ANI Pharmaceuticals (ANIP) Cash Flow: Operating & Free Cash Flow

ANI Pharmaceuticals (ANIP) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), ANI Pharmaceuticals generated $185.22M of operating cash flow and spent $34.32M on capital expenditures. That left free cash flow of $150.90M, up 220.6% from $47.06M a year earlier, or 17.1% of revenue. It returned $13.37M to shareholders through $1.16M in dividends and $12.21M in share buybacks.

ANI 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 ANI Pharmaceuticals, Inc. (ANIP) - 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	78.34	-18.52	18.78	-47.90	-42.60	-22.55	6.09	15.49	-1.08
Depreciation & Amortization	91.42	67.73	59.79	59.65	47.25	44.64	44.61	33.74	27.93
Deferred Income Tax	14.24	-21.91	-11.74	-15.25	-16.75	-13.21	-9.13	-5.18	3.56
Stock Based Compensation	37.93	29.34	20.65	14.60	10.49	12.94	9.22	6.78	6.09
Change in Working Capital	-7.12	-11.19	24.86	-51.30	-0.08	-12.63	-14.58	5.97	-5.65
Change in Accounts Receivable	-58.53	-21.09	3.36	-36.91	-5.55	-23.66	-7.29	-4.74	-12.89
Change in Inventory	-5.96	-21.29	-5.84	-23.63	3.22	-2.76	-7.66	-0.38	5.36
Change in Accounts Payable	15.16	0.48	7.55	5.04	2.59	-2.29	5.04	3.47	0.00
Change in Other Working Capital	42.21	15.15	6.62	-0.80	3.01	16.09	-4.67	7.62	1.88
Other Operating Activities	-29.57	15.15	6.62	-6.26	3.01	6.07	9.42	10.27	8.57
Net Cash from Operating Activities	185.23	64.02	118.96	-31.20	3.32	15.27	45.63	67.07	39.42
Investing Activities
Capital Expenditures	-34.32	-16.95	-18.51	-8.88	-23.64	-68.32	-27.55	-10.91	-107.99
Acquisitions	0.00	-401.28	0.00	-0.03	-84.49	0.00	0.00	-16.47	0.00
Sales/Maturities of Investments	0.00	0.00	-9.64	-7.58	-21.08	0.00	0.00	0.00	0.00
Other Investing Activities	-20.49	-3.44	-9.64	0.75	2.65	0.00	0.00	-5.17	-97.62
Net Cash from Investing Activities	-34.32	-404.72	-18.51	-15.74	-105.48	-68.32	-27.55	-27.38	-107.99
Financing Activities
Debt Repayment	-10.16	-296.03	-3.00	-3.00	-211.01	-0.53	115.29	-2.81	75.00
Common Stock Issued	13.60	0.00	80.56	1.46	69.58	0.00	0.00	0.00	0.00
Common Stock Repurchased	-12.21	-10.96	-4.99	-1.96	-0.89	-1.52	-1.03	-0.66	-0.26
Dividends Paid	-1.16	-1.63	-1.63	-1.63	-0.19	0.00	0.00	0.00	0.00
Other Financing Activities	-0.03	-74.18	-12.50	1.46	-19.38	0.62	-113.01	-24.34	-2.38
Net Cash from Financing Activities	-9.94	264.95	67.44	-5.13	194.60	-1.44	1.25	-27.82	72.36
Summary
Effect of Forex Changes on Cash	-0.23	-0.47	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Change in Cash	140.73	-76.23	167.89	-52.07	92.43	-54.49	19.33	11.88	3.78
Cash at Beginning of Period	144.89	221.12	53.23	105.30	12.87	67.36	48.03	36.15	32.37
Cash at End of Period	285.62	144.89	221.12	53.23	105.30	12.87	67.36	48.03	36.15
Free Cash Flow	150.90	47.06	100.45	-40.08	-20.32	-53.06	18.08	56.16	-68.57
Supplemental Disclosures
Interest Paid	-	24.38	31.43	21.48	9.71	6.93	-	-	-
Income Taxes Paid	-	19.06	1.23	0.29	10.37	4.98	-	-	-

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

Frequently Asked Questions About ANI Pharmaceuticals Cash Flow

What is ANI Pharmaceuticals's free cash flow?

ANI Pharmaceuticals generated free cash flow of $150.90M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $185.22M minus $34.32M of capital expenditures. That was up 220.6% from $47.06M a year earlier. Free cash flow equaled 17.1% of revenue.

How much does ANI Pharmaceuticals spend on capital expenditures?

ANI Pharmaceuticals spent $34.32M on capital expenditures in fiscal 2025, compared with $16.95M a year earlier. That equals 18.5% of operating cash flow.

Does ANI Pharmaceuticals pay dividends or buy back shares?

Yes. In fiscal 2025 ANI Pharmaceuticals returned $1.16M in dividends and $12.21M 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