Liquidity remains a primary concern as free cash flow turned negative at -$2.2M in 2025Q4, further strained by a $5.9M working capital drain and $6.2M in share repurchases.
| Cash from Operations | 7.45M | 4.81M | -12.2M | -20.46M | 5.19M | 37.54M | -11.35M | -8.64M |
| Operating CF Margin % | 5.35% | 3.25% | -7.45% | -10.72% | 2.55% | 23.92% | -12.73% | -10.46% |
| Operating CF Growth % | 55.06% | 139.39% | 40.36% | -494.31% | -86.18% | 430.77% | -31.38% | - |
| Net Income | -28.85M | -42.16M | -51.79M | -58.21M | -24.26M | 20.75M | -17.53M | -17.59M |
| Depreciation & Amortization | 4.84M | 4.83M | 5.36M | 5.42M | 4.59M | 2.97M | 2.33M | 1.98M |
| Stock-Based Compensation | 28.68M | 45.19M | 45.02M | 38.54M | 25.65M | 2.93M | 2M | 1.46M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 2.94M | 3.01M | 0 | 58K |
| Other Non-Cash Items | 14.53M | 13.55M | 14.35M | 18.46M | 15.75M | 11.12M | 7.75M | 528K |
| Working Capital Changes | -11.75M | -16.6M | -25.14M | -24.67M | -19.49M | -3.24M | -5.91M | 4.92M |
| Change in Receivables | 2.86M | 7.16M | 2.76M | 482K | -443K | -29.02M | -5.43M | -3.3M |
| Change in Inventory | 0 | 0 | 0 | 0 | -3.01M | 0 | 0 | 0 |
| Change in Payables | 2.38M | -105K | -2.9M | 1.53M | -1.25M | 2.03M | 113K | -728K |
| Cash from Investing | 34.82M | -19.45M | 162.31M | -88.98M | -219.19M | 970K | -4.16M | 3.95M |
| Capital Expenditures | -3.48M | -2.24M | -2.18M | -3.7M | -3.56M | -1.03M | -1.16M | -3.43M |
| CapEx % of Revenue | 2.5% | 1.51% | 1.33% | 1.94% | 1.75% | 0.66% | 1.3% | 4.15% |
| Acquisitions | 0 | 0 | 0 | -2.5M | 215.63M | -2M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | -215.63M | 2M | 0 | 0 |
| Cash from Financing | -20.39M | -23.27M | -124.18M | -28.62M | 320.51M | 804K | 27.58M | 3.5M |
| Debt Issued (Net) | -167K | -199K | -1.77M | -2.1M | -24.9M | -1.07M | 2.2M | 3.12M |
| Equity Issued (Net) | -20.22M | -25.78M | -74.57M | -29.13M | 347.22M | 3.77M | 24.95M | 376K |
| Dividends Paid | 0 | 0 | -49.87M | 0 | 0 | -63K | 0 | 0 |
| Share Repurchases | -22.09M | -25.78M | -74.57M | -29.13M | -7.23M | 0 | 0 | 0 |
| Other Financing | 0 | 2.7M | 2.03M | 2.61M | -1.81M | -1.84M | 426K | 0 |
| Net Change in Cash | 22.09M | -38.28M | 26.13M | -137.87M | 106.7M | 39.41M | 11.99M | -1.11M |
| Free Cash Flow | 3.97M | 2.56M | -14.38M | -24.16M | 1.63M | 36.51M | -12.51M | -12.07M |
| FCF Margin % | 2.85% | 1.73% | -8.79% | -12.66% | 0.8% | 23.26% | -14.04% | -14.61% |
| FCF Growth % | 54.7% | 117.83% | 40.45% | -1586.65% | -95.55% | 391.82% | -3.65% | - |
| FCF per Share | 0.09 | 0.06 | -0.32 | -0.51 | 0.03 | 0.82 | -0.28 | -0.30 |
| FCF Conversion (FCF/Net Income) | -0.26x | -0.11x | 0.24x | 0.35x | -0.21x | 1.81x | 0.65x | 0.49x |
| Interest Paid | 0 | 2K | 50K | 148K | 652K | 967K | 1.39M | -978K |
| Taxes Paid | 0 | 856K | 1.23M | 382K | 337K | 183K | 238K | -155K |
Liquidity depletion from burn
According to quarterly financial statements, ONTF's operating cash flow frequently diverges from net losses, largely because stock-based compensation—which totaled $6.9M in 2025Q4—serves as a non-cash add-back that obscures the underlying reality of the company's persistent inability to generate organic cash from its core operations.
The reliance on stock-based compensation to bridge the gap between net income and operating cash flow suggests that the company's reported cash position is artificially supported by equity dilution rather than operational efficiency. Investors should monitor whether this reliance on non-cash adjustments continues to mask the fundamental disconnect between the company's revenue generation and its actual cash-generating capacity.
As reported in recent filings, ONTF's free cash flow trajectory remains highly inconsistent, swinging from a positive $2.2M in 2025Q3 to a negative $2.2M in 2025Q4, which highlights the fragility of the company's cash generation in the face of ongoing revenue contraction and high fixed costs.
The inability to maintain a consistent positive free cash flow margin suggests that the business model is currently unable to scale effectively. This volatility warrants further investigation into whether the periodic positive cash flow quarters are driven by sustainable operational improvements or merely the timing of customer payments and deferred revenue recognition.
Based on the provided cash flow data, ONTF has experienced consistent working capital outflows, including a $5.9M drain in 2025Q4, which indicates that the company is struggling to manage its collection cycles and payables in a way that would otherwise support its limited cash reserves.
These recurring working capital outflows appear to be a significant drag on the company's liquidity, suggesting that the efficiency of the cash conversion cycle is deteriorating. If these trends persist, the company may find it increasingly difficult to fund its operations without resorting to external financing or further aggressive cost-cutting measures.
As indicated by historical cash flow statements, ONTF has prioritized share repurchases, such as the $6.2M spent in 2025Q4, even while the company continues to report negative net income and inconsistent free cash flow, raising questions about the long-term sustainability of this capital allocation strategy.
The decision to return capital to shareholders through buybacks while the business is still burning cash suggests a management focus on supporting the stock price rather than reinvesting in growth or preserving liquidity. Investors should monitor whether this capital deployment strategy is sustainable given the company's limited cash balance and the ongoing pressure on its core operating margins.
Quick answers to the most common questions about buying ONTF stock.
ON24, Inc. (ONTF) generated $7.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
ON24, Inc. (ONTF) generated $4.0M 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.
ON24, Inc. (ONTF) spent $3.5M 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, ON24, Inc. (ONTF) spent $22.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.