Immatics (IMTX) Cash Flow: Operating & Free Cash Flow

Immatics Cash Flow Statement Analysis

Values in millions EUR

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Immatics N.V. (IMTX) - Annual data in millions EUR
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018
Operating Activities
Net Income	-188.69	21.35	-94.65	37.51	-93.34	-211.28	-32.49	-32.36
Depreciation & Amortization	11.91	12.23	7.23	6.97	5.26	4.42	3.86	2.18
Deferred Income Tax	0.00	6.13	-2.35	4.52	11.15	-3.96	0.62	0.49
Stock Based Compensation	0.00	17.64	20.71	22.57	26.40	18.63	0.85	1.48
Change in Working Capital	-42.23	-150.78	84.59	37.26	-31.70	-25.28	96.88	49.17
Change in Accounts Receivable	-0.23	-1.76	-2.98	-0.43	0.57	-0.29	-0.56	-0.18
Change in Inventory	0.00	0.00	-84.24	0.00	0.00	0.00	0.00	0.00
Change in Accounts Payable	-36.13	-149.74	84.24	45.56	-31.78	-23.39	98.94	43.73
Change in Other Working Capital	-5.87	15.45	-13.01	-7.87	0.43	-1.60	-1.50	5.61
Other Operating Activities	49.36	-60.08	-13.01	-8.70	0.43	-19.97	1.24	-0.27
Net Cash from Operating Activities	-169.66	-158.03	18.23	100.13	-84.75	-80.70	70.97	20.68
Investing Activities
Capital Expenditures	-6.30	-16.27	-30.96	-6.22	-5.66	-7.42	-2.23	-0.51
Acquisitions	0.00	0.00	0.00	-199.91	0.55	0.10	0.09	0.10
Purchases of Investments	-324.92	-450.35	-415.33	-216.32	-11.30	-8.43	-77.81	-13.10
Sales/Maturities of Investments	528.16	314.44	414.74	12.70	24.45	-0.10	74.89	0.00
Other Investing Activities	0.00	-0.21	-0.01	199.96	-0.55	-0.10	0.01	0.09
Net Cash from Investing Activities	196.70	-152.39	-31.39	-209.79	7.49	-15.95	-5.06	-13.51
Financing Activities
Debt Repayment	0.00	-2.01	-3.85	-2.84	-2.71	-2.10	-1.86	0.00
Common Stock Issued	96.35	343.01	90.40	134.48	0.09	217.92	0.00	23.65
Other Financing Activities	-2.84	-21.31	-2.04	-7.93	0.00	-7.94	0.00	0.00
Net Cash from Financing Activities	93.51	319.68	84.52	123.71	-2.61	207.88	-1.86	23.65
Summary
Effect of Forex Changes on Cash	16.56	9.01	-1.40	1.48	5.33	-2.15	-0.06	0.13
Net Change in Cash	137.12	18.28	71.36	15.53	-79.87	104.18	63.99	30.95
Cash at Beginning of Period	208.65	218.47	148.52	132.99	207.53	103.35	39.37	8.42
Cash at End of Period	345.77	236.75	218.47	148.52	132.99	207.53	103.35	39.37
Free Cash Flow	-175.95	-174.30	-12.73	93.92	-90.40	-88.12	68.73	20.18
Supplemental Disclosures
Interest Paid	0.95	0.89	0.29	0.70	0.57	0.29	-	-
Income Taxes Paid	4.43	13.10	2.96	0.22	-	-	-	-

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

Frequently Asked Questions About Immatics Cash Flow

What is Immatics's free cash flow?

Immatics had negative free cash flow of EUR 175.95M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of −EUR 169.66M minus EUR 6.30M of capital expenditures.

How much does Immatics spend on capital expenditures?

Immatics spent EUR 6.30M on capital expenditures in fiscal 2025, compared with EUR 16.27M a year earlier.

Does Immatics pay dividends or buy back shares?

Immatics's cash flow statement for fiscal 2025 shows no dividend payments or share repurchases.

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