Amphastar Pharmaceuticals (AMPH) Cash Flow: Operating & Free Cash Flow

Amphastar Pharmaceuticals (AMPH) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Amphastar Pharmaceuticals generated $156.12M of operating cash flow and spent $34.88M on capital expenditures. That left free cash flow of $121.23M, down 29.7% from $172.34M a year earlier, or 16.8% of revenue. It repurchased $75.59M of its own shares.

Amphastar Pharmaceuticals Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Amphastar Pharmaceuticals, Inc. (AMPH) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	98.09	159.52	137.55	91.39	63.30	1.10	46.51	-6.66	4.51
Depreciation & Amortization	63.20	57.21	41.78	28.74	26.75	25.18	21.12	16.52	15.44
Deferred Income Tax	27.63	-17.87	-13.74	-15.75	4.21	1.12	7.55	-1.88	3.93
Stock Based Compensation	27.28	24.37	20.24	17.86	18.69	20.50	17.30	16.68	17.09
Change in Working Capital	-65.97	-14.55	-24.21	-32.18	-1.92	9.13	-51.75	12.10	0.58
Change in Accounts Receivable	-6.37	-21.67	-26.09	-10.13	-14.92	-20.16	6.70	-16.30	-8.10
Change in Inventory	-21.06	-48.80	-1.72	-11.75	1.26	15.30	-41.10	-5.98	18.65
Change in Accounts Payable	-4.56	63.56	13.24	-0.74	3.02	14.96	-17.94	29.16	6.69
Change in Other Working Capital	-33.98	-7.64	-9.64	-9.56	8.72	-0.97	0.59	5.22	-16.65
Other Operating Activities	5.89	4.71	21.89	-0.88	-13.03	0.24	1.04	1.43	-2.34
Net Cash from Operating Activities	156.12	213.39	183.50	89.18	97.99	57.27	41.76	38.19	39.21
Investing Activities
Capital Expenditures	-34.88	-41.04	-38.17	-24.03	-27.46	-33.86	-41.56	-46.81	-35.10
Acquisitions	0.00	-129.00	-506.41	0.42	0.00	0.00	0.00	4.65	2.00
Purchases of Investments	-119.13	-76.79	-144.56	-35.76	-17.38	-13.56	-8.82	-0.31	-5.65
Sales/Maturities of Investments	90.29	126.02	38.62	27.97	18.77	12.41	0.00	0.09	3.65
Other Investing Activities	-6.61	-4.12	1.39	-1.37	-2.61	-1.41	-0.16	0.20	-3.66
Net Cash from Investing Activities	-70.33	-124.93	-649.12	-32.78	-28.67	-36.42	-50.53	-42.18	-38.76
Financing Activities
Debt Repayment	5.99	10.17	526.34	-1.78	32.10	-0.88	-3.21	3.07	9.27
Common Stock Issued	2.86	0.00	0.00	0.00	0.00	0.00	18.30	38.04	0.00
Common Stock Repurchased	-75.59	-85.46	-58.14	-39.91	-28.87	-24.43	-22.29	-25.05	-30.75
Other Financing Activities	-0.69	-5.67	-14.11	15.25	-40.24	23.06	3.42	8.95	13.76
Net Cash from Financing Activities	-67.43	-80.95	454.09	-26.44	-37.02	-2.25	-3.78	25.01	-7.72
Summary
Effect of Forex Changes on Cash	0.21	-0.19	-0.28	-0.22	-0.22	0.35	-0.10	-0.27	0.50
Net Change in Cash	18.57	7.31	-11.80	29.75	32.08	18.96	-12.65	20.74	-6.76
Cash at Beginning of Period	151.84	144.53	156.33	126.59	94.51	75.55	88.20	67.46	72.35
Cash at End of Period	170.41	151.84	144.53	156.33	126.59	94.51	75.55	88.20	65.59
Free Cash Flow	121.23	172.35	145.34	65.15	70.54	23.41	0.21	-8.62	4.11
Supplemental Disclosures
Interest Paid	-	26.81	17.57	3.02	2.11	2.20	-	-	-
Income Taxes Paid	-	40.10	49.00	44.44	8.10	3.41	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Amphastar Pharmaceuticals Cash Flow

What is Amphastar Pharmaceuticals's free cash flow?

Amphastar Pharmaceuticals generated free cash flow of $121.23M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $156.12M minus $34.88M of capital expenditures. That was down 29.7% from $172.34M a year earlier. Free cash flow equaled 16.8% of revenue.

How much does Amphastar Pharmaceuticals spend on capital expenditures?

Amphastar Pharmaceuticals spent $34.88M on capital expenditures in fiscal 2025, compared with $41.04M a year earlier. That equals 22.3% of operating cash flow.

Does Amphastar Pharmaceuticals pay dividends or buy back shares?

Yes. In fiscal 2025 Amphastar Pharmaceuticals returned $75.59M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition