Free cash flow swung to a positive $242.8M in 2026Q3 (33.7% margin), driven by a $159.6M working capital boost, but SBC of $142.9M and volatile working capital changes warrant scrutiny.
Symbotic Inc. (SYM) cash flow statement — 6-year operating, investing & financing cash flows
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 |
|---|
| Cash from Operations | 1.29B | 866.94M | -58.08M | 230.79M | -148.25M | 109.57M | -124.31M |
| Operating CF Margin % | - | 38.58% | -3.25% | 19.61% | -24.99% | 43.49% | -134.99% |
| Operating CF Growth % | 945.23% | 1592.74% | -125.16% | 255.68% | -235.3% | 188.14% | - |
| Net Income | 12.62M | -14.11M | -84.67M | -207.89M | -139.09M | -122.31M | -109.52M |
| Depreciation & Amortization | 63.8M | 39.6M | 23.48M | 11.31M | 5.99M | 4.49M | 5.73M |
| Stock-Based Compensation | 188.86M | 183.94M | 112.21M | 154.23M | 26.86M | 97K | 71K |
| Deferred Taxes | -4.21M | -4.21M | 3.92M | -4.62M | 0 | 0 | -47K |
| Other Non-Cash Items | 25.7M | -52.31M | 23.57M | 25.19M | 5.11M | 53K | 84K |
| Working Capital Changes | 918.47M | 714.03M | -136.59M | 252.58M | -47.12M | 227.24M | -20.63M |
| Change in Receivables | -97.22M | 15.07M | -132.31M | -65.82M | -508K | -1.62M | 342K |
| Change in Inventory | -147.14M | -58.88M | 103K | -66.38M | -60.56M | -16.82M | -5.65M |
| Change in Payables | 125.41M | 96.9M | 65.27M | 41.41M | 41.53M | 22.17M | -4.81M |
| Cash from Investing | -387.29M | -350.74M | 156.48M | -299.46M | -17.95M | -12.17M | -5.06M |
| Capital Expenditures | -144.42M | -79.03M | -42.24M | -15.69M | -17.95M | -12.17M | -5.07M |
| CapEx % of Revenue | 5.46% | 3.52% | 2.36% | 1.33% | 3.03% | 4.83% | 5.51% |
| Acquisitions | -161.99M | -141.83M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 70.12M | 0 | -2.14M | -5.57M | 0 | 0 | 12K |
| Cash from Financing | 855.6M | 668K | 371.04M | -24.1M | 362.45M | 0 | 100M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 861.26M | 4.86M | 257.99M | 0 | 384.67M | 0 | 100M |
| Dividends Paid | 1.18M | -1.18M | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -6.84M | -3.01M | 113.05M | -24.1M | -22.22M | 0 | 0 |
| Net Change in Cash | 1.76B | 516.84M | 469.44M | -92.54M | 196.82M | 98.37M | -30.05M |
| Free Cash Flow | 1.14B | 787.91M | -102.45M | 209.47M | -166.2M | 97.4M | -129.38M |
| FCF Margin % | 43.27% | 35.07% | -5.73% | 17.8% | -28.01% | 38.66% | -140.5% |
| FCF Growth % | 562.74% | 869.06% | -148.91% | 226.04% | -270.64% | 175.28% | - |
| FCF per Share | 8.59 | 7.25 | -1.07 | 3.26 | -3.07 | 1.92 | -2.55 |
| FCF Conversion (FCF/Net Income) | 90.70x | -51.19x | 4.31x | -9.67x | 1.88x | -0.90x | 1.14x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying SYM stock.
Symbotic Inc. (SYM) generated $866.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Symbotic Inc. (SYM) generated $787.9M 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.
Symbotic Inc. (SYM) spent $79.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Symbotic Inc. (SYM) returned $1.2M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
SBC dilution and cash burn
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Working Capital
In 2026Q3, SYM's operating cash flow of $305.6M dwarfed net income of $11.7M, a 26x multiple, driven by a $159.6M working capital boost, per the cash flow statement.
The massive gap between net income and operating cash flow is almost entirely attributable to working capital changes, which contributed $159.6M in 2026Q3 alone. This suggests that cash generation is heavily reliant on favorable timing of receivables, payables, and inventory, rather than core profitability. Investors should monitor whether this working capital tailwind persists or reverses, as it may inflate near-term cash flow quality.
FCF Swing from Negative to Positive
Free cash flow swung from -$120.8M in 2024Q4 to +$242.8M in 2026Q3, with FCF margin expanding from -21.4% to 33.7%, based on reported quarterly data.
The trajectory shows a dramatic improvement in free cash flow generation, but it is not linear: 2025Q3 saw a negative FCF of -$153.2M, indicating volatility. The recent positive FCF is supported by strong working capital inflows, which may not be sustainable. The FCF margin of 33.7% in 2026Q3 is well above the peer average, but investors should question whether this reflects operational efficiency or timing effects.
Capital Intensity Remains Modest
Capital expenditures averaged 4.1% of revenue over the last four quarters, with 2026Q3 CapEx of $62.8M representing 8.7% of revenue, per the cash flow data.
CapEx as a percentage of revenue has been relatively low, suggesting that SYM's business model does not require heavy capital investment to grow. However, the recent uptick in CapEx to 8.7% of revenue in 2026Q3 may indicate a shift toward more asset-intensive operations or expansion. Given the company's focus on automation and robotics, this could be growth-oriented capex, but the data does not distinguish between maintenance and growth spending.
Working Capital Volatility Drives Cash Flow
Working capital changes swung from -$177.7M in 2025Q3 to +$468.0M in 2025Q4, and remained positive at $159.6M in 2026Q3, as reported in the cash flow statement.
The extreme volatility in working capital changes is the primary driver of operating cash flow fluctuations. Positive changes in 2026Q3 suggest efficient collection of receivables or favorable payment terms, but the negative change in 2025Q3 indicates the opposite. This pattern may reflect project-based revenue recognition and milestone payments, which can cause lumpy cash flows. Investors should monitor the sustainability of these working capital benefits, as they may reverse and pressure future cash flow.
Minimal Capital Return, Focus on Acquisitions
SYM paid no dividends and made no buybacks in the last ten quarters, but spent $20.2M on acquisitions in 2026Q3, per the cash flow data.
Capital deployment is heavily skewed toward reinvestment and acquisitions rather than returning cash to shareholders. The $20.2M acquisition in 2026Q3, along with the $141.8M acquisition in 2025Q4, suggests an aggressive M&A strategy. This may indicate management's confidence in growth opportunities, but it also means shareholders are not receiving direct cash returns. The lack of buybacks or dividends could be a concern for income-focused investors, but it aligns with a growth-oriented industrial technology company.
SBC and Working Capital Distort Cash Reality
Stock-based compensation totaled $142.9M in 2026Q3, exceeding net income by $131.2M, while working capital contributed $159.6M to operating cash flow, per the cash flow statement.
The cash flow statement reveals that reported operating cash flow is significantly boosted by working capital changes, while SBC is a non-cash expense that inflates earnings. In 2026Q3, SBC alone was more than 12 times net income, indicating that reported profitability is not translating into shareholder value. The reliance on working capital timing and SBC adjustments suggests that the quality of earnings is low, and investors should adjust for these factors when assessing the company's true cash-generating ability.