Free cash flow remains deeply negative with quarterly outflows frequently exceeding $50 million, highlighting a trajectory that appears unsustainable given the current liquidity position.
| Cash from Operations | -165.97M | -171.06M | -319.58M | -295.5M | -252.2M | -253.82M | -135.83M | -44.66M |
| Operating CF Margin % | - | -100.53% | -140.76% | -117.52% | -52.79% | -80.88% | -177.19% | -82.43% |
| Operating CF Growth % | 119.28% | 46.47% | -8.15% | -17.17% | 0.64% | -86.86% | -204.12% | - |
| Net Income | -304.39M | -312.76M | -547.03M | -892.87M | -2.11B | -1.84B | -126.72M | -119.86M |
| Depreciation & Amortization | 56.42M | 58.99M | 63.02M | 71.55M | 42.55M | 29.08M | 13.86M | 10.76M |
| Stock-Based Compensation | 76.97M | 81.55M | 112.34M | 229.88M | 1.93B | 1.61B | 476K | 771K |
| Deferred Taxes | -1.36M | -1.36M | -936K | -801K | -14.61M | 30.21M | 0 | 54.73M |
| Other Non-Cash Items | 46.57M | 46.62M | 142.69M | 266.89M | -67.4M | -20.95M | 3.07M | -1.64M |
| Working Capital Changes | -46.7M | -44.09M | -89.67M | 29.84M | -37.01M | -61.54M | -26.52M | 10.58M |
| Change in Receivables | 2.98M | -1.47M | -4.72M | 50.07M | 55.02M | -114.09M | -14.23M | -1.84M |
| Change in Inventory | 0 | 0 | 0 | 0 | 164K | -626K | -2.74M | -2.22M |
| Change in Payables | -43.13M | -2.99M | 4.77M | -1.18M | -10.84M | -2.25M | 7.02M | 664K |
| Cash from Investing | -18.47M | -240.29M | -62.24M | -80.69M | -67.39M | -73.26M | -67.12M | -74.6M |
| Capital Expenditures | -17.3M | -7.67M | -62.54M | -40.8M | -52.27M | -56.52M | -57.82M | -22.22M |
| CapEx % of Revenue | 12.24% | 4.5% | 27.55% | 16.23% | 10.94% | 18.01% | 75.43% | 41.01% |
| Acquisitions | 0 | 0 | -5.4M | -38.55M | 26.65M | -12.04M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -57.73M | 624K | 1.19M | -1.34M | -38.08M | 304K | -9.3M | -2.25M |
| Cash from Financing | 17.96M | 17.77M | -1.74M | -3.22M | 95.34M | 1.53B | 90.32M | 410.38M |
| Debt Issued (Net) | -166K | -354K | -897K | -1.29M | -1.24M | -1.12M | -748K | 198.6M |
| Equity Issued (Net) | 8.17M | 18.13M | 80K | -487K | 99.3M | -25M | 91.04M | 211.77M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -23K | 0 | -25M | 0 | -408K |
| Other Financing | 9.96M | 0 | -922K | -1.43M | -2.73M | 1.56B | 26K | 7K |
| Net Change in Cash | -169.21M | -393.18M | -383.84M | -380M | -223.35M | 1.21B | -112.63M | 291.12M |
| Free Cash Flow | -183.27M | -178.72M | -382.13M | -336.3M | -304.47M | -310.34M | -193.65M | -66.88M |
| FCF Margin % | -129.69% | -105.04% | -168.31% | -133.74% | -63.74% | -98.89% | -252.62% | -123.44% |
| FCF Growth % | 46.93% | 53.23% | -13.63% | -10.45% | 1.89% | -60.26% | -189.54% | - |
| FCF per Share | -3.08 | -3.22 | -7.36 | -6.92 | -7.25 | -9.13 | -6.08 | -2.33 |
| FCF Conversion (FCF/Net Income) | 0.60x | 0.55x | 0.58x | 0.33x | 0.12x | 0.14x | 1.07x | 0.37x |
| Interest Paid | 0 | 0 | 32K | 83K | 92K | 2.37M | 2.57M | 2.35M |
| Taxes Paid | 0 | 0 | 894K | 670K | 0 | 61K | 0 | 31K |
Liquidity and capital exhaustion
According to quarterly financial disclosures, Ginkgo's operating cash flow consistently trails net income, with the OCF/NI ratio fluctuating significantly, suggesting that reported losses are not merely accounting artifacts but reflect a fundamental inability to generate positive cash from core operations during the observed ten-quarter period.
The persistent gap between net income and operating cash flow indicates that the company's accrual-based accounting masks a deeper, more structural cash burn. Investors should monitor this divergence, as it suggests that the company's revenue recognition model may be failing to translate into tangible liquidity.
As reported in recent financial statements, Ginkgo's free cash flow remains deeply negative, with quarterly outflows frequently exceeding $50 million, highlighting a trajectory that appears unsustainable without continued external financing or a drastic shift in the company's current operational cost structure and revenue generation capabilities.
The consistent negative FCF margins across the observed periods underscore the high capital intensity required to maintain the Foundry infrastructure. This trend suggests that the platform has yet to reach the necessary scale to self-fund its own research and development activities.
Based on Ginkgo's reported figures, capital expenditures have remained a significant drain on liquidity, with CapEx/Revenue ratios occasionally spiking above 45%, which indicates that the company is still in a heavy investment phase despite the recent strategic pivot toward a more streamlined service model.
The high level of capital intensity relative to revenue suggests that the company's infrastructure requires constant reinvestment to remain competitive. This may imply that the promised economies of scale from the automated Foundry are not yet manifesting in the financial results.
Data from recent filings reveals erratic working capital movements, including a notable $98 million outflow in 2024Q3, which suggests that the company's cash conversion cycle is highly sensitive to the timing of project milestones and the lumpy nature of its biosecurity and cell engineering contract payments.
The volatility in working capital changes warrants further investigation, as it may indicate difficulties in managing receivables or inventory build-up associated with complex biological projects. Such fluctuations make it difficult to forecast short-term liquidity needs with any degree of certainty.
As indicated by historical cash flow statements, stock-based compensation frequently exceeds $20 million per quarter, serving as a significant non-cash adjustment that effectively subsidizes the company's operating expenses while simultaneously creating a massive dilutive force for existing shareholders over the long term.
While SBC is a non-cash expense, it represents a real economic cost of talent acquisition that is not fully captured in the operating cash flow. Investors should interpret these adjustments with caution, as they may be masking the true extent of the company's operational burn rate.
Quick answers to the most common questions about buying DNA stock.
Ginkgo Bioworks Holdings, Inc. (DNA) generated $-171.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ginkgo Bioworks Holdings, Inc. (DNA) reported negative free cash flow of $178.7M in 2025, indicating capital requirements exceeded cash from operations.
Ginkgo Bioworks Holdings, Inc. (DNA) spent $7.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.