Cash generation remains heavily dependent on seasonal inventory cycles, evidenced by a 2024Q4 free cash flow of $99.2 million that contracted to $17.7 million by 2026Q1.
| Cash from Operations | 165.92M | 200.23M | 264.97M | 288.1M | 117.68M | -104.95M | 248.23M | 3.86M | -8.3M |
| Operating CF Margin % | - | 28.25% | 37.19% | 37.65% | 13.28% | -8.03% | 25.88% | 0.79% | -2.44% |
| Operating CF Growth % | -143.56% | -24.43% | -8.03% | 144.81% | 212.13% | -142.28% | 6329.09% | 146.5% | - |
| Net Income | 73.11M | 76.7M | 62.83M | 53.64M | 60.67M | 140.47M | 154.58M | 39.21M | 27.43M |
| Depreciation & Amortization | 23.95M | 24.44M | 29.01M | 30.04M | 26.96M | 19.39M | 14.12M | 9.18M | 8.05M |
| Stock-Based Compensation | 30.8M | 34.79M | 45.07M | 47.33M | 41.12M | 38.07M | 9.48M | 1.84M | 10.38M |
| Deferred Taxes | 30.55M | 26.12M | -4.38M | -11.24M | -20.46M | -135K | -2.46M | -1.26M | 2.71M |
| Other Non-Cash Items | -17.77M | -19.09M | 2.41M | 40.94M | 17.69M | 10.35M | 3.09M | 6.66M | 2.87M |
| Working Capital Changes | 25.28M | 57.27M | 130.03M | 127.4M | -8.29M | -313.1M | 69.42M | -51.77M | -59.75M |
| Change in Receivables | 4.05M | 12.62M | 4.89M | 23.5M | 63.7M | -37.67M | -97.63M | -4.88M | -15.02M |
| Change in Inventory | 37.2M | 41.16M | 149.97M | 78.38M | 63.09M | -207.98M | -37.98M | -73.23M | -85.15M |
| Change in Payables | -2.13M | 16.85M | -23.12M | 13.54M | -139.84M | -46.67M | 157.02M | 10.34M | 30.06M |
| Cash from Investing | 56.42M | 60.66M | -18.33M | -48.78M | -107.87M | -35.79M | -21.84M | -14.1M | -8.11M |
| Capital Expenditures | -28.66M | -24.42M | -18.33M | -23.72M | -33.77M | -35.79M | -21.84M | -14.1M | -8.11M |
| CapEx % of Revenue | 4.06% | 3.44% | 2.57% | 3.1% | 3.81% | 2.74% | 2.28% | 2.9% | 2.39% |
| Acquisitions | 0 | 0 | 0 | 0 | 74.1M | 200K | 1.09M | 1.3M | 2.67M |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | -74.1M | -200K | -1.09M | -1.3M | 0 |
| Cash from Financing | -238.42M | -237.44M | -156.44M | -322.19M | -26.25M | 260.24M | -110.92M | 10.9M | 17.44M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | -55.59M | 10.43M | 15.06M |
| Equity Issued (Net) | -12.75M | -24.75M | -38.49M | -20.33M | -18.56M | 262.01M | -3.04M | -728K | -297K |
| Dividends Paid | -201.77M | -202.1M | -109.97M | -294.13M | 0 | 0 | -51.2M | 0 | 0 |
| Share Repurchases | -25.01M | -24.75M | -38.49M | -20.33M | -18.58M | 0 | -3.04M | -728K | -297K |
| Other Financing | -23.9M | -10.59M | -7.97M | -7.72M | -7.68M | -1.76M | -1.08M | 1.19M | 2.67M |
| Net Change in Cash | -15.64M | 24.08M | 89.95M | -82.76M | -16.65M | 119.38M | 115.56M | 637K | 1.02M |
| Free Cash Flow | 137.26M | 175.81M | 246.63M | 264.38M | 83.91M | -140.74M | 226.38M | -10.23M | -16.42M |
| FCF Margin % | 19.45% | 24.8% | 34.61% | 34.55% | 9.47% | -10.77% | 23.61% | -2.1% | -4.83% |
| FCF Growth % | -45.39% | -28.72% | -6.71% | 215.07% | 159.62% | -162.17% | 2312.09% | 37.67% | - |
| FCF per Share | 0.65 | 0.81 | 1.14 | 1.20 | 0.38 | -0.64 | 1.02 | -0.05 | -0.07 |
| FCF Conversion (FCF/Net Income) | 1.88x | 2.61x | 4.22x | 5.37x | 1.94x | -0.75x | 1.61x | 0.10x | -0.30x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 14K | 1.31M | 3.3M | 1.95M |
| Taxes Paid | 10.66M | 0 | 43.6M | 24.07M | 28.92M | 81.13M | 42.31M | 6.65M | 5.8M |
Stagnant User Acquisition
Based on reported financial statements, Cricut consistently generates operating cash flow significantly higher than net income, with the OCF/NI ratio reaching as high as 10.58 in 2025Q4, suggesting that non-cash items and working capital fluctuations play a disproportionate role in the company's reported cash generation profile.
The persistent gap between net income and operating cash flow indicates that reported earnings may not fully capture the underlying cash-generating capacity of the business. Investors should monitor whether this divergence is driven by sustainable deferred revenue recognition or temporary shifts in inventory management that may eventually normalize.
As reported in quarterly filings, Cricut's free cash flow exhibits extreme seasonal variance, peaking at $99.2 million in 2024Q4 before contracting to $17.7 million in 2026Q1, which highlights the company's heavy reliance on holiday-driven hardware sales to fund its ongoing operational and capital requirements.
The sharp contraction in FCF during non-holiday quarters suggests that the business model remains highly sensitive to consumer discretionary spending cycles. This volatility warrants caution, as the company's ability to maintain positive cash flow outside of the fourth quarter appears increasingly dependent on managing inventory levels effectively.
According to the provided cash flow data, working capital changes are a primary driver of quarterly cash flow volatility, with a significant $64.6 million inflow in 2024Q4 contrasting with periods of negative working capital impact, indicating that inventory liquidation cycles are central to the company's liquidity.
The reliance on working capital swings to bolster cash flow suggests that the company's operational efficiency is tightly coupled with its ability to clear seasonal inventory. If demand for crafting materials continues to soften, the company may face increased pressure to liquidate stock, which could further compress margins.
Based on recent financial disclosures, Cricut has utilized its cash reserves to fund significant capital returns, including a $180.6 million dividend payment in 2025Q3, despite the company's revenue growth stalling, which may indicate a lack of high-return internal investment opportunities for the current cash balance.
The decision to prioritize large-scale dividends and share repurchases over reinvestment suggests that management may be struggling to identify new growth vectors within the crafting sector. Investors should consider whether this capital allocation strategy is a prudent use of funds or a signal of limited long-term expansion potential.
Quick answers to the most common questions about buying CRCT stock.
Cricut, Inc. (CRCT) generated $200.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cricut, Inc. (CRCT) generated $175.8M 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.
Cricut, Inc. (CRCT) spent $24.4M 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, Cricut, Inc. (CRCT) returned $202.1M to shareholders via cash dividends and spent $24.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.