Operational efficiency remains high with an OCF/NI ratio of 2.88 in 2026Q3, supporting an aggressive capital return strategy that included $332.9M in share repurchases during 2026Q2.
| Metric | TTM | Jul'25 | Jul'24 | Jul'23 | Jul'22 | Jul'21 | Jul'20 | Jul'19 | Jul'18 | Jul'17 | Jul'16 | Jul'15 | Jul'14 | Jul'13 |
|---|
| Cash from Operations | 821.2M | 821.46M | 672.93M | 272.4M | 67.54M | -99.81M | -159.88M | 42.17M | 92.56M | 13.82M | 3.64M | -25.69M | -45.71M | -29.11M |
| Operating CF Margin % | - | 32.37% | 31.32% | 14.62% | 4.27% | -7.16% | -12.23% | 3.41% | 8.01% | 1.63% | 0.72% | -10.64% | -35.95% | -95.34% |
| Operating CF Growth % | -4.61% | 22.07% | 147.04% | 303.3% | 167.67% | 37.57% | -479.16% | -54.44% | 569.62% | 280.14% | 114.15% | 43.79% | -57.01% | - |
| Net Income | 275.86M | 188.37M | -124.78M | -254.56M | -797.54M | -1.03B | -872.88M | -621.18M | -297.16M | -458.01M | -168.5M | -126.13M | -84M | -44.73M |
| Depreciation & Amortization | 71.83M | 72.7M | 73.2M | 76.39M | 87.95M | 94.37M | 93.77M | 77.61M | 50.3M | 38.4M | 26.41M | 16.57M | 11.58M | 2.63M |
| Stock-Based Compensation | 348.31M | 351.59M | 333.83M | 311.75M | 343.25M | 358.55M | 352M | 306.73M | 177.87M | 231.49M | 20.06M | 17.14M | 5.86M | 4.99M |
| Deferred Taxes | 0 | 0 | 0 | 35.48M | 0 | 270.69M | 3M | 0 | 0 | 24.45M | -2.98M | 6.18M | 4.31M | 85K |
| Other Non-Cash Items | 30.07M | 39.42M | 186.18M | 38.88M | 369.24M | 121.07M | 62.01M | 25.7M | 11.3M | 2.69M | 1.11M | 483K | 396K | 1K |
| Working Capital Changes | 94.67M | 169.38M | 204.5M | 64.47M | 64.65M | 89.78M | 202.21M | 253.31M | 150.25M | 174.8M | 127.55M | 60.07M | 16.15M | 7.92M |
| Change in Receivables | -59.31M | -71.89M | -53.81M | -25.89M | 61M | 64.48M | 4.33M | 15.7M | -79.27M | -67.38M | -71.41M | -9.02M | -21.18M | -6.26M |
| Change in Inventory | 0 | 0 | 0 | -6.05M | 0 | 18.88M | 13.49M | -29.49M | -3.06M | -10.89M | -4.8M | -5.28M | -171K | 1.02M |
| Change in Payables | 29.37M | 30.02M | 14.75M | -9.6M | -1.46M | -5.76M | -16.57M | 13.51M | -16.47M | 21.28M | 19.98M | 11.32M | 12.55M | 1.88M |
| Cash from Investing | -333.55M | -951.69M | 529.59M | -49.78M | -54.19M | -597.15M | 24.56M | -16.85M | -503.56M | -176.09M | -46.5M | -106.67M | -19.03M | -9.34M |
| Capital Expenditures | -50.32M | -71.28M | -75.25M | -65.4M | -49.06M | -58.65M | -89.49M | -118.45M | -62.37M | -50.18M | -42.29M | -23.31M | -19.03M | -9.34M |
| CapEx % of Revenue | 1.83% | 2.81% | 3.5% | 3.51% | 3.1% | 4.21% | 6.84% | 9.58% | 5.4% | 5.93% | 8.4% | 9.65% | 14.97% | 30.59% |
| Acquisitions | 0 | 0 | -4.5M | 5.91M | 5.13M | 538.51M | -114.05M | -19.02M | -22.23M | -184K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | -5.13M | -538.51M | 114.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -640.87M | 244.09M | -1.06B | -112.71M | 103.64M | 663.85M | 57.8M | 67.1M | 578.62M | 201.42M | 74.2M | 142.75M | 104.18M | 37.07M |
| Debt Issued (Net) | -1.69M | 741.69M | -821.51M | -149M | 87.6M | 723.16M | 0 | -75K | 561.89M | -82.12M | 73.25M | 0 | -60K | 0 |
| Equity Issued (Net) | -421.42M | -238.97M | -131.14M | 46.5M | -58.57M | -125.08M | 57.8M | 69.21M | 159.9M | 254.46M | 3.15M | 138.3M | 100.55M | 32.7M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -483.28M | -307.9M | -131.14M | 0 | -58.57M | -125.08M | 0 | 0 | 0 | 0 | -365K | -149K | -160K | -195K |
| Other Financing | -217.76M | -258.64M | -109.98M | -10.21M | 74.61M | 65.77M | 0 | -2.03M | -143.18M | 29.09M | -2.21M | 4.45M | 3.69M | 4.37M |
| Net Change in Cash | -153.2M | 113.86M | 139.5M | 107.07M | 113.98M | -33.12M | -80.78M | 89.58M | 167.62M | 39.15M | 31.33M | 10.39M | 39.44M | -1.38M |
| Free Cash Flow | 770.88M | 750.17M | 597.68M | 207M | 18.48M | -158.46M | -249.37M | -76.28M | 30.18M | -36.36M | -38.66M | -49M | -64.74M | -38.45M |
| FCF Margin % | 28.03% | 29.56% | 27.81% | 11.11% | 1.17% | -11.36% | -19.07% | -6.17% | 2.61% | -4.3% | -7.68% | -20.3% | -50.92% | -125.93% |
| FCF Growth % | 0.55% | 25.51% | 188.74% | 1019.82% | 111.67% | 36.46% | -226.9% | -352.74% | 183.01% | 5.95% | 21.11% | 24.31% | -68.38% | - |
| FCF per Share | 2.68 | 2.55 | 2.44 | 0.89 | 0.08 | -0.77 | -1.28 | -0.42 | 0.18 | -0.28 | -0.28 | -0.41 | -0.54 | -1.07 |
| FCF Conversion (FCF/Net Income) | 2.79x | 4.36x | -5.39x | -1.07x | -0.08x | 0.10x | 0.18x | -0.07x | -0.31x | -0.04x | -0.03x | 0.20x | 0.54x | 0.65x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.27M | 2.19M | 0 | 129K | 0 |
| Taxes Paid | 16.28M | 32.54M | 23.65M | 30.78M | 20.35M | 16.64M | 16.63M | 29M | 10.12M | 5.21M | 2.46M | 1.17M | 78K | 1K |
High Stock-Based Compensation Dilution
According to reported financial statements, Nutanix consistently generates operating cash flow significantly higher than net income, with an OCF/NI ratio reaching 2.88 in 2026Q3, which suggests that GAAP earnings may understate the company's underlying cash-generating capacity during this phase of its subscription transition.
The persistent gap between net income and operating cash flow indicates that non-cash charges and working capital adjustments are primary drivers of the firm's liquidity. Investors should interpret this divergence as a sign that the company's reported profitability is currently less reflective of cash reality than the cash flow statement suggests.
As reported in recent filings, Nutanix has maintained a robust free cash flow margin, peaking at 40.9% in 2024Q4 and stabilizing near 28% in 2026Q3, which highlights a successful pivot toward self-sustaining cash generation despite the ongoing competitive pressures in the hybrid-cloud infrastructure market.
The trajectory of free cash flow appears to be decoupling from the volatility of earlier growth phases, suggesting that the business model is becoming increasingly efficient at converting subscription billings into actual cash. This trend warrants further investigation into whether these margins can be sustained as the company scales its customer acquisition efforts.
Based on the provided data, Nutanix maintains a remarkably low capital intensity, with CapEx as a percentage of revenue averaging roughly 2.5% over the last ten quarters, which confirms the company's transition into a pure-play software provider with minimal requirements for physical infrastructure investment.
The minimal capital expenditure requirements allow the vast majority of operating cash flow to be directed toward R&D or shareholder returns. This structural advantage appears to be a key factor in the company's ability to maintain a healthy balance sheet while simultaneously funding aggressive market expansion.
As evidenced by recent financial disclosures, Nutanix has utilized its cash reserves to fund significant share repurchases, including a $332.9M outflow in 2026Q2, which suggests a management focus on offsetting the dilutive impact of high stock-based compensation rather than pursuing large-scale acquisitions.
The reliance on share buybacks to manage equity dilution may indicate that management is sensitive to shareholder concerns regarding the high levels of SBC. Investors should monitor whether this capital allocation strategy remains sustainable if the company's growth trajectory continues to moderate in future periods.
Based on an analysis of the cash flow statement, stock-based compensation remains a substantial non-cash expense, consistently exceeding $77M per quarter, which effectively masks the true cost of talent acquisition and complicates the assessment of the company's actual economic profitability for long-term equity holders.
While the cash flow statement shows strong headline figures, the persistent issuance of equity-based compensation warrants caution regarding the long-term dilution of existing shareholders. This practice appears to be a structural component of the company's compensation strategy that may continue to weigh on the quality of earnings.
Quick answers to the most common questions about buying NTNX stock.
Nutanix, Inc. (NTNX) generated $821.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Nutanix, Inc. (NTNX) generated $750.2M 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.
Nutanix, Inc. (NTNX) spent $71.3M 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, Nutanix, Inc. (NTNX) spent $307.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.