Liquidity is tightening as the cash balance fell to $87.3 million in 2026Q3 from $227.5 million in 2024Q2, even as the company deployed $15.1 million toward share repurchases during the most recent quarter.
| Cash from Operations | 37.01M | 25.18M | 28.21M | 57.83M | 55.4M | -15.68M | 42.88M | 78.59M | 72.18M | 38.62M | 45.12M |
| Operating CF Margin % | - | 1.99% | 2.11% | 3.63% | 2.75% | -0.75% | 2.5% | 4.98% | 5.88% | 3.95% | 6.18% |
| Operating CF Growth % | 56.73% | -10.74% | -51.22% | 4.4% | 453.4% | -136.56% | -45.44% | 8.89% | 86.87% | -14.39% | - |
| Net Income | -19.12M | -28.84M | -118.89M | -171.97M | -207.12M | -8.88M | -67.12M | 36.88M | 44.9M | -594K | 33.18M |
| Depreciation & Amortization | 24.06M | 26.12M | 44.49M | 42.12M | 37.19M | 29.93M | 22.62M | 14.33M | 10.54M | 7.66M | 3.54M |
| Stock-Based Compensation | 50.11M | 56.73M | 76.76M | 104.49M | 126.06M | 100.7M | 67.53M | 35.26M | 15.4M | 13.24M | 6.66M |
| Deferred Taxes | 0 | 0 | 0 | 236K | -535K | 64K | -21.59M | -8.2M | 6.59M | -6.73M | -5.87M |
| Other Non-Cash Items | 46.56M | 3.96M | 3.32M | 2.12M | 23.01M | 5.24M | 52.86M | 8.12M | -8.61M | 22.41M | 8.9M |
| Working Capital Changes | -24.96M | -32.79M | 22.53M | 78.53M | 74.38M | -142.73M | -11.42M | -7.79M | 3.36M | 2.64M | -1.3M |
| Change in Receivables | 0 | 242K | 431K | 52.98M | 1.07M | -37.55M | 7.87M | 19.34M | 0 | 18.45M | 13.45M |
| Change in Inventory | -23.05M | -24.78M | 47.74M | 76.05M | 1.5M | -96.06M | 8.83M | 7.97M | 1.92M | -26.38M | -26.51M |
| Change in Payables | 17.22M | 2.01M | -9.75M | -40.37M | 71.35M | -12.38M | -5.52M | 10.77M | 35.5M | 7.84M | 10.19M |
| Cash from Investing | -26.5M | -59.12M | -78.74M | 64.33M | 10.23M | 39.09M | -70.46M | -225.18M | -16.57M | -17.13M | -15.24M |
| Capital Expenditures | -18.79M | -16.29M | -13.96M | -19.01M | -44.96M | -35.26M | -30.21M | -30.82M | -16.57M | -17.16M | -15.24M |
| CapEx % of Revenue | 1.41% | 1.29% | 1.04% | 1.19% | 2.23% | 1.68% | 1.76% | 1.95% | 1.35% | 1.76% | 2.09% |
| Acquisitions | 17K | 0 | 350K | 842K | -45.35M | -74.35M | -36.59M | -10.6M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.5M | 10.72M | 350K | 7.37M | 45.35M | 74.35M | 36.59M | 0 | 0 | 0 | 0 |
| Cash from Financing | -32.09M | -14.97M | -15.49M | -15.54M | -60.25M | -38.88M | -1.44M | 6.95M | 134.79M | -3.03M | 499K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -14.5M | 1.09M | 1.03M | 161K | -30.04M | 25.93M | 12.08M | 0 | 129.01M | -3.56M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -15.09M | -15.97M | -16.09M | -15.58M | -30.04M | -64.32M | -12.82M | -6.75M | -39K | -3.56M | 0 |
| Other Financing | -17.6M | -16.06M | -16.52M | -15.09M | -29.54M | -38.88M | -1.44M | 6.95M | 5.79M | 529K | 499K |
| Net Change in Cash | -21.58M | -48.91M | -76.58M | 108.5M | 1.15M | -13.67M | -27.48M | -139.43M | 190.41M | 18.47M | 30.38M |
| Free Cash Flow | 18.22M | 9.28M | 14.24M | 38.82M | 9.04M | -50.93M | 12.67M | 47.77M | 55.61M | 21.46M | 29.88M |
| FCF Margin % | 1.36% | 0.73% | 1.06% | 2.44% | 0.45% | -2.42% | 0.74% | 3.03% | 4.53% | 2.2% | 4.09% |
| FCF Growth % | 65.62% | -34.83% | -63.31% | 329.21% | 117.76% | -501.98% | -73.48% | -14.1% | 159.16% | -28.18% | - |
| FCF per Share | 0.14 | 0.07 | 0.12 | 0.34 | 0.08 | -0.48 | 0.12 | 0.46 | 0.68 | 0.22 | 0.31 |
| FCF Conversion (FCF/Net Income) | -0.95x | -0.88x | -0.22x | -0.34x | -0.27x | 1.77x | -0.64x | 2.13x | 1.61x | -65.02x | 1.36x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 106K | 814K | 1.46M | 1.11M | 868K | 461K | 365K | 966K | 10.07M | 28.02M | 39.39M |
Persistent active client churn
As reported in recent financial statements, SFIX consistently generates positive operating cash flow despite persistent net losses, with the OCF/NI ratio frequently reaching extreme negative values, suggesting that non-cash charges and working capital fluctuations are the primary drivers of the company's reported cash position.
The persistent gap between net income and operating cash flow indicates that the company's reported earnings are heavily influenced by non-cash expenses, most notably stock-based compensation. Investors should monitor whether this cash flow generation is sustainable or if it remains dependent on accounting adjustments that do not reflect true operational profitability.
According to recent SEC filings, SFIX's free cash flow margins have fluctuated significantly, ranging from a low of -7.9% in 2024Q2 to a peak of 5.5% in 2024Q3, highlighting the inherent instability in the company's ability to convert revenue into durable, recurring cash flow.
The erratic nature of FCF margins suggests that the business model remains highly sensitive to seasonal shifts and operational inefficiencies. The inability to maintain a consistent positive FCF trajectory warrants further investigation into whether the current cost-cutting measures are sufficient to offset the structural pressures of the styling-led retail model.
Based on SFIX's reported figures, working capital changes have been highly erratic, with a notable $30.6 million outflow in 2025Q2 followed by periods of relative stability, indicating that the company's cash flow is frequently disrupted by the timing of inventory payments and customer collection cycles.
These sharp swings in working capital suggest that the company's cash management is highly reactive to inventory build-ups and shifts in consumer demand. Analysts should interpret these fluctuations as a sign of operational friction, as the company struggles to align its inventory procurement with the volatile demand of its active client base.
As disclosed in recent quarterly reports, SFIX has utilized cash for share repurchases even while reporting net losses, with $15.1 million deployed in 2026Q3, raising questions about the efficacy of returning capital to shareholders when the core business model has yet to demonstrate a path to profitability.
The decision to prioritize share buybacks over reinvestment or debt reduction appears to be a defensive move to support the stock price rather than a reflection of excess capital. Investors should monitor whether this deployment strategy is sustainable given the company's ongoing need to fund its data science and logistics infrastructure.
Based on the provided data, stock-based compensation consistently exceeds $11 million per quarter, which effectively masks the true extent of the company's operational cash burn and complicates the assessment of underlying profitability for equity holders, as reported in recent financial statements.
The reliance on stock-based compensation as a significant expense component suggests that the company's cash flow statement may be overstating its operational health. This practice warrants further investigation, as it obscures the true cost of talent acquisition and retention required to maintain the company's proprietary styling algorithm.
Quick answers to the most common questions about buying SFIX stock.
Stitch Fix, Inc. (SFIX) generated $25.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Stitch Fix, Inc. (SFIX) generated $9.3M 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.
Stitch Fix, Inc. (SFIX) spent $16.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Stitch Fix, Inc. (SFIX) spent $16.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.