Operational discipline has improved free cash flow, which reached a 12.7% margin in 2026Q4, despite persistent working capital outflows such as the $15.6 million drag observed in 2026Q2.
8x8, Inc. (EGHT) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Cash from Operations | 57.98M | 55.72M | 63.55M | 78.98M | 48.79M | 34.68M | -14.07M | -93.91M | -14.87M | 22.04M | 28.48M | 23.57M | 21.24M | 14.92M | 31.79M | 9.21M | 8.59M | 2.49M | 2.25M | 3.03M | -9.92M | -21.21M | -16.55M | -1.58M | -8.84M | -7.95M | -24.57M | -4.08M | -10.42M | -6.5M | -4.3M |
| Operating CF Margin % | - | 7.57% | 8.89% | 10.84% | 6.69% | 5.43% | -2.64% | -21.04% | -4.22% | 7.43% | 11.24% | 11.26% | 13.08% | 11.6% | 29.54% | 10.74% | 12.24% | 3.93% | 3.49% | 4.92% | -18.67% | -66.49% | -144.24% | -17% | -80.31% | -54.08% | -134.78% | -16.08% | -32.88% | -13.05% | -22.51% |
| Operating CF Growth % | -79.96% | -12.33% | -19.54% | 61.9% | 40.67% | 346.55% | 85.02% | -531.59% | -167.46% | -22.6% | 20.84% | 10.96% | 42.39% | -53.07% | 245.11% | 7.24% | 244.8% | 10.51% | -25.64% | 130.55% | 53.21% | -28.13% | -946.21% | 82.1% | -11.23% | 67.66% | -501.86% | 60.82% | -60.33% | -51.12% | - |
| Net Income | 4.76M | 1.65M | -27.21M | -67.59M | -73.14M | -175.38M | -165.59M | -172.37M | -88.74M | -104.5M | -4.75M | -5.12M | 1.93M | 1.92M | 13.94M | 69.23M | 6.49M | 3.88M | -2.5M | 30K | -9.93M | -24.14M | -19.15M | -3.04M | -11.4M | -9.11M | -74.4M | -24.85M | -19.22M | 3.73M | -13.6M |
| Depreciation & Amortization | 20.29M | 18.07M | 39.22M | 47.18M | 52.28M | 48.55M | 45.12M | 37.23M | 24.67M | 15.72M | 10.44M | 9.01M | 6.11M | 4.36M | 3.95M | 2.32M | 1.33M | 998K | 1.27M | 1.47M | 1.46M | 787K | 215K | 565K | 1.78M | 3.86M | 14.36M | 2.28M | 1.38M | 2.17M | 5.4M |
| Stock-Based Compensation | 13.57M | 0 | 39.94M | 61.91M | 89.54M | 133.33M | 0 | 70.88M | 44.51M | 29.18M | 21.46M | 16.33M | 9.35M | 7.59M | 2.63M | 1.51M | 458K | 204K | 3.29M | 1.81M | 1.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 66.27M | -897K | -1.72M | 2.24M | 2.12M | 9.26M | -62.42M | 0 | 3K | -322K | -1.42M | -1.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 55.11M | 78.48M | 63.67M | 69.31M | 42.07M | 74.29M | 173.56M | 55.56M | 7.45M | 8.75M | 1.21M | 1.91M | 1.15M | 199K | 616K | 561K | -83K | -163K | 1.12M | -870K | -1.93M | 339K | 37K | 452K | 2.48M | -895K | 38.48M | 15.81M | -148K | -15K | 500K |
| Working Capital Changes | -35.74M | -42.48M | -52.06M | -31.82M | -61.96M | -46.11M | -67.15M | -85.2M | -2.76M | 6.62M | 1.02M | 3.15M | 463K | -1.28M | 1.39M | -1.99M | 391K | -2.43M | -606K | 2.01M | 221K | 1.81M | 2.35M | 440K | -1.69M | -1.81M | -3.01M | 2.67M | 7.57M | -12.38M | 3.4M |
| Change in Receivables | -1.09M | -5.77M | 7.84M | 753K | -8.45M | 6.87M | -14.87M | -12.74M | -5.39M | -2.4M | -4.8M | -4.54M | -1.53M | -1.57M | -2.17M | -1.06M | -358K | -253K | 1.03M | -72K | -72K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.34M | 0 | -430K | 136K | 52K | -276K | 27K | 1.53M | 29K | 545K | -1.36M | 994K | -1.03M | -136K | -1.52M | 325K | 298K | 501K | -85K | 2.55M | 8.84M | -11.58M | 6.1M |
| Change in Payables | 13.68M | -17.36M | -24.81M | -4.18M | -24.4M | 0 | -10.03M | 0 | 17.25M | 11.86M | 4.17M | 4.22M | 605K | -1.03M | 410K | -1.21M | 916K | -1.32M | -177K | 466K | 466K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -21.42M | -20.73M | -16.42M | 8.55M | 6.05M | -159.98M | -36.32M | -106.29M | 10.87M | -7.27M | -22.19M | -36.3M | -12.26M | -136.47M | -5.87M | -2.98M | -5.36M | -948K | 2.58M | 1.19M | 10.1M | -9.42M | -10.34M | -221K | -303K | 487K | -1.3M | 38K | -1.78M | -985K | 4.5M |
| Capital Expenditures | 47K | -15.98M | -2.4M | -2.65M | -2.99M | -4.14M | -35.25M | -35.83M | -34.72M | -21.66M | -14.37M | -6.99M | -6.55M | -3.61M | -5.87M | -2.3M | -2.06M | -1.05M | -801K | -699K | -1.42M | -1.9M | -1.59M | -106K | -137K | -172K | -6.13M | -1.69M | 0 | 0 | -700K |
| CapEx % of Revenue | 0.01% | 2.17% | 0.34% | 0.36% | 0.41% | 0.65% | 6.62% | 8.03% | 9.85% | 7.31% | 5.67% | 3.34% | 4.03% | 2.81% | 5.45% | 2.68% | 2.93% | 1.66% | 1.24% | 1.13% | 2.68% | 5.96% | 13.84% | 1.14% | 1.25% | 1.17% | 33.61% | 6.67% | - | - | 3.66% |
| Acquisitions | -4.76M | -4.76M | -3.23M | 0 | -1.25M | -125.41M | -10.4M | -59.13M | -5.63M | -12.49M | -2.88M | -23.25M | 724K | -15.47M | 0 | -713K | -998K | 0 | 5.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -558K | -149K | -1.76M | -927K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -16.71M | 0 | -11.07M | -14.29M | -10.9M | -20.37M | 0 | -31.57M | -25.62M | 13.88M | -5.52M | -6.99M | -724K | -608K | 0 | 28K | 6K | 104K | -662K | 37K | 19K | 8.05M | 300K | -323K | 42K | 116K | 5.16M | 0 | -85K | 0 | 5.1M |
| Cash from Financing | -35.97M | -30.37M | -75.11M | -83.41M | -37.78M | 105.42M | 13.19M | 72.09M | 249.24M | -16.44M | 1.6M | -7.25M | -14.91M | 130.49M | 1.96M | -274K | -4.81M | 137K | 353K | 234K | 303K | 14.37M | 36.16M | 11.68M | 89K | -4.25M | 1.42M | 36.81M | 1.34M | 25.44M | 3.9M |
| Debt Issued (Net) | -34.5M | -30M | -73M | -88.3M | 17.51M | 134.6M | -78K | 73.6M | 278.58M | -1.08M | -674K | -446K | -149K | -85K | -86K | -275K | -38K | -50K | -38K | -38K | -172K | 135K | 35.73M | 0 | 0 | -4.58M | -891K | 7.5M | 0 | 0 | 0 |
| Equity Issued (Net) | 4.68M | 981K | 3.69M | 4.88M | -60.21M | -44.98M | 13.34M | 0 | -7.82M | -22.44M | -3M | -6.83M | -14.92M | 125.26M | -462K | -2.61M | -7.38M | -212K | 391K | 272K | 475K | 279K | 424K | 1.88M | 89K | 335K | 2.25M | 29.69M | 838K | 25.28M | 3.79M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -1.85M | 0 | 0 | -60.21M | -44.98M | 0 | 0 | -7.82M | -22.44M | -3M | -11.65M | -19.37M | -489K | -462K | -2.99M | -7.66M | -212K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -514K | -76K | 0 | 0 | 0 |
| Other Financing | -6.15M | -1.35M | -5.8M | 0 | 4.92M | 15.8M | -69K | -1.51M | -21.52M | 7.08M | 5.27M | 24K | 151K | 5.31M | 2.51M | 2.61M | 2.62M | 399K | 0 | 0 | 0 | 13.96M | 0 | 9.8M | 0 | 0 | 60K | -377K | 498K | 162K | 106K |
| Net Change in Cash | 315K | 6.45M | -27.4M | 3.99M | 12.02M | -20.46M | -27.06M | -128.27M | 244.88M | -1.23M | 7.45M | -19.53M | -6.05M | 8.85M | 27.88M | 5.95M | -1.58M | 1.68M | 5.19M | 4.45M | 476K | -16.26M | 9.27M | 9.88M | -9.05M | -11.7M | -24.45M | 32.77M | -10.87M | 17.95M | 3.9M |
| Free Cash Flow | 49.6M | 52.04M | 50.09M | 62.05M | 33.9M | 10.17M | -49.31M | -161.31M | -49.59M | 377K | 14.11M | 16.58M | 14.69M | 11.31M | 25.92M | 6.91M | 6.53M | 1.44M | 1.45M | 2.33M | -11.35M | -23.11M | -18.14M | -1.69M | -8.97M | -8.12M | -30.7M | -5.78M | -10.42M | -6.5M | -5M |
| FCF Margin % | 6.66% | 7.07% | 7% | 8.51% | 4.65% | 1.59% | -9.26% | -36.15% | -14.06% | 0.13% | 5.57% | 7.92% | 9.04% | 8.79% | 24.09% | 8.05% | 9.31% | 2.27% | 2.25% | 3.78% | -21.36% | -72.45% | -158.07% | -18.13% | -81.56% | -55.25% | -168.39% | -22.75% | -32.88% | -13.05% | -26.18% |
| FCF Growth % | -31.62% | 3.9% | -19.27% | 83.03% | 233.23% | 120.63% | 69.43% | -225.32% | -13252.79% | -97.33% | -14.88% | 12.85% | 29.9% | -56.37% | 275.05% | 5.8% | 353.93% | -0.96% | -37.69% | 120.55% | 50.9% | -27.38% | -974.59% | 81.19% | -10.56% | 73.56% | -431.52% | 44.57% | -60.33% | -29.96% | - |
| FCF per Share | 0.35 | 0.36 | 0.39 | 0.51 | 0.28 | 0.09 | -0.42 | -1.61 | -0.52 | 0.00 | 0.16 | 0.19 | 0.16 | 0.14 | 0.35 | 0.10 | 0.10 | 0.02 | 0.02 | 0.04 | -0.18 | -0.41 | -0.41 | -0.05 | -0.32 | -0.30 | -1.24 | -0.32 | -0.69 | -0.43 | -0.94 |
| FCF Conversion (FCF/Net Income) | 10.41x | 33.81x | -2.34x | -1.17x | -0.72x | -0.20x | 0.08x | 0.54x | 0.17x | -0.21x | -5.99x | -4.60x | 11.03x | 5.93x | 2.28x | 0.13x | 1.32x | 0.64x | -0.90x | 101.03x | 1.00x | 0.88x | 0.86x | 0.52x | 0.77x | 0.87x | 0.33x | 0.16x | 0.54x | -1.74x | 0.32x |
| Interest Paid | 14.33M | 17.32M | 26.3M | 35.57M | 22.16M | 2.16M | 1.81M | 1.55M | 0 | 36K | 16K | 44K | 5K | 5K | 8K | 5K | 10K | 29K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 2.31M | 2.4M | 3.77M | 5.97M | 1.53M | 1.32M | 0 | 934K | 356K | 38K | 460K | 445K | 159K | 427K | 415K | 94K | 6K | 105K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying EGHT stock.
8x8, Inc. (EGHT) generated $55.7M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
8x8, Inc. (EGHT) generated $52.0M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
8x8, Inc. (EGHT) spent $16.0M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, 8x8, Inc. (EGHT) spent $1.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Voice service commoditization
Metrics are mathematically derived from official filings.
Earnings Quality Remains Highly Volatile
As reported in recent financial statements, 8x8's operating cash flow frequently decouples from net income, with the OCF/NI ratio exhibiting extreme swings such as the 135.72x observed in 2026Q4, suggesting that GAAP earnings are currently poor indicators of the company's actual underlying cash-generating capacity.
The significant divergence between net income and operating cash flow suggests that non-cash charges and working capital fluctuations are heavily distorting the bottom line. Investors should interpret this as a sign that the company's reported profitability is not yet supported by consistent, high-quality cash inflows from core operations.
FCF Margins Reflect Operational Discipline
Based on the provided quarterly data, 8x8 has achieved a positive free cash flow trajectory, peaking at a 15.0% FCF margin in 2025Q3, which indicates that recent efforts to prioritize cash generation over aggressive top-line expansion are beginning to yield tangible results for the firm.
While the FCF margins have shown improvement, the inconsistency across quarters warrants caution regarding the sustainability of these gains. The reliance on cost-cutting measures to drive cash flow may limit the company's ability to reinvest in the platform, potentially impacting long-term competitive positioning.
Working Capital Remains Persistent Drag
According to the cash flow statements, 8x8 has experienced consistent negative working capital changes, including a $15.6M outflow in 2026Q2, which suggests that the company is struggling to optimize its cash conversion cycle amidst its current service-heavy revenue model and ongoing customer acquisition efforts.
These recurring outflows indicate that the company may be facing challenges in managing its receivables or is experiencing timing mismatches in its carrier-related payables. This trend suggests that operational cash flow is being systematically suppressed by the underlying mechanics of the business's current billing and collection processes.
Capital Intensity Remains Relatively Low
As indicated by the reported figures, 8x8 maintains a lean capital expenditure profile, with CapEx/Revenue ratios consistently below 2.5% over the last ten quarters, suggesting that the business model does not require heavy physical asset investment to maintain its existing software and telephony infrastructure.
The low capital intensity appears to be a structural advantage, allowing the company to convert a higher portion of its operating cash flow into free cash flow. However, investors should monitor whether this low spending level is sufficient to support the R&D necessary to compete with larger, better-capitalized AI-driven platforms.