Free cash flow margin has deteriorated to -128.6% in 2026Q2, driven by capital expenditures consuming 77.9% of revenue, highlighting the unsustainable cash burn of its growth model.
EVgo, Inc. (EVGO) cash flow statement — 8-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Cash from Operations | -53.42M | -7.73M | -7.26M | -37.05M | -58.79M | -29.6M | -20.08M | -8.51M | -6.27M |
| Operating CF Margin % | - | -2.01% | -2.83% | -23.02% | -107.71% | -133.26% | -153.86% | -48.54% | -39.19% |
| Operating CF Growth % | -472.7% | -6.5% | 80.42% | 36.97% | -98.61% | -47.45% | -136.03% | -35.63% | - |
| Net Income | -54.41M | -95.44M | -44.04M | -135.47M | -27.57M | -5.97M | -47.79M | -24.75M | -13.14M |
| Depreciation & Amortization | 77.35M | 74.02M | 65.8M | 51.96M | 35.92M | 23.9M | 18.66M | 8.76M | 8.26M |
| Stock-Based Compensation | 22.13M | 27.11M | 0 | 29.72M | 25.05M | 0 | 929K | 339.16K | 168.78K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 27.17M | 13.05M | -48.66M | 3.29M | -94.81M | -70.17M | -1.26M | 450.3K | 248.46K |
| Working Capital Changes | -57.36M | -26.46M | 19.64M | 13.44M | 2.62M | 22.64M | 9.38M | 6.7M | -1.81M |
| Change in Receivables | -5.46M | 1.16M | -10.97M | -23.81M | -8.52M | -1.62M | 50K | 715.17K | -1.91M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.26M | 0 |
| Change in Payables | 1.85M | -5.74M | 4.97M | 654K | 0 | -2.2M | 519K | -1.41M | 0 |
| Cash from Investing | -139.85M | -116.68M | -87.82M | -143.31M | -199.71M | -87.77M | -19.34M | -21.46M | -8.98M |
| Capital Expenditures | -139.91M | -116.71M | -94.79M | -158.9M | -200.25M | -65M | -19.34M | -21.46M | -8.98M |
| CapEx % of Revenue | 34.72% | 30.39% | 36.91% | 98.72% | 366.84% | 292.62% | 148.24% | 122.47% | 56.13% |
| Acquisitions | 0 | 0 | 6.65M | 0 | 0 | -22.76M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 63K | 24K | 316K | 15.58M | 544K | 0 | 0 | 0 | 0 |
| Cash from Financing | 207.55M | 214.65M | 6.44M | 143.02M | 19.81M | 594.63M | 47.08M | 14.24M | 28.5M |
| Debt Issued (Net) | 192.8M | 191.53M | 0 | 0 | 10.09M | 18.5M | 37.75M | 0 | 20.41M |
| Equity Issued (Net) | 0 | 15.17M | -11M | 133.85M | -25K | 30K | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -25K | 0 | 0 | 0 | 0 |
| Other Financing | 14.74M | 7.95M | 17.44M | 9.17M | 9.75M | 576.11M | 9.33M | 14.24M | 8.09M |
| Net Change in Cash | 14.27M | 90.23M | -88.63M | -37.35M | -238.69M | 483.89M | 7.66M | -15.73M | 13.25M |
| Free Cash Flow | -193.34M | -124.44M | -102.04M | -195.95M | -259.05M | -94.61M | -39.42M | -29.97M | -15.25M |
| FCF Margin % | -47.98% | -32.4% | -39.73% | -121.74% | -474.55% | -425.88% | -302.1% | -171.01% | -95.32% |
| FCF Growth % | -126.73% | -21.94% | 47.92% | 24.36% | -173.81% | -139.99% | -31.56% | -96.45% | - |
| FCF per Share | -1.38 | -0.93 | -0.94 | -2.16 | -3.77 | -1.39 | -0.57 | -0.44 | -0.22 |
| FCF Conversion (FCF/Net Income) | 3.55x | 0.19x | 0.16x | 0.87x | 2.13x | 5.01x | - | 0.34x | 0.48x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying EVGO stock.
EVgo, Inc. (EVGO) generated $-7.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
EVgo, Inc. (EVGO) reported negative free cash flow of $124.4M in 2025, indicating capital requirements exceeded cash from operations.
EVgo, Inc. (EVGO) spent $116.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Sustained negative free cash flow burn
Metrics are mathematically derived from official filings.
Persistent Negative Conversion Amidst Growth Spend
EVgo's operating cash flow has consistently trailed net income, with the most recent quarter showing a significant cash burn of $41.9M against a net loss of $20.8M, indicating that non-cash charges and working capital swings are masking a deeper cash consumption profile.
The relationship between operating cash flow and net income is highly volatile, with periods of positive conversion (e.g., 2025Q4's OCF of $11.3M vs. NI of -$4.8M) abruptly reversing into severe negative conversion. This pattern suggests that the company's underlying cash generation from operations is not yet stable and is heavily influenced by timing of collections and payments, rather than a fundamental earnings quality improvement. The significant negative OCF in recent quarters, even with substantial D&A add-backs, points to core operations consuming cash, a critical concern for a scaling business.
FCF Trajectory Deteriorates with Capital Intensity Surge
Free cash flow margins have plunged to -128.6% in 2026Q2, a stark deterioration from -32.2% a year prior, as a massive surge in capital expenditures has overwhelmed any operational cash flow, indicating a sharp increase in cash burn to fund growth.
The FCF trajectory shows a severe and accelerating deterioration, with the loss per dollar of revenue more than tripling over the past year. This is not merely a function of operating losses but is primarily driven by a near tripling of CapEx relative to revenue in the latest quarter. The widening gap between net income losses and the far larger FCF deficit signals that the company's path to cash flow positivity is being delayed by a capital investment cycle that is far more intensive than its current revenue base can support.
Aggressive Growth Capex Dominates Capital Structure
Capital expenditures reached 77.9% of revenue in 2026Q2, a dramatic increase from the ~35% levels seen in 2024, signaling a strategic shift toward heavy growth-oriented investment that is consuming all available cash and more.
The character of CapEx appears overwhelmingly growth-oriented, as the ratio to revenue has surged to levels that dwarf depreciation expense (D&A of $41.8M vs. CapEx of $64.4M). This suggests the company is investing far beyond the maintenance of its existing asset base, likely to build out its charging network. The intensity of this investment, combined with rising losses, indicates a classic 'growth-over-profitability' strategy that is now consuming cash at an unsustainable rate relative to its operational scale.
Working Capital Swings Add Volatility to Cash Burn
Working capital changes have been erratic, swinging from a significant $16.8M cash inflow in 2025Q2 to a $23.4M cash outflow in 2025Q3, adding considerable volatility to the company's quarterly cash flow profile and complicating cash management.
The working capital dynamics do not show a clear, improving efficiency trend but rather lumpy, quarter-to-quarter swings. The large negative working capital changes in recent quarters (e.g., -$20.0M in 2026Q2) have exacerbated the operating cash flow deficit, suggesting potential issues with collection cycles or inventory management as the business scales. This volatility makes it difficult to forecast near-term cash flow and adds another layer of uncertainty to the company's cash burn trajectory.
Cash Flow Statement Obscures SBC and True Cost of Growth
The cash flow statement may not fully reflect the dilutive impact of stock-based compensation, which totaled $7.5M in 2026Q2, nor the full economic cost of its aggressive growth, as capitalized costs likely inflate operating cash flow relative to true economic costs.
While SBC is added back to reconcile to operating cash flow, it represents a real economic cost in the form of shareholder dilution, which the OCF figure does not capture. Furthermore, in a heavy-growth phase, the line between maintenance and growth CapEx can be blurry; if any costs are being capitalized that should be expensed, it would overstate operating cash flow. The negative gap between net income and operating cash flow in many quarters may partially obscure these effects, warranting careful scrutiny of the quality of earnings and capitalization policies.