Operating cash flow of $102.9M in 2026Q3 converted at a 43.3% free cash flow margin, yet quarterly swings from -$156.4M to +$133.8M in working capital indicate cash generation remains timing-dependent rather than steady.
Magnite, Inc. (MGNI) cash flow statement — 15-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | 280.94M | 236.17M | 235.2M | 214.37M | 192.55M | 126.59M | -12.06M | 31.98M | -22.69M | 21.54M | 60.12M | 76.86M | 6.64M | 21.09M | 15.6M | 2.13M |
| Operating CF Margin % | - | 33.08% | 35.2% | 34.59% | 33.37% | 27.03% | -5.44% | 20.45% | -18.19% | 13.84% | 21.61% | 30.93% | 5.3% | 25.16% | 27.33% | 5.74% |
| Operating CF Growth % | -3901.48% | 0.41% | 9.72% | 11.33% | 52.11% | 1149.23% | -137.72% | 240.98% | -205.34% | -64.18% | -21.78% | 1056.6% | -68.5% | 35.22% | 632.64% | - |
| Net Income | 166.89M | 144.61M | 22.79M | -159.18M | -130.32M | 65K | -53.43M | -25.48M | -61.82M | -154.78M | -18.05M | 422K | -18.67M | -9.25M | -2.36M | -15.41M |
| Depreciation & Amortization | 54.78M | 53.67M | 58.51M | 240.82M | 216.05M | 146.89M | 49.15M | 32.13M | 35.34M | 36.23M | 42.76M | 31.01M | 12.52M | 8.44M | 6.86M | 5.54M |
| Stock-Based Compensation | 75.19M | 76.65M | 76.52M | 72.62M | 64.12M | 40.73M | 28.49M | 18.82M | 16.28M | 20.5M | 28.69M | 30.58M | 23.85M | 6.35M | 3.04M | 2.27M |
| Deferred Taxes | -77.8M | -78.23M | 95K | -2.38M | -8.8M | -98.77M | 0 | -595K | -42K | -1.56M | -6.63M | -5.29M | -145K | -6.29M | -20K | -26K |
| Other Non-Cash Items | -2.88M | 11.15M | 662K | -12.97M | 11.07M | 5.79M | 73.85M | 1.17M | -308K | 96.31M | 22.57M | 292K | 237K | 10.47M | 290K | 2K |
| Working Capital Changes | 64.75M | 28.32M | 76.63M | 75.47M | 40.44M | 31.89M | -110.12M | 5.94M | -12.13M | 24.85M | -9.21M | 19.83M | -11.14M | 11.37M | 7.79M | 9.76M |
| Change in Receivables | -83.51M | -103.76M | -26.02M | -220.1M | -46.33M | -254.37M | -103.84M | -10.71M | -40.69M | 26.05M | 25.84M | -71.8M | -38.02M | -27.1M | -26.34M | -8.02M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -26.61M | -224K | -3.04M | -1.07M | -2.15M | 0 | 0 | 0 |
| Change in Payables | 192.71M | 142.6M | 97.38M | 294.68M | 0 | 0 | 0 | 0 | 26.61M | -502K | -32.97M | 93.14M | 29.86M | 0 | 0 | 0 |
| Cash from Investing | -89.11M | -92.77M | -47.5M | -37.38M | -65.15M | -691M | 32.64M | -23.39M | 27.95M | -93.21M | -37.12M | -72.86M | -23.12M | -11.86M | -9.03M | -8.14M |
| Capital Expenditures | -65.18M | -70.53M | -32.81M | -26.76M | -30.82M | -17.7M | -14.29M | -11.43M | -19.94M | -40.43M | -33.4M | -28.44M | -19.48M | -10.71M | -6.74M | -6.85M |
| CapEx % of Revenue | 8.78% | 9.88% | 4.91% | 4.32% | 5.34% | 3.78% | 6.45% | 7.3% | 15.99% | 25.99% | 12.01% | 11.44% | 15.55% | 12.78% | 11.81% | 18.49% |
| Acquisitions | -8.1M | 0 | 0 | 0 | -20.75M | -661.87M | 54.59M | -11M | 8.51M | -38.61M | -238K | -8.65M | -3.98M | 0 | -1.74M | -1.29M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -15.83M | -22.23M | -14.69M | -10.62M | -13.58M | -11.43M | -7.67M | -8.46M | -8.51M | -22.16M | 259K | 1.02M | 345K | -1.15M | -550K | 0 |
| Cash from Financing | -285.11M | -75.08M | -28.9M | -177.84M | -30.17M | 678.05M | 7.35M | -205K | -1.28M | -1.38M | 10.08M | 15.47M | 83.79M | -796K | -1.4M | 1.33M |
| Debt Issued (Net) | -208.7M | -2.88M | 8.53M | -169.39M | -4.41M | 746.75M | 0 | 0 | 0 | 0 | 0 | -105K | -4.08M | -1.17M | -1.52M | 1.12M |
| Equity Issued (Net) | -50.66M | -39.28M | -14.57M | 5.68M | -15.66M | -6.01M | -7.85M | 0 | 0 | 629K | 0 | 2.04M | 89.73M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -58.95M | -46.28M | -14.57M | 0 | -15.66M | -6.01M | -7.85M | 0 | -1.64M | 0 | -6.06M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -25.74M | -32.92M | -22.86M | -14.13M | -10.1M | -62.7M | 15.21M | -205K | -1.28M | -2.01M | 10.08M | 13.53M | -1.86M | 370K | 125K | 205K |
| Net Change in Cash | -93.39M | 70.14M | 157M | -283K | 95.81M | 112.96M | 28.84M | 8.44M | 3.81M | -72.86M | 32.92M | 19.3M | 67.24M | 8.34M | 5.36M | -4.62M |
| Free Cash Flow | 212.14M | 165.63M | 202.39M | 176.98M | 148.15M | 97.46M | -26.36M | 12.1M | -42.63M | -18.89M | 26.72M | 48.42M | -12.84M | 10.38M | 8.86M | -4.72M |
| FCF Margin % | 28.59% | 23.2% | 30.29% | 28.56% | 25.67% | 20.81% | -11.89% | 7.73% | -34.19% | -12.14% | 9.6% | 19.49% | -10.25% | 12.38% | 15.52% | -12.74% |
| FCF Growth % | 25.26% | -18.16% | 14.36% | 19.46% | 52.01% | 469.77% | -317.92% | 128.37% | -125.64% | -170.7% | -44.82% | 477.1% | -223.69% | 17.18% | 287.61% | - |
| FCF per Share | 1.44 | 1.08 | 1.38 | 1.30 | 1.11 | 0.72 | -0.27 | 0.23 | -0.85 | -0.39 | 0.57 | 1.09 | -0.46 | 0.30 | 0.34 | -0.18 |
| FCF Conversion (FCF/Net Income) | 1.27x | 1.63x | 10.32x | -1.35x | -1.48x | 1947.52x | 0.23x | -1.26x | 0.37x | -0.14x | -3.33x | 182.12x | -0.36x | -2.28x | -6.60x | -0.14x |
| Interest Paid | 7.2M | 0 | 36.86M | 0 | 26.32M | 12.91M | 101K | 61K | 46K | 61K | 61K | 62K | 122K | 241K | 303K | 0 |
| Taxes Paid | 0 | 0 | 3.87M | 0 | 4.93M | 2.14M | 0 | 291K | 379K | 382K | 1.28M | 1.07M | 403K | 307K | 13K | 0 |
Quick answers to the most common questions about buying MGNI stock.
Magnite, Inc. (MGNI) generated $236.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Magnite, Inc. (MGNI) generated $165.6M 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.
Magnite, Inc. (MGNI) spent $70.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Magnite, Inc. (MGNI) spent $46.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Working capital driven cash volatility
Metrics are mathematically derived from official filings.
Operating Cash Conversion Diverges Sharply From Earnings
According to reported quarterly figures, Magnite's operating cash flow of $102.9M in 2026Q3 far exceeded net income of $34.0M, yet the conversion ratio swings erratically from -27.37 in 2026Q1 to 9.64 in 2026Q2, signaling that timing rather than steady earnings drives cash generation.
The gap between net income and operating cash flow is the defining feature of this profile, and the extreme ratios suggest that working capital timing and non-cash charges such as amortization of acquired intangibles, rather than underlying earnings power alone, are shaping reported cash generation. The 2026Q1 period, where net income of $4.4M coincided with an operating cash outflow of $120.8M, illustrates how sharply conversion can reverse within a single quarter. Investors should monitor whether conversion normalizes over a full annual cycle before drawing firm conclusions about earnings quality.
Free Cash Flow Strong Only in Select Quarters
Based on reported figures, free cash flow margins moved from -81.5% in 2026Q1 to 92.4% in 2026Q2 and settled at 43.3% in 2026Q3, indicating that headline generation depends heavily on which quarter is observed.
Free cash flow margins are heavily influenced by working capital swings, as the 2026Q2 peak coincided with a $133.8M working capital inflow that likely reflects collection timing rather than repeatable operating strength. Excluding the most volatile quarters, the underlying run rate appears more moderate, which warrants caution when extrapolating recent results. Continued monitoring of working capital behavior is needed to separate sustainable generation from timing effects.
Working Capital Dominates Quarterly Cash Swings
As reported in the financial statements, working capital changes ranged from a $156.4M outflow in 2026Q1 to a $133.8M inflow in 2026Q2, suggesting that receivable and payable timing is the primary driver of quarterly operating cash flow variability.
The magnitude of these swings relative to net income indicates that the seasonal advertising cycle, concentrated in the fourth quarter, may materially shape collections and payments. Because the source data does not isolate receivables from payables, the precise origin of the inflows and outflows cannot be confirmed. Analysts should treat reported operating cash flow as a noisy measure until working capital normalizes across a full cycle.
Reported Cash Strength May Overstate Durability
Based on reported figures, the strong 2026Q3 cash flow of $88.4M free cash flow coincides with only $14.5M of capex, but the quarterly series shows a $133.9M free cash outflow in 2026Q1, suggesting the headline run rate may not represent durable generation.
Stock-based compensation of $39.3M in 2026Q2 and $16.5M in 2026Q3 is a non-cash expense that flatters operating cash flow relative to economic earnings if treated as a cost, and the data does not show whether repurchases are offsetting dilution. Capex has remained below 13% of revenue, which may indicate that infrastructure costs are partly captured through leased cloud arrangements not visible in the cash flow lines provided. Investors should weigh these items against the reported quarterly swings before treating recent free cash flow as a stable base.
Capital Intensity Stays Low but Rising
According to reported filings, capital expenditures ran between 5.7% and 12.4% of revenue over the most recent quarters, with the 2025Q4 peak of $25.4M representing 12.4% of revenue, suggesting episodic rather than steady infrastructure investment.
Capex intensity appears modest relative to the scale of trillions of ad requests processed, which may indicate that a significant share of computing capacity is leased or amortized through cloud arrangements. The irregular pattern implies lumpy infrastructure or capitalized software decisions rather than a predictable maintenance cadence. Investors should assess whether the 2025Q4 spike reflects growth investment or a one-time build-out.
Buybacks Modest Against Available Cash Flow
Based on reported figures, share repurchases ranged from roughly $10K to $23.4M per quarter over the period, with no dividends paid, indicating that most free cash flow has been retained rather than distributed to shareholders.
Repurchases in the low double-digit millions per quarter are small relative to cumulative free cash flow generated in stronger quarters, which suggests capital is being retained, possibly to address obligations tied to prior acquisitions. Acquisition outflows appear sparse in the recent window, with only an $8.1M net outflow in 2025Q3 visible. The retention pattern may indicate a preference for financial flexibility, though the intended use of retained cash is not disclosed in the provided data.