Cash flow generation remains unstable, characterized by a massive $61.9M working capital inflow in 2025Q4 that masks underlying operational volatility.
| Cash from Operations | 17.73M | 35.57M | 19.02M | 8.61M | 85.83M | -157.96M | 29.95M | 7.16M | 29.82M | 2.79M |
| Operating CF Margin % | 6.07% | 10.94% | 5.83% | 3.3% | 45.87% | -149.01% | 9.17% | 2.46% | 14.79% | 2.09% |
| Operating CF Growth % | -50.17% | 87.05% | 120.88% | -89.97% | 154.34% | -627.31% | 318.25% | -75.98% | 970.77% | - |
| Net Income | -10.52M | -15.57M | -26.48M | -55.38M | -139.08M | -224.72M | -68.76M | -64.08M | -38.55M | -40.39M |
| Depreciation & Amortization | 13.91M | 15.1M | 13.76M | 14.86M | 18.72M | 22.61M | 24.32M | 34.61M | 19.42M | 7.64M |
| Stock-Based Compensation | 32.51M | 49.69M | 55.06M | 53.36M | 47.52M | 40.22M | 37.59M | 30.23M | 10.86M | 8.53M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -183K | -380K | 103K | -400K | -58K |
| Other Non-Cash Items | -18.18M | 27.11M | 10.4M | 18.58M | 68.05M | 128.8M | 29.35M | 22.72M | 9.91M | 5.46M |
| Working Capital Changes | 0 | -40.76M | -33.72M | -22.8M | 90.63M | -124.68M | 7.83M | -16.42M | 28.58M | 21.6M |
| Change in Receivables | 592K | 9.26M | -1.35M | -2.22M | -8.77M | 41.22M | 3.51M | -2.09M | -775K | -1.36M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8.42M | -23.94M | -13.7M |
| Change in Payables | -29.45M | 886K | -7.78M | 31.3M | 97.08M | -117.02M | 36.84M | 24.02M | 53.22M | 37.35M |
| Cash from Investing | 21.04M | 123.92M | -69.33M | -89.5M | -2.53M | -12.66M | -13.6M | -39K | -140.65M | -10.16M |
| Capital Expenditures | -95K | -600K | -1.1M | -4.45M | -985K | -1.7M | -5.89M | -12.65M | -8.68M | -8.47M |
| CapEx % of Revenue | 0.03% | 0.18% | 0.34% | 1.71% | 0.53% | 1.6% | 1.8% | 4.34% | 4.3% | 6.34% |
| Acquisitions | 0 | 0 | 0 | -1.13M | 0 | -6.38M | 0 | 12.61M | -131.97M | -1.69M |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -3.86M | -7.67M | -6.07M | -3.03M | -1.55M | -4.58M | -7.71M | -7.23M | -6.14M | -5.48M |
| Cash from Financing | -105.76M | -177.47M | -4.91M | -2.08M | 51.18M | 255.04M | -32.82M | 240.06M | 159.51M | 2.33M |
| Debt Issued (Net) | 0 | -120.45M | 0 | 0 | 69.5M | 275M | -73.59M | 6.8M | 21.55M | -578K |
| Equity Issued (Net) | 0 | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -49.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -105.76M | -8.07M | -6.04M | -3.52M | -19.75M | -21.25M | 37.15M | -7.71M | 4.03M | 2.9M |
| Net Change in Cash | -57.02M | -24.67M | -50.97M | -95.98M | 127.73M | 85.49M | -16.46M | 247.18M | 48.68M | -5.05M |
| Free Cash Flow | 17.63M | 34.97M | 11.85M | 4.16M | 83.3M | -164.24M | 16.36M | -5.49M | 21.14M | -5.68M |
| FCF Margin % | 6.04% | 10.76% | 3.63% | 1.59% | 44.51% | -154.93% | 5.01% | -1.88% | 10.49% | -4.26% |
| FCF Growth % | -49.59% | 195.18% | 184.88% | -95.01% | 150.72% | -1104.09% | 398.05% | -125.96% | 472.17% | - |
| FCF per Share | 0.18 | 0.38 | 0.12 | 0.04 | 0.88 | -1.84 | 0.20 | -0.15 | 0.99 | -0.27 |
| FCF Conversion (FCF/Net Income) | -1.69x | -2.28x | -0.72x | -0.16x | -0.62x | 0.70x | -0.44x | -0.11x | -0.77x | -0.07x |
| Interest Paid | 0 | 6.1M | 9.09M | 9.24M | 9.6M | 6.75M | 10.66M | 7.59M | 868K | 0 |
| Taxes Paid | 0 | 1.73M | 902K | 748K | 135K | 835K | 1.1M | 202K | 144K | 78K |
Volatile working capital swings
As reported in quarterly financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from 7.45 in 2025Q4 to -13.10 in 2024Q3, indicating that GAAP earnings provide little insight into the company's actual cash generation capabilities.
The extreme divergence between net income and operating cash flow suggests that accrual-based accounting metrics are heavily influenced by non-operational timing differences. Investors should monitor whether this volatility stems from structural shifts in payment processing or merely the seasonal nature of event ticketing cycles.
Based on the provided cash flow data, free cash flow margins have exhibited significant instability, ranging from a high of 79.5% in 2025Q1 to a low of -95.8% in 2023Q4, reflecting a business model that struggles to maintain consistent cash conversion during periods of revenue contraction.
The lack of a stable FCF trajectory implies that the company's cash generation is highly sensitive to the timing of event payouts rather than sustained operational efficiency. This inconsistency makes it difficult to project long-term liquidity without accounting for the significant seasonal fluctuations inherent in the platform's business model.
According to recent SEC filings, working capital changes are the primary determinant of quarterly cash flow, with a massive $61.9M inflow in 2025Q4 contrasting sharply with a $98.8M outflow in 2023Q4, highlighting the company's reliance on managing creator payables to maintain its liquidity position.
The significant swings in working capital suggest that the company's cash position is heavily dependent on the timing of ticket sales relative to event dates. This dynamic creates a 'float' effect where the company's reported cash balance may not accurately reflect its underlying operational health or long-term solvency.
As evidenced by the quarterly cash flow statements, stock-based compensation remains a persistent non-cash expense, averaging over $10M per quarter, which effectively masks the true extent of the company's cash burn when evaluating its ability to fund operations through internal revenue generation alone.
The consistent reliance on stock-based compensation as a primary component of the company's cost structure warrants further investigation into the dilution impact on shareholders. By excluding these costs from operational cash flow analysis, the company may appear more self-sustaining than its GAAP-based profitability metrics would otherwise suggest.
Quick answers to the most common questions about buying EB stock.
Eventbrite, Inc. (EB) generated $17.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Eventbrite, Inc. (EB) generated $17.6M 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.
Eventbrite, Inc. (EB) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.