Shoulder Innovations (SI) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Shoulder Innovations used $28.61M of cash in operating activities and spent $7.41M on capital expenditures. That left free cash flow of −$36.02M.

Shoulder Innovations 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 Shoulder Innovations, Inc. (SI) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023
Period ending	Dec 2025	Dec 2024	Dec 2023
Operating Activities
Net Income	-40.36	-15.62	-12.66
Depreciation & Amortization	3.21	2.20	1.64
Stock Based Compensation	1.00	0.75	0.45
Change in Working Capital	-6.75	-1.04	-4.77
Change in Accounts Receivable	-3.30	-0.58	-2.69
Change in Inventory	-7.64	-4.03	-2.41
Change in Accounts Payable	3.37	3.12	-0.74
Change in Other Working Capital	0.82	0.45	0.86
Other Operating Activities	14.29	-0.44	0.86
Net Cash from Operating Activities	-28.61	-14.14	-13.14
Investing Activities
Capital Expenditures	-7.41	-4.02	-2.75
Purchases of Investments	-88.19	17.98	-29.25
Sales/Maturities of Investments	31.30	23.26	3.03
Net Cash from Investing Activities	-95.60	13.96	-28.97
Financing Activities
Debt Repayment	0.00	0.00	-5.00
Common Stock Issued	65.13	0.07	0.00
Other Financing Activities	79.37	0.00	-0.15
Net Cash from Financing Activities	144.96	0.07	44.73
Summary
Net Change in Cash	20.75	-0.11	2.61
Cash at Beginning of Period	6.12	6.24	3.63
Cash at End of Period	26.87	6.12	6.24
Free Cash Flow	-36.02	-18.16	-15.89
Supplemental Disclosures
Interest Paid	1.69	1.79	0.90

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

Frequently Asked Questions About Shoulder Innovations Cash Flow

What is Shoulder Innovations's free cash flow?

Shoulder Innovations had negative free cash flow of $36.02M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of −$28.61M minus $7.41M of capital expenditures.

How much does Shoulder Innovations spend on capital expenditures?

Shoulder Innovations spent $7.41M on capital expenditures in fiscal 2025, compared with $4.01M a year earlier.

Does Shoulder Innovations pay dividends or buy back shares?

Shoulder Innovations'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