Penumbra (PEN) Cash Flow: Operating & Free Cash Flow

Penumbra 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 Penumbra, Inc. (PEN) - 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	177.69	14.01	90.95	-2.00	2.62	-19.26	48.46	2.91	4.66
Depreciation & Amortization	17.47	23.70	27.26	27.57	16.41	12.89	7.85	6.17	3.78
Deferred Income Tax	21.03	-16.34	-19.06	1.46	-14.09	-18.82	1.82	-6.48	-4.29
Stock Based Compensation	59.21	46.16	50.52	0.00	65.76	25.54	0.00	18.42	17.81
Change in Working Capital	-42.72	-23.78	-79.08	-121.54	-66.71	-51.19	-56.84	-30.26	-13.49
Change in Accounts Receivable	-19.51	26.60	-0.27	-69.86	-21.34	-8.30	-25.03	-25.76	-9.12
Change in Inventory	-26.48	-65.66	-67.71	-74.63	-51.55	-56.98	-41.41	-22.29	-18.83
Change in Accounts Payable	3.07	4.17	1.10	13.39	-1.57	-0.31	6.04	1.33	1.85
Change in Other Working Capital	0.21	11.11	20.55	9.57	-13.03	14.39	3.56	16.46	12.60
Other Operating Activities	0.21	124.72	20.55	38.84	-8.58	17.59	25.36	38.05	4.22
Net Cash from Operating Activities	238.66	168.48	97.33	-55.66	9.50	-33.24	26.65	28.81	12.69
Investing Activities
Capital Expenditures	-63.73	-21.18	-15.21	-19.30	-21.18	-24.76	-22.11	-9.60	-15.03
Acquisitions	0.00	0.00	-0.99	0.00	2.92	0.00	0.80	-20.41	-9.25
Purchases of Investments	-355.74	-32.91	-81.94	0.00	-126.79	-153.06	-77.33	-109.61	-194.92
Sales/Maturities of Investments	14.88	130.62	82.57	74.09	123.72	76.73	95.36	139.24	141.56
Other Investing Activities	0.00	1.10	-0.50	0.00	-0.40	-3.06	-8.64	29.63	-55.87
Net Cash from Investing Activities	-404.59	77.62	-16.08	54.79	-21.74	-104.15	-11.91	-0.39	-77.65
Financing Activities
Debt Repayment	-2.49	-2.28	-1.98	-1.75	-1.45	-3.42	-2.57	-0.40	-1.08
Common Stock Issued	31.82	17.17	20.41	21.55	18.37	134.76	13.10	7.23	106.27
Common Stock Repurchased	0.00	-100.39	-2.07	0.00	-15.83	0.00	0.00	-17.73	0.00
Other Financing Activities	-2.80	-1.52	-2.23	-8.18	-0.25	3.58	-20.29	-9.41	-0.83
Net Cash from Financing Activities	26.53	-87.01	16.20	11.62	0.84	134.92	-9.76	-9.82	104.36
Summary
Effect of Forex Changes on Cash	1.89	-2.18	0.17	-0.27	1.11	-0.64	-0.05	-1.40	-2.00
Net Change in Cash	-137.51	156.92	97.63	10.48	-10.29	-3.11	4.93	17.21	37.40
Cash at Beginning of Period	324.40	167.49	69.86	59.38	69.67	72.78	67.85	50.64	13.24
Cash at End of Period	186.90	324.40	167.49	69.86	59.38	69.67	72.78	67.85	50.64
Free Cash Flow	174.93	147.30	82.12	-74.96	-11.68	-58.00	4.54	19.21	-2.34
Supplemental Disclosures
Income Taxes Paid	-	20.67	6.56	2.92	1.50	1.41	-	-	-

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

Frequently Asked Questions About Penumbra Cash Flow

What is Penumbra's free cash flow?

Penumbra generated free cash flow of $174.93M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $238.66M minus $63.73M of capital expenditures. That was up 18.8% from $147.30M a year earlier. Free cash flow equaled 12.5% of revenue.

How much does Penumbra spend on capital expenditures?

Penumbra spent $63.73M on capital expenditures in fiscal 2025, compared with $21.18M a year earlier. That equals 26.7% of operating cash flow.

Does Penumbra pay dividends or buy back shares?

Penumbra'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