Free cash flow remains highly volatile, swinging from a negative $22.7 million in 2025Q1 to a positive $14.5 million in 2026Q1 due to seasonal inventory fluctuations.
| Cash from Operations | 59.25M | 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 % | 275.26% | -14.1% | -62.7% | 1157.2% | 117.92% | -161.01% | 152.07% | - |
| Net Income | -111.47M | -115.18M | -34.01M | -84.4M | -382.14M | -91.77M | 31.05M | -29.59M |
| Depreciation & Amortization | 53.08M | 54.13M | 56.33M | 57.78M | 56.55M | 47.5M | 40.97M | 39.16M |
| Stock-Based Compensation | 10.08M | 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 | 76.78M | 75.33M | -9.3M | 2.43M | 236.79M | 17.07M | -3.14M | 2.88M |
| Working Capital Changes | 30.79M | -9.02M | -17.03M | 37.17M | 7.51M | -81.4M | -35.09M | 3.69M |
| Change in Receivables | 30.55M | 3.15M | -25.4M | -17.73M | 51.05M | -26.36M | -30.17M | -8.49M |
| Change in Inventory | 39.46M | 8.54M | -11.19M | 57.3M | -11.93M | -67.83M | -28.98M | -4.95M |
| Change in Payables | -22.8M | -35.18M | 26.98M | 2.37M | 0 | 0 | 28.35M | 17.05M |
| Cash from Investing | -8.92M | -7.33M | -12.33M | -17.38M | -18.9M | -79.9M | -27.34M | -9M |
| Capital Expenditures | -8.63M | -6.93M | -12M | -19.95M | -18.4M | -22.48M | -14.13M | -7.5M |
| CapEx % of Revenue | 1.69% | 1.24% | 1.99% | 3.29% | 2.8% | 2.86% | 2.59% | 2.06% |
| Acquisitions | 33K | 0 | 0 | 0 | 0 | -56.85M | -12.72M | -1.14M |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -322K | -398K | -335K | 2.57M | -506K | -563K | -490K | -355K |
| Cash from Financing | -28.68M | -8.54M | -26.5M | -68.3M | 48.63M | 113.51M | -14.78M | -9.26M |
| Debt Issued (Net) | -25.75M | -5.79M | -24.17M | -56.07M | 57.94M | -20.16M | -13.72M | -9.18M |
| Equity Issued (Net) | -1.83M | 0 | -2.21M | 0 | -41K | 142.27M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -250K | -80K |
| Share Repurchases | -1.83M | 0 | -2.21M | 0 | -41K | 0 | 0 | 0 |
| Other Financing | -1.09M | -2.75M | -119K | -12.22M | -9.28M | -8.6M | -810K | 0 |
| Net Change in Cash | 21.65M | 4.64M | -14.94M | -21.63M | 34.81M | 5.18M | 4.48M | 229K |
| Free Cash Flow | 50.75M | 13.59M | 11.89M | 43.64M | -13.81M | -51.47M | 31.96M | 10.48M |
| FCF Margin % | 9.95% | 2.43% | 1.97% | 7.2% | -2.11% | -6.55% | 5.86% | 2.89% |
| FCF Growth % | 611.92% | 14.24% | -72.75% | 415.97% | 73.17% | -261.05% | 204.89% | - |
| FCF per Share | 18.70 | 5.10 | 4.67 | 17.63 | -5.77 | -22.90 | 13.59 | 4.46 |
| FCF Conversion (FCF/Net Income) | -0.46x | -0.18x | -0.70x | -0.76x | -0.01x | 0.31x | 1.50x | -0.62x |
| Interest Paid | 16.96M | 0 | 38.51M | 40.06M | 25.14M | 23.44M | 31.33M | 36.79M |
| Taxes Paid | 662K | 0 | 1.95M | 3.06M | 2.84M | 1.65M | 76K | 124K |
Liquidity and demand saturation
As reported in recent financial statements, Traeger's operating cash flow frequently decouples from net income, with the 2025Q1 period showing a massive OCF/NI ratio of 26.78, indicating that non-cash charges and working capital swings are currently the primary drivers of reported cash flow rather than core profitability.
The persistent gap between net income and operating cash flow suggests that the company's earnings quality is currently strained by significant non-cash expenses and volatile accruals. Investors should monitor whether this divergence reflects genuine operational efficiency or merely the accounting impact of inventory management and stock-based compensation adjustments.
Based on the provided quarterly data, free cash flow has exhibited extreme volatility, swinging from a negative $22.7 million in 2025Q1 to a positive $14.5 million in 2026Q1, reflecting a business model that remains highly sensitive to seasonal inventory cycles and fluctuating consumer demand for premium hardware.
The inconsistency in FCF generation highlights the difficulty in maintaining a stable cash profile during periods of revenue contraction. This trajectory suggests that the company's ability to self-fund operations is precarious and heavily dependent on managing the timing of cash outflows relative to the peak outdoor cooking season.
According to recent SEC filings, working capital changes have been a major source of cash volatility, with a significant $39.7 million outflow in 2025Q1 followed by a $19.3 million inflow in 2025Q4, underscoring the company's reliance on aggressive inventory and payables management to preserve its limited cash position.
The reliance on working capital shifts to bolster cash flow may indicate that the company is struggling to align its production schedules with actual retail sell-through. This pattern warrants further investigation into whether the company is effectively managing its supply chain or simply deferring payments to maintain liquidity.
As indicated by the financial data, Traeger maintains a relatively low capital intensity, with CapEx/Revenue ratios generally hovering between 0.9% and 3.9%, suggesting that the company is prioritizing cash preservation over significant investment in new manufacturing capacity or major infrastructure upgrades during this period of market cooling.
The modest level of capital expenditure appears consistent with a strategy of sweating existing assets rather than aggressive expansion. However, investors should consider whether this reduced investment level is sufficient to support the long-term maintenance of the IoT ecosystem and the proprietary pellet delivery infrastructure.
Based on reported figures, stock-based compensation remains a notable non-cash expense, peaking at $10.1 million in 2024Q1, which effectively masks the true economic cost of operations and dilutes the quality of the reported cash flow metrics for shareholders monitoring the company's underlying cash-generating capacity.
The consistent use of stock-based compensation as a primary component of the cost structure suggests that the company is utilizing equity to preserve cash, which may have long-term implications for shareholder value. Analysts should adjust for these non-cash charges to gain a clearer view of the company's actual cash burn.
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 $13.6M 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.