Free cash flow remains deeply negative, reaching a trough of -$1.4B in 2026Q1, as capital expenditures continue to consume a significant portion of revenue.
| Cash from Operations | -3.72B | -2.96B | -2.02B | -2.49B | -2.23B | -1.06B | -570.2M | -235.3M |
| Operating CF Margin % | - | -218.63% | -250.01% | -418.26% | -366.05% | -3902.97% | -14340.95% | -5126.34% |
| Operating CF Growth % | -381.06% | -46.54% | 18.88% | -11.84% | -110.39% | -85.57% | -142.33% | - |
| Net Income | -3.36B | -2.7B | -2.71B | -2.83B | -1.3B | -2.58B | -719.38M | -277.36M |
| Depreciation & Amortization | 381.76M | 486.71M | 295.34M | 233.53M | 186.58M | 62.91M | 10.22M | 3.84M |
| Stock-Based Compensation | 105.9M | 271.27M | 285.87M | 257.28M | 423.5M | 516.76M | 4.61M | 7.72M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 403.64M | 66.47M | 437.09M | 807.63M | -639.75M | 1.12B | 119.73M | 18.88M |
| Working Capital Changes | -1.02B | -1.09B | -324.04M | -959.77M | -892.13M | -182.53M | 14.63M | 11.61M |
| Change in Receivables | -42.64M | -65.69M | -61.28M | -32.51M | -16.5M | -2.89M | 148K | 984K |
| Change in Inventory | -1.82B | -1.45B | -334.24M | -658.01M | -1.26B | -175.09M | -359K | -188K |
| Change in Payables | 307.48M | 318.46M | 34.76M | -139.52M | 180.47M | 4.35M | -69.86M | 5.84M |
| Cash from Investing | 1.74B | 1.48B | -1.29B | -946.98M | -3.68B | -420.69M | -459.58M | -104.29M |
| Capital Expenditures | -798.84M | -868.16M | -883.84M | -910.64M | -1.07B | -421.22M | -459.58M | -104.29M |
| CapEx % of Revenue | 71.41% | 64.13% | 109.41% | 152.98% | 176.73% | 1553.69% | 11558.9% | 2272.11% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 22K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 616.08M | 2.05M | 0 | 92.67M | 97.59M | 0 | 0 | 0 |
| Cash from Financing | 887.2M | 915.16M | 3.55B | 3.07B | 1.35B | 7.14B | 1.29B | 621.43M |
| Debt Issued (Net) | 537.09M | 603.2M | 50.82M | 57.49M | -17.34M | 2.01B | -364K | 70.95M |
| Equity Issued (Net) | 324.46M | 324.87M | 3.49B | 3B | 1.33B | 579.28M | 1.29B | 550M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -218.79M | -20.72M | -12.1M | -50M |
| Other Financing | 25.65M | -12.91M | 4.83M | 16.56M | 31.7M | 4.54B | 3.29M | 483K |
| Net Change in Cash | -1.05B | -529.19M | 235.54M | -365.81M | -4.56B | 5.66B | 260.77M | 281.84M |
| Free Cash Flow | -4.68B | -3.83B | -2.9B | -3.4B | -3.3B | -1.48B | -1.03B | -339.59M |
| FCF Margin % | -418% | -282.75% | -359.42% | -571.24% | -542.78% | -5456.65% | -25899.85% | -7398.45% |
| FCF Growth % | -68.31% | -31.84% | 14.61% | -3.01% | -123.15% | -43.66% | -203.24% | - |
| FCF per Share | -1.42 | -12.21 | -11.87 | -16.33 | -19.50 | -19.98 | -414.80 | -136.79 |
| FCF Conversion (FCF/Net Income) | 1.39x | 1.10x | 0.74x | 0.88x | 1.71x | 0.41x | 0.79x | 0.85x |
| Interest Paid | 17.03M | 0 | 25.53M | 18.18M | 23.2M | 627K | 51K | 30K |
| Taxes Paid | 3.92M | 0 | 88K | 37K | 480K | 0 | 0 | 0 |
Liquidity and production scale
As reported in quarterly financial filings, Lucid's operating cash flow consistently trails net income, with the OCF/NI ratio reaching 1.15 in 2026Q1, indicating that the company's cash burn is fundamentally decoupled from accounting losses and driven by persistent, non-cash intensive operational requirements.
The persistent gap between net income and operating cash flow suggests that accounting losses are being exacerbated by significant cash-based working capital requirements. Investors should monitor this divergence, as it implies that the company's path to profitability is hindered by structural cash outflows that are not captured by standard accrual-based net income metrics.
Based on the provided cash flow statements, Lucid's free cash flow remains deeply negative, hitting a trough of -$1.4B in 2026Q1, which underscores the company's inability to self-fund operations despite ongoing efforts to scale vehicle production and optimize its manufacturing footprint.
The trajectory of free cash flow indicates that the company is currently in a state of sustained capital consumption rather than value creation. This trend suggests that until the company can achieve a positive FCF margin, it will remain entirely dependent on external financing to maintain its current operational scale.
According to recent SEC filings, Lucid's capital expenditure remains elevated, with CapEx/Revenue ratios frequently exceeding 60% in recent quarters, reflecting the heavy investment required to build out manufacturing capacity and support the development of the Gravity SUV platform.
The high level of capital intensity suggests that the company is still in the heavy infrastructure phase of its lifecycle. This warrants further investigation into whether these expenditures are effectively translating into increased production capacity or if they represent a recurring burden that will continue to pressure liquidity.
As evidenced by the -$343.3M working capital change in 2025Q4, Lucid's cash flow is frequently hampered by inventory build-up and inefficient collection cycles, which suggests that the company is struggling to convert its production output into immediate cash inflows.
The negative working capital trends appear to indicate that the company is carrying significant inventory, which may signal a mismatch between production targets and actual market demand. This dynamic places additional strain on the company's limited cash reserves and complicates the management of its short-term liquidity position.
Based on reported financial statements, Lucid's capital deployment is almost exclusively directed toward funding operational deficits, with no evidence of dividends or share repurchases, highlighting a strategic focus on preserving liquidity to avoid insolvency in a high-burn environment.
The absence of shareholder-friendly capital allocation is consistent with a company in the early stages of its growth cycle that is prioritizing survival over returns. Investors should monitor how future capital infusions are utilized, as any shift toward non-core investments could signal a departure from the current focus on operational scale.
Quick answers to the most common questions about buying LCID stock.
Lucid Group, Inc. (LCID) generated $-2959.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Lucid Group, Inc. (LCID) reported negative free cash flow of $3.83B in 2025, indicating capital requirements exceeded cash from operations.
Lucid Group, Inc. (LCID) spent $868.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.