Free cash flow remains deeply negative with quarterly outflows exceeding $150 million, indicating a critical liquidity constraint given the current cash balance of $222 million.
| Cash from Operations | -598M | -581M | -611M | -598M | -508M | -563.29M | -191.88M | -94.73M |
| Operating CF Margin % | - | -19366.67% | - | - | -747.06% | -686.94% | - | -483.27% |
| Operating CF Growth % | -0.8% | 4.91% | -2.17% | -17.72% | 9.82% | -193.56% | -102.56% | - |
| Net Income | -831M | -816M | -748M | -796M | -1.72B | -755.45M | -214.45M | -94.08M |
| Depreciation & Amortization | 30M | 30M | 21M | 21M | 22M | 15.58M | 3.12M | 1.84M |
| Stock-Based Compensation | 154M | 188M | 144M | 160M | 156M | 220M | 16.88M | 28.13M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -4.5M | -143K | -7.78M |
| Other Non-Cash Items | 40M | -12M | 23M | 19M | 1.02B | 65.1M | 14.11M | 159K |
| Working Capital Changes | 9M | 29M | -51M | -2M | 12M | -104.07M | -11.39M | -23M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | -32.54M | 0 | 3.32M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 32.54M | 0 | -8.86M |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 444K | 2.19M | -852K |
| Cash from Investing | -55M | -245M | -172M | 8M | -852M | 249.88M | 343.29M | -372.53M |
| Capital Expenditures | -48M | -31M | -34M | -15M | -15M | -48.05M | -6.69M | -3.83M |
| CapEx % of Revenue | 1200% | 1033.33% | - | - | 22.06% | 58.6% | - | 19.52% |
| Acquisitions | 0 | 0 | 0 | 0 | 837M | 294.44M | -350M | -23.14M |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | -837M | 3.5M | 350M | 2K |
| Cash from Financing | 756M | 834M | 492M | 831M | 11M | 1.54B | 1.45M | 634.7M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 852M | 916M | 497M | 840M | 13M | 405.86M | 2.13M | 634.28M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -96M | -82M | -5M | -9M | -2M | 1.13B | -684K | 418K |
| Net Change in Cash | 102M | 8M | -291M | 241M | -1.35B | 1.23B | 152.86M | 167.44M |
| Free Cash Flow | -646M | -612M | -645M | -613M | -523M | -611.34M | -198.57M | -98.55M |
| FCF Margin % | -16150% | -20400% | - | - | -769.12% | -745.54% | - | -502.79% |
| FCF Growth % | -1.41% | 5.12% | -5.22% | -17.21% | 14.45% | -207.88% | -101.49% | - |
| FCF per Share | -0.33 | -0.33 | -0.40 | -0.46 | -0.46 | -0.54 | -0.18 | -0.81 |
| FCF Conversion (FCF/Net Income) | 0.78x | 0.71x | 0.82x | 0.75x | 0.29x | 0.75x | 0.90x | 1.01x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity shortfall risk
According to quarterly financial data, Aurora consistently reports an OCF/NI ratio hovering between 0.68 and 0.74, indicating that non-cash expenses and accruals are significantly softening the reported net loss compared to the actual cash outflow required to sustain the company's ongoing autonomous vehicle development programs.
The persistent delta between net income and operating cash flow suggests that the company relies heavily on non-cash accounting adjustments to manage the optics of its massive losses. Investors should monitor this gap, as it implies that the reported net income figure significantly understates the true cash-burn intensity of the business model.
As reported in recent financial statements, Aurora's free cash flow remains deeply negative, with quarterly outflows consistently exceeding $150 million, a trend that underscores the company's inability to generate self-sustaining cash flow while it continues to fund its pre-commercial autonomous trucking technology development.
The consistent FCF burn rate suggests that the company is currently in a high-intensity capital consumption phase with no immediate path to operational self-sufficiency. This trajectory warrants further investigation into how long the current cash runway can support these levels of expenditure without further dilutive financing.
Based on reported figures, Aurora's capital expenditures have reached as high as 25% of revenue in recent periods, reflecting the significant investment required to build and maintain the specialized hardware and sensor suites necessary for its proprietary autonomous driving platform.
The rising capital intensity suggests that the company is transitioning into a more hardware-heavy phase of its development cycle. This shift may indicate that the cost of scaling the physical fleet is becoming a more material drag on liquidity than previously observed.
Data from recent filings reveals that stock-based compensation has reached as high as $55 million per quarter, a non-cash expense that effectively obscures the true economic cost of talent retention and artificially improves the appearance of the company's operating cash flow metrics.
By utilizing significant equity-based incentives, the company is able to preserve cash that would otherwise be required for competitive compensation packages. However, this practice creates a structural reliance on equity markets to fund operations, which may expose shareholders to significant dilution risk if the commercial launch is delayed.
Quick answers to the most common questions about buying AUR stock.
Aurora Innovation, Inc. (AUR) generated $-581.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Aurora Innovation, Inc. (AUR) reported negative free cash flow of $612.0M in 2025, indicating capital requirements exceeded cash from operations.
Aurora Innovation, Inc. (AUR) spent $31.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.