Operational liquidity remains inconsistent, evidenced by the sharp contrast between a $12.9 million net profit in 2025Q4 and a $37.5 million cash outflow during the same period.
SelectQuote, Inc. (SLQT) cash flow statement — 9-year operating, investing & financing cash flows
| Metric | TTM | Jun'26 | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 |
|---|
| Cash from Operations | 28.67M | 31.89M | -11.67M | 15.24M | -19.38M | -338.31M | -115.44M | -61.78M | 113K | -4.85M |
| Operating CF Growth % | 180.93% | 373.32% | -176.57% | 178.63% | 94.27% | -193.06% | -86.87% | -54769.03% | 102.33% | - |
| Operating CF / Revenue % | 1.83% | 1.97% | -0.76% | 1.15% | -1.93% | -44.28% | -12.41% | -11.67% | 0.03% | -2.07% |
| Net Income | 72.35M | 62.19M | 25.03M | -34.13M | -58.54M | -297.5M | 124.86M | 81.15M | 72.58M | 34.9M |
| Depreciation & Amortization | 17.65M | 17.49M | 20.46M | 25M | 27.88M | 24.72M | 16.14M | 7.99M | 4.7M | 3.47M |
| Stock-Based Compensation | 9.59M | 14.86M | 18.36M | 13.82M | 11.31M | 7.05M | 5.17M | 9.5M | 86K | 67K |
| Deferred Taxes | 11.38M | 11.58M | 1.85M | 1.16M | -11.18M | -92.72M | 33.01M | 25.01M | 21.99M | 6.58M |
| Other Non-Cash Items | -41.76M | -37.73M | -5.05M | 28.9M | 43.67M | 58.73M | 11.91M | 3.24M | 344K | 770K |
| Working Capital Changes | -40.53M | -36.51M | -72.31M | -19.51M | -32.52M | -38.6M | -306.53M | -188.66M | -99.59M | -50.63M |
| Cash from Investing | -15.81M | -16.15M | -11.31M | -14.85M | -9.13M | -42.58M | -64.02M | -51.37M | -8.64M | -6.02M |
| Capital Expenditures | -6.88M | -4.28M | -2.19M | -3.38M | -1.45M | -24.8M | -14.91M | -15.55M | -8.64M | -6.02M |
| Acquisitions | 0 | 0 | 0 | -3.43M | 0 | -6.93M | -41.03M | -35.82M | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | 0 | -1M | 0 | 0 | 0 | 0 |
| Sale/Maturity of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -8.93M | -11.87M | -9.12M | -8.03M | -7.68M | -9.85M | -8.08M | 3K | -4.71M | -624K |
| Cash from Financing | -14.24M | -31.13M | 17.36M | -40.86M | -29.34M | 235.43M | 97.04M | 481.45M | 8.13M | 11.48M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -275M | -1.96M | -1.88M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -34K | -441K |
| Stock Issued | 0 | 0 | 330.88M | 0 | 0 | 0 | 0 | 340.2M | 0 | 0 |
| Debt Issuance (Net) | 0 | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Financing | 13.47M | 2.06M | -7.51M | -1.82M | -11.35M | -2.8M | -47.34M | -9.35M | 4.04M | 462K |
| Net Change in Cash | -1.28M | -15.39M | -5.62M | -40.47M | -57.84M | -145.46M | -82.42M | 368.3M | -388K | 616K |
| Exchange Rate Effect | 92K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 21.68M | 37.07M | 42.69M | 83.16M | 141M | 286.45M | 368.87M | 570K | 958K | 342K |
| Cash at End | 14.32M | 21.68M | 37.07M | 42.69M | 83.16M | 141M | 286.45M | 368.87M | 570K | 958K |
| Free Cash Flow | 27.72M | 27.61M | -13.86M | 3.57M | -28.5M | -372.96M | -138.43M | -77.33M | -8.52M | -10.87M |
| FCF Growth % | 213.67% | 299.24% | -488.15% | 112.53% | 92.36% | -169.42% | -79.02% | -807.29% | 21.56% | - |
| FCF Margin % | 1.77% | 1.71% | -0.91% | 0.27% | -2.84% | -48.81% | -14.89% | -14.61% | -2.53% | -4.65% |
| FCF per Share | 0.14 | 0.15 | -0.08 | 0.02 | -0.17 | -2.27 | -0.84 | -0.48 | -0.05 | -0.08 |
Quick answers to the most common questions about buying SLQT stock.
SelectQuote, Inc. (SLQT) generated $31.9M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
SelectQuote, Inc. (SLQT) generated $27.6M 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.
SelectQuote, Inc. (SLQT) spent $4.3M 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
CMS Regulatory Marketing Compliance
Metrics are mathematically derived from official filings.
Volatile Cash Generation Patterns Observed
According to the provided quarterly financial data, SelectQuote's operating cash flow exhibits extreme volatility, swinging from a peak of $71.1 million in 2025Q3 to a low of -$37.5 million in 2025Q4, underscoring the inherent difficulty in predicting cash conversion within the Medicare Advantage distribution business model.
The erratic nature of these cash flows suggests that the company's reliance on LTV-based revenue recognition creates a significant disconnect between accounting income and actual liquidity. Investors should monitor whether the firm can stabilize these swings, as the current pattern indicates a high sensitivity to seasonal enrollment cycles and potential delays in commission receipts.
Accounting Estimates Diverge From Liquidity
As reported in financial statements, the company frequently records positive net income while simultaneously reporting negative operating cash flow, such as the $12.9 million profit in 2025Q4 that coincided with a $37.5 million cash outflow, highlighting the non-cash nature of much of the firm's recognized revenue.
This divergence suggests that the firm's earnings are heavily reliant on accruals that may not materialize into cash for extended periods. The persistent gap between net income and cash generation warrants further investigation into the quality of the contract assets currently sitting on the balance sheet.
Claims Payment Pressure Remains Elevated
Based on historical figures, SelectQuote consistently manages substantial claims-related outflows, with payments reaching as high as $261.9 million in 2026Q1, which significantly outweighs the company's ability to generate consistent operating cash flow during the same periods of high enrollment activity.
The magnitude of these outflows relative to the firm's cash position suggests that the company is operating with limited liquidity buffers to absorb unexpected spikes in claims or service costs. This dynamic appears to place a structural ceiling on the firm's ability to reinvest in growth without relying on external financing.
Cash Flow Obscures Operational Risks
Data from the last ten quarters indicates that the cash flow statement fails to capture the full extent of the firm's underlying liabilities, as the reported operating cash flow often masks the impact of significant claims-related obligations that are settled outside of standard operating cycles.
The lack of transparency regarding the timing of these settlements may lead investors to underestimate the firm's true liquidity risk. It appears that the company's cash position is highly vulnerable to any regulatory or operational disruption that might accelerate the timing of these required payments.