Free cash flow burn has accelerated dramatically to a -29.0% margin in 2026Q2, driven by capital expenditures that have tripled to consume 39.0% of revenue, significantly outpacing the company's ability to generate operating cash flow.
Cryoport, Inc. (CYRX) cash flow statement — 23-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 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'05 |
|---|
| Cash from Operations | 11.71M | -8.58M | -16.32M | -757K | -1.85M | 8.13M | -14.87M | -1.32M | -3.35M | -3.58M | -5.72M | -6.31M | -4.13M | -4.38M | -4.79M | -6.78M | -4.81M | -2.85M | -2.59M | -1.82M | -710.26K | -1.16M | -1.02M | -1.02M |
| Operating CF Margin % | - | -4.87% | -7% | -0.32% | -0.83% | 3.65% | -18.89% | -3.9% | -17.08% | -29.97% | -74.48% | -107.2% | -104.89% | -164.69% | -434.8% | -1220.25% | -1011.86% | -2419% | -7363.83% | -2178.27% | -1058.46% | -759.01% | -375.09% | -375.09% |
| Operating CF Growth % | 858.52% | 47.44% | -2056.27% | 59.1% | -122.78% | 154.66% | -1022.81% | 60.51% | 6.44% | 37.35% | 9.31% | -52.77% | 5.77% | 8.45% | 29.42% | -40.92% | -68.62% | -10.32% | -42.09% | -156.28% | 38.56% | -13.54% | - | - |
| Net Income | -36.27M | 78.3M | -114.76M | -99.59M | -37.33M | -275.53M | -32.69M | -18.33M | -9.56M | -7.9M | -13.11M | -9.82M | -7.03M | -19.57M | -6.38M | -7.83M | -6.15M | -5.65M | -16.71M | -4.56M | -2.33M | -1.52M | -1.04M | -1.04M |
| Depreciation & Amortization | 32.16M | 27.71M | 30.76M | 27.49M | 22.77M | 20.25M | 9.87M | 2.42M | 857.94K | 664.83K | 374.2K | 239.23K | 197.94K | 311.59K | 393.96K | 343.03K | 245.48K | 150.09K | 81.98K | 1.34M | 111.22K | 88.75K | 92.6K | 92.6K |
| Stock-Based Compensation | 9.75M | 11.03M | 19.7M | 22.81M | 20.08M | 15.35M | 8.92M | 16.52M | 5.48M | 3.55M | 3.12M | 2.88M | 881.71K | 678.12K | 693.18K | 565.76K | 477.62K | 166.09K | 948.57K | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 739K | 0 | 0 | -1.98M | 0 | 253.79M | 858K | 0 | 453.92K | 197.68K | 4.37M | 0 | 19.14K | 20.09K | 0 | 0 | 478.97K | 1.9M | 2.27M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 13.98M | -111.93M | 56.58M | 49.73M | 24.7M | 1.24M | 437K | 1.04M | 899.41K | 6.13K | 84.78K | 0 | 1.37M | 14.39M | 0 | 0 | -765 | 649 | 10.84M | 1.28M | 1.18M | 110.17K | 75.02K | 75.02K |
| Working Capital Changes | -1.8M | -13.69M | -8.61M | 780K | -32.07M | -6.96M | -2.25M | -2.97M | -1.49M | -100.54K | -549.4K | -918.14K | 432.13K | -217.72K | 441.04K | -92.47K | 139.57K | 585.12K | -17.62K | 116.55K | 327.01K | 167.22K | -147.62K | -147.62K |
| Change in Receivables | -9.46M | -6.53M | -4.15M | 3.67M | -4.14M | -7.27M | -2.62M | -3.6M | -1.96M | -441.64K | -581.2K | -469.81K | -76.59K | -323.6K | -70.97K | -90.33K | 25.24K | -78.49K | 18.86K | 0 | 12.13K | -26.37K | 0 | 0 |
| Change in Inventory | 2.47M | -2.19M | 3.25M | 1.51M | -14.2M | -5.98M | 1.32M | -253K | -105.72K | -25.3K | -74.89K | -70.47K | -39.98K | 9.51K | 12.54K | -7.53K | 16K | 81.01K | -408.29K | 24.06K | 44.31K | -39.34K | -97.86K | -97.86K |
| Change in Payables | -232K | -3.46M | -76K | -2.77M | -6.48M | 2.87M | 4.25M | 570.48K | 405.07K | 123.25K | 51.32K | 313.23M | 209.14K | -221.93K | 443.57K | -62.24M | -109.73M | 300.45K | -15.87K | 0 | 83.61K | 60.09K | 0 | 0 |
| Cash from Investing | 45.98M | 250.32M | 176.81M | 36.05M | -59.68M | -469.25M | -382.31M | -62.93M | -12.88M | -1.8M | -1.07M | -1.12M | -70.13K | -138.89K | -178.68K | -388.06K | -465.45K | -138.87K | 485 | -382.53K | 0 | -42.05K | -14.88K | -14.88K |
| Capital Expenditures | -37.98M | -16.44M | -17.25M | -38.78M | -22.11M | -23.88M | -8.92M | -5.34M | -2.91M | -1.71M | -1.07M | -1.12M | -70.13K | -138.89K | -156.2K | -262.64K | -341.4K | -148.87K | -108.36K | -182.53K | 0 | -42.05K | -14.88K | -14.88K |
| CapEx % of Revenue | 20.37% | 9.33% | 7.4% | 16.35% | 9.93% | 10.73% | 11.33% | 15.72% | 14.85% | 14.35% | 13.91% | 19.03% | 1.78% | 5.22% | 14.19% | 47.27% | 71.8% | 126.21% | 308.5% | 218.43% | - | 27.61% | 5.48% | 5.48% |
| Acquisitions | 0 | 210.24M | 0 | -7.34M | -6.55M | -5.54M | -363.14M | -20.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.62M | -3.07M | -4.33M | -5.14M | 910K | -1.13M | -751K | -73K | -46.57K | -85.65K | -5K | 0 | 0 | 0 | -22.48K | -125.42K | -124.05K | 10K | 108.84K | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -4.2M | -21.07M | -161.53M | -23.8M | -39.17M | 564.34M | 385.58M | 74.15M | 38.53M | 15.9M | 6.14M | 8.81M | 5.23M | 4.33M | 909.39K | 2.51M | 10.93M | 6.37M | 604.71K | 4.17M | 969.93K | 482.54K | 1.75M | 1.75M |
| Debt Issued (Net) | -727K | -15.04M | -164.32M | -25.28M | -3.26M | 36.61M | 114.93M | -23K | 14.99M | -656.22K | -399.35K | -1.03M | 613.38K | 4.46M | 1.12M | -2.62M | 0 | 1.32M | 601.4K | 3.41M | 81K | -8K | 137.14K | 137.14K |
| Equity Issued (Net) | -3.47M | -6.04M | 2.79M | 1.48M | -35.91M | 527.73M | 274.77M | 74.17M | 23.83M | 16.56M | 6.46M | 9.83M | 4.7M | 326.89K | 0 | 5.29M | 11.78M | 5.41M | 3.31K | 807.37K | 904.53K | 490.54K | 1.61M | 1000K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.07B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -5.75M | -10.01M | 0 | 0 | -37.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | 0 | -4.12M | 0 | 0 | 0 | 0 | 10.88K | 0 | 0 | 0 | -159.93K | 0 | 0 | 0 | 0 | -15.6K | 0 | 0 | 0 |
| Net Change in Cash | 48.27M | 205.21M | -1.06M | 9.75M | -102.51M | 102.23M | -10.36M | 9.91M | 22.28M | 10.52M | 3.12M | 1.39M | 1.04M | -193.52K | 311.74K | 160.2K | -3.63M | 3.37M | 147.14K | -60.72K | 259.67K | -715.47K | 720.2K | 720.2K |
| Free Cash Flow | -26.88M | -28.09M | -33.58M | -45.66M | -26.05M | -16.88M | -24.54M | -6.73M | -6.31M | -5.38M | -6.79M | -7.42M | -4.2M | -4.52M | -4.96M | -7.17M | -5.28M | -3M | -2.69M | -2M | -710.26K | -1.2M | -1.03M | -1.03M |
| FCF Margin % | -14.42% | -15.94% | -14.39% | -19.24% | -11.7% | -7.58% | -31.18% | -19.84% | -32.17% | -45.04% | -88.38% | -126.23% | -106.67% | -169.91% | -451.04% | -1290.09% | -1109.74% | -2545.21% | -7672.33% | -2396.7% | -1058.46% | -786.62% | -380.58% | -380.58% |
| FCF Growth % | 16.74% | 16.36% | 26.46% | -75.28% | -54.3% | 31.2% | -264.4% | -6.65% | -17.26% | 20.67% | 8.59% | -76.88% | 7.12% | 8.95% | 30.75% | -35.84% | -75.76% | -11.41% | -34.55% | -181.98% | 40.71% | -15.97% | - | - |
| FCF per Share | -0.53 | -0.56 | -0.69 | -0.93 | -0.57 | -0.37 | -0.64 | -0.20 | -0.22 | -0.23 | -0.48 | -0.94 | -0.84 | -1.04 | -1.47 | -2.77 | -4.44 | -6.71 | -7.32 | -5.69 | -2.57 | -4.49 | -6.46 | -6.46 |
| FCF Conversion (FCF/Net Income) | 0.74x | -0.11x | 0.16x | 0.02x | 0.01x | -0.03x | 0.45x | 0.07x | 0.35x | 0.45x | 0.44x | 0.64x | 0.59x | 0.22x | 0.75x | 0.87x | 0.78x | 0.50x | 0.15x | 0.40x | 0.31x | 0.76x | 0.98x | 0.98x |
| Interest Paid | 707K | 1.63M | 2.69M | 3.4M | 3.63M | 3.3M | 1.82M | 707K | 637 | 4.74K | 9.53K | 57.12K | 753 | 0 | 15.68K | 113.31K | 39.57K | 13.88K | 95.36K | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 1.56M | 2.19M | 1.42M | 1.46M | 1.98M | 1.31M | 60K | 14K | 19.95K | 5.14K | 5.67K | 3.63K | 1.6K | 1.6K | 1.6K | 1.6K | 1.6K | 1.6K | 800 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying CYRX stock.
Cryoport, Inc. (CYRX) generated $-8.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cryoport, Inc. (CYRX) reported negative free cash flow of $28.1M in 2025, indicating capital requirements exceeded cash from operations.
Cryoport, Inc. (CYRX) spent $16.4M 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, Cryoport, Inc. (CYRX) spent $10.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Persistent negative FCF burn
Metrics are mathematically derived from official filings.
Persistent Operating Cash Deficits Amidst Earnings Noise
Operating cash flow has been persistently negative in seven of the last ten quarters, and the OCF/NI ratio has been volatile, indicating the company is not generating cash from its core operations to support its losses. As reported in recent financial statements, the OCF/NI ratio for 2026Q2 was -0.59, reflecting that cash generation is significantly worse than the headline net loss.
The persistent negative operating cash flow underscores a fundamental cash generation challenge that the income statement's one-time gains and losses obscure. This suggests the company's operating model is currently cash-destructive, and management's focus may need to shift from growth to cash generation to avoid further balance sheet strain.
FCF Burn Deepens with Escalating Capex
Free cash flow has been consistently negative and the burn is accelerating, with the 2026Q2 FCF margin plunging to -29.0% due to a sharp increase in capital expenditures. According to the company's reported quarterly data, the -$14.2M FCF in 2026Q2 represents a significant deterioration from the -$2.1M seen just two quarters prior in 2025Q3.
The trajectory shows a concerning shift from a moderate cash burn to a deep burn, primarily driven by a tripling of quarterly CapEx from its 2025Q3 level. This indicates a major investment cycle is underway, but the resulting FCF deficit will accelerate cash depletion unless operational improvements materialize rapidly.
CapEx Intensity Surges, Outsourcing Cash Generation
Capital expenditure intensity has increased dramatically, with CapEx consuming 39.0% of revenue in 2026Q2, a level that far exceeds the company's ability to generate operating cash flow. As reported in the latest financials, this 39% CapEx-to-Revenue ratio is more than triple the 12% level seen in 2025Q4, signaling a major strategic shift.
This surge in capital intensity suggests the company is in a heavy investment phase, likely related to its CRYO/logistics network build-out. The key risk is whether these investments will generate sufficient future returns to justify the current cash burn, as the operating cash flow is currently insufficient to fund even a fraction of this Capex.
Working Capital Inconsistent, No Clear Efficiency Gain
Working capital changes have been volatile and inconsistent, with no clear trend towards improving efficiency, and the $339K positive contribution in 2026Q2 is negligible relative to the operating loss. Based on the company's reported figures, the quarterly swings from -$10.1M in 2025Q2 to +$1.5M in 2026Q1 highlight unpredictable cash flow from operations.
The erratic working capital pattern makes it difficult to model operating cash flow and suggests potential challenges in managing collections, inventory, or payables during a period of operational change. This volatility adds noise to the cash flow profile and masks any underlying improvements in the core business cycle.
Strategic Acquisition Dominates Cash Deployment
The dominant use of cash in the period was a $210.2M net acquisition in 2025Q2, which dwarfed all other cash flows and appears to be the primary driver behind the subsequent surge in capital expenditure. According to recent SEC filings, this acquisition represents a transformative bet that has directly led to the current high-investment, high-burn cash flow profile.
The deployment of over $210M for an acquisition, with no share repurchases or dividends, indicates a full strategic pivot. This explains the recent CapEx surge as integration and build-out costs, but it also means the company's cash flow health is now inextricably linked to the success of this single, large-scale investment.
Cash Flow Masked by Non-Cash Charges and Acquisitions
Stock-based compensation (SBC) adds back approximately $4-5 million per quarter to operating cash flow, partially masking the true cash burn, while the 2025Q2 acquisition has created a new, large capital base for future depreciation. As reported in the financials, the D&A add-back of $13.0M in 2026Q2 is now significantly larger than operating cash flow, suggesting non-cash items are obscuring operational reality.
Investors should monitor the quality of the D&A add-back, as a rising D&A against stagnant revenue could inflate operating cash flow and make the core business appear less cash-intensive than it truly is. Furthermore, the lack of disclosed maintenance versus growth CapEx makes it difficult to assess the true ongoing cost of the expanded asset base.