Free cash flow remains persistently negative, with a TTM FCF margin of -12.9%, as operating cash flow is dominated by volatile working capital swings rather than consistent operational cash generation.
Volato Group, Inc. (SOAR) cash flow statement — 5-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Cash from Operations | 101K | 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 % | -649.75% | 120.64% | 44.33% | -41.81% | -1660.96% | - |
| Net Income | -3.57M | 5.17M | -40.65M | -52.82M | -9.37M | -381.89K |
| Depreciation & Amortization | 289K | 336K | 375K | 200K | 161K | 0 |
| Stock-Based Compensation | 2K | 605K | 211K | 176K | 17K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | -80K | 0 |
| Other Non-Cash Items | -119K | -10.41M | 6.22M | 13.2M | -493K | -1.18K |
| Working Capital Changes | 6.81M | 7.79M | 16.92M | 8.85M | -11.67M | -833.99K |
| Change in Receivables | -716K | -835K | 441K | 296K | -2.22M | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | -12.98M | 0 |
| Change in Payables | 1.27M | -110K | 2.63M | 2.45M | 2.22M | 0 |
| Cash from Investing | -8.46M | -8.08M | -115K | 1.78M | 5.14M | -281.52M |
| Capital Expenditures | -425K | 0 | -145K | -637K | -259K | 0 |
| CapEx % of Revenue | 1.41% | 0.27% | 0.31% | 1.79% | 0.27% | 0% |
| Acquisitions | 0 | 0 | 0 | 2.41M | 5.4M | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | -8.04M | -8.08M | 30K | 0 | -6.58M | 0 |
| Cash from Financing | 12.09M | 5.28M | 4.31M | 37.46M | 22.56M | 285.32M |
| Debt Issued (Net) | 4.66M | 4.88M | 4.22M | -6.03M | 22.52M | 0 |
| Equity Issued (Net) | 3.61M | 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 | 3.83M | 0 | 0 | 19.26M | 35K | 0 |
| Net Change in Cash | 3.73M | 698K | -12.72M | 8.84M | 6.27M | 2.58M |
| Free Cash Flow | -466K | 3.28M | -17.06M | -31.03M | -21.69M | -1.22M |
| FCF Margin % | -1.54% | 4.18% | -36.86% | -87.23% | -22.43% | -115.27% |
| FCF Growth % | 94.47% | 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) | 0.13x | 0.68x | 0.42x | 0.58x | 2.29x | 0.83x |
| Interest Paid | 0 | 0 | 5.64M | 2.27M | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
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.
Key Metrics
Top Statement Risk
Severe cash burn and liquidity crisis
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Working Capital Swings
The relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio swinging from 0.14 to 3.05 across quarters, indicating that reported earnings are a poor proxy for actual cash generation due to massive working capital volatility.
The conversion quality is fundamentally unstable. In quarters like 2024Q2, a -$16.9M net loss was accompanied by a positive $330K operating cash flow, driven entirely by a $9.3M working capital inflow that masked the operational cash drain. Conversely, in 2025Q4, a -$6.0M net loss coincided with a $5.8M operating cash inflow, again driven by a $4.5M working capital swing. This pattern suggests that cash flow is being dictated by the timing of customer deposits and receivables collection rather than underlying profitability, making the income statement an unreliable indicator of financial health.
FCF Trajectory Defined by Capital Intensity
Free cash flow has been persistently negative, with the TTM FCF margin at -12.9%, as the company's capital expenditure requirements for fleet expansion consistently overwhelm its minimal operating cash generation.
The FCF trajectory reveals a business in a heavy investment phase with no clear path to positive free cash flow. While operating cash flow has occasionally turned positive (e.g., $5.8M in 2025Q4), these instances are immediately consumed by capital expenditures for new aircraft, resulting in negative FCF in 8 of the last 10 quarters. The recent increase in CapEx to ~$180K per quarter in 2026, while modest in absolute terms, represents a significant portion of the company's cash reserves and underscores the capital-intensive nature of scaling the fractional ownership model.
Working Capital as Primary Cash Flow Driver
Working capital changes are the dominant factor in operating cash flow, with swings ranging from -$7.3M to +$9.3M in a single quarter, indicating that cash flow is highly dependent on the timing of customer deposits and receivables rather than operational performance.
The working capital dynamics are the most critical and volatile element of SOAR's cash flow profile. The massive $9.3M inflow in 2024Q2 and $4.5M inflow in 2025Q4 likely represent large customer deposits for fractional shares, which provide temporary liquidity but are not recurring operational cash flows. The subsequent outflows, such as the -$7.3M in 2024Q4, suggest these deposits are either being recognized as revenue or returned, creating a lumpy cash cycle. This volatility makes it impossible to predict quarterly cash flow and indicates that the company's liquidity is precariously tied to new customer sales.
Capital Deployment Focused on Fleet Growth
Capital deployment is almost exclusively directed toward fleet expansion via capital expenditures, with no dividends, share repurchases, or significant acquisitions, reflecting a singular focus on scaling the operational asset base.
The cash flow statement shows a clear and singular priority: reinvesting all available capital into acquiring new aircraft. There are no cash outflows for dividends or share repurchases, which is consistent with a high-growth, pre-profitability company. The small acquisition outflow of $9K in 2025Q2 is negligible. This deployment strategy is logical for the business model but exacerbates the liquidity risk, as it leaves no cash buffer for operational shortfalls or unexpected expenses. The company is effectively funding its growth through customer deposits and, presumably, external financing not fully captured in these quarterly snapshots.
Cash Flow Obscures True Liquidity Risk
The cash flow statement obscures the true liquidity risk by not fully reflecting the company's reliance on customer deposits as a primary funding source and the potential for those deposits to be drawn down or not renewed.
The most significant issue the cash flow statement obscures is the sustainability of its working capital funding. The large positive working capital swings are likely deferred revenue from fractional share sales, which are not true operating cash flow but rather a form of customer financing. If new sales slow, this critical source of liquidity could evaporate, leaving the company with a $4.7M cash balance and a high fixed-cost base. Furthermore, the minimal D&A relative to CapEx suggests that the company may be under-investing in maintenance for its existing fleet to fund growth, which could lead to higher future costs and operational disruptions.