Operating cash flow of $52.8M in 2026Q4 was 2.76x net income, with FCF margin at 14.7%, while buybacks of $14.6M signal shareholder return focus.
QuinStreet, Inc. (QNST) cash flow statement — 18-year operating, investing & financing cash flows
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 |
|---|
| Cash from Operations | 130.93M | 84.98M | 12.04M | 11.84M | 28.67M | 50.62M | 47.61M | 37.97M | 26.98M | 18.54M | 1.01M | 6.13M | 18.05M | 51.92M | 47.73M | 78.17M | 38.51M | 32.57M | 24.75M |
| Operating CF Margin % | - | 7.77% | 1.96% | 2.04% | 4.93% | 8.75% | 9.71% | 8.34% | 6.67% | 6.18% | 0.34% | 2.17% | 6.39% | 17.02% | 12.88% | 19.4% | 11.5% | 12.5% | 12.89% |
| Operating CF Growth % | 298.07% | 605.87% | 1.7% | -58.71% | -43.35% | 6.32% | 25.4% | 40.72% | 45.55% | 1726.21% | -83.45% | -66.03% | -65.23% | 8.78% | -38.95% | 102.99% | 18.23% | 31.59% | - |
| Net Income | 81.23M | 4.71M | -31.33M | -68.87M | -5.25M | 23.55M | 18.1M | 62.48M | 15.93M | -12.21M | -17.92M | -20.01M | -53.69M | -67.37M | 13M | 27.21M | 20.58M | 17.27M | 12.87M |
| Depreciation & Amortization | 23.13M | 24.51M | 23.96M | 19.16M | 16.96M | 15.38M | 11.48M | 8.97M | 7.77M | 11.38M | 15.09M | 18.87M | 26.1M | 32.33M | 31.15M | 27.27M | 18.79M | 15.98M | 11.73M |
| Stock-Based Compensation | 37.43M | 31.77M | 23.7M | 18.79M | 18.51M | 0 | 16.72M | 14.13M | 10.18M | 8.9M | 9.47M | 9.86M | 10.43M | 12.02M | 13M | 13.95M | 13.37M | 6.17M | 3.22M |
| Deferred Taxes | 10.64M | 381K | 597K | 47.21M | -791K | 5.41M | 3.55M | -52.02M | -51K | -430K | 608K | 1.79M | -30.76M | -30.76M | 2.78M | -3.25M | -6.77M | -17.74M | -14.5M |
| Other Non-Cash Items | -49.88M | 19.37M | 2.13M | 1.51M | -906K | 3.42M | -12.38M | 9.95M | -532K | 3.1M | 116K | -3.92M | 30.23M | 124.25M | -945K | -4.14M | 2.54M | 19.3M | 14.31M |
| Working Capital Changes | 28.37M | 4.25M | -7.01M | -5.97M | 150K | 2.85M | 10.15M | -5.55M | -6.32M | 7.79M | -6.34M | -448K | 35.74M | -18.54M | -11.26M | 17.13M | -10.01M | -8.42M | -2.87M |
| Change in Receivables | -41.67M | -26.2M | -44.93M | 10.94M | 5.54M | -20.06M | 11.35M | -8.32M | -24.96M | 2.87M | -1.77M | -4.4M | -3.48M | 15.31M | -1.98M | 3.88M | -14.4M | -9.04M | -921K |
| Change in Inventory | 0 | 0 | 0 | -11.8M | 0 | 0 | 0 | -1.81M | 11.75M | 36K | -3.57M | 106K | -7.34M | 2.21M | -10.1M | 7.5M | 7.93M | 2.98M | 7.79M |
| Change in Payables | 45.44M | 13.77M | 10.48M | -4.77M | -2.88M | 6.56M | 103K | 4.53M | 7.35M | 5.39M | -505K | 2.03M | 539K | -4.58M | -376K | 6.38M | 3.36M | 3.36M | -4.98M |
| Cash from Investing | -118.2M | -11.44M | -22.73M | -15.13M | -9.22M | -36.46M | 8.87M | -36.99M | -15.85M | -4.14M | -5.2M | 33.27M | -10.73M | -8.72M | -67.91M | -134.76M | -72.23M | -27.33M | -49.25M |
| Capital Expenditures | -3.4M | -2.07M | -5.35M | -15M | -7.51M | -5.1M | -2.29M | -4.31M | -2.76M | -3.35M | -5.34M | -5.69M | -10.77M | -6.37M | -4.65M | -7.2M | -4.12M | -2.41M | -3.56M |
| CapEx % of Revenue | 0.26% | 0.19% | 0.87% | 2.58% | 1.29% | 0.88% | 0.47% | 0.95% | 0.68% | 1.12% | 1.79% | 2.02% | 3.81% | 2.09% | 1.25% | 1.79% | 1.23% | 0.92% | 1.85% |
| Acquisitions | -104.89M | 0 | -4.51M | 0 | -1.8M | -27.36M | 13.1M | -32.74M | -14.15M | 0 | 0 | -500K | -875K | -3.86M | -60.08M | -91.84M | -68.18M | -27.93M | -63.24M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -9.92M | -9.37M | -12.88M | -121K | 86K | 0 | -1.94M | 56K | 1.06M | -792K | 139K | 3.28M | 1.91M | 3.87M | 30K | -515K | 67K | -1.7M | 21K |
| Cash from Financing | 14.54M | -23M | -12.51M | -19.46M | -33.31M | -11.31M | -11.63M | -4.05M | 3.89M | -18.5M | -2.5M | -63.12M | -13.21M | -21.62M | -43.45M | 33.07M | 164.32M | -5.01M | 22.76M |
| Debt Issued (Net) | 70M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -15M | -41K | -62.98M | -15.45M | -15.63M | -2.61M | 9.01M | 24.75M | -4.45M | 24.08M |
| Equity Issued (Net) | -28.23M | 3.96M | -2.29M | -11.04M | -15.27M | 4.36M | 0 | 0 | -647K | -2.49M | 0 | -1.16M | 0 | -6.16M | -43.95M | -106K | 136.07M | -1.34M | -5.61M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -31.44M | 0 | -2.29M | -5.65M | -15.27M | 0 | 0 | -9.89M | -647K | -2.49M | -2.48M | -1.16M | -6.16M | -6.16M | -43.95M | 0 | -715K | -1.34M | -5.61M |
| Other Financing | -27.23M | -26.95M | -10.22M | -8.42M | -18.05M | -15.67M | -11.63M | -4.05M | 4.54M | -1.02M | -2.46M | 1.03M | 1.91M | 169K | 3.11M | 24.17M | 3.5M | 778K | 4.28M |
| Net Change in Cash | 27.25M | 50.59M | -23.19M | -22.76M | -13.88M | 2.81M | 44.99M | -3.05M | 15.13M | -4.14M | -6.76M | -23.71M | -5.94M | 21.59M | -63.76M | -23.48M | 130.59M | 229K | -1.81M |
| Free Cash Flow | 127.53M | 82.91M | 6.69M | -3.17M | 21.16M | 48.65M | 43.35M | 33.66M | 24.22M | 15.19M | -4.33M | 445K | 7.29M | 45.55M | 43.08M | 70.97M | 34.38M | 30.16M | 21.2M |
| FCF Margin % | 9.86% | 7.58% | 1.09% | -0.55% | 3.63% | 8.41% | 8.84% | 7.39% | 5.99% | 5.07% | -1.45% | 0.16% | 2.58% | 14.93% | 11.63% | 17.61% | 10.27% | 11.58% | 11.04% |
| FCF Growth % | 58.61% | 1139.11% | 311.34% | -114.96% | -56.51% | 12.2% | 28.81% | 38.95% | 59.46% | 451.16% | -1072.13% | -93.89% | -84% | 5.73% | -39.3% | 106.39% | 14% | 42.31% | - |
| FCF per Share | 2.19 | 1.42 | 0.12 | -0.06 | 0.39 | 0.88 | 0.81 | 0.64 | 0.49 | 0.33 | -0.10 | 0.01 | 0.17 | 1.06 | 0.92 | 1.44 | 1.21 | 2.01 | 1.38 |
| FCF Conversion (FCF/Net Income) | 1.57x | 18.05x | -0.38x | -0.17x | -5.46x | 2.15x | 2.63x | 0.61x | 1.69x | -1.52x | -0.06x | -0.31x | -0.34x | -0.77x | 3.67x | 2.87x | 1.87x | 1.89x | 1.92x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 295K | 643K | 3.05M | 3.76M | 4.33M | 3.79M | 4.13M | 3.86M | 2.27M | 1.19M |
| Taxes Paid | 0 | 576K | 470K | 372K | 396K | 0 | 373K | 334K | 245K | 390K | 863K | 237K | 1.57M | 2.16M | 13.72M | 16.89M | 22.11M | 20.35M | 8.47M |
Quick answers to the most common questions about buying QNST stock.
QuinStreet, Inc. (QNST) generated $85.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
QuinStreet, Inc. (QNST) generated $82.9M 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.
QuinStreet, Inc. (QNST) spent $2.1M 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
Thin margins and EPS volatility
Metrics are mathematically derived from official filings.
Cash Conversion Outpaces Net Income
Operating cash flow reached $52.8M in 2026Q4, 2.76 times net income, according to recent financial statements, indicating strong cash generation despite thin margins.
The OCF/NI ratio of 2.76 in 2026Q4, up from 0.43 in 2026Q2, suggests that earnings are increasingly backed by cash, likely due to favorable working capital changes. However, the negative ratios in prior quarters (e.g., -24.97 in 2025Q2) highlight volatility, and the gap between net income and OCF warrants monitoring for sustainability.
Free Cash Flow Inflects Sharply
FCF surged to $54.9M in 2026Q4, a 14.7% margin, from negative $14.1M in 2025Q1, as reported in cash flow data, signaling a strong cyclical recovery.
The FCF margin expanded from -5.1% to 14.7% over four quarters, driven by revenue growth and improved working capital. This inflection appears to reflect a recovery in insurance carrier budgets, but the sustainability depends on maintaining revenue momentum and controlling traffic acquisition costs.
Capital Expenditures Remain Minimal
CapEx averaged under 1.5% of revenue across the last ten quarters, per cash flow statements, indicating a low capital intensity business model.
With CapEx/Revenue consistently below 2%, QNST's asset-light model requires minimal reinvestment, allowing most operating cash flow to convert to FCF. This suggests that growth is driven by working capital and traffic acquisition rather than fixed assets, but it also implies limited organic expansion capacity without acquisitions.
Working Capital Swings Drive Cash Flow
Working capital changes contributed $14.7M in 2026Q4 but subtracted $34.4M in 2025Q1, based on reported figures, highlighting significant quarter-to-quarter volatility.
The large swings in working capital, particularly in payables and receivables, appear to be a primary driver of OCF variability. The positive contribution in recent quarters may indicate improved collection efficiency or delayed payments to publishers, but the negative swing in 2025Q1 suggests that cash flow can be adversely impacted by timing mismatches.
Capital Deployment Focuses on Buybacks
QNST repurchased $14.6M of stock in 2026Q4, with no dividends paid, according to cash flow data, signaling a shift toward shareholder returns.
The buyback activity in 2026Q4, following minimal repurchases in prior quarters, suggests management confidence in the stock's value. However, the company's $101M cash position and low debt provide ample flexibility for future deployment, though the lack of dividends indicates a preference for reinvestment or opportunistic buybacks.
Cumulative Cash Exceeds Earnings
Over the last ten quarters, cumulative OCF of $236.9M far exceeds cumulative net income of $77.7M, as per financial statements, indicating high earnings quality.
The persistent gap between OCF and net income, driven by non-cash charges like D&A and SBC, suggests that reported earnings understate cash generation. This divergence may indicate conservative accounting or timing differences, but it also raises questions about the sustainability of such high conversion rates, especially if working capital tailwinds reverse.
What Could Invalidate the Base Case
Despite record revenue, gross margin of 13.3% and operating margin of 5.1% remain thin, and the EPS miss of $0.01 suggests that margin conversion is not keeping pace with top-line growth.
The cash flow statement obscures the impact of stock-based compensation, which totaled $18.7M in 2026Q4, nearly offsetting net income. Additionally, the negative CapEx figures in some quarters may indicate asset sales or timing adjustments, and the reliance on working capital swings for cash generation could reverse if payment terms normalize. Investors should monitor whether the high OCF/NI ratio is sustainable or a result of temporary working capital benefits.