Liquidity remains under pressure as free cash flow swung to a negative $5.6M in 2026Q1, further strained by $4.8M in stock-based compensation expenses.
Cardlytics, Inc. (CDLX) cash flow statement — 11-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Cash from Operations | -7.13M | 9.29M | -8.82M | -185K | -53.9M | -38.52M | -7.6M | 11.46M | -19M | -22.1M | -32.5M | -29.16M |
| Operating CF Margin % | - | 3.98% | -3.17% | -0.06% | -18.06% | -14.42% | -4.07% | 5.44% | -12.61% | -16.95% | -28.8% | -37.56% |
| Operating CF Growth % | -884.19% | 205.28% | -4669.73% | 99.66% | -39.93% | -407.01% | -166.32% | 160.32% | 14.06% | 31.99% | -11.45% | - |
| Net Income | -36.55M | -103.49M | -189.3M | -134.7M | -465.26M | -128.56M | -55.42M | -17.14M | -53.04M | -19.64M | -75.7M | -40.63M |
| Depreciation & Amortization | 20.18M | 27.41M | 27.88M | 29.52M | 43.74M | 35.65M | 11.59M | 4.54M | 3.28M | 3.03M | 4.22M | 2.19M |
| Stock-Based Compensation | 14.32M | 28.13M | 40.37M | 40.98M | 44.69M | 50.26M | 32.4M | 15.85M | 26.79M | 5.15M | 3.45M | 2.45M |
| Deferred Taxes | 0 | 0 | 0 | 0 | -1.45M | -7.86M | 0 | 0 | 6.76M | 654K | 1.13M | -189K |
| Other Non-Cash Items | -13.56M | 51.53M | 128.01M | 77.5M | 335.7M | 18.68M | 7.59M | 3.6M | 644K | 2.93M | 48.26M | 877K |
| Working Capital Changes | 8.48M | 5.71M | -15.77M | -13.47M | -11.32M | -6.7M | -3.75M | 4.62M | -3.43M | -14.22M | -13.86M | 6.13M |
| Change in Receivables | 26.91M | 20.64M | 12.5M | -7.72M | -4.55M | -27.94M | -2.4M | -26.02M | -9.43M | -7.5M | -5.79M | -5.48M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.96M | 1.99M | 1.37M | 11.66M |
| Change in Payables | -178K | 179K | 499K | 239K | -893K | 1.26M | 16K | -601K | 911K | -1.91M | -1.23M | 1.97M |
| Cash from Investing | 14.17M | -15.3M | -18.75M | -10.06M | -15.76M | -506.69M | -10.12M | -11.02M | -7.34M | -1.65M | -2.54M | -6.3M |
| Capital Expenditures | -2.56M | -480K | -1.56M | -667K | -1.17M | -3.11M | -5.41M | -8.28M | -7.34M | -1.65M | -2.54M | -6.3M |
| CapEx % of Revenue | 1.6% | 0.21% | 0.56% | 0.22% | 0.39% | 1.16% | 2.89% | 3.93% | 4.87% | 1.26% | 2.26% | 8.12% |
| Acquisitions | -200K | 480K | 0 | 2.33M | -2.27M | -494.13M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -6.1M | -15.3M | -17.18M | -11.72M | -12.31M | -9.46M | -4.71M | -2.74M | -1.42M | -432K | -718K | -597K |
| Cash from Financing | -21.15M | -11.12M | 1.44M | -20.03M | -39.99M | 486M | 206.43M | 44.18M | 65.19M | 21.76M | 30.81M | 11.93M |
| Debt Issued (Net) | -31.19M | -6.12M | -26.8M | 29.97M | -35K | 0 | 223.08M | -46.7M | -5.15M | 12.4M | 33.62M | 12.02M |
| Equity Issued (Net) | 0 | 0 | 48.65M | 55K | -39.62M | 486.39M | 10.19M | 91.22M | 72.33M | 0 | 279K | 271K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -40M | 0 | 0 | 0 | 0 | 0 | 0 | -193K |
| Other Financing | 10.04M | -5M | -20.4M | -50.05M | -331K | -390K | -26.83M | -339K | -2M | 9.36M | -3.09M | -361K |
| Net Change in Cash | -14.01M | -16.88M | -26.24M | -30.16M | -111.58M | -59.79M | 188.76M | 44.72M | 38.61M | -1.71M | -4.64M | -23.59M |
| Free Cash Flow | -7.13M | -6.49M | -28.12M | -12.58M | -67.39M | -51.09M | -17.71M | 437K | -26.34M | -23.75M | -35.04M | -35.46M |
| FCF Margin % | -4.45% | -2.78% | -10.11% | -4.07% | -22.57% | -19.13% | -9.48% | 0.21% | -17.48% | -18.22% | -31.06% | -45.67% |
| FCF Growth % | 61.27% | 76.91% | -123.6% | 81.34% | -31.91% | -188.38% | -4153.78% | 101.66% | -10.9% | 32.23% | 1.17% | - |
| FCF per Share | -1.21 | -1.22 | -5.82 | -3.45 | -20.17 | -15.86 | -6.51 | 0.18 | -13.82 | -12.17 | -24.98 | -165.83 |
| FCF Conversion (FCF/Net Income) | 0.20x | -0.09x | 0.05x | 0.00x | 0.12x | 0.30x | 0.14x | -0.67x | 0.36x | 1.13x | 0.43x | 0.72x |
| Interest Paid | 0 | 0 | 0 | 0 | 2.38M | 2.33M | 63K | 1.27M | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying CDLX stock.
Cardlytics, Inc. (CDLX) generated $9.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cardlytics, Inc. (CDLX) reported negative free cash flow of $6.5M in 2025, indicating capital requirements exceeded cash from operations.
Cardlytics, Inc. (CDLX) spent $0.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Liquidity exhaustion and revenue decline
Metrics are mathematically derived from official filings.
Persistent Disconnect Between Earnings Cash
As reported in recent financial filings, the company frequently exhibits a significant divergence between net income and operating cash flow, with the OCF/NI ratio reaching 1.26 in 2026Q1, suggesting that accounting losses are not fully capturing the underlying cash outflows required to sustain current operations.
The recurring gap between net losses and operating cash flow indicates that non-cash expenses, particularly stock-based compensation, are heavily influencing the reported bottom line. Investors should monitor whether this reliance on non-cash adjustments masks a structural inability to generate positive cash flow from core advertising activities.
Free Cash Flow Volatility Persists
Based on the company's reported figures, free cash flow remains highly inconsistent, swinging from a positive $13.0M in 2025Q4 to a negative $5.6M in 2026Q1, which underscores the difficulty in achieving a sustainable, self-funding trajectory amidst ongoing top-line contraction and high fixed operating costs.
The erratic nature of FCF suggests that the business lacks the operational scale to absorb seasonal fluctuations or shifts in advertiser demand. This volatility warrants further investigation into whether the company can reach a breakeven point before its existing cash reserves are fully depleted.
Capital Intensity Remains Relatively Low
According to historical data, the company maintains a modest capital intensity, with CapEx as a percentage of revenue peaking at 7.8% in 2024Q3, suggesting that the primary burden on cash flow is not physical asset replacement but rather the high fixed costs inherent in its software-based model.
While low capital intensity is typically a positive attribute for technology firms, it appears insufficient to offset the persistent operating losses here. The lack of significant investment in tangible assets may imply that the company is prioritizing survival over the long-term development of its data platform.
SBC Masks True Cash Burn
As evidenced by recent financial statements, stock-based compensation remains a substantial non-cash expense, totaling $4.8M in 2026Q1, which effectively obscures the true economic cost of operations and complicates the assessment of the company's actual cash burn relative to its reported net loss of $4.5M.
The consistent use of equity-based compensation appears to be a critical mechanism for preserving cash, yet it creates a persistent dilution risk for shareholders. Analysts should interpret these figures with caution, as the reliance on SBC may be masking a deeper, more structural cash flow deficit that is not immediately apparent in the headline numbers.