Free cash flow efficiency has improved markedly, reaching a 15.7% margin in 2025Q4 compared to a negative 3.0% margin in 2023Q1, supported by low capital intensity with CapEx below 1% of revenue.
| Cash from Operations | 96.67M | 61.15M | 21.27M | -32.94M |
| Operating CF Margin % | 16.06% | 12.5% | 5.67% | -11.79% |
| Operating CF Growth % | 58.08% | 187.57% | 164.55% | - |
| Net Income | -50.3M | -306.66M | -28.93M | -65.47M |
| Depreciation & Amortization | 4.31M | 3.65M | 2.89M | 2.69M |
| Stock-Based Compensation | 115.41M | 316.4M | 8.27M | 8.26M |
| Deferred Taxes | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 11.72M | 22.37M | 22.66M | 22.8M |
| Working Capital Changes | 15.54M | 25.39M | 16.38M | -1.23M |
| Change in Receivables | -45.45M | -13.36M | -11.67M | -34.8M |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Change in Payables | 2.05M | 16.55M | -11.64M | 3.91M |
| Cash from Investing | -4.99M | -10.21M | 84.75M | 34.88M |
| Capital Expenditures | -1.04M | -2.62M | -2.59M | -4.98M |
| CapEx % of Revenue | 0.17% | 0.53% | 0.69% | 1.78% |
| Acquisitions | -3.7M | -7.59M | 0 | 0 |
| Investments | - | - | - | - |
| Other Investing | -250K | 0 | 0 | 0 |
| Cash from Financing | 57.58M | 376.45M | -3.85M | 1.48M |
| Debt Issued (Net) | 0 | 0 | -3.55M | 3.39M |
| Equity Issued (Net) | 62.64M | 352.94M | 247K | -1.92M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -263.37M | 0 | 0 |
| Other Financing | -5.06M | 23.52M | -546K | 0 |
| Net Change in Cash | 149.41M | 427.09M | 102.4M | 3.21M |
| Free Cash Flow | 95.63M | 58.53M | 18.68M | -37.92M |
| FCF Margin % | 15.89% | 11.96% | 4.98% | -13.57% |
| FCF Growth % | 63.38% | 213.42% | 149.25% | - |
| FCF per Share | 0.53 | 0.34 | 0.12 | -0.16 |
| FCF Conversion (FCF/Net Income) | -1.92x | -0.28x | -0.74x | 0.50x |
| Interest Paid | 0 | 1K | 23K | 38K |
| Taxes Paid | 0 | 1.71M | 839K | 1.21M |
High customer acquisition costs
As reported in recent financial statements, OneStream exhibits a significant divergence between GAAP net income and operating cash flow, with the company generating $25.8M in operating cash during 2025Q4 despite reporting a nominal net income of only $999.0K, highlighting the impact of non-cash adjustments on liquidity.
The consistent ability to generate positive operating cash flow while reporting GAAP losses suggests that non-cash expenses, particularly stock-based compensation, are playing a major role in the company's financial profile. Investors should monitor whether this conversion quality remains sustainable as the company matures and potentially reduces its reliance on equity-based incentives.
Based on quarterly data, OneStream has demonstrated a positive free cash flow trajectory, reaching a 15.7% FCF margin in 2025Q4, a notable improvement from the negative 3.0% margin observed in 2023Q1, suggesting that the underlying business model is beginning to scale more efficiently than previously anticipated.
The shift toward positive free cash flow indicates that the company is successfully managing its operational burn while scaling its subscription revenue base. This trend warrants further investigation to determine if the margin expansion is driven by genuine operating leverage or merely the timing of large-scale enterprise contract renewals.
According to historical filings, OneStream maintains a remarkably low capital intensity, with CapEx as a percentage of revenue consistently remaining below 1% across the last ten quarters, which suggests that the company's growth is primarily driven by software development rather than heavy investment in physical infrastructure.
The minimal capital expenditure requirements underscore the scalability of the company's cloud-native platform, allowing for significant revenue growth without the burden of heavy asset replacement cycles. This asset-light model appears to be a key structural advantage that supports the company's ability to preserve cash even during periods of aggressive market expansion.
Based on reported figures, working capital changes have been highly volatile, swinging from a $24.0M inflow in 2025Q1 to a $17.8M outflow in 2025Q3, which suggests that the company's cash flow is sensitive to the timing of customer collections and the recognition of deferred revenue.
The fluctuations in working capital appear to be tied to the lumpy nature of enterprise software billing cycles, which can create temporary liquidity variances. Investors should monitor these swings closely, as they may obscure the underlying health of the core subscription business during periods of rapid customer acquisition.
Quick answers to the most common questions about buying OS stock.
OneStream, Inc. Class A Common Stock (OS) generated $96.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
OneStream, Inc. Class A Common Stock (OS) generated $95.6M 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.
OneStream, Inc. Class A Common Stock (OS) spent $1.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.