TransMedics Group (TMDX) Cash Flow: Operating & Free Cash Flow

TransMedics Group 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 TransMedics Group, Inc. (TMDX) - 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	190.29	35.46	-25.03	-36.23	-44.22	-28.75	-33.55	-23.76	-20.82
Depreciation & Amortization	27.19	19.76	8.18	3.48	1.82	1.58	1.22	0.77	0.63
Deferred Income Tax	-83.54	0.00	-1.66	0.00	0.00	-0.43	0.34	1.01	-0.32
Stock Based Compensation	36.86	33.22	19.79	10.32	6.88	2.41	0.85	0.14	0.07
Change in Working Capital	17.25	-45.00	-44.35	-26.76	3.00	-5.59	-1.63	-4.33	-2.75
Change in Accounts Receivable	13.95	-34.31	-33.82	-21.68	0.84	-0.22	-3.17	-2.51	0.45
Change in Inventory	-7.72	-8.35	-28.09	-8.02	-4.89	-1.74	-4.12	-2.70	-2.50
Change in Accounts Payable	-0.02	-1.40	6.96	-3.27	5.09	-5.80	3.44	0.16	-0.74
Change in Other Working Capital	11.02	-0.94	-3.73	6.21	1.97	2.11	2.22	0.72	0.03
Other Operating Activities	4.80	5.36	28.38	3.37	3.65	-0.55	0.48	0.18	0.09
Net Cash from Operating Activities	192.84	48.80	-13.03	-45.82	-28.86	-30.27	-32.29	-25.98	-23.10
Investing Activities
Capital Expenditures	-59.25	-129.74	-151.85	-11.91	-3.52	-0.46	-0.17	-0.42	-0.26
Acquisitions	0.00	0.44	-14.89	0.11	0.00	41.14	60.34	0.00	0.00
Purchases of Investments	0.00	0.00	0.00	-10.50	-72.02	-41.14	-82.37	0.00	-19.19
Sales/Maturities of Investments	0.00	0.00	-27.21	76.92	104.81	80.65	22.04	12.73	44.31
Other Investing Activities	0.00	-129.74	-27.21	-0.11	0.00	-41.14	-60.34	12.73	25.12
Net Cash from Investing Activities	-59.25	-129.30	-193.95	54.51	29.27	-41.60	-60.50	12.31	24.86
Financing Activities
Debt Repayment	0.00	0.00	-52.07	22.46	0.00	-2.25	0.00	24.36	0.00
Common Stock Issued	0.00	22.87	7.11	139.85	0.00	75.55	97.37	0.05	0.00
Common Stock Repurchased	-0.14	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Financing Activities	17.00	0.00	-14.62	5.61	1.39	0.58	-4.64	-2.30	0.00
Net Cash from Financing Activities	16.86	22.87	400.42	167.93	1.39	75.55	92.72	22.06	0.00
Summary
Effect of Forex Changes on Cash	1.27	-0.54	0.19	-1.02	-0.80	0.80	-0.09	-0.08	0.34
Net Change in Cash	151.72	-58.16	193.63	175.60	1.00	4.49	-0.15	8.31	2.10
Cash at Beginning of Period	337.15	395.31	201.68	26.08	25.08	20.59	20.74	12.44	10.34
Cash at End of Period	488.87	337.15	395.31	201.68	26.08	25.08	20.59	20.74	12.44
Free Cash Flow	133.59	-80.94	-164.88	-57.72	-32.38	-30.72	-32.45	-26.40	-23.36
Supplemental Disclosures
Interest Paid	-	11.30	8.09	3.26	3.33	3.48	-	-	-

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

Frequently Asked Questions About TransMedics Group Cash Flow

What is TransMedics Group's free cash flow?

TransMedics Group generated free cash flow of $133.59M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $192.84M minus $59.25M of capital expenditures. Free cash flow equaled 22.1% of revenue.

How much does TransMedics Group spend on capital expenditures?

TransMedics Group spent $59.25M on capital expenditures in fiscal 2025, compared with $129.74M a year earlier. That equals 30.7% of operating cash flow.

Does TransMedics Group pay dividends or buy back shares?

Yes. In fiscal 2025 TransMedics Group returned $138.00K 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