Free cash flow remains highly volatile, swinging from a positive $18.2M in 2025Q2 to a negative $12.0M in 2026Q1, while $20.7M was allocated to share repurchases despite ongoing operational losses.
| Cash from Operations | 26.24M | 29.82M | 18.51M | 25.63M | -5.38M | -31.71M | -10.39M | -16.04M |
| Operating CF Margin % | - | 8.69% | 6.18% | 9.28% | -2.26% | -18.96% | -10.14% | -23.43% |
| Operating CF Growth % | 359.63% | 61.16% | -27.8% | 576.04% | 83.02% | -205.17% | 35.2% | - |
| Net Income | -89.58M | -88.54M | -94.32M | -90.36M | -93.38M | -74.98M | -24.57M | -33.53M |
| Depreciation & Amortization | 10.08M | 9.61M | 6.11M | 5.62M | 4.66M | 3.09M | 1.69M | 720K |
| Stock-Based Compensation | 71.53M | 92.13M | 100.02M | 88.28M | 67.22M | 34.39M | 16.55M | 7.33M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 26.95M | 6.49M | 4.27M | 3.62M | 3.77M | 1.8M | 251K | 130K |
| Working Capital Changes | 7.27M | 10.15M | 2.43M | 18.47M | 12.34M | 3.98M | -4.32M | 9.31M |
| Change in Receivables | 443K | 2.77M | 2.21M | -8.45M | -2.43M | -3.03M | -5.56M | -1.17M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -48K | 4.69M | -1.99M | 2.5M | -2.88M | -1.05M | 2.41M | 486K |
| Cash from Investing | 13.45M | -55.08M | -75.37M | 9.32M | -89.39M | -1.5M | -5.91M | -648K |
| Capital Expenditures | -2.75M | -1.62M | -1.73M | -1.28M | -3.63M | -1.53M | -984K | -648K |
| CapEx % of Revenue | 0.77% | 0.47% | 0.58% | 0.46% | 1.53% | 0.91% | 0.96% | 0.95% |
| Acquisitions | -2.63M | -3.03M | -16.07M | 0 | -394K | 1.72M | -3.7M | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -4.73M | -4.91M | -5.05M | -1.9M | -2.18M | -1.69M | -1.22M | 0 |
| Cash from Financing | -84.25M | -65.33M | -19.94M | -4.94M | 5.83M | 222.64M | 54.24M | 874K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -47.66M | -25.86M | 6.51M | 3.97M | 6.89M | 221.58M | 49.82M | 697K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -51.47M | -30.74M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -36.59M | -39.47M | -26.45M | -8.91M | -1.06M | 1.06M | 4.42M | 177K |
| Net Change in Cash | -44.57M | -90.59M | -75.93M | 30M | -88.95M | 189.43M | 37.95M | -15.81M |
| Free Cash Flow | 22.13M | 28.2M | 11.73M | 22.45M | -11.19M | -34.94M | -12.6M | -16.68M |
| FCF Margin % | 6.2% | 8.22% | 3.92% | 8.12% | -4.7% | -20.89% | -12.3% | -24.38% |
| FCF Growth % | 507.86% | 140.48% | -47.75% | 300.55% | 67.96% | -177.26% | 24.48% | - |
| FCF per Share | 0.17 | 0.21 | 0.09 | 0.19 | -0.10 | -0.32 | -0.12 | -0.68 |
| FCF Conversion (FCF/Net Income) | -0.25x | -0.34x | -0.20x | -0.28x | 0.06x | 0.42x | 0.42x | 0.48x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 430K | 0 | 491K | 454K | 424K | 182K | 221K | 62K |
Persistent operating cash burn
As reported in recent financial filings, Amplitude's operating cash flow frequently diverges from net income, with the 2026Q1 period showing a net loss of $23.3M against an operating cash outflow of $11.6M, highlighting the significant impact of non-cash stock-based compensation on reported results.
The persistent gap between GAAP net income and operating cash flow suggests that the company's profitability metrics are heavily influenced by accounting adjustments rather than operational efficiency. Investors should monitor whether this reliance on non-cash compensation continues to mask the underlying cash burn required to sustain the current growth trajectory.
Based on the company's quarterly cash flow statements, free cash flow remains highly inconsistent, swinging from a positive $18.2M in 2025Q2 to a negative $12.0M in 2026Q1, indicating that the business has yet to establish a predictable or self-sustaining cash generation model.
This volatility appears to be driven by fluctuations in working capital and the timing of enterprise renewals rather than a stable improvement in core margins. The inability to maintain positive free cash flow suggests that the company remains in a capital-intensive phase where growth spending continues to outpace operational cash inflows.
According to historical data, Amplitude's working capital movements are a primary driver of quarterly cash flow variance, evidenced by a $16.3M inflow in 2025Q2 followed by a $12.9M outflow in 2026Q1, which complicates the assessment of the company's underlying operational cash generation capabilities.
These swings may indicate lumpy billing cycles or significant shifts in deferred revenue recognition that mask the true health of customer collections. Analysts should investigate whether these working capital fluctuations are a structural feature of the company's multi-tiered subscription model or merely temporary timing differences.
As disclosed in recent SEC filings, Amplitude has utilized cash for share repurchases, including $20.7M in 2026Q1, despite reporting negative operating cash flows, which warrants further investigation into the strategic rationale for returning capital while the core business remains in a cash-burning state.
The decision to prioritize share repurchases while the company is still generating operating losses may suggest management's confidence in long-term valuation, yet it simultaneously reduces the cash cushion available for operational pivots. This capital allocation strategy appears aggressive given the lack of consistent free cash flow generation.
Based on the provided financial data, stock-based compensation consistently exceeds $20M per quarter, effectively acting as a significant non-cash add-back that inflates operating cash flow figures and obscures the true economic cost of the company's human capital investments.
By excluding these substantial non-cash expenses, the operating cash flow metric may present a more favorable picture of the company's financial health than is supported by its GAAP performance. Investors should be cautious of relying on cash flow metrics that do not account for the dilutive impact and economic reality of these compensation packages.
Quick answers to the most common questions about buying AMPL stock.
Amplitude, Inc. (AMPL) generated $29.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Amplitude, Inc. (AMPL) generated $28.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Amplitude, Inc. (AMPL) spent $1.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Amplitude, Inc. (AMPL) spent $30.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.