Free cash flow remains volatile and inconsistent, swinging from a $9.0 million peak in 2025Q3 to a $2.0 million deficit in 2026Q1.
| Cash from Operations | 18.12M | 21.75M | 2.56M | -22.54M | -47.17M | -215.25M | 61.43M | 42.02M | 63.62M |
| Operating CF Margin % | - | 8.64% | 0.61% | -4.28% | -6.81% | -24.64% | 7.11% | 5.56% | 8.05% |
| Operating CF Growth % | 1418.67% | 748.95% | 111.37% | 52.22% | 78.08% | -450.4% | 46.2% | -33.95% | - |
| Net Income | 5.17M | -2.86M | -71.64M | -152.64M | -194.19M | -228.38M | -21.43M | 32.3M | 116K |
| Depreciation & Amortization | 15.57M | 17.55M | 47.11M | 63.33M | 99.12M | 59.6M | 44.26M | 53.15M | 58.69M |
| Stock-Based Compensation | 1.87M | 5.62M | 17.07M | 23.89M | 17.62M | 16.41M | 5.4M | 3.58M | 3.65M |
| Deferred Taxes | 0 | 0 | 5K | -191K | -2.96M | -15.86M | 15.6M | 0 | 0 |
| Other Non-Cash Items | 10.8M | 8.74M | 28.02M | 63.54M | 54M | 67.43M | 10.14M | -5.25M | 31.47M |
| Working Capital Changes | -15.27M | -7.3M | -17.99M | -20.46M | -20.76M | -114.44M | 7.47M | -41.77M | -30.31M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 642K | 0 | -149K |
| Change in Inventory | 1.41M | 5.4M | 4.38M | 17.51M | 41.51M | -74.26M | -27.75M | -8.42M | -2.21M |
| Change in Payables | -1.94M | -4.19M | -906K | -7.1M | -26.7M | 8.31M | 10.62M | 0 | 0 |
| Cash from Investing | -4.39M | -4.4M | 1.06M | -10.83M | -26.49M | -125.19M | -46.69M | -30.28M | -22.82M |
| Capital Expenditures | -4.39M | -4.4M | -4.54M | -6.58M | -26.49M | -77.91M | -37.93M | -23.81M | -23.91M |
| CapEx % of Revenue | 1.88% | 1.75% | 1.08% | 1.25% | 3.83% | 8.92% | 4.39% | 3.15% | 3.03% |
| Acquisitions | 0 | 0 | 5.6M | 0 | 0 | -37.28M | 1.25M | -6.47M | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | -4.25M | 0 | 0 | 0 | 0 | 1.09M |
| Cash from Financing | 4.4M | 1.03M | -15.87M | -13.72M | 47.56M | 390.65M | 165K | -32.05M | -66.34M |
| Debt Issued (Net) | 875K | 637K | -15.88M | -17M | 49.38M | 0 | 0 | -25M | 25M |
| Equity Issued (Net) | 614K | 667K | 272K | 4.91M | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.05M | -28.68M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 2.91M | -274K | -263K | -1.63M | -1.81M | 390.65M | 165K | 0 | -62.66M |
| Net Change in Cash | 18.46M | 18.83M | -13.22M | -46.68M | -26.96M | 50.23M | 15.26M | -19.91M | -26.75M |
| Free Cash Flow | 13.73M | 17.35M | -1.98M | -29.11M | -73.67M | -293.16M | 23.5M | 18.21M | 39.7M |
| FCF Margin % | 5.88% | 6.89% | -0.47% | -5.52% | -10.64% | -33.56% | 2.72% | 2.41% | 5.02% |
| FCF Growth % | 276.77% | 976.31% | 93.2% | 60.48% | 74.87% | -1347.65% | 29.05% | -54.14% | - |
| FCF per Share | 1.81 | 2.49 | -0.29 | -4.67 | -11.98 | -53.23 | 3.86 | 14.10 | 33.20 |
| FCF Conversion (FCF/Net Income) | 2.65x | -7.60x | -0.04x | 0.15x | 0.24x | 0.94x | -2.87x | 1.30x | -2.94x |
| Interest Paid | 858K | 0 | 0 | 5.39M | 2.08M | 466K | 206K | 626K | 0 |
| Taxes Paid | 0 | 0 | 0 | 11K | 389K | 385K | 333K | 0 | 0 |
Structural revenue decay
As reported in recent quarterly filings, the relationship between net income and operating cash flow remains erratic, with the OCF/NI ratio swinging from 2.85 in 2025Q3 to -0.56 in 2026Q1, indicating that reported profits are frequently decoupled from actual cash generation within the business.
The significant divergence between net income and operating cash flow suggests that non-cash items and working capital swings are masking the underlying cash-generating capacity of the firm. Investors should monitor whether this volatility stems from aggressive revenue recognition or timing differences in partner commission payments.
Based on the company's historical cash flow statements, free cash flow has struggled to maintain positive momentum, oscillating between a peak of $9.0 million in 2025Q3 and a deficit of $2.0 million in 2026Q1, reflecting the difficulty of sustaining cash flow amidst a contracting revenue base.
The inability to generate consistent free cash flow suggests that the business model is highly sensitive to scale, where even minor revenue fluctuations lead to immediate cash outflows. This trajectory warrants caution, as the company appears unable to self-fund its operations without relying on periodic working capital improvements.
According to financial data, working capital changes have been the primary determinant of quarterly cash flow, with a $9.2 million outflow in 2026Q1 following a $7.5 million inflow in 2025Q1, highlighting a reliance on timing shifts rather than organic operational cash generation to manage liquidity.
The high volatility in working capital suggests that the company is managing its cash position through the aggressive timing of payables and receivables. This approach may provide temporary relief but does not address the fundamental issue of declining core cash flow from operations.
As indicated by the provided data, capital expenditures have remained consistently low, averaging roughly 1.3% of revenue over the last ten quarters, which suggests that the company is not currently investing heavily in physical infrastructure or new hardware to drive future growth.
The low capital intensity implies that the business is in a maintenance phase rather than an expansionary one, likely prioritizing cash preservation over asset renewal. While this protects the balance sheet in the short term, it may limit the company's ability to innovate or refresh its content library.
Based on an analysis of the cash flow statements, the reported figures are significantly impacted by large non-cash depreciation and amortization charges, which reached $15.8 million in 2024Q4, effectively obscuring the true cash burn rate during periods of significant operational distress.
The reliance on high D&A to reconcile net income to operating cash flow suggests that the company's historical investments are being written down, which may not reflect the current cash requirements of the business. Analysts should look past these accounting adjustments to evaluate the actual cash burn occurring at the operational level.
Quick answers to the most common questions about buying BODI stock.
The Beachbody Company, Inc. (BODI) generated $21.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
The Beachbody Company, Inc. (BODI) generated $17.4M 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.
The Beachbody Company, Inc. (BODI) spent $4.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.