Operating cash flow of $25.6M in 2026Q3 against net income of $4.7M produces an OCF-to-net-income ratio of 5.48, a gap driven largely by non-cash stock-based compensation of $16.1M, while free cash flow margin swung from -17.5% in 2025Q1 to 18.4% in the latest quarter and no dividends or meaningful buybacks were paid.
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 | 76.33M | 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 % | 171.53% | -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 | -9.5M | -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 | 15.5M | 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 | 62.26M | 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 | -407K | -396K | -567K | -931K | 0 | 0 | 0 | 0 | -395K | 70K | -528K | -703K | 398K | 0 | 341K | 191K |
| Other Non-Cash Items | 12.23M | 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 | -3.75M | -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 | -16.95M | -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 | 9.23M | 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 | -2.6M | -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 | 11.31M | -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 | -10.7M | -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 | 2.76% | 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 | -100.53M | -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) | -103.56M | -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) | 5.85M | 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 | -2.82M | -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 | -12.98M | 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 | 65.62M | 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 % | 16.93% | 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 % | 61.01% | -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 | 2.08 | 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) | -6.91x | -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 | 213K | 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
Quarterly cash flow volatility
Metrics are mathematically derived from official filings.
Operating Cash Flow Diverges From Losses
According to recent SEC filings, Impinj generated $25.6M of operating cash flow in 2026Q3 against only $4.7M of net income, an OCF-to-net-income ratio of 5.48 that reflects non-cash charges rather than underlying earnings strength.
The gap between net income and operating cash flow is large and persistent, driven primarily by stock-based compensation of roughly $13M to $16M per quarter that is added back in the cash flow statement. Across the ten quarters, the ratio swings sharply from negative values in loss quarters to above 40x in 2024Q3 when net income was near zero, which suggests the metric is unstable and should not be read as a clean measure of earnings quality. Investors should monitor whether operating cash flow remains positive once SBC is treated as a real economic cost, as the cash generation appears more dependent on non-cash add-backs than on core profitability.
Free Cash Flow Oscillates Around Breakeven
Based on reported figures, Impinj's free cash flow margin ranged from -17.5% in 2025Q1 to 43.0% in 2024Q2, with the most recent quarter at 18.4%, indicating a trajectory dominated by working capital timing rather than steady growth.
Free cash flow has been positive in most quarters but swings widely, and the two largest positive readings coincided with large working capital inflows rather than sustained margin expansion. Capital expenditure remains light at roughly 1.3% to 6.7% of revenue, so the volatility is not coming from investment spending. The pattern suggests that reported free cash flow may overstate the repeatable cash earning power of the business, and warrants further investigation into the drivers of the quarterly working capital movements.
Working Capital Drives Quarterly Cash Swings
As reported in financial statements, working capital changes ranged from a $18.5M outflow in 2025Q1 to a $17.5M inflow in 2024Q2, and these movements explain much of the quarterly variation in operating cash flow.
The magnitude of working capital swings relative to net income indicates that receivables, inventory, and payables timing is a major determinant of reported cash generation. Large inflows often reverse in subsequent quarters, which is consistent with channel inventory and partner restocking patterns rather than a durable change in collections efficiency. Investors should view single-quarter operating cash flow with caution and assess the trailing average instead.
Non-Cash Add-Backs Mask Economic Cost
Based on the company's reported stock-based compensation of roughly $13M to $16M per quarter, a meaningful share of operating cash flow is attributable to a non-cash expense, which may overstate the cash economics of the business.
Stock-based compensation is added back in operating cash flow, so the cash flow statement presents a more favorable picture than a shareholder-dilution-adjusted view would suggest. If this expense were treated as a cash-equivalent cost, free cash flow would be meaningfully lower in most quarters and negative in several. This suggests the reported cash profile may flatter the underlying economics, and investors should weigh diluted per-share cash flow when comparing against peers.
Limited Capital Returns Constrain Deployment
Impinj reported no dividends and negligible buybacks across the ten quarters, leaving free cash flow to accumulate on the balance sheet rather than being returned to shareholders.
The absence of dividends and minimal repurchases indicates that capital is being retained, which is consistent with a company prioritizing R&D investment and balance sheet flexibility over shareholder returns. With a reported cash balance near $48M, the retained cash provides a limited cushion relative to a sustained retail downturn. Investors should monitor whether the company begins to direct excess free cash flow toward buybacks once profitability stabilizes.