Cash flow remains volatile and insufficient, highlighted by a -46.2% free cash flow margin trough in 2025Q3 and erratic working capital swings.
| Cash from Operations | -11.76M | -11.44B | -5.3M | -35.49M | -72.63M | -37.05M | -17.17M | -16.9M |
| Operating CF Margin % | - | -11993.88% | -4.41% | -26.76% | -63.84% | -44.68% | -26.35% | -25.66% |
| Operating CF Growth % | -177.72% | -215887.17% | 85.07% | 51.13% | -96.04% | -115.8% | -1.56% | - |
| Net Income | -104.61M | -65.25B | 9.52M | -115.46M | -218.26M | -109.42M | -51.27M | -33.34M |
| Depreciation & Amortization | 17.97B | 17.97B | 19.87M | 28.72M | 11.69M | 16.38M | 11.51M | 11.52M |
| Stock-Based Compensation | 14.78B | 14.79B | 17.95M | 27.06M | 38.05M | 1.01M | 1M | 537K |
| Deferred Taxes | -187.95M | -189M | -162K | 72K | -3.08M | -6.63M | -2.29M | -19.62M |
| Other Non-Cash Items | 32.72B | 21.24B | -48.6M | 34.3M | 116.08M | 62.46M | 20.72M | 16.93M |
| Working Capital Changes | -6.15M | -4.63M | -3.87M | -10.18M | -17.1M | -848K | 3.16M | 7.06M |
| Change in Receivables | 816.58K | -1.27M | 1.84M | -287K | -3.94M | -3.13M | 1.5M | -1.07M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.83M |
| Change in Payables | -979.59K | -175K | -1.11M | -6.43M | -2.11M | 0 | -1.67M | 1.09M |
| Cash from Investing | -35.66K | 39.71B | 89.17M | -20.32M | -10.24M | -49.2M | -5.49M | -3.15M |
| Capital Expenditures | -7.2B | -7.2B | -8.88M | -7.94M | -11.37M | -5.57M | -5.49M | -2.99M |
| CapEx % of Revenue | 8192.21% | 7549.76% | 7.39% | 5.98% | 9.99% | 6.72% | 8.43% | 4.54% |
| Acquisitions | 223.74K | 46.91M | 98.05M | -5.01M | 1.13M | -43.63M | 0 | -154K |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 7.2B | 46.87B | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -6.01M | -32.83B | -71.43M | 12.08M | 111.53M | 74.31M | 60.68M | 23.59M |
| Debt Issued (Net) | -103.69M | -33.11M | -64.51M | 11.39M | -23.09M | 61.16M | 60.44M | 23.87M |
| Equity Issued (Net) | 47.31K | 276K | 474K | 684K | -88K | 12.63M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -88K | 0 | 0 | 0 |
| Other Financing | 97.63M | -32.8B | -7.4M | 0 | 134.71M | 516K | 247K | -286K |
| Net Change in Cash | -17.9M | -4.5B | 12.15M | -43.92M | 28.21M | -12.01M | 37.95M | 3.52M |
| Free Cash Flow | -18.67M | -18.65B | -14.18M | -43.43M | -83.99M | -42.62M | -22.66M | -19.89M |
| FCF Margin % | -21.23% | -19543.64% | -11.79% | -32.74% | -73.83% | -51.4% | -34.77% | -30.2% |
| FCF Growth % | -34.03% | -131376.52% | 67.35% | 48.29% | -97.09% | -88.09% | -13.89% | - |
| FCF per Share | -1.02 | -1329.44 | -1.24 | -3.97 | -15.15 | -32.98 | -12.43 | -1.85 |
| FCF Conversion (FCF/Net Income) | 0.18x | 175.38x | -0.56x | 0.31x | 0.33x | 0.34x | 0.33x | 0.51x |
| Interest Paid | 6.86M | 0 | 14.73M | 20.68M | 35.16M | 4.65M | 9.04M | 8.57M |
| Taxes Paid | 1M | 0 | 274K | 55K | 55K | 233K | 54K | 350K |
Persistent Cash Burn Trajectory
According to historical financial data, FiscalNote exhibits a persistent disconnect between net income and operating cash flow, with the OCF/NI ratio frequently oscillating between negative values and extreme outliers, suggesting that reported earnings are heavily impacted by non-cash charges rather than operational cash generation.
The wide variance in the OCF/NI ratio indicates that net income is an unreliable proxy for the company's actual cash-generating capacity. Investors should monitor the high reliance on non-cash adjustments, which appear to mask the underlying difficulty in converting revenue into tangible liquidity.
As reported in quarterly filings, FiscalNote's FCF margins have remained largely negative, with a notable -46.2% trough in 2025Q3, indicating that the company has struggled to achieve self-sustaining cash flow despite its stated focus on high-margin subscription revenue streams.
The inability to maintain positive free cash flow suggests that the business model requires continuous external funding or aggressive cost-cutting to survive. The sporadic positive quarters appear to be anomalies rather than evidence of a sustainable trend toward operational profitability.
Based on the provided cash flow statements, the company's capital intensity, measured by CapEx as a percentage of revenue, reached an extreme 324.2% in 2025Q4, which significantly deviates from the typical 6-9% range observed in other periods and warrants further investigation into potential one-time asset acquisitions.
This massive spike in capital expenditure suggests either a significant investment in infrastructure or a distortion caused by accounting for intangible assets. Such volatility in capital spending makes it difficult to assess the true maintenance requirements of the platform versus growth-oriented investments.
Analysis of recent cash flow statements reveals that working capital changes have been highly erratic, swinging from a positive $8.1 million in 2025Q1 to a negative $6.8 million in 2025Q2, suggesting inconsistent management of receivables and payables across the fiscal periods.
These fluctuations imply that the company's cash position is highly sensitive to the timing of client payments and vendor obligations. The lack of a stable working capital cycle may indicate operational friction in the billing or collection processes, which could exacerbate liquidity pressures.
As indicated by the reported figures, stock-based compensation (SBC) has been a consistent feature of the cash flow statement, reaching as high as $14.8 billion in 2025Q4, which obscures the true economic cost of operations and dilutes the value of existing equity holders.
The reliance on equity-based incentives suggests that the company may be using stock to preserve cash, effectively shifting the burden of compensation from the cash flow statement to the balance sheet. Investors should consider the impact of this dilution on future earnings per share and the long-term alignment of management interests.
Quick answers to the most common questions about buying NOTE stock.
FiscalNote Holdings, Inc. (NOTE) generated $-11443.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
FiscalNote Holdings, Inc. (NOTE) reported negative free cash flow of $18.65B in 2025, indicating capital requirements exceeded cash from operations.
FiscalNote Holdings, Inc. (NOTE) spent $7.20B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.