Free cash flow burn accelerated sharply to -$2.9B in 2026Q2, with operating cash outflow of $2.4B exceeding net loss by 1.91 times, and working capital changes consuming $1.2B.
Lucid Group, Inc. (LCID) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | -5.28B | -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 % | -497.93% | -46.54% | 18.88% | -11.84% | -110.39% | -85.57% | -142.33% | - |
| Net Income | -4.08B | -2.7B | -2.71B | -2.83B | -1.3B | -2.58B | -719.38M | -277.36M |
| Depreciation & Amortization | 509.31M | 486.71M | 295.34M | 233.53M | 186.58M | 62.91M | 10.22M | 3.84M |
| Stock-Based Compensation | 213.54M | 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 | 1.47B | 66.47M | 437.09M | 807.63M | -639.75M | 1.12B | 119.73M | 18.88M |
| Working Capital Changes | -2.36B | -1.09B | -324.04M | -959.77M | -892.13M | -182.53M | 14.63M | 11.61M |
| Change in Receivables | -55.86M | -65.69M | -61.28M | -32.51M | -16.5M | -2.89M | 148K | 984K |
| Change in Inventory | -2.28B | -1.45B | -334.24M | -658.01M | -1.26B | -175.09M | -359K | -188K |
| Change in Payables | 110.22M | 318.46M | 34.76M | -139.52M | 180.47M | 4.35M | -69.86M | 5.84M |
| Cash from Investing | 1.64B | 1.48B | -1.29B | -946.98M | -3.68B | -420.69M | -459.58M | -104.29M |
| Capital Expenditures | -1.12B | -868.16M | -883.84M | -910.64M | -1.07B | -421.22M | -459.58M | -104.29M |
| CapEx % of Revenue | 72.6% | 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 | 559.05M | 2.05M | 0 | 92.67M | 97.59M | 0 | 0 | 0 |
| Cash from Financing | 2.37B | 915.16M | 3.55B | 3.07B | 1.35B | 7.14B | 1.29B | 621.43M |
| Debt Issued (Net) | 1.02B | 603.2M | 50.82M | 57.49M | -17.34M | 2.01B | -364K | 70.95M |
| Equity Issued (Net) | 1.36B | 324.87M | 3.49B | 3B | 1.33B | 757.69M | 1.29B | 550M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -218.79M | -23.72M | -12.1M | -50M |
| Other Financing | -1.78M | -12.91M | 4.83M | 16.56M | 31.7M | 4.37B | 3.29M | 483K |
| Net Change in Cash | -1.22B | -529.19M | 235.54M | -365.81M | -4.56B | 5.66B | 260.77M | 281.84M |
| Free Cash Flow | -6.56B | -3.83B | -2.9B | -3.4B | -3.3B | -1.48B | -1.03B | -339.59M |
| FCF Margin % | -424.07% | -282.75% | -359.42% | -571.24% | -542.78% | -5456.65% | -25899.85% | -7398.45% |
| FCF Growth % | -113.89% | -31.84% | 14.61% | -3.01% | -123.15% | -43.66% | -203.24% | - |
| FCF per Share | -17.17 | -12.28 | -11.87 | -16.33 | -19.50 | -19.98 | -414.80 | -136.79 |
| FCF Conversion (FCF/Net Income) | 1.61x | 1.10x | 0.74x | 0.88x | 1.71x | 0.41x | 0.79x | 0.85x |
| Interest Paid | 11.55M | 0 | 25.53M | 18.18M | 23.2M | 627K | 51K | 30K |
| Taxes Paid | 1.42M | 0 | 88K | 37K | 480K | 0 | 0 | 0 |
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.
Key Metrics
Top Statement Risk
Cash burn and dilution
Metrics are mathematically derived from official filings.
Cash Conversion Worsens as Losses Deepen
In 2026Q2, Lucid's operating cash outflow of $2.4B was 1.91 times its net loss, per the cash flow statement, indicating a deteriorating cash conversion as working capital absorbs liquidity.
The OCF/NI ratio has been volatile, but the latest quarter shows a significant divergence where operating cash burn far exceeds the net loss, driven by a $1.2B working capital outflow. This suggests that as production scales, inventory and receivables are consuming cash faster than losses are recognized, a trend that may indicate inefficiencies in managing the supply chain. Investors should monitor whether this is a temporary build-up for the Gravity launch or a structural issue.
Free Cash Flow Burn Accelerates Sharply
Free cash flow deteriorated to -$2.9B in 2026Q2, a 3.5x increase from the prior quarter, as reported in the cash flow statement, with FCF margin at -7.2% of revenue.
The FCF trajectory is alarming: the quarterly burn has more than doubled from $1.3B in 2025Q4 to $2.9B in 2026Q2, despite revenue growth. This indicates that the company is investing heavily in capacity and working capital ahead of the Gravity SUV ramp, but the cash outflow is outpacing any operating leverage gains. The negative FCF margin, though improving from -4.1% in 2024Q1, remains deeply negative, suggesting that the company is still far from self-funding.
Capital Expenditures Surge to Support Expansion
CapEx jumped to $507M in 2026Q2, representing 125.1% of revenue, per the cash flow statement, signaling a heavy investment phase that may strain liquidity.
The capital intensity is extreme, with CapEx/Revenue exceeding 100% in several quarters, including 2026Q2 and 2024Q4. This suggests that Lucid is investing heavily in manufacturing capacity and tooling for the Gravity SUV, but the return on this investment is uncertain given the current negative gross margins. The elevated CapEx, combined with operating losses, is a primary driver of the escalating cash burn, and investors should assess whether these investments will eventually yield scale benefits.
Working Capital Drains Cash as Inventory Builds
Working capital changes consumed $1.2B in 2026Q2, the largest quarterly outflow in the data, per the cash flow statement, suggesting a significant inventory build-up.
The working capital outflow has been consistently negative, but the magnitude in 2026Q2 is unprecedented, likely reflecting a strategic build of inventory for the Gravity launch or a mismatch between production and deliveries. This is a critical signal: if inventory is not converted to sales quickly, the cash burn will persist. The trend may also indicate that the company is extending payment terms to suppliers, but the data does not clarify the composition, warranting further investigation.
No Capital Returns, All Cash Goes to Operations
Lucid paid no dividends and made no buybacks in the last ten quarters, per the cash flow statement, with all cash directed to funding operations and capex.
The absence of capital returns is expected for a pre-profit company, but it underscores the reliance on external funding. The only deployment is into the business itself, which is consuming cash at an accelerating rate. Given the limited cash balance of $997M, the company will likely need to raise additional capital, potentially dilutive, as the burn rate exceeds available liquidity.
Cumulative Losses Exceed Operating Cash Outflows
Over the last ten quarters, cumulative net losses of $7.7B were less than cumulative operating cash outflows of $8.8B, per the cash flow statement, indicating a persistent cash conversion gap.
The cumulative gap between net income and operating cash flow is negative, meaning that cash burn is worse than accounting losses. This is driven by working capital outflows and non-cash items like SBC and D&A, but the net effect is that the company is consuming more cash than its income statement suggests. This divergence highlights the severity of the liquidity challenge and the need for external capital.
Cash Flow Statement Obscures True Burn Rate
Stock-based compensation of $107.6M in 2026Q2, per the cash flow statement, is a non-cash expense that masks the true cash burn, while capitalized costs may understate operating expenses.
The cash flow statement adjusts for SBC, but the magnitude is significant relative to revenue, suggesting that a portion of employee compensation is non-cash, which may overstate the quality of earnings. Additionally, the company may be capitalizing certain development costs, which could shift expenses from operating to investing activities, making the operating cash burn appear lower than the economic reality. Investors should adjust for these items to assess the true cash runway.