Free cash flow remains deeply negative with a -69.9% margin in 2026Q1, highlighting the persistent cash burn required to support a capital expenditure intensity of 20.7% of revenue.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Cash from Operations | -10.49M | -13.4M | -57.38M | -53.72M | -44.31M | -48.27M | -19.34M | -20.84M | -15.85M | -20.63M | -20.52M | -28.16M | -38.99M | -47.05M | -68.06M | -33.61M | -20.9M | -16.1M | -11.74M |
| Operating CF Margin % | - | -8.35% | -339.24% | -312.32% | -3771.15% | -9056.47% | -349.31% | -85.22% | -48.23% | -75.53% | -77.3% | -97.71% | -137.94% | -572.08% | -279.1% | -52.07% | -127.45% | -2439.24% | -5644.71% |
| Operating CF Growth % | 334.37% | 76.65% | -6.82% | -21.23% | 8.2% | -149.62% | 7.2% | -31.47% | 23.15% | -0.54% | 27.14% | 27.78% | 17.13% | 30.87% | -102.49% | -60.85% | -29.8% | -37.12% | - |
| Net Income | -33.8M | 0 | -78.64M | -66.22M | -98.01M | -59.2M | -40.19M | -28.66M | -27.98M | -24.63M | -37.23M | -36.19M | -41.15M | -66.81M | -60.71M | -48.21M | -40.11M | -19.89M | -14.54M |
| Depreciation & Amortization | 27.89M | 0 | 18.3M | 19.01M | 7.89M | 5.13M | 5.9M | 6.66M | 6.52M | 6.64M | 6.75M | 6.57M | 4.88M | 3.39M | 3.31M | 4.6M | 3.19M | 1.51M | 678K |
| Stock-Based Compensation | 7.17M | 0 | 14.73M | 17.09M | 17.42M | 9.87M | 2.13M | 1.35M | 571K | 421K | 886K | 2.65M | 2.86M | 3.91M | 7.98M | 6.83M | 10.51M | 945K | 207K |
| Deferred Taxes | 41.12M | 0 | 0 | 0 | 0 | 0 | 0 | -404K | 2.54M | -6.85M | -865K | -2.58M | -17.74M | -7.22M | -28.29M | 48.4M | 1.77M | 512K | 78K |
| Other Non-Cash Items | -90.15M | -48.16M | 2.5M | 806K | 28.85M | 9.61M | 11.97M | 1.39M | 1.71M | 6.23M | 10.46M | 2.39M | 15.02M | 15.31M | 13.55M | -47.29M | 762K | 235K | 1.1M |
| Working Capital Changes | 36.65M | 34.76M | -14.27M | -24.4M | -458K | -13.68M | 848K | -1.17M | 781K | -2.44M | -518K | -995K | -2.86M | 4.37M | -3.9M | 2.07M | 2.98M | 583K | 736K |
| Change in Receivables | 2M | -1.01M | 417K | -2.15M | 502K | -257K | 608K | -609K | 528K | 68K | 269K | 970K | -1M | -660K | 2.24M | -108K | -732K | -99K | 33K |
| Change in Inventory | -5.85M | -4.06M | -706K | 670K | -2M | -259K | 945K | -35K | 1.2M | -904K | 29K | 805K | -711K | 2.15M | -2.85M | -49K | -195K | -128K | 247K |
| Change in Payables | -5.41M | 5.28M | 0 | 0 | 3.63M | -271K | -1.49M | 1.29M | -313K | -1.74M | -697K | -2.77M | -1.58M | 2.58M | -3.34M | 2.6M | 3.59M | 806K | 309K |
| Cash from Investing | -31.4M | -221.57M | -51.82M | 114.13M | 85.09M | -411.36M | -5.91M | -7.46M | -2.23M | -1.91M | -5.94M | -1.32M | -7.5M | -7.67M | -53.04M | -8.03M | -25.7M | -2.94M | -2.31M |
| Capital Expenditures | -24.15M | -30.11M | -51.09M | -54.45M | -84.08M | -56.77M | -5.91M | -5.99M | -2.23M | -1.91M | -5.94M | -1.46M | -4.89M | -7.8M | -52.43M | -8.02M | -806K | -2.98M | -2.36M |
| CapEx % of Revenue | 13.85% | 18.75% | 302.01% | 316.6% | 7155.49% | 10651.03% | 106.67% | 24.49% | 6.79% | 6.98% | 22.37% | 5.08% | 17.31% | 94.84% | 215.02% | 12.42% | 4.92% | 451.82% | 1134.62% |
| Acquisitions | -396.92M | -191.46M | -6.07M | 0 | 0 | 0 | 0 | -1.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -24.94M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 389.67M | 0 | 5.34M | 34K | -10K | -9.17M | 0 | 1.53M | 0 | 0 | 0 | 144K | -2.61M | 125K | -607K | -18K | 40K | 40K | 45K |
| Cash from Financing | -14.13M | 92.88M | -7.36M | -189K | 138.56M | 517.32M | 87.28M | 10.86M | 40.27M | 3.59M | 37.31M | 40.15M | 28.23M | 12.6M | 93.62M | 120.59M | 40.63M | 30.65M | 23.63M |
| Debt Issued (Net) | -9.05M | 93.54M | -1.04M | -189K | -162K | 68.83M | 503K | -292K | 0 | -9.79M | -504K | -318K | 16.08M | -14.53M | 36.74M | 7.8M | 12.25M | -508K | 9.88M |
| Equity Issued (Net) | 517K | 798K | -4.71M | 0 | 150M | 489.37M | 76.41M | 11.59M | 39.39M | 11.04M | 28.66M | 33.82M | 18M | 29.02M | 61.88M | 114.7M | 31.56M | 32.5M | 13.96M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -4.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.35M | -210K |
| Other Financing | -5.6M | -1.45M | -1.62M | 0 | -11.28M | -40.88M | 10.36M | -433K | 871K | 2.33M | 9.15M | 6.65M | -5.85M | -1.89M | -5M | -1.91M | -3.18M | -1.35M | -210K |
| Net Change in Cash | 12.13M | -80.94M | -116.56M | 60.22M | 179.34M | 57.7M | 62.04M | -17.43M | 22.18M | -16.34M | 10.86M | 10.67M | -18.27M | -42.12M | -27.48M | 78.95M | -5.97M | 11.61M | 9.57M |
| Free Cash Flow | -43.52M | -43.51M | -108.47M | -108.17M | -128.4M | -114.21M | -25.24M | -26.83M | -18.08M | -22.53M | -26.45M | -29.62M | -43.88M | -54.85M | -120.49M | -41.63M | -21.7M | -19.08M | -14.1M |
| FCF Margin % | -24.95% | -27.1% | -641.25% | -628.92% | -10927.49% | -21427.96% | -455.98% | -109.71% | -55.03% | -82.51% | -99.67% | -102.79% | -155.25% | -666.93% | -494.12% | -64.49% | -132.36% | -2891.06% | -6779.33% |
| FCF Growth % | 58.46% | 59.88% | -0.27% | 15.75% | -12.42% | -352.45% | 5.91% | -48.35% | 19.74% | 14.82% | 10.7% | 32.49% | 19.99% | 54.48% | -189.46% | -91.81% | -13.74% | -35.32% | - |
| FCF per Share | -0.18 | -0.19 | -0.47 | -0.45 | -0.58 | -0.58 | -0.44 | -2.20 | -3.71 | -27.65 | -137.52 | -844.90 | -3271.26 | -7302.36 | -22165.19 | -10902.57 | -5285.44 | -7167.92 | -7071.72 |
| FCF Conversion (FCF/Net Income) | 1.29x | 0.40x | 0.73x | 0.81x | 0.45x | 0.82x | 0.48x | 0.73x | 0.57x | 0.84x | 0.55x | 0.78x | 0.95x | 0.70x | 1.12x | 0.70x | 0.52x | 0.81x | 0.81x |
| Interest Paid | 5.1M | 0 | 1.62M | 1.03M | 522K | 214K | 1.33M | 1.39M | 1.95M | 2.55M | 3.69M | 4.64M | 4.21M | 4.46M | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital intensive project execution
According to the latest quarterly data, Gevo's operating cash flow consistently trails net income, with the 2026Q1 OCF/NI ratio of 0.97 highlighting a persistent inability to convert accounting profits into tangible liquidity, a trend that warrants caution given the company's ongoing reliance on external financing for operations.
The recurring gap between net income and operating cash flow suggests that the company's reported earnings are heavily impacted by non-cash items and accruals. Investors should monitor this divergence, as it indicates that the underlying business model is not yet generating the self-sustaining cash flows required to fund its ambitious industrial expansion.
As reported in financial statements, Gevo's free cash flow remains deeply negative, with a 2026Q1 FCF margin of -69.9%, underscoring the significant cash burn associated with the company's transition toward large-scale sustainable aviation fuel production and the associated infrastructure requirements for its Net-Zero initiatives.
The trajectory of free cash flow reflects a company in a heavy investment phase, where capital outflows consistently outpace operational inflows. This trend suggests that the firm remains highly dependent on capital markets to bridge the gap between its current cash burn and the eventual commercialization of its proprietary technology.
Based on reported figures, Gevo's capital expenditure intensity remains elevated, with CapEx/Revenue reaching 20.7% in 2026Q1, a clear indicator that the firm is prioritizing long-term asset development over near-term cash preservation in its pursuit of scaling the Net-Zero biorefinery platform.
The high level of capital intensity relative to revenue suggests that the company is aggressively deploying resources into fixed assets. This strategy appears to be a double-edged sword, as it builds the necessary capacity for future growth while simultaneously depleting the limited cash reserves available to the business.
Analysis of recent filings indicates that working capital fluctuations, such as the $4.9 million outflow in 2026Q1, contribute significantly to the firm's cash volatility, reflecting the inherent challenges of managing inventory and payables within a commodity-sensitive, high-growth industrial chemical business model.
The erratic nature of working capital changes suggests that the company's cash conversion cycle is highly sensitive to the timing of feedstock procurement and environmental credit realization. This volatility may indicate operational inefficiencies that could further strain the company's already thin liquidity position if not managed with greater precision.
Quick answers to the most common questions about buying GEVO stock.
Gevo, Inc. (GEVO) generated $-13.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Gevo, Inc. (GEVO) reported negative free cash flow of $43.5M in 2025, indicating capital requirements exceeded cash from operations.
Gevo, Inc. (GEVO) spent $30.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.