Keros Therapeutics (KROS) Cash Flow: Operating & Free Cash Flow

Keros Therapeutics 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 Keros Therapeutics, Inc. (KROS) - Annual data in millions USD
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	87.01	-187.35	-152.99	-104.68	-58.74	-45.36	-12.34	-1.34
Depreciation & Amortization	1.51	1.23	0.82	0.67	0.38	0.28	0.44	0.15
Deferred Income Tax	0.00	0.00	0.00	0.00	0.05	0.00	0.00	0.00
Stock Based Compensation	28.70	34.87	28.76	18.68	11.72	4.10	0.00	0.08
Change in Working Capital	-12.11	-11.44	-2.65	14.31	-16.07	2.28	-6.72	7.95
Change in Accounts Receivable	-0.83	-2.60	-0.14	18.00	-18.00	0.92	-0.55	-0.37
Change in Inventory	0.00	0.00	-4.51	0.00	1.04	-0.92	0.00	0.00
Change in Accounts Payable	-3.00	-0.25	1.61	-0.41	1.49	0.06	1.31	0.00
Change in Other Working Capital	4.10	-11.54	-9.38	-8.61	-0.60	2.21	-7.48	7.95
Other Operating Activities	2.40	1.82	1.56	0.95	0.52	1.82	2.62	0.19
Net Cash from Operating Activities	107.51	-160.87	-124.51	-70.06	-62.15	-36.89	-16.00	7.04
Investing Activities
Capital Expenditures	-1.55	-1.93	-2.46	-1.24	-1.02	-0.29	-0.27	-0.22
Net Cash from Investing Activities	-1.55	-1.93	-2.46	-1.24	-1.02	-0.29	-0.27	-0.22
Financing Activities
Common Stock Issued	0.29	392.28	179.05	120.40	28.17	259.94	0.01	11.46
Common Stock Repurchased	-375.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Financing Activities	0.14	-0.45	-0.09	-0.09	0.38	-19.89	0.00	11.46
Net Cash from Financing Activities	-378.47	391.82	178.96	120.31	28.55	296.04	0.01	11.46
Summary
Effect of Forex Changes on Cash	0.00	0.00	0.00	0.00	0.00	0.00	0.02	0.00
Net Change in Cash	-272.52	229.02	51.98	49.01	-34.62	258.86	-16.24	18.29
Cash at Beginning of Period	561.38	332.36	280.38	231.37	265.99	7.14	23.26	5.10
Cash at End of Period	288.86	561.38	332.36	280.38	231.37	265.99	7.02	23.39
Free Cash Flow	105.95	-162.80	-126.97	-71.30	-63.17	-37.19	-16.27	6.83

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

Frequently Asked Questions About Keros Therapeutics Cash Flow

What is Keros Therapeutics's free cash flow?

Keros Therapeutics generated free cash flow of $105.95M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $107.50M minus $1.55M of capital expenditures. Free cash flow equaled 43.4% of revenue.

How much does Keros Therapeutics spend on capital expenditures?

Keros Therapeutics spent $1.55M on capital expenditures in fiscal 2025, compared with $1.93M a year earlier. That equals 1.4% of operating cash flow.

Does Keros Therapeutics pay dividends or buy back shares?

Yes. In fiscal 2025 Keros Therapeutics returned $375.00M 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