07% | -1.4% | 1.58% | 1.79% | 2.84% | 6.22% | 12.08% | 6.31% | 3.85% | 3.6% | 3.59% | 5.91% | 7.02% | 5.34% | 2.81% | 2.29% | 9.54% |
| FCF Growth % | -64.45% | -64.01% | -52.5% | 87.22% | 235% | -510.77% | 768.14% | -84.13% | -59.4% | 71.01% | 48.83% | 283.65% | -225.11% | -12.85% | -44.56% | -50.92% | -58.31% | 50.88% | 67.25% | 17.28% | 1.92% | -40.07% | -19.86% | 41.1% | 143.45% | 67.05% | -54.52% | - |
| FCF per Share | 1.26 | 1.24 | 3.34 | 6.61 | 3.34 | -2.48 | 0.63 | 0.07 | 0.46 | 1.12 | 0.65 | 0.49 | -0.28 | 0.22 | 0.26 | 0.46 | 0.94 | 2.25 | 1.49 | 0.85 | 0.72 | 0.71 | 1.19 | 1.48 | 1.02 | 0.56 | 0.36 | 0.80 |
| FCF Conversion (FCF/Net Income) | -0.40x | -0.51x | -8.25x | 3.42x | 0.72x | -0.65x | -2.10x | -0.10x | -1.24x | 1.21x | 3.78x | 4.13x | 0.13x | -0.25x | -0.24x | 4.46x | -11.36x | 10.80x | -0.36x | 1.46x | 1.98x | 2.09x | 2.09x | 2.01x | 1.39x | 2.27x | 2.26x | 1.60x |
| Interest Paid | 0 | 0 | 0 | 7.53M | 12.86M | 5.77M | 2.67M | 4.55M | 6.34M | 3.41M | 3.89M | 5.05M | 2.51M | 622K | 1.47M | 2.13M | 3.52M | 5.01M | 3.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 2.43M | 21.99M | 82.89M | 3.61M | 612K | 555K | 1.04M | 697K | 1.77M | 1.03M | 1.37M | 1.16M | 1.68M | 1.56M | 936.77K | 2.15M | 8.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying CCRN stock.
Cross Country Healthcare, Inc. (CCRN) generated $48.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cross Country Healthcare, Inc. (CCRN) generated $40.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Cross Country Healthcare, Inc. (CCRN) spent $8.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Cross Country Healthcare, Inc. (CCRN) spent $6.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Structural Revenue Normalization
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Volatility
According to reported financial data, CCRN consistently generates positive operating cash flow despite recurring net losses, with the OCF/NI ratio frequently reaching extreme negative values, such as -11.59 in 2025Q1, indicating that accounting earnings are currently a poor proxy for the company's actual cash-generating capacity.
The persistent divergence between net income and operating cash flow suggests that non-cash charges and working capital fluctuations are significantly distorting the bottom line. Investors should interpret this as a sign that the company's cash-generating engine remains functional even while the P&L reflects the ongoing cyclical downturn.
FCF Resilience Amid Revenue Decline
As reported in financial statements, CCRN has maintained positive free cash flow in every quarter over the last ten periods, peaking at $79.6M in 2024Q2, which demonstrates a surprising ability to preserve cash despite the broader contraction in the healthcare staffing market.
This FCF trajectory suggests that the company's business model is highly responsive to revenue shifts, allowing for rapid cost adjustments that protect liquidity. However, the volatility in FCF margins warrants caution, as the ability to sustain these levels depends heavily on the company's success in managing its variable cost base.
Working Capital as Cash Buffer
Based on the provided cash flow statements, working capital changes have frequently served as a primary source of liquidity, including a significant $75.2M inflow in 2024Q2, which has been instrumental in offsetting the impact of declining net income during the current industry cycle.
The reliance on working capital releases suggests that the company is effectively liquidating receivables as the business scales down. Analysts should monitor whether this source of cash is sustainable or if it represents a one-time benefit from the normalization of pandemic-era payment cycles.
Capital Allocation Prioritizes Shareholder Returns
As indicated by recent filings, CCRN has utilized its cash reserves to fund share repurchases, including $6.5M in 2025Q4, even while the company navigates a period of negative net margins and significant revenue contraction across its core staffing segments.
This deployment strategy suggests management maintains confidence in the company's long-term value despite current operational headwinds. Investors should evaluate whether these repurchases represent an efficient use of capital or if the funds would be better preserved to navigate the ongoing market volatility.