Operating cash flow of $9.8M in 2026Q3 was far below the $28.5M net loss and was propped up by a $22.0M working capital release, while free cash flow margin swung between -15.9% and 22.0% across recent quarters, suggesting limited reliability of cash generation.
Traeger, Inc. (COOK) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | 70.35M | 20.52M | 23.89M | 64.04M | 5.09M | -28.43M | 46.6M | 18.49M |
| Operating CF Margin % | - | 3.67% | 3.95% | 10.57% | 0.78% | -3.62% | 8.54% | 5.09% |
| Operating CF Growth % | 371.88% | -14.1% | -62.7% | 1157.2% | 117.92% | -161.01% | 152.07% | - |
| Net Income | -51.36M | -115.18M | -34.01M | -84.4M | -382.14M | -91.77M | 31.05M | -29.59M |
| Depreciation & Amortization | 50.97M | 54.13M | 56.33M | 57.78M | 56.55M | 47.5M | 40.97M | 39.16M |
| Stock-Based Compensation | 11.13M | 15.25M | 27.9M | 53.2M | 87.7M | 81.11M | 12.81M | 2.35M |
| Deferred Taxes | 0 | 0 | 0 | -2.13M | -1.3M | -939K | 0 | 0 |
| Other Non-Cash Items | -156K | 75.33M | -9.3M | 2.43M | 236.79M | 17.07M | -3.14M | 2.88M |
| Working Capital Changes | 59.77M | -9.02M | -17.03M | 37.17M | 7.51M | -81.4M | -35.09M | 3.69M |
| Change in Receivables | 35.23M | 3.15M | -25.4M | -17.73M | 51.05M | -26.36M | -30.17M | -8.49M |
| Change in Inventory | 35.14M | 8.54M | -11.19M | 57.3M | -11.93M | -67.83M | -28.98M | -4.95M |
| Change in Payables | -2.85M | 0 | 0 | 0 | 0 | 0 | 28.35M | 17.05M |
| Cash from Investing | -7.05M | -7.33M | -12.33M | -17.38M | -18.9M | -79.9M | -27.34M | -9M |
| Capital Expenditures | -6.73M | -6.93M | -12M | -19.95M | -18.4M | -22.48M | -14.13M | -7.5M |
| CapEx % of Revenue | 1.55% | 1.24% | 1.99% | 3.29% | 2.8% | 2.86% | 2.59% | 2.06% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -56.85M | -12.72M | -1.14M |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -314K | -398K | -335K | 2.57M | -506K | -563K | -490K | -355K |
| Cash from Financing | -1.36M | -8.54M | -26.5M | -68.3M | 48.63M | 113.51M | -14.78M | -9.26M |
| Debt Issued (Net) | -671K | -5.79M | -24.17M | -56.07M | 57.94M | -20.16M | -13.72M | -9.18M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | -41K | 142.27M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -250K | -80K |
| Share Repurchases | 0 | 0 | 0 | 0 | -41K | 0 | 0 | 0 |
| Other Financing | -685K | -2.75M | -2.33M | -12.22M | -9.28M | -8.6M | -810K | 0 |
| Net Change in Cash | 61.95M | 4.64M | -14.94M | -21.63M | 34.81M | 5.18M | 4.48M | 229K |
| Free Cash Flow | 63.27M | 13.08M | 11.44M | 43.64M | -13.81M | -51.47M | 31.96M | 10.48M |
| FCF Margin % | 14.57% | 2.34% | 1.89% | 7.2% | -2.11% | -6.55% | 5.86% | 2.89% |
| FCF Growth % | 1333.95% | 14.3% | -73.77% | 415.97% | 73.17% | -261.05% | 204.89% | - |
| FCF per Share | 22.90 | 4.91 | 4.49 | 17.63 | -5.77 | -22.90 | 13.59 | 4.46 |
| FCF Conversion (FCF/Net Income) | -1.23x | -0.18x | -0.70x | -0.76x | -0.01x | 0.31x | 1.50x | -0.62x |
| Interest Paid | 23.22M | 33.22M | 38.51M | 40.06M | 25.14M | 23.44M | 31.33M | 36.79M |
| Taxes Paid | 2.04M | 3.4M | 1.95M | 3.06M | 2.84M | 1.65M | 76K | 124K |
Quick answers to the most common questions about buying COOK stock.
Traeger, Inc. (COOK) generated $20.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Traeger, Inc. (COOK) generated $13.1M 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.
Traeger, Inc. (COOK) spent $6.9M 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
Net losses outpacing operating cash
Metrics are mathematically derived from official filings.
Operating Cash Flow Diverges From Losses
Based on Traeger's reported figures, operating cash flow of $9.8M in 2026Q3 stood against a net loss of $28.5M, producing an OCF-to-net-income ratio of -0.34 that cannot be reconciled through a simple earnings-to-cash bridge and warrants closer examination.
The gap between a large reported loss and positive operating cash flow suggests that non-cash charges and working capital movements are doing substantial work in the reconciliation. Investors should monitor whether the 2026Q3 loss contains impairment or other non-recurring items, since the cash figures alone do not confirm the sustainability of operating cash generation. The volatility of the ratio across quarters, including 6.11 in 2026Q1 and 26.78 in 2025Q1, indicates that quarterly conversion is driven more by timing than by a stable earnings base.
Free Cash Flow Oscillates Around Breakeven
As reported in financial statements, Traeger's free cash flow margin swung from -15.9% in 2025Q1 to 22.0% in 2026Q2, with 2026Q3 settling at 11.3%, a pattern that appears to reflect working capital timing more than a durable operating trend.
Free cash flow has been positive in seven of the last ten quarters, but the amplitude is large relative to the revenue base, which points to dependence on working capital release rather than structural margin improvement. The 2026Q2 peak coincided with an $18.3M working capital change, suggesting the cash strength may not repeat once receivables and inventory normalize. Given the continued top-line contraction described in the prior income statement analysis, the trajectory warrants caution before extrapolating recent quarters.
Working Capital Release Supports Recent Cash
According to reported cash flow data, working capital changes contributed $22.0M in 2026Q3 and $18.3M in 2026Q2, roughly equal to or exceeding total operating cash flow in those periods and indicating heavy reliance on balance sheet unwinding.
When working capital inflows account for most of operating cash generation, the underlying earnings-to-cash relationship is weaker than headline operating cash flow implies. The sequence of large inflows following a 2025Q1 outflow of $39.7M suggests a cyclical inventory and receivables pattern tied to seasonal demand. Analysts should examine whether the balance sheet release is sustainable as revenue falls, since shrinking sales typically reduce further working capital liquidation.
Asset-Light Capital Needs Limit Reinvestment
Based on Traeger's reported figures, capital expenditures ran at only 0.5% to 3.6% of revenue across recent quarters, with D&A near $13M per quarter well above CapEx, indicating a capital base being consumed rather than renewed.
Depreciation and amortization consistently exceeding capital spending by a wide margin suggests the asset base is shrinking, which may reflect deliberate restraint during a downturn but also raises questions about future production capacity and product development. Low reinvestment can flatter near-term free cash flow, so reported FCF figures should be read with that offset in mind. Investors should monitor whether reinvestment resumes as demand stabilizes, since continued underspending may constrain competitiveness.
Cash Strength May Be Temporary
As reported in financial statements, Traeger's cumulative operating cash flow of roughly $144M across ten quarters nearly offset cumulative net losses of roughly $156M, but this cash resilience appears to rest heavily on working capital release rather than durable earnings power.
If working capital inflows reverse as revenue continues to contract, the headline free cash flow recovery could prove transitory and expose the underlying loss-making base. The cumulative gap also suggests that non-cash items, possibly impairments or amortization, are masking weaker economics, though this remains an inference that warrants further investigation into the composition of reported losses. Until the operating loss narrows, investors should treat recent positive quarters with caution rather than as evidence of a sustainable cash generation turnaround.