Free cash flow was negative $87.0M in Q2 2026, following a $68.2M burn in Q1, with working capital consuming over $40M in cash each quarter, demonstrating persistent cash conversion challenges.
Genius Sports Limited (GENI) 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 | -27.56M | 86.39M | 81.86M | 14.88M | -3.46M | -63.31M | 17.07M | 2.49M | 8.65M |
| Operating CF Margin % | - | 12.9% | 16.02% | 3.6% | -1.01% | -24.1% | 11.4% | 2.17% | 9.87% |
| Operating CF Growth % | -7153.15% | 5.54% | 450.29% | 530.56% | 94.54% | -470.81% | 585.11% | -71.18% | - |
| Net Income | -181.64M | -111.58M | -63.04M | -85.53M | -181.64M | -592.75M | -30.35M | -40.21M | -25.29M |
| Depreciation & Amortization | 93.11M | 70.52M | 72.57M | 77.31M | 68.53M | 59.35M | 35.04M | 27.97M | 17.3M |
| Stock-Based Compensation | 46.57M | 148.54M | 54.48M | 35.32M | 89.84M | 489.47M | 0 | 0 | 0 |
| Deferred Taxes | -8.36M | -7.07M | -2.72M | -444K | -113K | -13.41M | 1.3M | -5.48M | 0 |
| Other Non-Cash Items | 42.82M | -29.52M | 9.87M | 13.32M | 1.14M | 35.77M | 8.04M | 8.7M | 11.7M |
| Working Capital Changes | -20.06M | 15.5M | 10.71M | -25.09M | 18.79M | -41.74M | 3.04M | 11.5M | 4.93M |
| Change in Receivables | -34.64M | -71.02M | -7.69M | -30.88M | -10.7M | -37.68M | -9.54M | -9.28M | -270K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 35.35M | 75.58M | -20.72M | 22.07M | 15.74M | 9.58M | -3.38M | 7.14M | 0 |
| Cash from Investing | -678.93M | -92.91M | -62.69M | -47.57M | -54.82M | -132.32M | -22.66M | -24.62M | -17.98M |
| Capital Expenditures | -53.98M | -80.89M | -11.39M | -3.57M | -5.97M | -6.42M | -1.46M | -3.22M | -1.63M |
| CapEx % of Revenue | 6.83% | 12.08% | 2.23% | 0.86% | 1.75% | 2.44% | 0.98% | 2.81% | 1.86% |
| Acquisitions | -593.57M | -14.8M | 0 | 0 | -20K | -103.87M | -3.93M | -470K | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -31.78M | 0 | -51.29M | -44M | -48.68M | -22.03M | -17.26M | -20.94M | -16.35M |
| Cash from Financing | 642.95M | 143.98M | -7.6M | -596K | -21K | 410.36M | 10.1M | 6.93M | 3.35M |
| Debt Issued (Net) | 687.29M | -21K | -7.6M | -7.41M | -21K | -96.96M | 10M | 1.37M | 4.71M |
| Equity Issued (Net) | 0 | 144M | 0 | 0 | 0 | 571.58M | 0 | 6.16M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -313.16M | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -44.34M | 0 | 0 | 6.81M | 0 | 248.91M | 93K | -600K | -1.35M |
| Net Change in Cash | -66.48M | 145.32M | 9.45M | -33.23M | -63.36M | 210.6M | 3.55M | -15.61M | -6.3M |
| Free Cash Flow | -66.44M | 64.54M | 17.61M | -34.27M | -51.01M | -96.67M | -1.7M | -21.76M | 7.02M |
| FCF Margin % | -8.41% | 9.64% | 3.45% | -8.3% | -14.96% | -36.79% | -1.14% | -18.98% | 8.01% |
| FCF Growth % | -229.18% | 266.62% | 151.38% | 32.82% | 47.24% | -5586.47% | 92.19% | -410.15% | - |
| FCF per Share | -0.24 | 0.25 | 0.08 | -0.15 | -0.26 | -0.64 | -0.01 | -0.12 | 0.03 |
| FCF Conversion (FCF/Net Income) | 0.37x | -0.77x | -1.30x | -0.17x | 0.02x | 0.11x | -0.56x | -0.06x | -0.34x |
| Interest Paid | 2.34M | 3.97M | 1.22M | 8K | 798K | 887K | 1.04M | 400K | 0 |
| Taxes Paid | 4.89M | 4.61M | 2.48M | 4.49M | 2.05M | 3.54M | 891K | 876K | 0 |
Quick answers to the most common questions about buying GENI stock.
Genius Sports Limited (GENI) generated $86.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Genius Sports Limited (GENI) generated $64.5M 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.
Genius Sports Limited (GENI) spent $80.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Massive acquisition drains liquidity
Earnings-to-Cash Conversion Persistently Weak
Operating cash flow consistently fails to cover net losses, with an OCF/NI ratio often below 1.0, suggesting that reported losses are being exacerbated by ongoing cash burn and working capital drains.
The OCF/NI ratio has been below 1.0 in 7 of the last 10 quarters, indicating that the company's cash generation is even weaker than its net income implies. The massive working capital outflows in recent quarters, such as the -$52.3M in Q1 2026 and -$42.4M in Q2 2026, are a primary driver of this disconnect, suggesting customers may be paying more slowly or inventory is building ahead of major events. This pattern signals that the core business is not yet generating positive cash from operations on a consistent basis.
FCF Volatility Driven by Event-Driven Cycles
Genius Sports exhibits extreme free cash flow volatility, swinging from robust positive FCF in event quarters (e.g., $69.9M in Q4 2024) to deep negatives in others, with the last two quarters showing combined FCF burn of over $155M.
The FCF margin profile is highly erratic, ranging from a positive 39.8% in Q4 2024 to a deeply negative -44.5% in Q2 2026. This volatility is not indicative of a steady-state business but rather one tied to cyclical sporting events, where cash inflows are lumpy. The recent consecutive quarters of severe negative FCF (-$68.2M and -$87.0M) represent a significant deterioration in the company's cash burn rate, raising questions about the path to self-funding without external capital.
Working Capital Drains Accelerate with Scale
Working capital has become a massive consumer of cash, with outflows exceeding $40M in each of the last two quarters, a stark reversal from the $68.8M inflow in Q4 2025.
The dramatic swing from a +$68.8M working capital inflow in Q4 2025 to consecutive outflows of over $40M suggests the company is now funding a larger operational base, possibly through extending terms to customers or holding more inventory for events like the 2026 World Cup. This rapid change in working capital dynamics is consuming cash that would otherwise be available for debt service or investment, and warrants close monitoring for potential inventory obsolescence or collection risks.
Transformative Acquisition Dominates Capital Use
The company's capital deployment shifted dramatically in Q2 2026 with a $578.8M net acquisition, consuming all prior cash reserves and fundamentally altering its liquidity profile.
Prior to Q2 2026, capital deployment was minimal, with zero dividends or buybacks. The massive acquisition in Q2 2026 appears to be a strategic pivot to gain scale or capabilities, but it has immediately consumed the company's cash balances and likely necessitated significant debt or equity issuance. The success of this deployment is now the single most critical factor for the company's financial future, as it must generate sufficient returns to justify the enormous cash outlay.
Cash Flow Obscures True Cost of Growth
Stock-based compensation, which reached $84.8M in Q2 2025, represents a recurring non-cash charge that flatters operating cash flow and masks the true cash cost of maintaining and growing the business.
While SBC is added back to calculate operating cash flow, it represents a real economic cost to shareholders through dilution. The scale of SBC (e.g., $84.8M in a single quarter) indicates that Genius Sports relies heavily on equity to compensate employees, which may not be sustainable long-term. Additionally, the heavy use of acquisitions (like the $578.8M outflow) can obscure whether growth is organic and profitable or simply bought with cash or stock.