Cash flow is highly volatile, with operating cash flow swinging from -$366.5M in 2026Q3 to +$265.7M in 2025Q4, and free cash flow deeply negative at -$414.2M in 2026Q3, signaling reliance on cash reserves.
Fluence Energy, Inc. (FLNC) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 |
|---|
| Cash from Operations | -450.17M | -145.54M | 79.69M | -111.93M | -282.38M | -265.27M | -14.02M | 27.68M |
| Operating CF Growth % | 2112.9% | -282.64% | 171.19% | 60.36% | -6.45% | -1792.62% | -150.63% | - |
| Operating CF / Revenue % | -17.1% | -6.43% | 2.95% | -5.05% | -23.56% | -38.97% | -2.5% | 30.04% |
| Net Income | -80.87M | -67.99M | 30.37M | -104.82M | -289.18M | -162M | -46.71M | -46.98M |
| Depreciation & Amortization | 60.66M | 29.34M | 14.48M | 10.66M | 7.11M | 5.11M | 3.02M | 2.89M |
| Deferred Taxes | 271K | 6.35M | -6.72M | 2.54M | 516K | -1.35M | 1.9M | -843K |
| Other Non-Cash Items | -4.71M | 11.18M | 27.06M | -115K | 13.31M | 41.36M | -2.95M | 5.97M |
| Working Capital Changes | -334.33M | -143.96M | -9.36M | -47.12M | -58.27M | -148.39M | 30.72M | 66.65M |
| Capital Expenditures | -73.51M | -29.8M | -18.98M | 94.44M | -148.42M | -22.29M | 18.22M | -22.74M |
| CapEx / Revenue % | 2.47% | 0.66% | 0.3% | 4.26% | 12.38% | 3.27% | 3.25% | 24.67% |
| CapEx / D&A | 1.07x | 0.51x | 0.56x | 8.85x | 20.88x | 4.36x | 6.04x | 7.86x |
| CapEx Coverage (OCF/CapEx) | -6.92x | -9.78x | 9.82x | -1.19x | -1.90x | -11.90x | -0.77x | 1.22x |
| Cash from Investing | -73.51M | -29.8M | -18.98M | 94.44M | -148.42M | -22.29M | 18.22M | -22.74M |
| Acquisitions | 0 | 0 | 0 | -5.01M | -29.21M | -18M | 0 | 0 |
| Purchase of Investments | -30M | 0 | 0 | 0 | -111.27M | 0 | 0 | 0 |
| Sale of Investments | 3.69M | 0 | 0 | 111.67M | 0 | 0 | 20M | 0 |
| Other Investing | -8.41M | -14.91M | -10.86M | -9.23M | 0 | 0 | 0 | -20M |
| Cash from Financing | 138.38M | 356.88M | -8.68M | 52.59M | 817.05M | 231.13M | 2.5M | 10M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio % | - | - | - | - | - | - | - | - |
| Debt Issuance (Net) | -3.94M | 1000K | 0 | 1000K | -1000K | 1000K | 0 | 0 |
| Stock Issued | 6.25M | 2.17M | 5.33M | 7.2M | 938.86M | 131.28M | 2.5M | 10M |
| Share Repurchases | -2.98M | -753K | -1.66M | -2.78M | -5.01M | 0 | 0 | 0 |
| Other Financing | 143.57M | -13.17M | -12.35M | 0 | -16.8M | -154K | 0 | 0 |
| Net Change in Cash | -396.67M | 195.92M | 55.98M | 33.01M | 391.65M | -56.98M | 8.03M | 14.13M |
| Exchange Rate Effect | -11.37M | 14.38M | 3.94M | -2.1M | 5.4M | -547K | 1.33M | -815K |
| Cash at Beginning | 714.63M | 518.71M | 462.73M | 429.72M | 38.07M | 95.05M | 87.02M | 72.89M |
| Cash at End | 364.96M | 714.63M | 518.71M | 462.73M | 429.72M | 38.07M | 95.05M | 87.02M |
| Free Cash Flow | -523.67M | -175.34M | 60.71M | -17.49M | -430.8M | -287.56M | 4.2M | 4.95M |
| FCF Growth % | -22.83% | -388.81% | 447.11% | 95.94% | -49.81% | -6940.18% | -15% | - |
| FCF Margin % | -19.9% | -7.75% | 2.25% | -0.79% | -35.94% | -42.24% | 0.75% | 5.37% |
| FCF / Net Income % | 647.57% | 362.91% | 267.26% | 25.12% | 148.98% | 177.5% | -9% | -10.53% |
Quick answers to the most common questions about buying FLNC stock.
Fluence Energy, Inc. (FLNC) generated $-145.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Fluence Energy, Inc. (FLNC) reported negative free cash flow of $175.3M in 2025, indicating capital requirements exceeded cash from operations.
Fluence Energy, Inc. (FLNC) spent $14.9M 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, Fluence Energy, Inc. (FLNC) spent $0.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Persistent operating losses
Metrics are mathematically derived from official filings.
Cash Flow Volatility Masks Underlying Trends
According to quarterly filings, FLNC's operating cash flow swung from -$366.5M in 2026Q3 to +$265.7M in 2025Q4, reflecting project timing and working capital swings.
The extreme quarterly swings in OCF, from a $265.7M inflow in 2025Q4 to a $366.5M outflow in 2026Q3, suggest that project milestones and customer prepayments drive cash timing rather than steady regulated operations. This volatility complicates the assessment of underlying cash generation, as the company's cash flows appear tied to discrete project cycles rather than a stable utility-like stream.
CAPEX Burn Remains Modest
Based on EDBL's reported figures, FLNC's quarterly CAPEX averaged only $8.2M over the last ten quarters, with the highest at $47.6M in 2026Q3, indicating a capital-light model.
CAPEX is minimal relative to the scale of revenue and operating losses, suggesting that FLNC's growth is driven by working capital and project execution rather than heavy fixed-asset investment. The low CAPEX-to-OCF ratios, where data is available, indicate that capital expenditures are not the primary cash drain; instead, operating losses and working capital needs are the main drivers of negative free cash flow.
Financing Needs Intensify as Cash Burns
As reported in financial statements, FLNC's free cash flow was -$414.2M in 2026Q3, with no debt issuance and minimal equity issuance, suggesting reliance on existing cash reserves.
The cumulative free cash flow deficit over the last ten quarters exceeds $1.1B, yet the company has not accessed debt markets, with long-term debt issuance essentially zero. This suggests that FLNC may be funding operations through cash on hand or other financing sources not captured in the data, but the sustainability of this approach is questionable given the persistent negative cash flow.
Working Capital Swings Drive Cash Flow
Per recent SEC filings, FLNC's operating cash flow swung from -$366.5M in 2026Q3 to +$265.7M in 2025Q4, indicating significant working capital volatility likely tied to project milestones.
The large quarterly swings in OCF, with a $632M swing between 2025Q4 and 2026Q3, suggest that working capital items such as receivables, payables, and deferred revenue are the primary drivers of cash flow variability. This pattern is consistent with a project-based business where cash collections and payments are lumpy, and it may indicate that the company's cash flow quality is lower than a stable utility's, as it depends on project timing.
No Dividend, No Immediate Concern
According to financial statements, FLNC has paid no dividends over the last ten quarters, so dividend safety is not a current concern, but cash flow deficits remain.
With zero dividends paid, there is no immediate pressure on cash flow from shareholder distributions. However, the persistent negative free cash flow and operating losses suggest that the company is not generating sufficient cash to fund its operations, let alone support a dividend, so investors should monitor the company's path to cash flow positivity.
What Could Invalidate the Base Case
Based on EDBL's reported figures, FLNC's positive OCF in 2025Q4 and 2024Q2 suggests that the company can generate cash in certain quarters, but the trend is not sustained.
The positive operating cash flow in 2025Q4 ($265.7M) and 2024Q2 ($70.9M) indicates that the company is capable of generating cash, possibly due to project completions or favorable working capital timing. However, the overall trend is negative, with large outflows in most quarters, suggesting that the company's cash flow is highly dependent on project milestones and may not be sustainable without additional financing or a fundamental improvement in operations.