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CorMedix cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$85.7M in Q2 2026 · $250M over twelve months

Operating cash flow$86.2M
Capital spending−$561K
Free cash flow+$85.7M
Cash / net income3.3×
Cash conversion cycle286 days

Analysis

In Q2 2026, CorMedix generated $86.2M of operating cash flow and spent $561K on capital projects, leaving free cash flow of $85.7M. That is $55.7M more than in Q2 2025 ($30.0M).

Over the twelve months to Jun 30, 2026, operating cash flow was $254M; the largest uses were other investing ($282M), capital spending ($3.5M), taxes on employees’ shares ($2.4M); besides operations, cash came from other financing ($125M), shares issued ($7.4M); the cash balance rose by $98.3M.

Operating cash flow was $86.2M against net income of $26.0M — 3.3× profit, cash ran ahead of reported earnings. The largest differences: accrued liabilities +$59.0M, depreciation & amortization +$10.5M, inventory −$7.9M.

Its cash conversion cycle was 286 days (receivables 141 + inventory 217 − payables 72).

Free cash flow

CorMedix: free cash flow by quarterCorMedix: free cash flow by quarter−$13.7MQ3 2024−$5.6MQ4 2024$19.7MQ1 2025$30.0MQ2 2025$30.4MQ3 2025$92.7MQ4 2025$41.7MQ1 2026$85.7MQ2 2026
Operating cash flow less capital spending.
CorMedix: operating cash flow against capital spendingCorMedix: operating cash flow against capital spendingOperating cash flowCapital spending−$13.6M$10KQ3 2024−$5.6M$10KQ4 2024$19.7M$10KQ1 2025$30.0M$24KQ2 2025$30.9M$506KQ3 2025$94.5M$1.7MQ4 2025$42.4M$729KQ1 2026$86.2M$561KQ2 2026
Latest (Q2 2026): Operating cash flow $86.2M, Capital spending $561K.

Capital allocation, year by year

CorMedix: where the cash came from (up) and went (down), by fiscal yearCorMedix: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2021: Operating cash flow −$21.2MFY2021: Shares issued $41.6MFY2021: Capital spending −$1.4M$41.6MFY2021FY2022: Operating cash flow −$24.4MFY2022: Net borrowing $586KFY2022: Shares issued $17.8MFY2022: Capital spending −$219K$18.4MFY2022FY2023: Operating cash flow −$38.4MFY2023: Shares issued $13.2MFY2023: Capital spending −$327K$13.2MFY2023FY2024: Operating cash flow −$50.6MFY2024: Shares issued $26.6MFY2024: Capital spending −$116K$26.6MFY2024FY2025: Operating cash flow $175MFY2025: Net borrowing $150MFY2025: Shares issued $14.2MFY2025: Capital spending −$2.3MFY2025: Acquisitions −$309M$339MFY2025
Over these 5 years operating cash flow totalled $40.5M; the largest uses were acquisitions ($309M) and operating cash flow ($135M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$257M
Debtnone
Net cash$257M

CorMedix funds itself: free cash flow was $250M over the last twelve months, with $257M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

CorMedix: sources (+) and uses (−) of cash, Q2 2026CorMedix: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$86.2MCash drawn (+) / kept (−)−$78.6MBuybacks−$6.4MOther financing−$783KCapital spending−$561KShares issued$235KTaxes on employees’ shares−$131K
CorMedix: sources (+) and uses (−) of cash, TTM to Q2 2026CorMedix: sources (+) and uses (−) of cash, TTM to Q2 2026Other investing−$282MOperating cash flow$254MOther financing$125MCash drawn (+) / kept (−)−$98.3MShares issued$7.4MCapital spending−$3.5MTaxes on employees’ shares−$2.4MNot reconciled−$1K

From profit to cash

CorMedix: net income to operating cash flow, Q2 2026CorMedix: net income to operating cash flow, Q2 2026Net income$26.0MDepreciation & amortization$10.5MStock-based pay$4.1MDeferred taxes$4.0MOther non-cash$729KReceivables−$6.4MInventory−$7.9MPayables−$2.8MAccrued liabilities$59.0MPrepaid and other assets−$5.1MOperating cash flow$86.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202614121772286
Q1 202611522778264
Q4 2025118242117243
Q3 202589234160164
Q2 2025112418189341
Q1 2025122439106455
Q4 2024102584126560
Q3 202471773340504

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$86.2M−$561K—−$6.4M$235K−$78.6M$85.7M
Q1 2026$42.4M−$729K—−$11.1M$1.2M−$33.2M$41.7M
Q4 2025$94.5M−$1.7M$1.5M—$4.6M−$96.3M$92.7M
Q3 2025$30.9M−$506K——$1.3M$110M$30.4M
Q2 2025$30.0M−$24K——$1.1M−$93.0M$30.0M
Q1 2025$19.7M−$10K——$7.1M−$25.6M$19.7M
Q4 2024−$5.6M−$10K——$11.3M−$5.4M−$5.6M
Q3 2024−$13.6M−$10K——$14.1M−$6.7M−$13.7M

CorMedix: income statement and cash flow

CorMedix, Q2 2026: revenue $102M (+156% year over year), operating margin 42.1%. The chart follows the revenue to costs, profit and cash.

CorMedix: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.