Free cash flow remains highly inconsistent, swinging from a positive 15.7% margin in 2025Q4 to a negative 23.4% in 2025Q2, while the company continues to prioritize share repurchases like the $9.1M outflow in 2026Q1.
| Cash from Operations | -1.28M | -2.44M | -2.91M | -13.56M | -27.91M | -4.4M | -3.44M | -18.47M |
| Operating CF Margin % | - | -2.72% | -3.3% | -16.01% | -28.82% | -4.28% | -4.21% | -26.17% |
| Operating CF Growth % | -47672.08% | 16.29% | 78.53% | 51.44% | -534.26% | -27.82% | 81.36% | - |
| Net Income | -11.03M | -13.67M | -18.63M | -22.7M | -22.54M | -20.96M | -12.53M | -29.85M |
| Depreciation & Amortization | 4.36M | 5.3M | 5.41M | 4.87M | 5.25M | 3.11M | 6.02M | 5.15M |
| Stock-Based Compensation | 6.76M | 14.05M | 14.78M | 12.36M | 11.21M | 2.84M | 846K | 1.08M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 428K | 0 | -424K |
| Other Non-Cash Items | 3.56M | -4.2M | 1.29M | -2.51M | -8.4M | 701K | -1.42M | -280K |
| Working Capital Changes | -4.93M | -3.92M | -5.76M | -5.59M | -13.44M | 9.48M | 3.63M | 5.86M |
| Change in Receivables | 488K | 778K | -228K | 59K | -820K | 52K | -99K | -2.01M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -2.94M | -2.42M | -1.72M | -84K | -5.21M | 5.05M | 2.22M | 2.79M |
| Cash from Investing | 15.55M | 5.52M | 22.29M | -100.23M | 12.64M | -2.27M | 1.29M | -8.41M |
| Capital Expenditures | -1.15M | -763K | -618K | -88K | -93K | -2.24M | -44K | -1.91M |
| CapEx % of Revenue | 1.29% | 0.85% | 0.7% | 0.1% | 0.1% | 2.18% | 0.05% | 2.71% |
| Acquisitions | 0 | 0 | 0 | 0 | 14.61M | 0 | 0 | -2.31M |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 475K | 0 | -1M | -1.7M | -1.88M | -30K | 1.33M | -4.19M |
| Cash from Financing | -14.28M | -6.39M | -30.71M | -3.63M | 2.04M | 120.05M | 1.56M | 60.96M |
| Debt Issued (Net) | -4.14M | -4.14M | 0 | 0 | 0 | 0 | 0 | -15M |
| Equity Issued (Net) | -10.68M | -2.62M | -27.74M | -3.37M | 0 | 122.99M | 0 | 75.86M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -11.43M | -3.36M | -27.74M | -3.37M | 0 | 0 | 0 | 0 |
| Other Financing | 540K | 369K | -2.96M | -255K | 2.04M | -2.94M | 1.56M | 93K |
| Net Change in Cash | 36K | -3.04M | -11.35M | -117.07M | -13.52M | 113.36M | -609K | 34.19M |
| Free Cash Flow | -2.43M | -3.2M | -3.53M | -15.35M | -29.88M | -6.64M | -5.27M | -24.57M |
| FCF Margin % | -2.72% | -3.57% | -4% | -18.13% | -30.85% | -6.46% | -6.44% | -34.82% |
| FCF Growth % | -91.95% | 9.33% | 77.02% | 48.62% | -349.97% | -26.02% | 78.56% | - |
| FCF per Share | -0.07 | -0.09 | -0.09 | -0.39 | -0.78 | -0.17 | -0.14 | -0.66 |
| FCF Conversion (FCF/Net Income) | 0.22x | 0.18x | 0.16x | 0.60x | 1.24x | 0.21x | 0.27x | 0.62x |
| Interest Paid | 0 | 0 | 0 | 0 | 10K | 16K | 14K | 456K |
| Taxes Paid | 0 | 0 | 16K | 18K | 26K | 69K | 11K | 2K |
Liquidity and capital exhaustion
According to quarterly financial data, the relationship between net income and operating cash flow remains highly volatile, with OCF/NI ratios frequently swinging between negative and positive values, suggesting that reported earnings are poor proxies for the company's actual ability to generate cash from core operations.
The persistent gap between net losses and operating cash flow indicates that the company relies heavily on working capital fluctuations to bridge its funding needs. Investors should monitor this instability, as it suggests that the underlying business model has yet to achieve a reliable conversion of revenue into sustainable cash inflows.
As reported in recent cash flow statements, DIBS exhibits a highly inconsistent free cash flow trajectory, with margins fluctuating from a positive 15.7% in 2025Q4 to a negative 23.4% in 2025Q2, highlighting the difficulty in maintaining self-funded operations amidst stagnant top-line growth and high fixed costs.
The erratic nature of FCF suggests that the company's cash position is highly sensitive to quarterly operational timing rather than structural profitability. This lack of consistency warrants further investigation into whether the business can reach a cash-flow-positive state without further external capital injections.
Based on historical cash flow filings, working capital changes have served as a primary, albeit unreliable, driver of cash flow, with significant swings such as the $5.1M inflow in 2025Q4 followed by a $1.9M outflow in 2026Q1, indicating a reliance on timing differences.
The reliance on working capital shifts to manage cash flow suggests that the company may be aggressively managing payables or collections to offset operational losses. This pattern appears unsustainable and may indicate that the company is pulling forward cash to mask underlying operational inefficiencies.
Data from recent SEC filings reveals that DIBS has continued to prioritize share repurchases, such as the $9.1M outflow in 2026Q1, despite operating in a persistent net loss position and maintaining a relatively thin cash balance, which may be an inefficient use of capital.
The decision to return capital to shareholders while the core business remains cash-flow negative appears counterintuitive and may signal a lack of high-return internal investment opportunities. Investors should monitor whether this capital allocation strategy is depleting the runway necessary to reach long-term profitability.
Quick answers to the most common questions about buying DIBS stock.
1stdibs.Com, Inc. (DIBS) generated $-2.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
1stdibs.Com, Inc. (DIBS) reported negative free cash flow of $3.2M in 2025, indicating capital requirements exceeded cash from operations.
1stdibs.Com, Inc. (DIBS) spent $0.8M 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, 1stdibs.Com, Inc. (DIBS) spent $3.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.