Free cash flow remains highly volatile, evidenced by a sharp swing from a 23.2% margin in 2025Q3 to a negative 7.3% margin in 2026Q1.
| Cash from Operations | 159.49M | 190.66M | 158.08M | 133.45M | 49.66M | 8.56M | 33.28M | 1.16M |
| Operating CF Margin % | - | 14.78% | 13.62% | 18.96% | 10.13% | 2.07% | 12.08% | 0.95% |
| Operating CF Growth % | -192.63% | 20.61% | 18.45% | 168.75% | 480.36% | -74.29% | 2776.75% | - |
| Net Income | 148.35M | 137.37M | 125.81M | 94.11M | 23.97M | 29.26M | 37.45M | 2.86M |
| Depreciation & Amortization | 8.51M | 8.33M | 8.52M | 2.87M | 1.39M | 775K | 227K | 128K |
| Stock-Based Compensation | 4.07M | 4.95M | 16.82M | 2.5M | 9.2M | 9.68M | 0 | 0 |
| Deferred Taxes | -3.01M | -3.01M | 0 | 398K | 183K | 131K | 618K | -221K |
| Other Non-Cash Items | 8.93M | 5.34M | 29.28M | 5.68M | 8.93M | 3.58M | -920K | 365K |
| Working Capital Changes | -7.36M | 37.67M | -22.36M | 27.89M | 5.99M | -34.87M | -4.1M | -1.97M |
| Change in Receivables | -6.99M | -5.76M | -234K | -5.06M | -9.16M | 5.9M | -10.12M | -6.65M |
| Change in Inventory | -24.3M | -11.52M | -46.88M | -16.51M | 2.79M | -47.15M | -13.86M | -6.87M |
| Change in Payables | 21.49M | 52.91M | 38.19M | 26.02M | 6.62M | 6.31M | 4.14M | 9.28M |
| Cash from Investing | -24.52M | -5.09M | -55.42M | -90.55M | -709K | -1.82M | -647K | -944K |
| Capital Expenditures | -9.95M | -7.87M | -15.54M | -4.38M | -709K | -1.82M | -654K | -944K |
| CapEx % of Revenue | 0.72% | 0.61% | 1.34% | 0.62% | 0.14% | 0.44% | 0.24% | 0.77% |
| Acquisitions | -13.33M | 0 | 2.1M | -86.63M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -821K | -809K | 0 | 462K | 0 | 0 | 7K | 0 |
| Cash from Financing | -57.43M | -67.78M | -24.97M | -4M | 31.89M | -2.96M | 23.27M | 89K |
| Debt Issued (Net) | -114K | -377K | -1.73M | -2.41M | -3.94M | -2.96M | 707K | 89K |
| Equity Issued (Net) | 10.47M | -67.4M | -23.24M | -1.59M | 34.24M | 0 | 25M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 10.47M | -67.4M | -23.24M | -1.59M | 0 | 0 | 0 | 0 |
| Other Financing | -67.78M | 0 | 0 | 0 | 1.58M | 0 | -2.44M | 0 |
| Net Change in Cash | 78.63M | 120.1M | 76.28M | 39.09M | 81.21M | 1.67M | 56.64M | 441K |
| Free Cash Flow | 149.55M | 182.79M | 142.54M | 129.07M | 48.95M | 6.73M | 32.63M | 213K |
| FCF Margin % | 10.86% | 14.17% | 12.28% | 18.34% | 9.99% | 1.63% | 11.84% | 0.17% |
| FCF Growth % | 8.16% | 28.23% | 10.44% | 163.7% | 627.19% | -79.37% | 15219.25% | - |
| FCF per Share | 4.07 | 4.78 | 3.46 | 3.15 | 1.22 | 0.17 | 3.44 | 0.02 |
| FCF Conversion (FCF/Net Income) | 1.01x | 1.39x | 1.26x | 1.42x | 2.07x | 0.29x | 0.89x | 0.40x |
| Interest Paid | -23K | 0 | 256K | 1.24M | 568K | 309K | 46K | 0 |
| Taxes Paid | -552K | 0 | 26.3M | 9.51M | 8.54M | 7.02M | 1.66M | 179K |
Working capital volatility
As reported in financial statements, GCT's operating cash flow to net income ratio has fluctuated wildly, reaching a low of -0.57 in 2026Q1, which suggests that reported accounting profits are frequently decoupled from the actual cash generation capabilities of the underlying logistics-heavy business model.
The significant divergence between net income and operating cash flow indicates that earnings are heavily influenced by non-cash accruals and timing differences in working capital. Investors should monitor whether this disconnect reflects temporary inventory build-ups or a more structural difficulty in converting marketplace service revenue into realized cash.
Based on GCT's reported figures, free cash flow margins have exhibited extreme variance, swinging from a peak of 23.2% in 2025Q3 to a negative 7.3% in 2026Q1, highlighting the inherent difficulty in maintaining consistent cash generation within a capital-intensive, cross-border logistics framework.
This erratic trajectory suggests that the company's cash flow is highly sensitive to the timing of inventory procurement and shipping cycles. The inability to sustain positive free cash flow in recent periods warrants further investigation into whether the current business model requires perpetual reinvestment to maintain its competitive position.
According to recent SEC filings, GCT experienced a substantial $65.1M outflow in working capital during 2026Q1, a sharp reversal from the $24.0M inflow seen in 2025Q4, which underscores the significant cash impact of managing large-parcel inventory levels in a fluctuating demand environment.
The volatility in working capital changes suggests that the company's cash position is highly vulnerable to inventory accumulation strategies. If these outflows continue, it may indicate that the company is struggling to align its procurement of bulky goods with actual marketplace sell-through rates.
As indicated by the company's financial disclosures, GCT has increasingly utilized cash for share repurchases, including a $57.4M outlay in 2025Q4, even as operating cash flow remains inconsistent, which may suggest a management preference for supporting equity value over retaining liquidity for potential operational contingencies.
The decision to prioritize buybacks during periods of cash flow volatility appears aggressive and may limit the company's flexibility if trade-related headwinds or logistics costs escalate. Investors should monitor whether this capital allocation strategy is sustainable given the capital-intensive nature of the firm's physical infrastructure requirements.
Quick answers to the most common questions about buying GCT stock.
GigaCloud Technology Inc. (GCT) generated $190.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
GigaCloud Technology Inc. (GCT) generated $182.8M 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.
GigaCloud Technology Inc. (GCT) spent $7.9M 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, GigaCloud Technology Inc. (GCT) spent $67.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.