Free cash flow remains deeply negative at -$78.9M for 2026Q1, driven by capital expenditures that consumed 20.2% of quarterly revenue.
| Cash from Operations | -210.93M | -204.92M | -157.65M | -93.43M |
| Operating CF Margin % | - | -128.19% | -259.33% | -169.16% |
| Operating CF Growth % | -10.63% | -29.99% | -68.73% | - |
| Net Income | -334.79M | -298.34M | -231.13M | -135.46M |
| Depreciation & Amortization | 35.08M | 23.16M | 12.54M | 4.71M |
| Stock-Based Compensation | 25.92M | 17.84M | 1.84M | 1.61M |
| Deferred Taxes | -37.19M | -37.19M | 0 | 0 |
| Other Non-Cash Items | 91.81M | 85.95M | 13.47M | 2.3M |
| Working Capital Changes | 8.37M | 3.67M | 45.63M | 33.4M |
| Change in Receivables | 15.87M | 644K | 1.7M | -1.04M |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Change in Payables | -7.94M | -17.2M | 6.99M | 10.77M |
| Cash from Investing | -540.24M | -401.56M | -32.7M | -69.99M |
| Capital Expenditures | -46.52M | -32.83M | -32.7M | -77.25M |
| CapEx % of Revenue | 25.16% | 20.53% | 53.79% | 139.85% |
| Acquisitions | -277.42M | -277.42M | 0 | 7.25M |
| Investments | - | - | - | - |
| Other Investing | 280K | 280K | 0 | 0 |
| Cash from Financing | 885.08M | 1.26B | 232.76M | 240.73M |
| Debt Issued (Net) | -159.92M | 99.95M | 45.19M | 120.14M |
| Equity Issued (Net) | 1.05B | 1.17B | 189.04M | 149.83M |
| Dividends Paid | -4.99M | -4.99M | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 |
| Other Financing | -895K | 601K | -1.47M | -29.24M |
| Net Change in Cash | 149.33M | 655.41M | 42.41M | 77.3M |
| Free Cash Flow | -257.45M | -237.75M | -190.35M | -170.68M |
| FCF Margin % | -139.25% | -148.73% | -313.11% | -309.01% |
| FCF Growth % | - | -24.9% | -11.52% | - |
| FCF per Share | -1.61 | -3.44 | -1.33 | -1.19 |
| FCF Conversion (FCF/Net Income) | 0.77x | 0.69x | 0.68x | 0.69x |
| Interest Paid | 5.54M | 0 | 21.13M | 12.58M |
| Taxes Paid | 0 | 0 | 0 | 0 |
High cash burn rate
According to the latest quarterly filings, Firefly's operating cash flow of -$62.5M against a net loss of -$96.5M suggests that non-cash charges and accruals are masking the true intensity of the company's operational cash consumption, warranting a cautious view on underlying earnings quality.
The OCF/NI ratio of 0.65 in 2026Q1 indicates that the company is not yet converting its accounting losses into a more favorable cash position. Investors should monitor whether this gap persists as the company attempts to scale its launch cadence, as it may suggest that significant cash is being tied up in operational inefficiencies rather than productive asset growth.
As reported in recent financial statements, Firefly's free cash flow remains deeply negative, with a 2026Q1 outflow of -$78.9M, reflecting the heavy capital requirements of the aerospace sector and the company's ongoing struggle to achieve positive margins amidst aggressive R&D spending.
The FCF margin of -97.5% underscores the company's current reliance on external financing to sustain its operations. This trajectory suggests that until the company can achieve a consistent launch cadence, it will likely remain in a state of significant cash depletion.
Based on reported figures, Firefly's capital expenditures reached $16.3M in 2026Q1, representing 20.2% of revenue, which highlights the substantial investment required to maintain and upgrade launch facilities and manufacturing capabilities for the Alpha and Medium Launch Vehicle programs.
This level of capital intensity is typical for early-stage aerospace firms, yet it places additional pressure on the company's liquidity. The high ratio of CapEx to revenue suggests that the firm is still in a heavy infrastructure-building phase, which may limit its ability to reach cash flow break-even in the near term.
Financial data indicates that working capital changes have been erratic, swinging from a $23.9M inflow in 2025Q2 to a $15.0M outflow in 2025Q4, which suggests that the company's cash position is highly sensitive to the timing of milestone-based payments from government and commercial contracts.
This volatility implies that the company's cash flow is not yet driven by a steady-state operational cycle but rather by the lumpy nature of aerospace contracting. Investors should monitor these fluctuations closely, as they may obscure the underlying health of the company's core launch services business.
As disclosed in recent filings, Firefly utilized $277.4M for acquisitions in 2025Q4, a significant deployment of capital that contrasts sharply with its ongoing operational cash burn and suggests a strategic focus on inorganic growth to bolster its space systems capabilities.
While this acquisition strategy may provide long-term competitive advantages, it significantly reduces the company's cash runway. The decision to prioritize such investments while operating at a loss warrants further investigation into the expected return on these assets and their impact on future cash flow generation.
Quick answers to the most common questions about buying FLY stock.
Firefly Aerospace Inc. (FLY) generated $-204.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Firefly Aerospace Inc. (FLY) reported negative free cash flow of $237.8M in 2025, indicating capital requirements exceeded cash from operations.
Firefly Aerospace Inc. (FLY) spent $32.8M 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, Firefly Aerospace Inc. (FLY) returned $5.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.