Liquidity remains under pressure as free cash flow swung from a $35.1M peak in 2024Q2 to a massive outflow in 2026Q1, highlighting a disconnect between accounting profits and actual cash generation.
DocGo Inc. (DCGO) 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 | -22.71M | 34.45M | 70.34M | -64.22M | 28.87M | -1.95M | -10.65M | -14.21M |
| Operating CF Margin % | - | 10.69% | 11.41% | -10.29% | 6.55% | -0.61% | -11.32% | -29.41% |
| Operating CF Growth % | -553.56% | -51.02% | 209.52% | -322.45% | 1582.47% | 81.72% | 25% | - |
| Net Income | -192.42M | -196.37M | 19.99M | 6.86M | 30.74M | 19.18M | -14.8M | -21.24M |
| Depreciation & Amortization | 13.26M | 15.66M | 15.88M | 16.43M | 10.57M | 7.07M | 5.51M | 4.18M |
| Stock-Based Compensation | 16.89M | 17.44M | 13.63M | 20.97M | 8.05M | 1.38M | 687.07K | 457.47K |
| Deferred Taxes | 16.56M | 7.75M | 3.47M | -1.98M | -9.96M | -630.38K | 1.85M | 2.47M |
| Other Non-Cash Items | 105.94M | 108.31M | -2.16M | 6.62M | 2.64M | -142.67K | -300K | 147.51K |
| Working Capital Changes | 29.16M | 81.66M | 19.52M | -113.12M | -13.18M | -28.8M | -3.61M | -224.22K |
| Change in Receivables | 30.14M | 112.5M | 41.27M | -160.52M | -8.42M | -58M | -16.15M | -2.28M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 3.42M | -17.64M | 8.56M | -1.78M | 3.64M | 11.88M | 3.01M | -100.67K |
| Cash from Investing | -14.19M | -39.08M | -10.87M | -29.88M | -38.45M | -8.59M | -6.04M | -2.97M |
| Capital Expenditures | -4.62M | -4.54M | -3.83M | -7.58M | -3.2M | -4.81M | -4.36M | -1.45M |
| CapEx % of Revenue | 1.57% | 1.41% | 0.62% | 1.21% | 0.73% | 1.51% | 4.64% | 3% |
| Acquisitions | -12.71M | -16.4M | -310.45K | -19.46M | -32.95M | -1.96M | 1.78M | -335.48K |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -19.07M | -31.3M | -1.73M | -2.84M | -2.3M | -1.82M | -3.45M | -1.19M |
| Cash from Financing | -39.04M | -50.82M | -24.15M | 1.12M | -6.18M | 155.21M | -812.09K | 56.34M |
| Debt Issued (Net) | -35.44M | -35.17M | 613.55K | 20.7M | -3.94M | -2.82M | -2.28M | -3.2M |
| Equity Issued (Net) | -22.2K | -10.83M | -13.76M | 1.58M | -3.73M | 177.62M | 0 | 49.04M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -22.2K | -10.83M | -13.76M | 0 | -3.73M | -479.33K | 0 | 0 |
| Other Financing | -3.58M | -4.82M | -11.04M | -21.17M | 1.49M | -19.6M | 1.47M | 10.5M |
| Net Change in Cash | -72.18M | -54.85M | 35.12M | -91.89M | -15M | 144.65M | -17.31M | 38.91M |
| Free Cash Flow | -27.14M | 27.02M | 64.5M | -74.35M | 23.37M | -8.6M | -16.97M | -18.01M |
| FCF Margin % | -9.21% | 8.39% | 10.46% | -11.91% | 5.31% | -2.7% | -18.04% | -37.29% |
| FCF Growth % | -133.38% | -58.11% | 186.76% | -418.11% | 371.61% | 49.3% | 5.76% | - |
| FCF per Share | -0.27 | 0.27 | 0.59 | -0.70 | 0.23 | -0.09 | -0.17 | -0.18 |
| FCF Conversion (FCF/Net Income) | 0.14x | -0.19x | 3.52x | -9.36x | 0.83x | -0.08x | 0.74x | 0.70x |
| Interest Paid | 1.49M | 2.67M | 2.91M | 850.34K | 756.6K | 840.75K | 1.05M | 1.07M |
| Taxes Paid | 570.03K | 0 | 7.25M | 4.25M | 1.51M | 615.7K | 117.44K | 47.03K |
Quick answers to the most common questions about buying DCGO stock.
DocGo Inc. (DCGO) generated $34.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
DocGo Inc. (DCGO) generated $27.0M 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.
DocGo Inc. (DCGO) spent $4.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, DocGo Inc. (DCGO) spent $10.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Municipal contract concentration risk
Metrics are mathematically derived from official filings.
Earnings Quality and Cash Disconnect
As reported in financial statements, the persistent gap between net income and operating cash flow suggests that DocGo's earnings quality is compromised, with the OCF/NI ratio reaching extreme levels in 2026Q1, indicating that accounting profits are failing to translate into tangible liquidity for the firm.
The wide divergence between net losses and operating cash flow suggests that non-cash items or significant working capital swings are masking the underlying cash burn. Investors should monitor whether this disconnect reflects aggressive revenue recognition or simply the timing of government payments, as the lack of consistent cash conversion remains a primary concern.
Free Cash Flow Volatility Trends
Based on DocGo's reported figures, free cash flow has exhibited extreme volatility, swinging from a peak of $35.1M in 2024Q2 to a massive outflow in 2026Q1, which highlights the company's inability to maintain a stable cash-generative trajectory amidst its current revenue contraction phase.
The erratic nature of FCF margins suggests that the business model is highly sensitive to lumpy contract cycles rather than steady-state operations. This instability warrants further investigation into whether the company can achieve a sustainable FCF-positive state without relying on episodic, non-recurring municipal project wins.
Working Capital Efficiency and Liquidity
According to recent SEC filings, DocGo's working capital dynamics have shifted from significant inflows in 2025Q2 to erratic fluctuations, suggesting that the company's reliance on government-linked contracts creates unpredictable cash collection cycles that directly threaten its short-term liquidity and operational stability during periods of revenue decline.
The reliance on municipal entities often leads to extended payment terms, which appears to be a structural drag on the company's cash position. The volatility in working capital changes suggests that the firm may be struggling to manage its receivables effectively, potentially forcing a reliance on external financing.
Obscured Cash Flow Realities
As evidenced by the data, the cash flow statement is heavily influenced by stock-based compensation and capital expenditure adjustments, which may obscure the true extent of the company's cash burn and its ongoing reliance on equity-based incentives to retain labor in a competitive clinical market.
The consistent presence of stock-based compensation suggests that the company is using equity to preserve cash, which may dilute shareholders while failing to address the core operational cash deficit. Analysts should scrutinize these adjustments to determine if the reported cash flow figures are artificially bolstered by non-cash accounting treatments.