Free cash flow remains deeply inconsistent, with margins ranging from a negative 161.5% in 2024Q1 to a positive 20.5% in 2025Q4, highlighting a fundamental disconnect between accounting earnings and actual cash generation.
| Cash from Operations | 1.23M | 3.49M | -16.92M | -30.39M | -21.43M | -1.22M |
| Operating CF Margin % | - | 4.45% | -36.55% | -85.44% | -22.16% | -115.27% |
| Operating CF Growth % | -359.53% | 120.64% | 44.33% | -41.81% | -1660.96% | - |
| Net Income | 2.08M | 5.17M | -40.65M | -52.82M | -9.37M | -381.89K |
| Depreciation & Amortization | 310K | 336K | 375K | 200K | 161K | 0 |
| Stock-Based Compensation | 559K | 605K | 211K | 176K | 17K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | -80K | 0 |
| Other Non-Cash Items | -5.5M | -10.41M | 6.22M | 13.2M | -493K | -1.18K |
| Working Capital Changes | 7.85M | 7.79M | 16.92M | 8.85M | -11.67M | -833.99K |
| Change in Receivables | -977K | -835K | 441K | 296K | -2.22M | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | -12.98M | 0 |
| Change in Payables | -299K | -110K | 2.63M | 2.45M | 2.22M | 0 |
| Cash from Investing | -8.27M | -8.08M | -115K | 1.78M | 5.14M | -281.52M |
| Capital Expenditures | -245K | 0 | -145K | -637K | -259K | 0 |
| CapEx % of Revenue | 0.45% | 0.27% | 0.31% | 1.79% | 0.27% | 0% |
| Acquisitions | 9K | 0 | 0 | 2.41M | 5.4M | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | -8.04M | -8.08M | 30K | 0 | -6.58M | 0 |
| Cash from Financing | 6.37M | 5.28M | 4.31M | 37.46M | 22.56M | 285.32M |
| Debt Issued (Net) | 6.01M | 4.88M | 4.22M | -6.03M | 22.52M | 0 |
| Equity Issued (Net) | 361K | 397K | 94K | 24.23M | 0 | 285.32M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 19.26M | 35K | 0 |
| Net Change in Cash | -673K | 698K | -12.72M | 8.84M | 6.27M | 2.58M |
| Free Cash Flow | 844K | 3.28M | -17.06M | -31.03M | -21.69M | -1.22M |
| FCF Margin % | 1.56% | 4.18% | -36.86% | -87.23% | -22.43% | -115.27% |
| FCF Growth % | 109.38% | 119.23% | 45.01% | -43.05% | -1682.25% | - |
| FCF per Share | 0.00 | 0.00 | -10.25 | -25.44 | -24.06 | -0.88 |
| FCF Conversion (FCF/Net Income) | 0.40x | 0.68x | 0.42x | 0.58x | 2.29x | 0.83x |
| Interest Paid | 428K | 0 | 5.64M | 2.27M | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and operational scale
According to the reported financial data, the relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio swinging from 3.05 in 2024Q4 to -0.97 in 2025Q4, indicating that accounting earnings provide little visibility into the actual cash-generating capacity of the business.
The frequent divergence between net income and operating cash flow suggests that non-cash items and working capital swings are the primary drivers of reported results rather than core operational performance. Investors should monitor this volatility, as it implies that the company's profitability metrics may be significantly decoupled from its ability to fund ongoing operations internally.
As reported in financial statements, Volato's free cash flow trajectory remains deeply inconsistent, with quarterly FCF margins fluctuating from a negative 161.5% in 2024Q1 to a positive 20.5% in 2025Q4, highlighting the extreme sensitivity of the firm's cash position to lumpy fractional share sales.
The inability to maintain a consistent positive FCF margin suggests that the business model is currently reliant on external capital or sporadic asset sales to sustain its fleet operations. This trajectory warrants further investigation into whether the company can achieve self-sustaining cash flow as it scales its HondaJet fleet.
Based on the provided quarterly figures, working capital changes have been a massive source of cash flow variance, with swings as large as $9.3 million in 2024Q2, suggesting that the company's cash position is highly sensitive to the timing of customer deposits and operational payables.
The reliance on working capital fluctuations to bridge the gap between operating cash flow and net income indicates that the company's liquidity is tied to the velocity of its fractional share sales. This dynamic appears to obscure the underlying cash burn rate, making it difficult to assess the true operational health of the business.
As indicated by the financial data, the company's cash flow statement is heavily influenced by non-operating adjustments and working capital shifts, which may mask the underlying cash burn associated with maintaining a growing fleet of HondaJets in a high-inflation environment for pilot and maintenance costs.
The presence of significant working capital adjustments suggests that the reported cash flow may not fully reflect the recurring costs of maintaining the fleet. Investors should monitor whether these adjustments are sustainable or if they represent a temporary deferral of liabilities that could impact future liquidity.
Quick answers to the most common questions about buying SOAR stock.
Volato Group, Inc. (SOAR) generated $3.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Volato Group, Inc. (SOAR) generated $3.3M 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.
Volato Group, Inc. (SOAR) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.