Free cash flow remains highly volatile and inconsistent, swinging from a peak of $45.4 million in 2026Q1 to negative levels in multiple periods, complicating the assessment of core operational profitability.
| Cash from Operations | 62.84M | 76.62M | 33.73M | -68.37M | -193.29M | -95.59M | -66.57M | -44.42M |
| Operating CF Margin % | - | 7.65% | 4.11% | -11.01% | -45.78% | -46.67% | -71.54% | -95.59% |
| Operating CF Growth % | 449.73% | 127.16% | 149.33% | 64.63% | -102.21% | -43.59% | -49.85% | - |
| Net Income | -318.71M | -450.74M | -288.44M | -338.69M | -378.68M | -271.1M | -117.57M | -76.57M |
| Depreciation & Amortization | 60.92M | 54.93M | 42.77M | 38.91M | 29.72M | 7.91M | 2.84M | 1.85M |
| Stock-Based Compensation | 224.11M | 297.59M | 267.53M | 216.87M | 164.47M | 87.89M | 15.91M | 4.35M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 159.71M | 77.89M | 58.49M | 34.69M | 26.57M | 24.08M | 14.58M | 5.71M |
| Working Capital Changes | -63.2M | 96.94M | -46.62M | -20.16M | -35.37M | 55.64M | 17.67M | 20.23M |
| Change in Receivables | -24.42M | -52.06M | -21.17M | -61.95M | -44.44M | -59.08M | -8.32M | -18.99M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | -3.57M | 4.7M |
| Change in Payables | -14.12M | 1.62M | 1.41M | -4.5M | 3.67M | -2.08M | 7.43M | 2.85M |
| Cash from Investing | 88.7M | 86.99M | -218.4M | 140.59M | -1.31B | -19.74M | -6.26M | -3.19M |
| Capital Expenditures | -991K | -713K | -1.86M | -1.3M | -4.95M | -3.65M | -3.28M | -953K |
| CapEx % of Revenue | 0.09% | 0.07% | 0.23% | 0.21% | 1.17% | 1.78% | 3.53% | 2.05% |
| Acquisitions | -245.67M | -248.97M | -123.84M | -13.59M | -281.03M | -3.45M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 93.6M | -24.22M | -25.28M | -17.46M | -13.86M | -6.64M | -2.98M | -1.9M |
| Cash from Financing | -172.15M | -160.75M | 55.88M | 47.46M | 36.31M | 1.39B | 423.98M | 52.77M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | -20M | -143K | 0 |
| Equity Issued (Net) | -133.74M | -160.75M | 0 | 0 | 0 | 1.39B | 419.31M | 51.87M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -147.32M | -200.01M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -38.41M | 0 | 55.88M | 47.46M | 36.31M | 18.56M | 4.81M | 899K |
| Net Change in Cash | -34.62M | 2.86M | -128.78M | 119.68M | -1.47B | 1.27B | 351.43M | 5.2M |
| Free Cash Flow | 50.89M | 75.9M | 6.59M | -87.14M | -212.1M | -105.88M | -72.83M | -47.28M |
| FCF Margin % | 4.85% | 7.58% | 0.8% | -14.03% | -50.24% | -51.7% | -78.27% | -101.73% |
| FCF Growth % | 177.59% | 1051.44% | 107.56% | 58.92% | -100.32% | -45.37% | -54.06% | - |
| FCF per Share | 0.15 | 0.23 | 0.02 | -0.30 | -0.76 | -0.61 | -0.34 | -0.22 |
| FCF Conversion (FCF/Net Income) | -0.16x | -0.17x | -0.12x | 0.20x | 0.51x | 0.35x | 0.57x | 0.58x |
| Interest Paid | 0 | 0 | 30K | 7K | 17K | 409K | 1.38M | 1.84M |
| Taxes Paid | 3.54M | 0 | 6.84M | 5.11M | 500K | 583K | 298K | 363K |
Liquidity and burn rate
As reported in recent financial statements, SentinelOne exhibits a persistent disconnect between GAAP net losses and operating cash flow, with the OCF/NI ratio frequently fluctuating in negative territory, suggesting that reported cash generation is heavily reliant on non-cash adjustments rather than core operational profitability.
The recurring gap between net income and operating cash flow appears to be driven by significant stock-based compensation, which consistently adds back tens of millions to the cash flow statement. Investors should monitor whether this reliance on equity-based incentives can be sustained as the company matures and seeks to achieve genuine GAAP profitability.
Based on the provided quarterly data, SentinelOne's free cash flow trajectory remains highly volatile, swinging from a peak of $45.4 million in 2026Q1 to negative territory in multiple periods, indicating that sustainable cash generation has yet to become a reliable feature of the business model.
The lack of a consistent positive FCF trend suggests that the company's current scale is insufficient to absorb its aggressive R&D and sales investments. This volatility may imply that cash flow is sensitive to the timing of large enterprise contract renewals and prepayments rather than steady-state operational efficiency.
According to the cash flow data, working capital changes have been a primary driver of quarterly cash flow fluctuations, most notably the $161.3 million inflow in 2026Q1, which suggests that the company's cash position is highly susceptible to the timing of customer collections and deferred revenue recognition.
Such large swings in working capital indicate that the company's cash flow is not yet decoupled from the inherent lumpiness of enterprise software sales cycles. Analysts should be wary of interpreting these periodic inflows as evidence of structural operational improvement, as they appear to be transient rather than permanent.
As indicated by the financial statements, SentinelOne has engaged in share repurchases and acquisitions despite persistent net losses, with $98.1 million spent on buybacks in 2026Q4 and significant capital deployed for acquisitions, which may be straining the company's limited cash reserves.
The decision to prioritize share repurchases while the company remains in a cash-burning state warrants further investigation into management's capital allocation priorities. This strategy appears to risk depleting the $169.6 million cash balance, potentially necessitating future dilutive financing if operational losses do not narrow rapidly.
Quick answers to the most common questions about buying S stock.
SentinelOne, Inc. (S) generated $76.6M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
SentinelOne, Inc. (S) generated $75.9M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
SentinelOne, Inc. (S) spent $0.7M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, SentinelOne, Inc. (S) spent $200.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.