Operating cash flow of $28.5M in Q2 2026 (2.94x net income) and FCF margin of 18.4% demonstrate strong cash conversion, but buybacks of $14.7M exceeded net income, and cumulative OCF of $277.7M over ten quarters contrasts with a cumulative net loss of $6.2M.
EverCommerce Inc. (EVCM) 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 | 106.94M | 111.46M | 113.16M | 104.61M | 64.8M | 37.48M | 57.54M | -613K |
| Operating CF Margin % | - | 18.93% | 16.19% | 15.49% | 10.44% | 7.65% | 17.05% | -0.25% |
| Operating CF Growth % | -51.95% | -1.51% | 8.18% | 61.42% | 72.89% | -34.86% | 9486.46% | - |
| Net Income | 34.05M | 17.6M | -41.09M | -45.62M | -59.82M | -81.97M | -59.95M | -93.75M |
| Depreciation & Amortization | 64.25M | 68.42M | 88.82M | 104.2M | 110.8M | 101.44M | 76.84M | 52.95M |
| Stock-Based Compensation | 24.87M | 28.43M | 26.49M | 25.56M | 26.82M | 22.09M | 10.72M | 30.08M |
| Deferred Taxes | 970K | -132K | 2.73M | -1.66M | -7.48M | -12.03M | -4.31M | -15.97M |
| Other Non-Cash Items | 8.89M | 22.79M | 42.04M | 16.73M | 12.42M | 36.3M | 8.11M | 14.14M |
| Working Capital Changes | -23.7M | -25.65M | -5.84M | 5.39M | -17.94M | -28.36M | 26.13M | 11.93M |
| Change in Receivables | -8.97M | -14.05M | -319K | -5.01M | -13.21M | -13.34M | -516K | -3.01M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 6.63M | -1.71M | -254K | 179K | -1.87M | -3.96M | 2.89M | 1.13M |
| Cash from Investing | -33.89M | -30.57M | -12.3M | -38.02M | -18.08M | -379.67M | -418.31M | -323.78M |
| Capital Expenditures | -10.32M | -2.23M | -1.46M | -3.04M | -2.57M | -3.1M | -4.53M | -7.67M |
| CapEx % of Revenue | 1.73% | 0.38% | 0.21% | 0.45% | 0.41% | 0.63% | 1.34% | 3.17% |
| Acquisitions | -35.86M | -35.77M | 0 | -14.94M | 0 | -364.87M | -403.23M | -310.45M |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 12.29M | 7.43M | -10.84M | -20.04M | -15.51M | -11.69M | -10.55M | -5.66M |
| Cash from Financing | -89.1M | -87.56M | -59.61M | -66.63M | -47.31M | 341.18M | 401.85M | 309.67M |
| Debt Issued (Net) | -5.5M | -5.5M | -5.5M | -5.5M | -9.5M | -177.49M | 258.78M | 213.5M |
| Equity Issued (Net) | -78.24M | -74.39M | -50.29M | -67.28M | -42.99M | 525.49M | 150.17M | 113.73M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -84.36M | -85.14M | -57.71M | -67.28M | -42.99M | 0 | 0 | -23.51M |
| Other Financing | -5.36M | -7.66M | -3.82M | 6.15M | 5.18M | -6.82M | -7.1M | -17.56M |
| Net Change in Cash | -17.56M | -6.05M | 39.6M | 355K | -1.74M | -779K | 40.99M | -15.02M |
| Free Cash Flow | 94.09M | 109.23M | 94.26M | 81.53M | 46.72M | 22.69M | 44.46M | -13.94M |
| FCF Margin % | 15.73% | 18.55% | 13.49% | 12.07% | 7.53% | 4.63% | 13.17% | -5.76% |
| FCF Growth % | -15.07% | 15.89% | 15.62% | 74.49% | 105.94% | -48.97% | 419% | - |
| FCF per Share | 0.53 | 0.59 | 0.51 | 0.43 | 0.24 | 0.12 | 0.23 | -0.07 |
| FCF Conversion (FCF/Net Income) | 2.76x | 6.33x | -2.75x | -2.29x | -1.08x | -0.46x | -0.96x | 0.01x |
| Interest Paid | 9.01M | 35.71M | 45.55M | 46.01M | 30.08M | 30.85M | 35.22M | 33.98M |
| Taxes Paid | 510K | 3.09M | 4.55M | 3.11M | 2.51M | 1.5M | 736K | 337K |
Quick answers to the most common questions about buying EVCM stock.
EverCommerce Inc. (EVCM) generated $111.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
EverCommerce Inc. (EVCM) generated $109.2M 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.
EverCommerce Inc. (EVCM) spent $2.2M 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, EverCommerce Inc. (EVCM) spent $85.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Revenue contraction persists
Metrics are mathematically derived from official filings.
Cash Conversion Outpaces Net Income
EverCommerce's operating cash flow consistently exceeds net income, with OCF/NI ratios above 2.9 in recent quarters, indicating strong cash conversion despite GAAP losses, as reported in quarterly filings.
The persistent gap between operating cash flow and net income, which turned positive in 2026 after losses in 2024, suggests that non-cash charges like depreciation and amortization, along with stock-based compensation, are masking underlying cash generation. This implies that the company's earnings quality is high, but investors should monitor whether this gap narrows as growth stabilizes.
FCF Margin Volatility Signals Uncertainty
Free cash flow margin swung from 25.0% in Q4 2024 to 7.2% in Q4 2025, then recovered to 18.4% in Q2 2026, reflecting uneven cash generation amid revenue contraction, per financial statements.
The erratic FCF margin trajectory, with a notable dip in Q4 2025 due to elevated capex and working capital outflows, suggests that cash flow is not yet stable. While recent quarters show improvement, the overall trend is inconsistent, and the negative revenue growth may pressure future FCF if operating leverage does not improve.
Minimal Capex Underscores Asset-Light Model
Capital expenditures remain below 1% of revenue across all quarters, with Q2 2026 at 0.4%, indicating a highly asset-light software model that requires minimal reinvestment, as reported in cash flow statements.
The consistently low capex intensity suggests that EverCommerce's growth does not depend on heavy capital investment, which is typical for SaaS. However, the spike in Q4 2025 to 5.2% of revenue may indicate a one-time investment or acquisition-related spend, but the overall trend supports high FCF conversion.
Working Capital Drags on Cash Flow
Working capital changes were negative in eight of ten quarters, with Q4 2024 the only positive at $12.5M, indicating persistent cash outflows from operations, based on reported cash flow data.
The recurring negative working capital changes, particularly in Q1 2024 (-$12.3M) and Q4 2025 (-$8.7M), suggest that the company is experiencing cash drag from receivables or inventory, possibly due to payment processing float. This may indicate inefficiencies in collections or timing mismatches, which could pressure cash flow if not managed.
Buybacks Outpace Cash Generation
EverCommerce spent $14.7M on buybacks in Q2 2026, exceeding its $9.7M net income, and has consistently repurchased shares each quarter, as disclosed in cash flow statements.
The aggressive buyback program, funded by operating cash flow, suggests management confidence in the stock's value, but it also reduces cash available for other uses. Given the revenue contraction, investors should monitor whether buybacks are sustainable without compromising liquidity or if they signal a lack of better investment opportunities.
Cumulative Cash Exceeds Reported Losses
Over the past ten quarters, EverCommerce generated $277.7M in operating cash flow versus a cumulative net loss of $6.2M, highlighting a significant divergence between earnings and cash, per SEC filings.
The cumulative gap of over $280M between operating cash flow and net income underscores the impact of non-cash charges, particularly D&A and SBC, which are substantial relative to revenue. This suggests that the company's underlying cash-generative ability is stronger than GAAP earnings imply, but the persistent losses may indicate structural profitability challenges that cash flow alone cannot resolve.
What Cash Flow Obscures
EverCommerce's cash flow strength may be overstated by heavy stock-based compensation and acquisition-related amortization, which are non-cash but dilute shareholders, as reported in financial statements.
The reported operating cash flow does not reflect the economic cost of SBC, which totaled over $60M in the last ten quarters, nor the potential cash outlays for acquisitions that may be hidden in investing activities. Investors should adjust for these items to assess true cash generation, as the divergence between net income and OCF may narrow once these non-cash charges are normalized.