Free cash flow remains highly volatile, swinging from a $84.0M inflow in 2025Q4 to a $68.2M outflow in 2026Q1, largely driven by seasonal working capital fluctuations and capital expenditures representing 9.4% of revenue.
| Cash from Operations | 54.3M | 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 % | 663.75% | 5.54% | 450.29% | 530.56% | 94.54% | -470.81% | 585.11% | -71.18% | - |
| Net Income | -158.85M | -111.58M | -63.04M | -85.53M | -181.64M | -592.75M | -30.35M | -40.21M | -25.29M |
| Depreciation & Amortization | 76.12M | 71.94M | 72.57M | 77.31M | 68.53M | 59.35M | 35.04M | 27.97M | 17.3M |
| Stock-Based Compensation | 84.84M | 0 | 54.48M | 35.32M | 89.84M | 489.47M | 0 | 0 | 0 |
| Deferred Taxes | -7.35M | -7.07M | -2.72M | -444K | -113K | -13.41M | 1.3M | -5.48M | 0 |
| Other Non-Cash Items | 55.8M | 117.6M | 9.87M | 13.32M | 1.14M | 35.77M | 8.04M | 8.7M | 11.7M |
| Working Capital Changes | 3.74M | 15.5M | 10.71M | -25.09M | 18.79M | -41.74M | 3.04M | 11.5M | 4.93M |
| Change in Receivables | -48.52M | -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 | 21.29M | 75.58M | -20.72M | 22.07M | 15.74M | 9.58M | -3.38M | 7.14M | 0 |
| Cash from Investing | -95.63M | -92.91M | -62.69M | -47.57M | -54.82M | -132.32M | -22.66M | -24.62M | -17.98M |
| Capital Expenditures | -65.2M | -80.89M | -11.39M | -3.57M | -5.97M | -6.42M | -1.46M | -3.22M | -1.63M |
| CapEx % of Revenue | 9.14% | 12.08% | 2.23% | 0.86% | 1.75% | 2.44% | 0.98% | 2.81% | 1.86% |
| Acquisitions | -14.81M | -14.8M | 0 | 0 | -20K | -103.87M | -3.93M | -470K | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -15.62M | 0 | -51.29M | -44M | -48.68M | -22.03M | -17.26M | -20.94M | -16.35M |
| Cash from Financing | -16K | 143.98M | -7.6M | -596K | -21K | 410.36M | 10.1M | 6.93M | 3.35M |
| Debt Issued (Net) | -16K | -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 | 0 | 0 | 0 | 6.81M | 0 | 248.91M | 93K | -600K | -1.35M |
| Net Change in Cash | -38.22M | 145.32M | 9.45M | -33.23M | -63.36M | 210.6M | 3.55M | -15.61M | -6.3M |
| Free Cash Flow | 15.77M | 64.54M | 17.61M | -34.27M | -51.01M | -96.67M | -1.7M | -21.76M | 7.02M |
| FCF Margin % | 2.21% | 9.64% | 3.45% | -8.3% | -14.96% | -36.79% | -1.14% | -18.98% | 8.01% |
| FCF Growth % | 527.17% | 266.62% | 151.38% | 32.82% | 47.24% | -5586.47% | 92.19% | -410.15% | - |
| FCF per Share | 0.06 | 0.25 | 0.08 | -0.15 | -0.26 | -0.64 | -0.01 | -0.12 | 0.03 |
| FCF Conversion (FCF/Net Income) | -0.10x | -0.77x | -1.30x | -0.17x | 0.02x | 0.11x | -0.56x | -0.06x | -0.34x |
| Interest Paid | 3.32M | 3.97M | 1.22M | 8K | 798K | 887K | 1.04M | 400K | 0 |
| Taxes Paid | 3.69M | 4.61M | 2.48M | 4.49M | 2.05M | 3.54M | 891K | 876K | 0 |
Escalating Rights Cost Pressure
As reported in recent financial statements, the relationship between net income and operating cash flow remains highly erratic, with the 2026Q1 period showing a net loss of $55.5M alongside an operating cash outflow of $62.9M, highlighting the persistent difficulty in converting accounting losses into sustainable cash generation.
The significant divergence between net income and operating cash flow suggests that non-cash charges and working capital swings are masking the underlying cash burn. Investors should monitor whether the company can achieve a consistent positive conversion ratio as it scales its high-volume betting technology platform.
Based on quarterly filings, free cash flow trajectory remains inconsistent, swinging from a peak of $84.0M in 2025Q4 to a $68.2M outflow in 2026Q1, which underscores the company's heavy reliance on the global sports calendar to drive cash-generative periods versus heavy investment phases.
The sharp fluctuations in FCF margins suggest that the business model is not yet generating the predictable cash flow required to fund its own growth. This volatility may indicate that the company remains in a capital-intensive phase where cash generation is secondary to securing market share.
According to recent SEC filings, the company's capital expenditure reached $17.7M in 2026Q1, representing 9.4% of revenue, which reflects the ongoing necessity of investing in technology infrastructure to support the exclusive data rights that underpin the company's competitive moat against rivals like Sportradar.
While the current level of capital intensity appears manageable, the trend of rising CapEx relative to revenue warrants investigation into whether these investments are truly maintenance-focused or if they represent a recurring need to upgrade infrastructure for new league mandates. This spending pattern suggests that the company's competitive position requires constant, non-discretionary capital outlays.
As indicated by the latest quarterly data, working capital changes are a primary driver of cash flow volatility, with a $52.3M outflow in 2026Q1 following a $68.8M inflow in 2025Q4, suggesting that the timing of sportsbook payments and league obligations creates significant short-term liquidity pressure.
The dramatic swings in working capital suggest that the company's cash position is highly sensitive to the timing of large-scale contract settlements. Investors should monitor these cycles closely, as they appear to be the primary mechanism through which the company manages its immediate cash needs.
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.