Natera Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-208.16	-190.43	-434.8	-547.8	-471.72
Depreciation & Amortization	38.48	27.47	21.7	16.5	10.15
Other Amortization	5	4.49	3.69	1.46	2.33
Asset Writedown & Restructuring Costs	-	-	2.68	9.29	35.6
Loss (Gain) From Sale of Investments	0.03	-0.62	1.09	5.74	7.77
Stock-Based Compensation	354.4	274.43	191.81	152.38	115.22
Other Operating Activities	15.5	18.18	14.84	14.07	11.01
Change in Accounts Receivable	20.75	-35.88	-33.9	-122.31	-43.51
Change in Inventory	-20.87	-3.99	-5.35	-8.5	-6.88
Change in Accounts Payable	0.75	13.21	-15.46	5.46	19.22
Change in Unearned Revenue	2.75	0.85	4.96	2.06	-44.21
Change in Other Net Operating Assets	67.46	27.94	1.8	40.14	29.77
Operating Cash Flow	215.3	135.66	-246.96	-431.5	-335.24
Operating Cash Flow Growth	58.70%	-	-	-	-
Capital Expenditures	-106.19	-66.42	-39.2	-47.7	-49.59
Cash Acquisitions	-16.02	-	-	-	-
Sale (Purchase) of Intangibles	-33	-10.5	-	-	-
Investment in Securities	23	214.54	207.7	378.04	-155.61
Investing Cash Flow	-132.21	137.62	168.5	330.34	-205.19
Short-Term Debt Issued	-	-	-	30	-
Total Debt Issued	-	-	-	30	-
Net Debt Issued (Repaid)	-	-	-	30	-
Issuance of Common Stock	47.57	30.29	254.46	452.64	576.19
Other Financing Activities	-0.11	-0.08	-	-	-
Financing Cash Flow	47.46	30.2	254.46	482.64	576.19
Net Cash Flow	130.55	303.49	176	381.48	35.76
Free Cash Flow	109.11	69.24	-286.15	-479.2	-384.82
Free Cash Flow Growth	57.58%	-	-	-	-
Free Cash Flow Margin	4.73%	4.08%	-26.43%	-58.42%	-61.52%
Free Cash Flow Per Share	0.80	0.56	-2.49	-4.87	-4.25
Cash Interest Paid	4.07	7.9	11.35	8.06	7.08
Cash Income Tax Paid	0.5	1.31	0.3	0.55	0.28
Levered Free Cash Flow	141.02	94.15	-182.21	-295.94	-251.3
Unlevered Free Cash Flow	143.56	99.84	-175.6	-291.37	-247.34
Change in Working Capital	10.05	2.14	-47.95	-83.15	-45.6

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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