GLOBUS MEDICAL INC
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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FY2025 · Filed Feb 24, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended | |||
|---|---|---|---|
| December 31, | |||
| (In thousands) | 2025 | 2024 | 2023 |
| Cash flows from operating activities: | |||
| Net income | $537,868 | $102,984 | $122,873 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Bargain purchase gain | (117,704) | — | — |
| Acquired in-process research and development | — | 12,613 | — |
| Depreciation and amortization | 276,842 | 253,389 | 145,526 |
| Provision for excess and obsolete inventory | 22,119 | 23,359 | 10,959 |
| Amortization of acquisition accounting fair value step-up | 26,112 | 242,050 | 79,832 |
| Stock-based compensation expense | 49,779 | 54,191 | 52,742 |
| Allowance for expected credit losses | 10,223 | 16,986 | 3,658 |
| Change in fair value of business acquisition liabilities | 13,462 | 26,521 | 17,434 |
| Change in deferred income taxes | 18,625 | (125,902) | (57,789) |
| (Gain)/loss on disposal of assets, net | 12,525 | 5,552 | 1,541 |
| Payment of business acquisition-related liabilities | (17,018) | (18,763) | (3,005) |
| Net (gain)/loss from foreign currency adjustment | (12,591) | 25,212 | (13,674) |
| (Increase) decrease in: | |||
| Accounts receivable | (52,182) | (78,062) | (49,914) |
| Inventories | (17,598) | (29,860) | (70,328) |
| Prepaid expenses and other assets | 11,132 | 1,059 | 1,148 |
| Increase (decrease) in: | |||
| Accounts payable | 8,487 | 17,663 | (14,223) |
| Accrued expenses and other liabilities | 34,217 | 5,023 | 17,127 |
| Income taxes payable/receivable | (50,851) | (13,377) | (408) |
| Net cash provided by/(used in) operating activities | 753,447 | 520,638 | 243,499 |
| Cash flows from investing activities: | |||
| Purchases of marketable securities | (107,531) | (113,504) | (100,643) |
| Maturities of marketable securities | 63,880 | 58,666 | 240,190 |
| Sales of marketable securities | 115,608 | 11,851 | 537,723 |
| Purchases of property and equipment | (164,679) | (115,429) | (78,274) |
| Acquisition of businesses, net of cash acquired and purchases of intangible and other assets | (252,546) | (17,635) | (296,028) |
| Acquisition of intangible assets | (9,746) | — | — |
| Net cash provided by/(used in) investing activities | (355,014) | (176,051) | 302,968 |
| Cash flows from financing activities: | |||
| Payment of business acquisition-related liabilities | (15,572) | (45,619) | (8,039) |
| Net proceeds from exercise of stock options | 89,757 | 110,439 | 12,397 |
| Payments related to tax withholdings for share-based compensation | (2,909) | (6,729) | (10,617) |
| Repurchase of common stock | (300,451) | (85,787) | (225,562) |
| Repayment of senior convertible notes | (449,985) | — | — |
| Net cash provided by/(used in) financing activities | (679,160) | (27,696) | (231,821) |
| Effect of foreign exchange rates on cash | 22,445 | 255 | 2,180 |
| Net increase/(decrease) in cash and cash equivalents | (258,282) | 317,146 | 316,826 |
| Cash and cash equivalents at beginning of period | 784,438 | 467,292 | 150,466 |
| Cash and cash equivalents at end of period | $526,156 | $784,438 | $467,292 |
| Supplemental disclosures of cash flow information: | |||
| Income taxes paid, net | $98,916 | $158,508 | $100,593 |
| Non-cash investing and financing activities: | |||
| Equity issued in conjunction with the NuVasive Merger | $— | $— | $2,153,860 |
| Accrued purchases of property and equipment | $13,454 | $9,281 | $7,100 |
In accordance with the adoption of ASU No. 2023-09, Income Taxes (Topic 740) (as defined in Note 2, Summary of Significant Accounting Policies in “Recently Issued Accounting Pronouncements”), the Company included a table disaggregating income taxes paid by jurisdiction. The Company adopted the standard as of January 1, 2025, with amendments applied prospectively. See Note 14, Income Taxes, for additional information.
| Year Ended | |
|---|---|
| December 31, | |
| (In thousands) | 2025 |
| Supplemental cash flow information: | |
| Federal | $65,374 |
| State | 9,281 |
| Foreign | 24,261 |
| Australia | 9,996 |
| Other Foreign Entities | 14,265 |
| Total cash paid for income taxes (net of refunds) | $98,916 |
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