A rotating cutting tool that is internally cooled by cryogenic fluid has a generally cylindrical outer shape. At least one flute is formed on the cutting tool and a cutting edge is formed on an outer edge of the flute for cutting a workpiece. An internal cold flow delivery path for cryogenic coolant is in proximity to the cutting edge. A coolant cavity is formed in the cutting tool for supplying cryogenic coolant to the internal cold flow delivery path and a return path for cryogenic coolant is downstream from the cold flow delivery path. An exhaust port is coupled to the return path for exhausting cryogenic coolant to atmosphere. The exhaust port is remote from the cutting edge so that the cryogenic coolant is exhausted away from the cutting edge and away from a workpiece so that the cryogenic coolant does not cool and toughen the workpiece.