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After ten consecutive quarters of negative free cash flow, the company posted a razor-thin positive FCF of $0.6 million in Q1 2027, though this is heavily reliant on non-cash add-backs and volatile working capital swings.
Quantum Corporation (QMCO) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Cash from Operations | -20.02M | -37.86M | -23.61M | -10.16M | -4.89M | -33.73M | -767K | -1.18M | -16.86M | -5.03M | 8.56M | -11.72M | 6.03M | 35.47M | 7.74M | 45.66M | 52.33M | 100.16M | 89.1M | 25.74M | 63.81M | 3.42M | 26.26M | -2.06M | 17.63M | 38.84M | 178.46M | 496.67M | 463.89M | 284.35M | 312.7M |
| Operating CF Margin % | - | -13.54% | -8.62% | -3.26% | -1.16% | -8.8% | -0.22% | -0.29% | -4.19% | -1.15% | 1.74% | -2.46% | 1.09% | 6.41% | 1.32% | 7% | 7.78% | 14.7% | 11.01% | 2.64% | 6.28% | 0.41% | 3.31% | -0.26% | 2.02% | 3.77% | 13.26% | 35% | 35.61% | 4.9% | 5.88% |
| Operating CF Growth % | 133.79% | -60.32% | -132.5% | -107.52% | 85.49% | -4297.39% | 35.05% | 92.99% | -235.04% | -158.81% | 173% | -294.23% | -82.99% | 358.62% | -83.06% | -12.74% | -47.76% | 12.42% | 246.14% | -59.66% | 1766.31% | -86.98% | 1372.9% | -111.71% | -54.62% | -78.24% | -64.07% | 7.07% | 63.14% | -9.07% | 290.55% |
| Net Income | -239.13M | -101.05M | -115.09M | -41.29M | -18.37M | 38.35M | -35.46M | -5.21M | -42.8M | -43.35M | -2.41M | -76.39M | 17.08M | -21.47M | -52.18M | -9.26M | 4.54M | 16.63M | -358.26M | -60.23M | -64.09M | -41.48M | -3.5M | -63.72M | -226.39M | -49M | 197.83M | 40.84M | -29.54M | 170.8M | 148.5M |
| Depreciation & Amortization | 5.42M | 5.28M | 5.6M | 9.31M | 10.12M | 9.42M | 5.7M | 4.29M | 4.27M | 4.97M | 5.63M | 6.69M | 11.98M | 19.61M | 25.71M | 34.88M | 41.96M | 50.56M | 57.74M | 99.9M | 85.2M | 43.42M | 42.47M | 50.18M | 52.32M | 67.47M | 61.37M | 130.57M | 112.94M | 91.6M | -124.4M |
| Stock-Based Compensation | 428K | -849K | 2.83M | 4.72M | 10.75M | 13.83M | 9.62M | 6.75M | 3.41M | 5.39M | 6.7M | 8.92M | 11.58M | 13.46M | 15.14M | 13.74M | 10.42M | 9.79M | 10.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | -577K | 0 | 2.36M | -3.88M | 497K | -85K | -160K | 36K | -142K | -1.28M | -184K | -466K | -352K | -260K | 1.01M | -40K | 2K | 20.89M | -19.12M | -23.16M | 26.2M | -7.32M | 22.9M | -6M | 9.1M |
| Other Non-Cash Items | 226.98M | 74.67M | 65.5M | 10.04M | 8.35M | -64.84M | 23.59M | 13.94M | 28.68M | 19.06M | 8.37M | 62.65M | -8.44M | 12.94M | 11.43M | 13.05M | 15.28M | -4.19M | 359.69M | 12.44M | 21.11M | 901K | 1.42M | 2.51M | 163.04M | 21.06M | -108.05M | 135.34M | 219.44M | 70.3M | 251.3M |
| Working Capital Changes | -13.71M | -15.91M | 17.55M | 7.06M | -15.74M | -30.49M | -3.65M | -20.94M | -12.78M | 12.77M | -10.23M | -13.49M | -26.01M | 10.9M | 7.78M | -5.46M | -19.7M | 27.84M | 19.69M | -26.11M | 20.59M | 613K | -14.13M | -11.93M | 47.78M | 22.48M | 1.11M | 197.24M | 138.14M | -42.34M | 28.2M |
| Change in Receivables | -21.23M | -19.88M | 15.21M | 4.85M | -2.97M | 3.65M | -1.63M | 15.24M | 8.05M | 6.51M | -370K | 18.04M | -22.55M | -4.77M | 11.88M | 4.52M | -14.94M | 4.45M | 75.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -176.4M |
| Change in Inventory | 1.99M | 944K | 801K | 10.46M | -5.34M | -16.47M | -4.96M | -14.91M | 9.55M | -9.37M | 423K | 6M | -20.7M | 16.03M | 1.64M | -17.73M | 495K | 5.54M | 8.25M | 8.13M | 26.43M | -23.97M | 1.15M | 13.39M | 41.8M | 25.57M | -20.36M | 49.3M | 67.15M | -62.23M | 206.7M |
| Change in Payables | 887K | -793K | 6.15M | -11.19M | 1.16M | -1.94M | -1.99M | -768K | -25.36M | 21.65M | -5.28M | -8.18M | 12.85M | -5.88M | -8.63M | 4.11M | -1.47M | 11.49M | -52.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.2M |
| Cash from Investing | -909K | -1.71M | -4.95M | -5.87M | -15.6M | -14.12M | -9.59M | -4.6M | 235K | -2.3M | -1.43M | -3.62M | 11.64M | -6.65M | -10.91M | -21.97M | -10.1M | -8.54M | -4.68M | 21.51M | -489.5M | -115.04M | -19.55M | 23.94M | -103.98M | -93.61M | -117.59M | -56.62M | -70.12M | -144.21M | -171.4M |
| Capital Expenditures | -909K | -1.71M | -4.95M | -5.87M | -12.58M | -6.32M | -6.93M | -2.63M | -2.71M | -2.58M | -2.22M | -3.48M | -3.24M | -5.96M | -10.1M | -11.41M | -12.34M | -8.6M | -5.42M | -21.11M | -17.2M | -20.02M | -19.79M | -22.26M | -18.52M | -41.3M | -58.57M | -85.61M | -115.66M | -175.6M | -175M |
| CapEx % of Revenue | 0.31% | 0.61% | 1.81% | 1.88% | 2.98% | 1.65% | 1.98% | 0.65% | 0.67% | 0.59% | 0.45% | 0.73% | 0.59% | 1.08% | 1.72% | 1.75% | 1.84% | 1.26% | 0.67% | 2.16% | 1.69% | 2.4% | 2.49% | 2.75% | 2.13% | 4.01% | 4.35% | 6.03% | 8.88% | 3.02% | 3.29% |
| Acquisitions | 0 | 0 | 0 | 0 | -3.02M | -7.81M | -2.65M | -1.97M | 51K | 0 | 0 | 0 | -517K | 0 | 0 | -8.15M | 0 | 0 | 0 | 2.18M | -545.38M | -20.04M | -35.83M | 0 | -4.96M | -15.21M | -46.94M | -2.5M | -1.75M | -19.89M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 51K | 10K | 736K | -139K | 212K | 426K | 1.11M | -2.5M | 32K | -112K | -295K | 0 | 6M | 0 | 10.27M | 0 | 11.02M | -9.55M | -46.49M | 3.13M | 3.79M | 59.11M | 9.7M |
| Cash from Financing | 37.95M | 39.17M | 19.31M | 15.71M | 41.16M | 20.16M | 31.33M | 1.21M | 16.21M | -11.23M | -7.89M | -18.72M | -48.64M | 1.28M | 20.98M | -48.35M | -81.29M | -62.4M | -90.04M | -13.53M | 362.98M | 9.78M | 3.82M | -29M | -35.79M | 1.11M | -177.94M | -294.16M | -263.55M | 156.88M | 39.1M |
| Debt Issued (Net) | -64.95M | -36.09M | 3.48M | 15.71M | -25.98M | 18.39M | -66.53M | 1.38M | 16.56M | -11.13M | -8.17M | -18.03M | -50M | -1.26M | 18.21M | -55.8M | -95.53M | -64.18M | -92M | -30.55M | 352.68M | -1.49M | -2.05M | -36.6M | -41.36M | -46.63M | -754K | -19.11M | -545K | 106.52M | -6.14M |
| Equity Issued (Net) | 102.9M | 75.25M | 15.83M | 0 | 67.15M | 1.76M | 98.09M | 0 | 0 | 1.72M | 1.02M | 2.48M | 3.74M | 4.43M | 4.8M | 10.39M | 16.55M | 1.78M | 2.74M | 17.02M | 10.29M | 11.27M | 5.87M | 7.6M | 5.48M | -1.17M | -110.75M | -275.04M | -263M | 50.36M | 45.26M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -305.29M | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -354K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -46.63M | -146.25M | -324.7M | -305.29M | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | 0 | -236K | -171K | -354K | -1.82M | -738K | -3.18M | -2.38M | -1.88M | -2.04M | -2.94M | -2.31M | 0 | -779K | 0 | 0 | 0 | 0 | 0 | 0 | 48.91M | -66.43M | 0 | 305.29M | 0 | -18K |
| Net Change in Cash | 17.04M | -369K | -9.26M | -315K | 20.68M | -22.64M | 20.87M | -4.58M | -352K | -18.7M | -746K | -34.08M | -31.18M | 30.15M | 17.71M | -24.75M | -38.94M | 29.41M | -6.62M | 33.72M | -62.72M | -101.84M | 10.53M | -7.13M | -122.14M | -53.66M | -117.07M | 145.89M | 130.22M | 297.02M | 180.32M |
| Free Cash Flow | -20.93M | -39.56M | -28.56M | -16.02M | -17.48M | -40.04M | -7.7M | -3.81M | -19.57M | -7.62M | 6.34M | -15.2M | 2.79M | 29.52M | -2.36M | 34.25M | 39.99M | 91.57M | 83.68M | 4.63M | 46.61M | -16.61M | 6.47M | -24.33M | -900K | -2.46M | 119.9M | 411.06M | 348.23M | 108.75M | 137.7M |
| FCF Margin % | -7.07% | -14.15% | -10.42% | -5.14% | -4.14% | -10.44% | -2.2% | -0.95% | -4.86% | -1.74% | 1.29% | -3.19% | 0.51% | 5.34% | -0.4% | 5.25% | 5.95% | 13.44% | 10.34% | 0.47% | 4.59% | -1.99% | 0.81% | -3.01% | -0.1% | -0.24% | 8.91% | 28.97% | 26.73% | 1.87% | 2.59% |
| FCF Growth % | 51.48% | -38.52% | -78.22% | 8.3% | 56.36% | -420.19% | -101.84% | 80.51% | -156.92% | -220.15% | 141.7% | -644.29% | -90.54% | 1348.6% | -106.9% | -14.36% | -56.33% | 9.43% | 1706.89% | -90.07% | 380.72% | -356.73% | 126.59% | -2603% | 63.46% | -102.05% | -70.83% | 18.04% | 220.2% | -21.02% | 136.65% |
| FCF per Share | -0.95 | -3.12 | -5.55 | -3.37 | -3.83 | -11.82 | -3.46 | -1.69 | -11.01 | -4.39 | 3.72 | -9.26 | 1.72 | 19.12 | -1.58 | 23.55 | 27.85 | 65.45 | 64.02 | 3.66 | 38.81 | -14.44 | 5.71 | -22.12 | -0.89 | -2.50 | 126.16 | 396.78 | 346.84 | 104.77 | 168.16 |
| FCF Conversion (FCF/Net Income) | 0.09x | 0.37x | 0.21x | 0.25x | 0.27x | -0.88x | 0.02x | 0.23x | 0.39x | 0.12x | -3.55x | 0.15x | 0.35x | -1.65x | -0.15x | -4.93x | 11.52x | 6.02x | -0.25x | -0.43x | -1.00x | -0.08x | -7.51x | 0.03x | -0.07x | 0.91x | 1.11x | 12.16x | -15.71x | 1.66x | 2.11x |
| Interest Paid | 2.18M | 5.17M | 11.93M | 12.31M | 8.7M | 9.14M | 24.32M | 16.49M | 17.68M | 10.24M | 5.97M | 6.87M | 8.5M | 8.25M | 5.67M | 8.27M | 16.48M | 24.78M | 26.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 1.05M | 1.19M | 1.81M | 1.78M | 1.42M | 944K | 2.28M | 490K | -68K | -1.46M | 677K | 579K | 750K | 574K | 2.6M | 1.86M | 1.87M | 1.86M | 926K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying QMCO stock.
Quantum Corporation (QMCO) generated $-37.9M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Quantum Corporation (QMCO) reported negative free cash flow of $39.6M in 2026, indicating capital requirements exceeded cash from operations.
Quantum Corporation (QMCO) spent $1.7M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Persistent net losses and cash burn
Metrics are mathematically derived from official filings.
Massive Net Losses Mask Cash Flow Resilience
Quantum's Q1 2027 operating cash flow of $0.9 million stands in stark contrast to its $155.3 million net loss, suggesting the latter is driven by non-cash charges rather than core operational cash generation.
The extreme divergence between net income and operating cash flow in the most recent quarter indicates that the reported loss is heavily influenced by non-cash items, likely related to the large net loss. This pattern suggests the underlying business may be generating modest cash despite the headline losses, but the sustainability of this conversion is questionable given the history of negative operating cash flow in prior quarters.
FCF Inflection After Prolonged Negative Trend
After ten quarters of negative free cash flow, Quantum posted a positive $0.6 million FCF in Q1 2027, a significant improvement from the -$18.1 million low in Q1 2026, though the margin remains razor-thin at 0.7%.
The return to positive FCF is a critical milestone, driven by the swing to positive operating cash flow and minimal capital expenditures. However, the trajectory remains fragile; the positive result is a single data point following a long period of cash burn, and the FCF margin is negligible compared to peers like NetApp (27.0%). Investors should monitor whether this represents a sustainable inflection or a temporary anomaly.
Working Capital Swings Drive Volatility
Quantum's operating cash flow is highly sensitive to working capital changes, which swung from a $19.2 million source in Q4 2024 to a $3.5 million use in Q1 2027, creating significant quarter-to-quarter volatility in cash generation.
The erratic pattern in working capital changes suggests inconsistent management of receivables, inventory, or payables, which obscures the underlying cash generation trend. The large positive swing in Q4 2024 was a key driver of that quarter's strong operating cash flow, but this was not sustained. This volatility makes it difficult to predict near-term cash flow and indicates potential inefficiencies in the cash conversion cycle.
SBC and Non-Cash Charges Obscure True Cash Cost
Stock-based compensation of $748,000 in Q1 2027 is a significant non-cash add-back to operating cash flow, and the massive net loss suggests other substantial non-cash charges are inflating the cash flow figure relative to economic earnings.
The cash flow statement adds back SBC, which is a real economic cost to shareholders via dilution. Furthermore, the enormous gap between the $155.3 million net loss and the $0.9 million operating cash flow implies the presence of other large non-cash charges (e.g., impairments, write-downs) that are not detailed here. These adjustments mean the reported operating cash flow may overstate the cash available for debt service or reinvestment, as the underlying business is still generating significant net losses.