Free cash flow has deteriorated from a positive $59.4 million in 2023Q4 to a negative $33.0 million in 2026Q1, driven by heavy capital intensity and significant working capital outflows.
| 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 |
|---|
| Cash from Operations | 84.78M | 124.49M | 41.42M | 78.97M | 103.41M | 65.49M | -132.69M | 64.06M | -82.31M | 60.26M | 64.99M | 104.86M | 28.97M | 17.79M | 30.05M | 9.93M | -42.29M | -88.56M |
| Operating CF Margin % | - | 13.67% | 9.31% | 19.86% | 25.59% | 19.51% | -49.19% | 20.73% | -9.21% | 8.62% | 10.89% | 20.93% | 7.09% | 5.42% | 12.87% | 6.2% | -44.68% | -240.37% |
| Operating CF Growth % | 133.27% | 200.55% | -47.55% | -23.63% | 57.9% | 149.35% | -307.13% | 177.83% | -236.6% | -7.28% | -38.02% | 261.92% | 62.86% | -40.8% | 202.61% | 123.48% | 52.24% | - |
| Net Income | 13.97M | 12.92M | 13.75M | 145.68M | 92.06M | 156.59M | -48.56M | -146M | -162.03M | -172M | -124.5M | -107.61M | -84.54M | -111.29M | -32.71M | 23.61M | -113.38M | -142.27M |
| Depreciation & Amortization | 61.27M | 60.28M | 18.97M | 16.7M | 12.58M | 15.48M | 14.17M | 118.82M | 133.62M | 145.49M | 105.64M | 87.04M | 64.45M | 55.51M | 36.91M | 32.67M | 30.99M | 21.9M |
| Stock-Based Compensation | 18.58M | 24.07M | 20.78M | 21.29M | 19.07M | 13.35M | 7.81M | 16.51M | 16.91M | 19.82M | 17.62M | 15.3M | 9.82M | 5.62M | 3.54M | 1.79M | 1.61M | 320K |
| Deferred Taxes | 12.11M | 9.96M | 3.25M | -49.17M | 13.17M | -187.32M | -232K | 178K | -3.82M | -2.28M | 839K | 827K | 828K | 821K | 803K | 936K | 3.21M | 152.85M |
| Other Non-Cash Items | 23.95M | 24.63M | 13.19M | 6.77M | 6.29M | 88.25M | -116.27M | 91.78M | 33.99M | 30.99M | 40.5M | 22.02M | 6.56M | 40.2M | -2.22M | -57.59M | 36.59M | -142.27M |
| Working Capital Changes | -45.1M | -7.37M | -28.5M | -62.3M | -39.76M | -20.86M | 10.39M | -17.23M | -100.98M | 38.23M | 24.89M | 87.29M | 31.85M | 26.93M | 23.73M | 8.5M | -1.32M | 20.91M |
| Change in Receivables | -16.79M | -19.18M | -4.17M | 8.05M | -17.48M | 1.93M | -8.12M | 29.9M | -17.06M | -43.8M | -4.26M | -21.56M | -23.04M | -1.01M | -3.29M | -6.26M | -9.27M | 411K |
| Change in Inventory | -8.17M | -1.08M | -16.22M | -13.69M | -15.52M | -5.86M | 7.09M | 29.09M | -50.76M | 4.72M | -29.33M | 976K | -8.27M | -1.5M | -3.03M | -3.27M | 1.07M | -1.82M |
| Change in Payables | 8.37M | 10.55M | -11.29M | 3.66M | -2.54M | 3.81M | 4.96M | -4.11M | -3.86M | 3.4M | -3.12M | -4.31M | 8.34M | 2.28M | 2.56M | 1.43M | -5.91M | 3.36M |
| Cash from Investing | -49.43M | -39.92M | -337.2M | 29.86M | -70.42M | -24.09M | 348.4M | -73.71M | 41.81M | -156.88M | -295.56M | -153.26M | -152.03M | -135.05M | -78.85M | -41.38M | -37.67M | -74.69M |
| Capital Expenditures | -52.34M | -59.38M | -337.2M | -16.27M | -49.91M | -24.09M | 348.4M | -115.48M | -131.66M | -280.23M | -295.56M | -153.15M | -149.56M | -121.37M | -79.46M | -43.08M | -39.82M | -77.3M |
| CapEx % of Revenue | 5.77% | 6.52% | 75.83% | 4.09% | 12.35% | 7.18% | 129.17% | 37.37% | 14.73% | 40.09% | 49.54% | 30.58% | 36.61% | 36.99% | 34.03% | 26.9% | 42.07% | 209.8% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -245K | 20.52M | -9.16M | 19.98M | -1.71M | -6.8M | 350.22M | 2.45M | -23.03M | 25.52M | 28.81M | -117K | -2.47M | -4.34M | 603K | 1.7M | 2.15M | 2.61M |
| Cash from Financing | -2.39M | -1.35M | 198.69M | -120.43M | -28.39M | -331.04M | 44.42M | -3.54M | 27.31M | 174.94M | 201.05M | 203.22M | 68M | 271.06M | 118.78M | 55.15M | 30.4M | 207.62M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 390K | 0 | -33.19M | -4.82M | -18.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 55.39M | 28.5M | 36.32M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -33.19M | -4.82M | -18.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -224K | 1.19M | -7.03M | -8.23M | -2.58M | -25.5M | -4.28M | -23.36M | -10M | -3.86M | -11.2M | -147.97M | 1.56M | 164.38M | -13.88M | -711K | -57K | 0 |
| Net Change in Cash | 33.19M | 83.39M | -97.06M | -11.51M | 4.61M | -289.6M | 258.19M | -13.44M | -12.61M | 79.05M | -30.04M | 155.6M | -55.11M | 153.77M | 69.98M | 23.71M | -49.57M | 44.38M |
| Free Cash Flow | -2.25M | 65.11M | -295.78M | 54.88M | 53.49M | 41.4M | 215.72M | -51.42M | -213.97M | -219.97M | -230.57M | -48.29M | -120.59M | -103.58M | -49.4M | -33.15M | -82.12M | -165.85M |
| FCF Margin % | -0.25% | 7.15% | -66.51% | 13.8% | 13.24% | 12.33% | 79.98% | -16.64% | -23.94% | -31.47% | -38.65% | -9.64% | -29.52% | -31.57% | -21.16% | -20.7% | -86.75% | -450.17% |
| FCF Growth % | 99.27% | 122.01% | -638.94% | 2.6% | 29.22% | -80.81% | 519.54% | 75.97% | 2.73% | 4.6% | -377.45% | 59.95% | -16.42% | -109.66% | -49.05% | 59.63% | 50.49% | - |
| FCF per Share | -0.02 | 0.48 | -2.25 | 0.41 | 0.40 | 0.33 | 2.62 | -0.64 | -2.67 | -2.77 | -2.92 | -0.61 | -1.42 | -1.22 | -0.58 | -0.39 | -0.97 | -1.95 |
| FCF Conversion (FCF/Net Income) | -0.16x | 9.63x | 3.01x | 0.54x | 1.12x | 0.43x | 0.53x | -0.44x | 0.51x | -0.35x | -0.52x | -0.97x | -0.34x | -0.16x | -0.92x | 0.42x | 0.37x | 0.62x |
| Interest Paid | 56.88M | 0 | 56.15M | 68.14M | 41.21M | 71.11M | 106.05M | 140.83M | 101.49M | 86.36M | 27.54M | 38.68M | 29.74M | 24.75M | 8.35M | 244K | 0 | 0 |
| Taxes Paid | 3.24M | 0 | 3.1M | 1M | 377K | 376K | 401K | 490K | 401K | 103K | 305K | 446K | 414K | 261K | 208K | 74K | 0 | 0 |
High leverage and 5G execution
As reported in financial statements, Gogo's operating cash flow to net income ratio has exhibited extreme volatility, swinging from a 29.74x multiple in 2024Q2 to a negative 0.55x in 2026Q1, suggesting that reported earnings are frequently decoupled from the company's actual ability to generate cash.
The wide variance between net income and operating cash flow indicates that non-cash items and working capital fluctuations are significantly distorting the bottom line. Investors should monitor whether this disconnect is a temporary byproduct of the 5G transition or a structural issue regarding the quality of recurring service revenue.
Based on Gogo's reported figures, free cash flow has deteriorated sharply, moving from a positive $59.4 million in 2023Q4 to a negative $33.0 million by 2026Q1, reflecting a trend where capital intensity is increasingly outpacing the company's ability to generate internal liquidity.
The shift into negative free cash flow territory suggests that the company's current investment cycle is consuming more capital than the core business can support. This trajectory warrants further investigation into whether the current level of spending is sustainable without additional external financing.
According to recent SEC filings, Gogo's capital expenditure as a percentage of revenue has fluctuated significantly, reaching a high of 34.0% in 2023Q4, which highlights the heavy burden of maintaining the proprietary ATG network while simultaneously funding next-generation 5G infrastructure upgrades.
The high capital intensity appears to be a direct consequence of the company's need to defend its competitive moat through continuous hardware and network investment. If these expenditures do not yield a commensurate increase in ARPU, the company may face long-term margin pressure.
As indicated by the provided data, working capital changes have frequently acted as a significant drain on cash, including a $46.3 million outflow in 2026Q1, which suggests that the company is struggling to efficiently manage its cash conversion cycle amidst ongoing operational shifts.
These recurring negative working capital adjustments may indicate difficulties in managing inventory levels or collecting receivables in a timely manner. Investors should monitor these trends as they directly impact the company's ability to service its substantial debt obligations.
Based on reported figures, Gogo's capital deployment has been heavily influenced by significant acquisition activity, notably the $332.7 million outflow in 2024Q4, which has likely contributed to the company's current strained balance sheet and limited flexibility for shareholder returns or debt reduction.
The prioritization of inorganic growth through acquisitions appears to have come at the expense of balance sheet health. Given the high leverage, management's ability to allocate capital effectively is constrained by the need to prioritize interest payments and network maintenance over other strategic initiatives.
Quick answers to the most common questions about buying GOGO stock.
Gogo Inc. (GOGO) generated $124.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Gogo Inc. (GOGO) generated $65.1M 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.
Gogo Inc. (GOGO) spent $59.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.