Free cash flow remains volatile, swinging to $37.4M in 2027Q1, while the company continues to prioritize $45.0M in share repurchases despite persistent net losses.
Asana, Inc. (ASAN) cash flow statement — 8-year operating, investing & financing cash flows
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 |
|---|
| Cash from Operations | 130.05M | 90.36M | 14.93M | -17.93M | -160.06M | -83.78M | -92.87M | -40.14M | -30.18M |
| Operating CF Margin % | - | 11.43% | 2.06% | -2.75% | -29.25% | -22.14% | -40.91% | -28.14% | -39.31% |
| Operating CF Growth % | 793.19% | 505.43% | 183.24% | 88.8% | -91.03% | 9.78% | -131.39% | -32.99% | - |
| Net Income | -154.24M | -189.02M | -255.54M | -257.03M | -407.77M | -288.34M | -211.71M | -118.59M | -50.93M |
| Depreciation & Amortization | 24.61M | 22.04M | 17.54M | 14.34M | 12.67M | 8.46M | 3.49M | 2.23M | 4.23M |
| Stock-Based Compensation | 197.17M | 214.84M | 211.27M | 202.42M | 188.96M | 104.53M | 34.23M | 48.39M | 8.55M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 1.32M | -246K | -690K |
| Other Non-Cash Items | 78.66M | 76.69M | 48.46M | 44.94M | 32.71M | 45.59M | 56.52M | 9.91M | 322K |
| Working Capital Changes | -16.14M | -34.19M | -6.81M | -22.61M | 13.37M | 45.97M | 23.29M | 18.17M | 8.34M |
| Change in Receivables | -10.34M | -23.47M | -4.66M | -9.53M | -25.18M | -26.99M | -20.46M | -7.72M | -3.43M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 4.85M | -9.78M | -3.69M |
| Change in Payables | -2.45M | 7.32M | 4.44M | -569K | -4.39M | 7.26M | -2.88M | 3.47M | 362K |
| Cash from Investing | 81.24M | 37.17M | -6.13M | -289.13M | 64.49M | 27.56M | -158.94M | 12.65M | -44.66M |
| Capital Expenditures | -10.7M | -3.79M | -5.57M | -7.72M | -7.16M | -42.72M | -58.31M | -7.26M | -3.41M |
| CapEx % of Revenue | 1.29% | 0.48% | 0.77% | 1.18% | 1.31% | 11.29% | 25.69% | 5.09% | 4.44% |
| Acquisitions | -71.62M | 0 | 0 | 0 | 1.81M | 1.13M | 962K | 384K | 557K |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -7.39M | -9.59M | -6.71M | -5.44M | -1.81M | -1.13M | -950K | -384K | -557K |
| Cash from Financing | -175.91M | -117.92M | -58.09M | 16.78M | 381.39M | 37.21M | 201M | 311.6M | 55.29M |
| Debt Issued (Net) | -5M | -3.75M | -2.5M | -3.13M | 11.22M | 7.33M | 180.91M | 300M | 0 |
| Equity Issued (Net) | -170.91M | -114.17M | -78.35M | 19.91M | 347.28M | -40K | -411K | -77K | 50.99M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -185.33M | -132.21M | -78.35M | -10K | -9K | -40K | -33K | -77K | -14K |
| Other Financing | 0 | 0 | 22.76M | -10K | 22.89M | 29.92M | 20.5M | 11.67M | 4.3M |
| Net Change in Cash | 35.73M | 15.39M | -51.8M | -289.9M | 286.16M | -19.48M | -50.8M | 284.1M | -19.55M |
| Free Cash Flow | 117.28M | 86.57M | 9.36M | -31.09M | -167.22M | -126.5M | -151.18M | -47.4M | -33.59M |
| FCF Margin % | 14.16% | 10.95% | 1.29% | -4.76% | -30.56% | -33.43% | -66.6% | -33.24% | -43.75% |
| FCF Growth % | 229.94% | 825.28% | 130.09% | 81.41% | -32.18% | 16.32% | -218.95% | -41.12% | - |
| FCF per Share | 0.51 | 0.37 | 0.04 | -0.14 | -0.84 | -0.72 | -0.94 | -0.30 | -0.22 |
| FCF Conversion (FCF/Net Income) | -0.76x | -0.48x | -0.06x | 0.07x | 0.39x | 0.29x | 0.44x | 0.34x | 0.59x |
| Interest Paid | 0 | 0 | 5.94M | 3.61M | 1.66M | 833K | 80K | 0 | 0 |
| Taxes Paid | 6.77M | 5.03M | 4.25M | 3.35M | 4.33M | 1.46M | 275K | 150K | 0 |
Quick answers to the most common questions about buying ASAN stock.
Asana, Inc. (ASAN) generated $90.4M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Asana, Inc. (ASAN) generated $86.6M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Asana, Inc. (ASAN) spent $3.8M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, Asana, Inc. (ASAN) spent $132.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Persistent cash burn reliance
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Accruals
As indicated by quarterly financial data, the persistent gap between net losses and operating cash flow suggests that Asana's cash generation is heavily reliant on non-cash adjustments, with OCF/NI ratios frequently fluctuating, such as the -2.79 observed in 2027Q1, complicating the assessment of true operational profitability.
The significant divergence between GAAP net income and operating cash flow suggests that the company's cash position is not currently supported by core earnings. Investors should monitor whether this reliance on non-cash add-backs, such as stock-based compensation, indicates a structural inability to convert revenue into actual liquidity.
FCF Volatility Reflects Operational Instability
Based on reported cash flow statements, Asana's free cash flow trajectory remains highly inconsistent, swinging from a negative $17.0M in 2024Q4 to a positive $37.4M in 2027Q1, which highlights the company's struggle to maintain a predictable and self-sustaining cash generation profile amidst ongoing growth deceleration.
The erratic nature of FCF margins suggests that the company's cash flow is sensitive to timing differences in working capital and aggressive spending cycles. This volatility warrants further investigation into whether the recent positive FCF prints are sustainable or merely a result of temporary deferrals in operational expenditures.
Aggressive Capital Allocation Amidst Losses
According to recent SEC filings, Asana has prioritized share repurchases, totaling $45.0M in 2027Q1 alone, despite reporting consistent net losses, a strategy that appears to prioritize equity support over the retention of cash for organic reinvestment or the strengthening of the balance sheet against future downturns.
The decision to deploy significant capital toward buybacks while the company remains GAAP unprofitable may indicate a management focus on mitigating dilution rather than optimizing for long-term capital efficiency. This approach appears to place additional pressure on the company's liquidity position, necessitating a closer look at the sustainability of such capital returns.
SBC Obscures True Economic Costs
As evidenced by historical financial disclosures, stock-based compensation remains a massive non-cash expense, peaking at $60.1M in 2025Q2, which effectively masks the true economic cost of talent acquisition and complicates the interpretation of the company's underlying cash flow health and long-term shareholder dilution risks.
By excluding these substantial non-cash charges from operational performance metrics, the company may be presenting a more favorable cash flow picture than the underlying economics justify. Analysts should treat these figures with caution, as the persistent reliance on equity-based incentives represents a real, albeit non-cash, cost to the enterprise.