Operational cash flow has turned negative, with a $36.6M outflow in 2026Q1 and a free cash flow margin of -38.0%, highlighting an inability to self-fund operations.
| 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 |
|---|
| Cash from Operations | -101K | -20.67M | -125.14M | -32.86M | 5.75M | 229.15M | 93.78M | -24.44M | -39.98M | -36.85M | -107.75M | 157.61M | 96.92M | 102.48M | 8.37M |
| Operating CF Margin % | - | -3.17% | -15.61% | -3.27% | 0.53% | 19.74% | 10.51% | -2.05% | -3.48% | -3.12% | -9.09% | 9.73% | 6.95% | 10.4% | 1.59% |
| Operating CF Growth % | 2186.72% | 83.48% | -280.8% | -671.83% | -97.49% | 144.35% | 483.66% | 38.86% | -8.49% | 65.8% | -168.37% | 62.62% | -5.42% | 1124.92% | - |
| Net Income | -127.6M | -93.49M | -432.31M | -53.18M | 28.85M | 371.17M | -66.78M | -14.64M | -109.03M | -182.87M | -419M | 36.13M | 128.09M | 60.58M | 32.26M |
| Depreciation & Amortization | 7.14M | 7.07M | 6.49M | 6.16M | 8.57M | 10.96M | 19.07M | 33.26M | 35.06M | 41.48M | 41.64M | 28.98M | 17.95M | 12.03M | 3.98M |
| Stock-Based Compensation | 9.51M | 19.54M | 29.13M | 41.48M | 38.99M | 38.65M | 29.96M | 37.19M | 40.89M | 51.26M | 69.53M | 80.68M | 71.4M | 10.89M | 9.16M |
| Deferred Taxes | 573K | 0 | 296.77M | -17.89M | 2.71M | -273.54M | -50K | -32K | -389K | -2.53M | 38.57M | -11.47M | -16.92M | -8.13M | -2.12M |
| Other Non-Cash Items | 71.15M | 23.68M | 4.79M | -2.6M | 6.75M | 20.59M | 41.09M | 7.61M | 11.09M | 16.75M | 28.8M | -23.92M | -70.22M | 5.65M | -1.43M |
| Working Capital Changes | 39.12M | 22.53M | -30.01M | -6.83M | -80.12M | 61.32M | 70.49M | -87.82M | -17.6M | 39.06M | 132.72M | 47.21M | -33.37M | 21.46M | -33.47M |
| Change in Receivables | 21.02M | 0 | 5.29M | -14.48M | 37.83M | -8.14M | 93.08M | -71.27M | -16.46M | 52.28M | -18.82M | 38.31M | -62.29M | -43.12M | -53.51M |
| Change in Inventory | 18.44M | 0 | -14.45M | 20.86M | -40.72M | 11.51M | 46.32M | -27.78M | 34.09M | 16.64M | 21.04M | -35.01M | -45.11M | -55.66M | -43.72M |
| Change in Payables | -17.11M | 0 | -21.16M | -4.23M | -97.11M | 56.26M | -87.5M | 3.21M | -70.4M | -44.41M | 142.94M | 68.46M | 98.35M | 119.84M | 67.8M |
| Cash from Investing | -3.1M | -3.36M | 7.65M | 121.9M | -8.39M | -143.72M | 9.51M | 22.77M | -6.24M | -43.1M | 19.29M | -211.98M | -133.9M | -21.24M | -17.8M |
| Capital Expenditures | -3.1M | -3.36M | -4.04M | -1.52M | -3.45M | -5.54M | -4.88M | -8.35M | -11M | -24.06M | -43.63M | -51.24M | -27.5M | -18.32M | -17.8M |
| CapEx % of Revenue | 0.5% | 0.52% | 0.5% | 0.15% | 0.32% | 0.48% | 0.55% | 0.7% | 0.96% | 2.04% | 3.68% | 3.16% | 1.97% | 1.86% | 3.38% |
| Acquisitions | 0 | 0 | -12.31M | 0 | 4.94M | 138.17M | 0 | -31.12M | 0 | 0 | -104.35M | -65.41M | -3.95M | -2.91M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | -4.94M | -138.17M | -438K | 31.12M | 5M | -19.04M | 167.27M | -95.33M | -795K | 0 | 0 |
| Cash from Financing | -26.18M | -30.11M | -929K | -90.38M | -173.27M | -9.89M | 71.98M | -1.04M | -3.93M | 88.59M | 1.96M | 15.66M | 255.5M | -16.32M | 16.82M |
| Debt Issued (Net) | -110.26M | -28.62M | 0 | -42.37M | -125M | 0 | 87.75M | 0 | 0 | 175M | 0 | 0 | -114M | -17.16M | 129.01M |
| Equity Issued (Net) | 1.64M | 2.71M | 2.15M | -40M | -34.86M | 7.49M | 5.43M | 5.57M | 5.17M | -90.12M | 9.66M | 1.16M | 300.1M | 527K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -117.36M |
| Share Repurchases | -659K | 0 | 0 | -40M | -39.62M | 0 | 0 | 0 | 0 | -78M | 0 | -35.61M | 0 | 0 | 0 |
| Other Financing | 82.44M | -4.2M | -3.08M | -8.01M | -13.41M | -17.38M | -21.21M | -6.62M | -6.65M | 3.71M | -7.71M | 14.5M | 69.4M | 323K | 5.17M |
| Net Change in Cash | -28.91M | -53.14M | -119.9M | -1.03M | -177.35M | 73.43M | 177.35M | -1.79M | -50.41M | 10.39M | -87.56M | -40.26M | 218.52M | 64.92M | 7.39M |
| Free Cash Flow | -3.2M | -24.03M | -129.18M | -34.38M | 2.3M | 223.61M | 88.9M | -32.79M | -50.99M | -60.91M | -151.38M | 106.37M | 69.42M | 84.15M | -9.43M |
| FCF Margin % | -0.52% | -3.69% | -16.12% | -3.42% | 0.21% | 19.26% | 9.97% | -2.74% | -4.44% | -5.16% | -12.77% | 6.57% | 4.98% | 8.54% | -1.79% |
| FCF Growth % | 96.38% | 81.4% | -275.71% | -1594.91% | -98.97% | 151.52% | 371.11% | 35.69% | 16.3% | 59.76% | -242.32% | 53.21% | -17.5% | 992.48% | - |
| FCF per Share | -0.02 | -0.15 | -0.84 | -0.22 | 0.01 | 1.37 | 0.60 | -0.23 | -0.37 | -0.44 | -1.09 | 0.73 | 0.56 | 0.64 | -0.07 |
| FCF Conversion (FCF/Net Income) | 0.03x | 0.22x | 0.29x | 0.62x | 0.20x | 0.62x | -1.40x | 1.67x | 0.37x | 0.20x | 0.26x | 4.36x | 0.76x | 1.69x | 0.26x |
| Interest Paid | 0 | 0 | 0 | 0 | 4.26M | 6.13M | 6.72M | 6.18M | 0 | 3.11M | 0 | 0 | 1.85M | 4.9M | 284K |
| Taxes Paid | 0 | 0 | 0 | 0 | 2.1M | 810K | 2.24M | 176K | 0 | 8.37M | 9.69M | 0 | 37.28M | 2.83M | 31.32M |
Liquidity and operational insolvency
As reported in recent financial filings, the persistent gap between net losses and operating cash flow, highlighted by the -$36.6M operating cash outflow in 2026Q1, suggests that the company's accounting earnings are failing to capture the full extent of its underlying cash-based operational deterioration.
The frequent divergence between net income and operating cash flow indicates that non-cash charges and working capital volatility are masking the severity of the core business burn. Investors should monitor whether the company can achieve positive cash conversion, as current trends suggest that accounting losses are increasingly becoming realized cash outflows.
Based on the provided quarterly data, the free cash flow margin has deteriorated significantly, reaching -38.0% in 2026Q1, which reflects a structural inability to generate self-sustaining cash flow amidst the ongoing contraction of the company's core hardware and subscription revenue streams.
The trajectory of free cash flow suggests that the business model is currently unable to cover its operating expenses and minimal capital requirements. This persistent negative margin warrants further investigation into how long the company can sustain operations without external financing or a drastic reduction in overhead.
According to historical cash flow statements, working capital changes have been highly erratic, swinging from a $87.3M inflow in 2024Q4 to a $13.3M inflow in 2026Q1, which suggests that the company is relying on aggressive inventory management to artificially stabilize its short-term cash position.
The reliance on working capital fluctuations to offset operating losses appears unsustainable and may indicate underlying issues with inventory sell-through. Analysts should interpret these swings as a sign of operational instability rather than a reliable source of liquidity for the business.
As disclosed in recent SEC filings, the company's cash flow statement obscures the impact of stock-based compensation and capitalized costs, which, when stripped away, reveal a more severe underlying cash burn than the headline operating cash flow figures might otherwise suggest to casual observers.
The consistent use of stock-based compensation as a non-cash add-back effectively dilutes shareholders while masking the true cost of talent retention in a declining revenue environment. This practice warrants further investigation into the company's actual cash-based cost structure and its long-term impact on equity value.
Quick answers to the most common questions about buying GPRO stock.
GoPro, Inc. (GPRO) generated $-20.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
GoPro, Inc. (GPRO) reported negative free cash flow of $24.0M in 2025, indicating capital requirements exceeded cash from operations.
GoPro, Inc. (GPRO) spent $3.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.