Free cash flow burn intensified to -$63.2M in 2026Q2, a 66.9% FCF margin, driven by a $31.6M working capital outflow, while stock-based compensation of $27.6M nearly offset the net loss, indicating non-cash charges mask true cash consumption.
PROCEPT BioRobotics Corporation (PRCT) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | -112.47M | -48.98M | -99.21M | -108M | -80.38M | -57.33M | -48.34M | -43.82M |
| Operating CF Margin % | - | -15.9% | -44.19% | -79.3% | -107.16% | -166.32% | -626.45% | -710.29% |
| Operating CF Growth % | -273.14% | 50.63% | 8.14% | -34.36% | -40.2% | -18.6% | -10.33% | - |
| Net Income | -109.75M | -95.57M | -91.41M | -105.9M | -87.15M | -59.85M | -53.02M | -41.98M |
| Depreciation & Amortization | 8.79M | 6.39M | 5.23M | 3.81M | 2.84M | 3.32M | 2.86M | 1.49M |
| Stock-Based Compensation | 66.01M | 47.6M | 31.84M | 19.13M | 10.34M | 3.8M | 2.17M | 1.99M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 451K | 0 | 0 |
| Other Non-Cash Items | 1.68M | 433K | 2.45M | 1.11M | 5.08M | -345K | 126K | -1.8M |
| Working Capital Changes | -47.55M | -7.84M | -47.33M | -26.16M | -11.49M | -4.71M | -483K | -3.53M |
| Change in Receivables | -40.39M | -898K | -35.96M | -33.1M | -10.81M | -2.91M | -511K | 522K |
| Change in Inventory | -17.29M | -14.5M | -17.23M | -9.75M | -15.25M | -6.12M | -3.1M | -5.07M |
| Change in Payables | 5.36M | 6.65M | -2.15M | 5.79M | 3.96M | 812K | -205K | -260K |
| Cash from Investing | -13.5M | -9.36M | -4.41M | -25.21M | -2.65M | -592K | -233K | 43.15M |
| Capital Expenditures | -13.5M | -9.36M | -4.41M | -25.21M | -2.65M | -592K | -233K | -7.61M |
| CapEx % of Revenue | 4% | 3.04% | 1.96% | 18.51% | 3.54% | 1.72% | 3.02% | 123.37% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 10.46M | 11.19M | 180.13M | 167.79M | 3.61M | 262.12M | 106.77M | 26.53M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 1.2M | 0 | 24.68M | 24.53M |
| Equity Issued (Net) | 9.38M | 11.19M | 164.52M | 161.71M | 0 | 257.07M | 76.49M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.08M | 0 | 15.6M | 6.09M | 2.42M | 5.04M | 5.6M | 1.99M |
| Net Change in Cash | -115.66M | -47.22M | 76.5M | 34.59M | -79.42M | 204.19M | 58.2M | 25.86M |
| Free Cash Flow | -125.97M | -58.34M | -103.62M | -133.21M | -83.03M | -57.93M | -48.58M | -51.43M |
| FCF Margin % | -37.34% | -18.94% | -46.16% | -97.81% | -110.69% | -168.03% | -629.47% | -833.67% |
| FCF Growth % | -41.1% | 43.7% | 22.21% | -60.43% | -43.35% | -19.25% | 5.55% | - |
| FCF per Share | -2.23 | -1.05 | -1.99 | -2.82 | -1.87 | -1.33 | -1.38 | -1.53 |
| FCF Conversion (FCF/Net Income) | 1.15x | 0.51x | 1.09x | 1.02x | 0.92x | 0.96x | 0.91x | 1.04x |
| Interest Paid | 2.47M | 0 | 0 | 0 | 4.29M | 0 | 3.97M | 397K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying PRCT stock.
PROCEPT BioRobotics Corporation (PRCT) generated $-49.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
PROCEPT BioRobotics Corporation (PRCT) reported negative free cash flow of $58.3M in 2025, indicating capital requirements exceeded cash from operations.
PROCEPT BioRobotics Corporation (PRCT) spent $9.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Cash burn and dilution
Metrics are mathematically derived from official filings.
Cash Conversion Distorted by Working Capital
In 2026Q2, operating cash flow of -$57.4M was more than double the net loss of -$26.9M, driven by a -$31.6M working capital outflow, as per the cash flow statement.
The OCF/NI ratio of 2.14 in 2026Q2 indicates that cash burn is significantly outpacing accounting losses, primarily due to working capital absorption. This suggests that reported net losses understate the true cash consumption, and investors should monitor whether this is a temporary inventory build or a structural issue.
Free Cash Flow Burn Intensifies
Free cash flow deteriorated to -$63.2M in 2026Q2, a 66.9% FCF margin, from -$12.2M in 2025Q4, as per reported figures, indicating accelerating cash consumption despite revenue growth.
The FCF trajectory shows a sharp worsening in the latest quarter, with the FCF margin dropping from -15.9% to -66.9% sequentially. This suggests that while revenue is growing, cash outflows are growing faster, likely due to working capital needs and increased operating expenses, which may indicate a need for additional capital.
Capital Expenditures Remain Subdued
Capital expenditures were only $5.9M in 2026Q2, representing 6.2% of revenue, as per the cash flow statement, indicating a low capital intensity relative to the company's growth stage.
CapEx is modest compared to revenue, suggesting that the business model does not require heavy fixed asset investment, which is typical for a razor-razorblade model. However, the low CapEx may also indicate that the company is not investing enough in manufacturing capacity to support future growth, which could become a constraint.
Working Capital Swings Drive Cash Volatility
Working capital changes swung from +$8.0M in 2025Q4 to -$31.6M in 2026Q2, as per the cash flow statement, causing significant quarter-to-quarter cash flow volatility.
The large negative working capital change in 2026Q2 suggests a buildup in inventory or receivables, possibly related to record HYDROS placements. This may indicate that the company is stocking up to meet demand, but it also raises questions about the efficiency of collections and inventory management, which investors should monitor.
No Capital Returns, Focus on Growth
PRCT paid no dividends and made no buybacks in the last ten quarters, as per the cash flow statement, indicating all cash is being reinvested into the business.
The absence of capital returns is consistent with a pre-profit growth company that is prioritizing market share capture. However, with cash burn accelerating, the company may need to raise additional capital, which could dilute existing shareholders.
Stock Compensation Masks True Cash Burn
Stock-based compensation reached $27.6M in 2026Q2, nearly equal to the net loss of $26.9M, as per the cash flow statement, suggesting that reported losses are largely non-cash.
While SBC is a non-cash expense, it still represents a real cost to shareholders through dilution. The high SBC relative to net loss indicates that the company's cash burn is actually higher than accounting losses suggest, and investors should adjust for this when assessing the company's runway.