Operating cash flow of $31.6M in Q2 2026 exceeded net income by 2.59x, and free cash flow margin reached 26.9%, yet cumulative stock-based compensation of $140M over ten quarters suggests cash generation may overstate sustainable earnings.
Impinj, Inc. (PI) 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'10 | Dec'09 |
|---|
| Cash from Operations | 71.61M | 58.75M | 128.31M | -49.38M | 641K | 6.46M | -16.88M | 4.71M | -11.78M | -35.89M | -9.5M | 3.46M | -832K | 6.13M | -14.6M | -8.85M |
| Operating CF Margin % | - | 16.27% | 35.05% | -16.06% | 0.25% | 3.4% | -12.15% | 3.08% | -9.6% | -28.64% | -8.46% | 4.4% | -1.3% | 11.05% | -45.92% | -42.53% |
| Operating CF Growth % | 256.48% | -54.22% | 359.83% | -7803.91% | -90.09% | 138.31% | -458.47% | 139.98% | 67.18% | -277.87% | -374.8% | 515.38% | -113.57% | 141.99% | -64.93% | - |
| Net Income | -26.99M | -10.85M | 40.84M | -43.37M | -24.3M | -51.26M | -51.92M | -22.99M | -35.23M | -17.32M | -1.67M | 900K | 297K | 235K | -11.38M | -10.31M |
| Depreciation & Amortization | 15.36M | 15.04M | 13.59M | 13.62M | 6.04M | 4.6M | 4.5M | 4.81M | 4.53M | 3.95M | 2.87M | 1.97M | 1.37M | 994K | 1.32M | 1.5M |
| Stock-Based Compensation | 60.7M | 55.26M | 56.55M | 47.99M | 42.44M | 40.5M | 25.68M | 18.49M | 11.32M | 7.43M | 2.77M | 1.18M | 1.18M | 807K | 499K | 313K |
| Deferred Taxes | -409K | -396K | -567K | -931K | 0 | 0 | 0 | 0 | -395K | 70K | -528K | -703K | 398K | 0 | 341K | 191K |
| Other Non-Cash Items | 25.29M | 14.48M | 1.87M | 1.54M | 3.66M | 12.34M | 3.9M | 276K | -798K | 95K | 239K | 152K | 182K | -1.76M | 1.38M | -160K |
| Working Capital Changes | -2.33M | -14.8M | 16.04M | -68.24M | -27.2M | 288K | 963K | 4.12M | 8.8M | -30.11M | -13.17M | -43K | -4.25M | 5.85M | -6.75M | -389K |
| Change in Receivables | -16.01M | -13.73M | -2M | -3.71M | -14.55M | -10.45M | -1.27M | -5.27M | 3.78M | -4.82M | -4.51M | -3.33M | -3.61M | 2.51M | -6.72M | 1.33M |
| Change in Inventory | 4.68M | 14.49M | -2.22M | -49.58M | -24.44M | 14.37M | -2.18M | 10.57M | 2.36M | -19.35M | -15.9M | -2.78M | -799K | 2.34M | -6.59M | 101K |
| Change in Payables | 4.49M | -3.38M | 9.27M | -12.3M | 7.37M | 2.34M | 3.49M | 1.05M | 326K | -2.84M | 3.88M | 754K | 1.4M | 0 | 5.64M | -283K |
| Cash from Investing | -15.81M | -48.02M | -192.57M | 115.81M | -102.8M | -18.64M | -36.29M | -13.1M | -5.67M | 21.4M | -70.63M | -7.45M | -817K | -940K | 3.57M | 11.85M |
| Capital Expenditures | -8.62M | -12.86M | -17.11M | -18.59M | -12.08M | -16.23M | -3.07M | -2.43M | -6.37M | -6.55M | -3.53M | -7.45M | -1.02M | -940K | -468K | -100K |
| CapEx % of Revenue | 2.32% | 3.56% | 4.67% | 6.05% | 4.69% | 8.53% | 2.21% | 1.59% | 5.19% | 5.23% | 3.14% | 9.49% | 1.59% | 1.69% | 1.47% | 0.48% |
| Acquisitions | 0 | 0 | 0 | -23.36M | 279K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | -16K | 0 | 0 | 0 | 0 | 701K | 27.95M | -67.1M | 0 | 200K | 0 | 349K | 672K |
| Cash from Financing | -59.53M | -8.93M | 15.68M | 8.74M | -2.15M | 112.44M | 9.9M | 57.76M | 15.69M | 137K | 103.64M | 7.18M | -2.59M | -1.42M | 10.16M | -427K |
| Debt Issued (Net) | -64.58M | -17.55M | 0 | 0 | -17.56M | 94.8M | -257K | 48.63M | 13M | -3.92M | -5.11M | 6.96M | -3.29M | -1.51M | 0 | 0 |
| Equity Issued (Net) | 8M | 11.79M | 20.28M | 8.74M | 15.42M | 296.07M | 10.16M | 9.13M | 0 | 0 | 108.1M | 0 | 0 | 0 | 105K | 26K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -216K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -2.95M | -3.17M | -4.6M | 0 | 0 | -278.42M | 0 | 0 | 2.69M | 4.06M | 662K | 216K | 702K | 94K | 10.06M | -453K |
| Net Change in Cash | -3.84M | 2.15M | -48.74M | 75.2M | -104.31M | 100.27M | -43.26M | 49.37M | -1.75M | -14.35M | 23.52M | 3.18M | -4.24M | 3.77M | -872K | 2.56M |
| Free Cash Flow | 62.99M | 45.88M | 111.2M | -68.22M | -11.44M | -9.77M | -19.95M | 2.28M | -18.14M | -42.44M | -13.03M | -3.99M | -1.85M | 5.19M | -15.07M | -8.95M |
| FCF Margin % | 16.95% | 12.71% | 30.37% | -22.18% | -4.44% | -5.13% | -14.36% | 1.49% | -14.8% | -33.87% | -11.6% | -5.09% | -2.9% | 9.35% | -47.39% | -43.01% |
| FCF Growth % | 129.38% | -58.74% | 262.99% | -496.47% | -17.13% | 51.06% | -975.43% | 112.56% | 57.25% | -225.77% | -226.16% | -116.01% | -135.62% | 134.45% | -68.31% | - |
| FCF per Share | 2.03 | 1.57 | 3.77 | -2.55 | -0.45 | -0.40 | -0.87 | 0.10 | -0.85 | -2.05 | -0.64 | -0.31 | -0.14 | 0.41 | -1.18 | -0.70 |
| FCF Conversion (FCF/Net Income) | -2.33x | -5.42x | 3.14x | 1.14x | -0.03x | -0.13x | 0.33x | -0.20x | 0.33x | 2.07x | 5.68x | 3.84x | -2.80x | -0.55x | 1.28x | 0.90x |
| Interest Paid | 0 | 0 | 0 | 3.23M | 0 | 1.56M | 0 | 0 | 0 | 0 | 1.5M | 973K | 718K | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 46K | 41K | 21K | 0 | 0 | 0 |
Quick answers to the most common questions about buying PI stock.
Impinj, Inc. (PI) generated $58.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Impinj, Inc. (PI) generated $45.9M 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.
Impinj, Inc. (PI) spent $12.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
GAAP losses persist despite non-GAAP strength
Metrics are mathematically derived from official filings.
Cash Conversion Diverges from GAAP Losses
In Q2 2026, Impinj reported operating cash flow of $31.6M against net income of $12.2M, an OCF/NI ratio of 2.59, indicating strong cash conversion despite GAAP losses.
The persistent gap between net income and operating cash flow is driven by substantial non-cash charges, particularly stock-based compensation of $16.3M in Q2 2026, which exceeded net income. This suggests that reported losses understate the company's cash-generating ability, but investors should monitor whether this divergence narrows as SBC normalizes.
Free Cash Flow Recovery After Volatile Year
FCF swung from -$13.0M in Q1 2025 to $29.2M in Q2 2026, with FCF margin expanding to 26.9%, reflecting a sharp recovery from the inventory digestion period.
The trajectory shows a clear rebound from the trough in early 2025, but the sequential guidance implies a potential slowdown. The Q2 2026 FCF margin of 26.9% is near the peak of 43.0% seen in Q2 2024, suggesting that the company may be approaching a cyclical high, warranting caution on sustainability.
Capital Intensity Remains Low and Stable
CapEx averaged only 3.8% of revenue over the last ten quarters, with Q2 2026 at 2.2%, indicating a capital-light fabless model that requires minimal reinvestment.
The low capital intensity is consistent with a fabless semiconductor business, where the majority of investment flows into R&D rather than fixed assets. This allows for high incremental FCF conversion, but it also means that the company's competitive edge depends on continued R&D spending, which is not captured in CapEx.
Working Capital Volatility Reflects Channel Dynamics
Working capital changes swung from -$18.5M in Q1 2025 to +$17.5M in Q2 2024, highlighting significant volatility that appears tied to channel inventory fluctuations at inlay partners.
The large swings in working capital, particularly the negative change in Q1 2025, suggest that cash flow is heavily influenced by the timing of shipments to distributors and inlay partners. This implies that reported revenue may not always align with end-market demand, and investors should monitor channel inventory levels as a leading indicator.
Minimal Capital Returns Despite Cash Generation
Impinj paid no dividends and repurchased only $216K in Q2 2026, despite generating $29.2M in FCF, indicating a reinvestment-focused capital allocation strategy.
The lack of shareholder returns, combined with a cash balance of $48M, suggests that management is prioritizing R&D and potential strategic investments over returning capital. This may be appropriate given the growth opportunities, but it also means that shareholders rely on stock price appreciation rather than income or buyback support.
Cumulative Earnings vs Cash: A Decade of Divergence
Over the last ten quarters, cumulative net income was -$3.1M while operating cash flow totaled $222.7M, a gap of $225.8M, underscoring the persistent non-cash charges.
The cumulative divergence between net income and operating cash flow is primarily due to stock-based compensation, which totaled over $140M in the period. This suggests that GAAP profitability may remain elusive even as cash generation improves, and investors should focus on cash-based metrics when valuing the company.
What the Cash Flow Statement Obscures
Stock-based compensation of $16.3M in Q2 2026 exceeded net income, and cumulative SBC over ten quarters reached $140M, suggesting that reported cash flow may overstate sustainable cash generation.
While operating cash flow appears robust, the significant SBC expense is a non-cash charge that still dilutes shareholders. Additionally, the company's cash balance of $48M is thin relative to quarterly operating expenses, and the lack of disclosure on channel inventory obscures the true end-demand signal. Investors should adjust for SBC and monitor channel dynamics to assess the quality of cash generation.