Liquidity remains under extreme pressure as evidenced by the 2026Q1 cash balance of $6.8M and a chronic inability to convert net income to operating cash flow, highlighted by a -0.18 OCF/NI ratio.
| Cash from Operations | -17.41M | -18.75M | -20.68M | -6.1M | -7.86M | 797K | 27.55M | -20.24M |
| Operating CF Margin % | - | -10.12% | -10.89% | -2.42% | -2.41% | 0.2% | 8.57% | -6.37% |
| Operating CF Growth % | -121.01% | 9.34% | -238.83% | 22.32% | -1085.82% | -97.11% | 236.11% | - |
| Net Income | -60.26M | -57.33M | -33.96M | -55.71M | -140.11M | 25.88M | 11.16M | -36.92M |
| Depreciation & Amortization | 14.94M | 15.83M | 19.15M | 20.33M | 24.26M | 22.86M | 17.49M | 19.45M |
| Stock-Based Compensation | 4.44M | 5.82M | 5.53M | 5.28M | 0 | 23.57M | 1.19M | 2.81M |
| Deferred Taxes | 55K | 88K | -304K | 3.24M | -1.59M | -28.09M | 112K | -1K |
| Other Non-Cash Items | 55.05M | 52.5M | 8.08M | 17.86M | 96.12M | -26.62M | -1.24M | -731K |
| Working Capital Changes | -31.94M | -35.65M | -19.18M | 2.9M | 13.46M | -16.8M | -1.15M | -4.86M |
| Change in Receivables | 6.64M | 4.42M | 25.82M | 40.57M | 23.94M | -12.95M | -7.09M | 4.4M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 514K | 0 | -86K |
| Change in Payables | 12.6M | 5.16M | -30.46M | 19.15M | 11.58M | 3.55M | -1.52M | -4.6M |
| Cash from Investing | -14.73M | -14.06M | 178.66M | -14.72M | -17.29M | -208.03M | -14.8M | 16.36M |
| Capital Expenditures | -11.81M | -1.96M | -12.77M | -14.9M | -17.79M | -16.02M | -14.54M | -8.59M |
| CapEx % of Revenue | 6.53% | 1.06% | 6.72% | 5.9% | 5.46% | 4.03% | 4.52% | 2.7% |
| Acquisitions | 75K | -233K | 0 | 0 | 500K | -192.01M | -265K | 8.59M |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -3M | -11.87M | 191.43M | 175K | 0 | 0 | 0 | -8.59M |
| Cash from Financing | 23.89M | 21.59M | -154.6M | 812K | 3.18M | 181.82M | 19.45M | 195K |
| Debt Issued (Net) | 13.5M | 31.95M | -153.84M | 332K | 5M | 7.69M | 19.3M | 0 |
| Equity Issued (Net) | -3.56M | -3.49M | 1.03M | 902K | 459K | 35M | 159K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -3.51M | -3.33M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 13.95M | -6.87M | -1.79M | -422K | -2.28M | 139.13M | 0 | 195K |
| Net Change in Cash | -8.21M | -14.43M | 3.01M | -20.14M | -23.96M | -26.39M | 32.1M | -3.42M |
| Free Cash Flow | -25.27M | -20.71M | -33.45M | -21M | -25.64M | -15.22M | 13.02M | -28.83M |
| FCF Margin % | -13.97% | -11.18% | -17.61% | -8.31% | -7.87% | -3.83% | 4.05% | -9.07% |
| FCF Growth % | -33.66% | 38.09% | -59.27% | 18.1% | -68.42% | -216.98% | 145.14% | - |
| FCF per Share | -0.67 | -0.55 | -0.89 | -0.59 | -0.74 | -0.45 | 0.39 | -0.87 |
| FCF Conversion (FCF/Net Income) | 0.42x | 0.32x | 2.05x | 0.07x | 0.04x | 0.03x | 2.67x | 0.54x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 901K | 1.1M | 270K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 1.23M | 83K | 415K |
Liquidity and platform dependency
As reported in quarterly filings, BZFD exhibits a chronic inability to convert net income into operating cash flow, evidenced by an OCF/NI ratio that frequently swings into negative territory, such as the -0.18 reading observed in 2026Q1 despite significant net losses.
The recurring divergence between accounting losses and cash flow suggests that non-cash charges and working capital volatility are masking the true extent of the company's operational cash burn. Investors should monitor this disconnect, as it implies that the reported bottom-line figures provide little insight into the actual liquidity health of the enterprise.
Based on the provided financial data, BZFD's free cash flow trajectory remains highly erratic, with the company recording a negative FCF margin in seven of the last ten quarters, including a -26.1% margin in 2025Q4 that underscores the fragility of its current business model.
The inability to generate consistent positive free cash flow suggests that the company is currently reliant on external liquidity or asset divestitures to fund its ongoing operations. This pattern indicates that the business has yet to reach a scale where its core content and commerce activities can self-fund their own capital requirements.
According to historical cash flow statements, BZFD maintains a capital intensity ratio that has fluctuated between 1.0% and 13.3% of revenue, suggesting that even as top-line growth contracts, the company remains tethered to significant maintenance capex to support its technical and editorial infrastructure.
The persistence of these capital outlays, despite negative operating margins, indicates a high fixed-cost burden that may be difficult to scale down in the short term. This capital intensity warrants further investigation, as it appears to be a primary driver of the company's ongoing cash burn during periods of revenue weakness.
As evidenced by the 2025Q4 data, where working capital changes consumed $23.6M in cash, BZFD's liquidity is highly sensitive to fluctuations in its operating cycle, which often exacerbates the cash flow pressure during periods of seasonal advertising demand shifts.
The volatility in working capital suggests that the company's collection and payment cycles are not currently optimized to provide a buffer against operational losses. This instability appears to be a structural risk, as the company lacks the cash reserves to absorb significant timing mismatches between revenue recognition and actual cash receipts.
Quick answers to the most common questions about buying BZFD stock.
BuzzFeed, Inc. (BZFD) generated $-18.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
BuzzFeed, Inc. (BZFD) reported negative free cash flow of $20.7M in 2025, indicating capital requirements exceeded cash from operations.
BuzzFeed, Inc. (BZFD) spent $2.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, BuzzFeed, Inc. (BZFD) spent $3.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.