Liquidity is under pressure as the cash balance declined from $97.0 million in 2024Q1 to $49.8 million in 2026Q1, reflecting the difficulty of maintaining consistent free cash flow in a marketing-intensive environment.
| Cash from Operations | -36.59M | -42.27M | -18M | -34.01M | -84.91M | -33.39M | -57.87M | -93.38M | -25.67M | -13.04M | -13.27M | -36.38M |
| Operating CF Margin % | - | -14.22% | -6.76% | -16.83% | -57.14% | -33.5% | -102.35% | -267.38% | - | - | - | - |
| Operating CF Growth % | -236.41% | -134.82% | 47.07% | 59.95% | -154.32% | 42.31% | 38.03% | -263.83% | -96.91% | 1.75% | 63.54% | - |
| Net Income | -43.42M | -51.64M | -50.42M | -61.69M | -74.41M | -46.81M | -163.01M | -90.03M | -46.87M | -4.48M | -20.07M | -31.11M |
| Depreciation & Amortization | 7.02M | 8.74M | 6.02M | 5.87M | 4.5M | 6.31M | 7.68M | 5M | 9K | 218K | 326K | 416K |
| Stock-Based Compensation | 9.62M | 20.7M | 22.25M | 16.46M | 10.83M | 9.58M | 10.58M | 9.52M | 6.97M | 586K | 957K | 1.51M |
| Deferred Taxes | -6K | 21K | -21K | 5K | -18K | 15K | 25K | -15.05M | 65K | -7.25M | 93K | 93K |
| Other Non-Cash Items | 4.67M | 2.39M | 10.77M | 11.24M | 8.44M | 9.06M | 51.25M | 17.99M | 11.36M | 2.46M | -1.04M | 3.72M |
| Working Capital Changes | -14.34M | -22.48M | -6.6M | -5.89M | -34.25M | -11.54M | 35.6M | -20.81M | 2.79M | -2.11M | 5.42M | -7.29M |
| Change in Receivables | -10.69M | -11.51M | -19.6M | -9.52M | -9.39M | -5.57M | -1.08M | -11.05M | 0 | 0 | 0 | 0 |
| Change in Inventory | -15.17M | -11.12M | 3.25M | 4.19M | -10.69M | -2.98M | 4.54M | -4.48M | 0 | 0 | 0 | 0 |
| Change in Payables | 5.38M | 10.1M | 391K | -1.02M | 968K | -787K | 2.32M | 183K | 1.27M | -2.43M | 2.65M | -1.37M |
| Cash from Investing | -8.28M | -8.45M | -4.82M | -1.63M | -2.94M | 4.03M | 12.19M | -23.43M | -9K | 0 | 0 | 0 |
| Capital Expenditures | -955K | 0 | -1.47M | -473K | -1.62M | -393K | -3.14M | -4.57M | -9K | 0 | 0 | 0 |
| CapEx % of Revenue | 0.32% | 1.16% | 0.55% | 0.23% | 1.09% | 0.39% | 5.55% | 13.08% | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 2.32M | 4.22M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -7.33M | -8.45M | -3.35M | -1.15M | -1.32M | -577K | -2.32M | -4.22M | 0 | 0 | 0 | 0 |
| Cash from Financing | 26.59M | 17.34M | 47.41M | 44.64M | -4.15M | 73.05M | 38.35M | 133.55M | 118.84M | 13.04M | 13.27M | 36.38M |
| Debt Issued (Net) | -15K | -15K | 0 | 50M | 0 | -24.36M | 39.48M | 72.86M | 0 | 14.32M | 13.27M | 36.38M |
| Equity Issued (Net) | 404K | 1.16M | 51.21M | 0 | 0 | 103.34M | 0 | 73.31M | -239K | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 26.2M | 16.19M | -3.8M | -5.36M | -4.15M | -5.92M | -1.13M | -12.63M | 119.08M | -1.29M | 0 | 0 |
| Net Change in Cash | -18.1M | -33.13M | 24.11M | 8.92M | -92.33M | 43.69M | -7.33M | 16.73M | 93.16M | 0 | 0 | 0 |
| Free Cash Flow | -41.33M | -45.71M | -19.47M | -35.63M | -87.85M | -34.36M | -61.01M | -97.95M | -25.68M | -13.04M | -13.27M | -36.38M |
| FCF Margin % | -13.71% | -15.38% | -7.31% | -17.63% | -59.11% | -34.47% | -107.9% | -280.46% | - | - | - | - |
| FCF Growth % | -42.98% | -134.74% | 45.36% | 59.44% | -155.69% | 43.68% | 37.71% | -281.48% | -96.98% | 1.75% | 63.54% | - |
| FCF per Share | -0.63 | -0.71 | -0.31 | -0.63 | -1.57 | -0.69 | -1.81 | -3.47 | -1.05 | -0.55 | -0.71 | -1.96 |
| FCF Conversion (FCF/Net Income) | 0.95x | 0.82x | 0.36x | 0.55x | 1.14x | 0.71x | 0.36x | 1.04x | 0.55x | 2.91x | 0.66x | 1.17x |
| Interest Paid | 10.74M | 0 | 17.55M | 12.71M | 8M | 138K | 7.24M | 5.17M | 0 | 0 | 0 | 0 |
| Taxes Paid | 1.17M | 0 | 235K | 117K | 76K | 14K | 65K | 4K | 0 | 0 | 0 | 0 |
Single-product revenue concentration
According to quarterly financial data, the relationship between net income and operating cash flow remains highly volatile, with OCF/NI ratios frequently deviating from parity, suggesting that reported earnings are significantly impacted by non-cash items and working capital fluctuations rather than consistent, high-quality cash generation from core operations.
The persistent gap between net income and operating cash flow indicates that the company's profitability metrics are not yet translating into reliable cash inflows. Investors should monitor whether this disconnect is driven by aggressive accrual accounting or the inherent timing differences in the company's aesthetic product distribution model.
As reported in recent filings, Evolus has struggled to maintain positive free cash flow, with margins swinging from a peak of 12.6% in 2025Q4 to a low of -36.7% in 2025Q2, highlighting the difficulty of achieving self-sustaining operations in a highly competitive, marketing-intensive aesthetic pharmaceutical market.
The erratic FCF trajectory suggests that the company remains in a capital-intensive growth phase where cash burn is highly sensitive to seasonal demand and promotional spending. This lack of consistent cash generation warrants further investigation into the company's long-term ability to fund operations without recurring external financing.
Based on the provided cash flow statements, working capital changes have been a significant source of volatility, with swings as large as -$11.6 million in 2025Q2, indicating that the company's cash position is heavily influenced by the timing of inventory management and physician account collections.
The reliance on working capital shifts to manage cash flow suggests that the company's underlying operational efficiency is not yet optimized. Investors should scrutinize whether these fluctuations represent temporary timing issues or a structural challenge in managing receivables and inventory within the aesthetic provider network.
Analysis of the cash flow statement reveals that stock-based compensation, which averaged over $5 million per quarter throughout 2024 and 2025, acts as a significant non-cash adjustment that masks the true extent of the company's underlying cash burn and dilutive impact on existing shareholders.
By adding back substantial stock-based compensation to net income, the company presents a more favorable cash flow picture than the underlying business performance might otherwise suggest. This practice warrants further investigation into the long-term sustainability of the company's compensation structure and its impact on future equity dilution.
Quick answers to the most common questions about buying EOLS stock.
Evolus, Inc. (EOLS) generated $-42.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Evolus, Inc. (EOLS) reported negative free cash flow of $45.7M in 2025, indicating capital requirements exceeded cash from operations.
Evolus, Inc. (EOLS) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.