Free cash flow remains volatile, with a 32.7% margin in 2025Q4 masking the underlying challenges of an OCF/NI ratio of -7.76.
CyberArk Software Ltd. (CYBR) cash flow statement — 14-year operating, investing & financing cash flows
| Metric | 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 |
|---|
| Cash from Operations | 286.65M | 231.89M | 56.2M | 49.71M | 74.74M | 106.77M | 141.71M | 130.13M | 80.74M | 56.31M | 59.16M | 23.84M | 20.16M | 13.66M |
| Operating CF Margin % | 21.06% | 23.17% | 7.47% | 8.4% | 14.86% | 22.99% | 32.66% | 37.92% | 30.85% | 26% | 36.79% | 23.15% | 30.47% | 28.93% |
| Operating CF Growth % | 23.62% | 312.58% | 13.07% | -33.49% | -30% | -24.66% | 8.9% | 61.17% | 43.38% | -4.82% | 148.15% | 18.26% | 47.61% | - |
| Net Income | -146.91M | -93.46M | -66.5M | -130.37M | -83.95M | -5.76M | 63.06M | 47.07M | 16.02M | 28.12M | 25.79M | 9.95M | 6.63M | 7.86M |
| Depreciation & Amortization | 131.67M | 41.98M | 19.25M | 16.2M | 14.23M | 15.47M | 10.65M | 10.08M | 7.86M | 6.49M | 2.25M | 746K | 475K | 329K |
| Stock-Based Compensation | 234.83M | 168.77M | 140.1M | 120.82M | 95.44M | 71.85M | 55.52M | 35.96M | 25.24M | 17.54M | 7.05M | 1.57M | 403K | 284K |
| Deferred Taxes | 0 | 66.29M | -7.88M | -15.63M | -11.97M | -1.99M | -6.97M | -7.06M | 5.86M | -1.13M | -4.09M | 45K | -769K | -458K |
| Other Non-Cash Items | -16.3M | -5.5M | -1.57M | 6.87M | 25.32M | 20.25M | 1.92M | 293K | 382K | -1.19M | -3.81M | 3.66M | 1.45M | 176K |
| Working Capital Changes | 83.37M | 53.8M | -27.19M | 51.81M | 35.67M | 6.94M | 17.54M | 43.77M | 25.39M | 6.48M | 31.96M | 7.21M | 11.97M | 5.46M |
| Change in Receivables | -43.47M | -93.3M | -65.66M | -7.61M | -20.08M | -17.32M | -24.52M | -3.12M | -11.63M | -12.92M | -187K | -6.54M | -3.26M | -3.07M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -6.89M | 11M | -2.67M | 4.05M | 1.5M | 558K | 1.57M | 1.96M | -1.29M | -177K | 322K | -145K | 651K | 583K |
| Cash from Investing | -1.32B | -346.26M | -85.83M | -68.39M | -228.19M | -412.39M | -143.22M | -48.74M | -95M | -122.23M | -7.01M | -51.45M | -826K | -3.23M |
| Capital Expenditures | -16.78M | -11.06M | -4.95M | -12.52M | -8.93M | -7.17M | -7.04M | -8.61M | -6.76M | -2.79M | -2.07M | -1.41M | -752K | -686K |
| CapEx % of Revenue | 1.23% | 1.11% | 0.66% | 2.12% | 1.78% | 1.54% | 1.62% | 2.51% | 2.58% | 1.29% | 1.28% | 1.37% | 1.14% | 1.45% |
| Acquisitions | -164.38M | -984.67M | 0 | -41.28M | 0 | -68.6M | 0 | -18.45M | -41.33M | 0 | -53.66M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.14B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 1.13B | 288.81M | 38.08M | 12.22M | 10.95M | 13.25M | 532.04M | 17.98M | 2.62M | 3.97M | 58.21M | 89.41M | 159K | -329K |
| Debt Issued (Net) | 1.22B | -542K | 0 | 0 | 0 | 0 | 560.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 159K | -329K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -8.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -387K |
| Other Financing | -94.54M | 261.63M | 27.02M | 10.26M | -789K | 1.07M | -52.49M | 0 | 0 | 1.47M | 3.81M | 645K | 0 | 0 |
| Net Change in Cash | 96.74M | 170.53M | 8.6M | -9.51M | -143.19M | -292.37M | 530.53M | 99.36M | -11.63M | -61.95M | 110.36M | 61.8M | 19.49M | 10.1M |
| Free Cash Flow | 259.25M | 220.83M | 51.26M | 37.19M | 65.81M | 99.59M | 134.67M | 121.51M | 73.98M | 53.52M | 57.09M | 22.43M | 19.41M | 12.97M |
| FCF Margin % | 19.05% | 22.07% | 6.82% | 6.29% | 13.09% | 21.44% | 31.04% | 35.41% | 28.27% | 24.71% | 35.5% | 21.78% | 29.33% | 27.48% |
| FCF Growth % | 17.4% | 330.83% | 37.82% | -43.49% | -33.92% | -26.05% | 10.83% | 64.25% | 38.24% | -6.27% | 154.52% | 15.59% | 49.62% | - |
| FCF per Share | 5.17 | 5.00 | 1.23 | 0.92 | 1.66 | 2.58 | 3.46 | 3.28 | 2.05 | 1.49 | 1.62 | 0.76 | 0.66 | 0.44 |
| FCF Conversion (FCF/Net Income) | -1.95x | -2.48x | -0.85x | -0.38x | -0.89x | -18.54x | 2.25x | 2.76x | 5.04x | 2.00x | 2.29x | 2.40x | 3.04x | 1.74x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 14.84M | 11.44M | 9.3M | 8.4M | 11.42M | 10.55M | 6.38M | 3.37M | 10.58M | 4.76M | 981K | 287K | 76K |
Quick answers to the most common questions about buying CYBR stock.
CyberArk Software Ltd. (CYBR) generated $286.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CyberArk Software Ltd. (CYBR) generated $259.3M 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.
CyberArk Software Ltd. (CYBR) spent $16.8M 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, CyberArk Software Ltd. (CYBR) spent $8.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Persistent GAAP Operating Losses
Earnings Quality Distorted by SBC
As reported in recent financial statements, CyberArk's operating cash flow frequently decouples from net income, with the 2025Q4 OCF/NI ratio of -7.76 highlighting how significant stock-based compensation and non-cash adjustments mask the underlying reality of the company's GAAP-based profitability challenges.
The persistent gap between net income and operating cash flow suggests that the company relies heavily on non-cash expenses to manage its bottom line. Investors should monitor whether this reliance on equity-based compensation continues to obscure the true cash-generating capacity of the core software business.
FCF Volatility Reflects SaaS Transition
Based on the provided cash flow data, free cash flow margins have fluctuated significantly, peaking at 32.7% in 2025Q4 while dipping into negative territory in 2025Q2, indicating that the company's cash trajectory remains highly sensitive to the timing of subscription renewals and enterprise billing cycles.
The volatility in FCF margins appears to be a direct consequence of the ongoing transition to a recurring revenue model. This inconsistency warrants further investigation into whether the company can sustain positive cash flow generation without relying on aggressive upfront billing practices.
Working Capital Swings Drive Liquidity
According to historical cash flow records, working capital changes have been a primary driver of quarterly cash flow, with a $64.7 million contribution in 2025Q4 contrasting sharply with the $39.9 million outflow seen in 2025Q2, suggesting significant lumpiness in customer collections and deferred revenue recognition.
These swings in working capital suggest that the company's cash position is heavily dependent on the timing of large enterprise contract renewals. Analysts should be cautious about extrapolating recent cash inflows, as they may reflect seasonal billing patterns rather than a fundamental improvement in operational efficiency.
Aggressive Capital Allocation Risks Integration
As indicated by the $164.4 million net acquisition outflow in 2025Q1, CyberArk is increasingly utilizing its cash reserves for inorganic growth, a strategy that shifts the focus from organic cash generation to the successful integration of acquired assets like Venafi.
The shift toward large-scale acquisitions suggests that management is prioritizing market share expansion over immediate cash return to shareholders. This capital allocation strategy introduces substantial execution risk, particularly given the company's historical struggle to maintain consistent GAAP profitability.