Free cash flow generation remains volatile, peaking at a 60.8% margin in 2025Q4, while the firm continues to deploy capital for M&A, including a $147.5 million net acquisition outflow in the same period.
| Cash from Operations | 167.97M | 168.96M | 132.17M | 102.06M | 20.58M | 36.05M | 66.51M | 16.13M |
| Operating CF Margin % | - | 35.52% | 32.94% | 31.39% | 7.6% | 14.64% | 34.12% | 9.39% |
| Operating CF Growth % | 124.28% | 27.83% | 29.51% | 395.98% | -42.92% | -45.79% | 312.26% | - |
| Net Income | 71.86M | 78.33M | -283.01M | -81.1M | 120.81M | 71.4M | 5.78M | -1.88M |
| Depreciation & Amortization | 16.24M | 11.87M | 10.61M | 10.01M | 9.19M | 7.01M | 5.88M | 4.08M |
| Stock-Based Compensation | 24.12M | 0 | 30.57M | 19M | 13.71M | 6.48M | 7.27M | 12.76M |
| Deferred Taxes | -289K | 75K | -4.01M | 5.13M | -2.39M | -1.64M | -2.82M | -1.67M |
| Other Non-Cash Items | 18.12M | 36.67M | 335.96M | 110.5M | -117.92M | -67.87M | 689K | 131K |
| Working Capital Changes | 37.91M | 42.02M | 42.05M | 38.52M | -2.82M | 20.68M | 49.71M | 2.71M |
| Change in Receivables | 14.94M | -15.78M | -5.83M | 2.27M | -12.88M | -1.96M | -19.73M | -12.22M |
| Change in Inventory | 1.79M | 1.63M | 982K | 243K | -3.68M | -1.8M | -693K | 794K |
| Change in Payables | 4.25M | 9.19M | 2.75M | 3.69M | -5.47M | 4.24M | -1.43M | 974K |
| Cash from Investing | -155.32M | -268.25M | -149.47M | -22.54M | -91.23M | 45.23M | -6.45M | -46.72M |
| Capital Expenditures | -20.99M | -13.22M | -8.57M | -5.23M | -6.9M | -5.11M | -6.18M | -6.21M |
| CapEx % of Revenue | 4.23% | 2.78% | 2.14% | 1.61% | 2.55% | 2.08% | 3.17% | 3.61% |
| Acquisitions | -162.73M | -147.46M | -2.75M | 0 | 0 | -20M | -15.05M | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 11.61M | 861K | -2.04M | -2.69M | -2.19M | -3M | 0 | -40.51M |
| Cash from Financing | 29.53M | 29.64M | 20.65M | 21.77M | 13.97M | -68.4M | -8.59M | 75.54M |
| Debt Issued (Net) | 4.58M | 4.58M | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 24.94M | 25.05M | 0 | 0 | 0 | 0 | -85K | 100.4M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -100M | -10M | -25M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -85K | -808K |
| Other Financing | 0 | 0 | 20.65M | 21.77M | 13.97M | 31.6M | 1.49M | 141K |
| Net Change in Cash | 43.21M | -67.2M | 2.14M | 101.87M | -58.33M | 12.13M | 52.16M | 44.88M |
| Free Cash Flow | 154.04M | 155.73M | 121.56M | 94.14M | 11.49M | 27.94M | 60.33M | 9.92M |
| FCF Margin % | 31.03% | 32.74% | 30.3% | 28.96% | 4.25% | 11.35% | 30.95% | 5.77% |
| FCF Growth % | 16.54% | 28.11% | 29.13% | 719.18% | -58.87% | -53.69% | 507.91% | - |
| FCF per Share | 0.61 | 0.62 | 0.58 | 0.50 | 0.06 | 0.17 | 0.32 | 0.05 |
| FCF Conversion (FCF/Net Income) | 2.14x | 2.16x | -0.47x | -1.26x | 0.17x | 0.50x | 11.50x | -8.60x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 4.69M | 0 | 7.71M | 10.05M | 9.05M | 8.16M | 2.91M | 3M |
Geopolitical and regulatory exposure
As reported in financial statements, Cellebrite's operating cash flow frequently decouples from net income, with the OCF/NI ratio reaching as high as 3.87 in 2025Q4, suggesting that reported earnings may not fully capture the underlying cash-generative capacity of the firm's subscription-based business model.
The significant divergence between net income and operating cash flow appears driven by substantial non-cash adjustments and working capital fluctuations. Investors should monitor whether this gap reflects genuine operational efficiency or merely the timing of deferred revenue recognition inherent in the transition to multi-year software contracts.
Based on recent quarterly filings, Cellebrite has demonstrated a volatile but generally positive free cash flow trajectory, with FCF margins peaking at 60.8% in 2025Q4, indicating that the company is successfully converting its high-margin software revenue into tangible liquidity despite periodic R&D-related cash outflows.
The variability in FCF margins suggests that while the core business is highly cash-generative, it remains sensitive to the timing of large-scale government contract renewals and associated working capital swings. The ability to maintain positive FCF even during periods of net losses highlights the resilience of the underlying subscription revenue stream.
According to historical data, Cellebrite experiences significant quarterly swings in working capital, with a notable $42.7 million inflow in 2025Q4 followed by an $8.8 million outflow in 2026Q1, reflecting the seasonal nature of public sector procurement cycles and the timing of large-scale software maintenance billings.
These fluctuations suggest that the company's cash position is heavily influenced by the timing of government budget cycles rather than purely operational performance. Analysts should interpret these shifts as a reflection of the firm's reliance on large, lumpy contract renewals rather than a fundamental deterioration in collection efficiency.
As evidenced by the $147.5 million net acquisition outflow in 2025Q4, Cellebrite is actively deploying its cash reserves to consolidate the forensic software market, a strategy that appears aimed at expanding its technological moat beyond its traditional extraction-focused hardware roots.
The company's willingness to utilize its cash balance for inorganic growth suggests management is prioritizing market share and capability expansion over immediate cash accumulation. Investors should monitor whether these acquisitions provide the expected synergies or if they introduce integration risks that could weigh on future operating margins.
Quick answers to the most common questions about buying CLBT stock.
Cellebrite DI Ltd. (CLBT) generated $169.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cellebrite DI Ltd. (CLBT) generated $155.7M 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.
Cellebrite DI Ltd. (CLBT) spent $13.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.