The company's cash conversion efficiency appears compromised, as operating cash flow has dropped to zero for six consecutive quarters despite reporting $125.7 million in net income for 2025Q2.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | 0 | 519.48M | 639.9M | 672.82M | 564.1M | 814.02M | 741.65M | 631.65M | 488.01M | 539.15M | 236.24M | 181.97M | -24.68M | -9.37M | -103.64M |
| Operating CF Margin % | - | 29.48% | 36.47% | 38.23% | 30.72% | 36.07% | 43.89% | 35.75% | 28.4% | 46.88% | 36.02% | 38.08% | -7.39% | -4.98% | -157.2% |
| Operating CF Growth % | -200% | -18.82% | -4.89% | 19.27% | -30.7% | 9.76% | 17.41% | 29.44% | -9.49% | 128.22% | 29.83% | 837.35% | -163.41% | 90.96% | - |
| Net Income | 372.08M | 461.07M | 300.8M | 357.5M | 97.81M | 411.88M | 314.6M | 492.83M | 572.62M | 350.37M | 105.66M | 34.19M | -62.63M | -38.12M | -102.49M |
| Depreciation & Amortization | 0 | 73.22M | 71.68M | 72.3M | 66.16M | 61.23M | 36.08M | 29.57M | 19.85M | 15.33M | 13.98M | 20.95M | 23.06M | 21.53M | 16.39M |
| Stock-Based Compensation | 58.56M | 42.07M | 69.71M | 101.13M | 111.71M | 88M | 67.11M | 61.29M | 41.01M | 48.04M | 36.9M | 26.4M | 13.78M | 4.11M | 1.84M |
| Deferred Taxes | 0 | 55.87M | 17.73M | 24.04M | -24.82M | -12.48M | -15.73M | 16.84M | 4.44M | -1.5M | -4.63M | -977K | 866K | 271K | -1.55M |
| Other Non-Cash Items | -430.64M | -110.21M | 131.04M | 16.4M | 409.94M | 258.39M | 223.6M | 99.26M | 5.69M | 10.05M | 47.94M | 7.22M | 46.17M | -20.6M | 2.24M |
| Working Capital Changes | 0 | -2.55M | 48.94M | 101.45M | -96.69M | 7.01M | 115.99M | -68.13M | -155.6M | 116.87M | 36.38M | 94.19M | -45.92M | 23.44M | -20.07M |
| Change in Receivables | 0 | -17.21M | 113M | 29.1M | 166.5M | -273.73M | -89.27M | -99.76M | -221.66M | -59.52M | -978K | 348K | -72.01M | -23.72M | -26.82M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 170.17M | 105.34M | -22.58M | 59.98M | 18.96M | 73.67M | 0 | 0 | 0 |
| Change in Payables | 0 | 69.95M | 397K | 19.66M | -35.48M | 41.81M | 15.17M | 5.16M | 64.28M | 84.44M | 8.91M | 2.42M | 0 | 0 | 0 |
| Cash from Investing | 0 | 66.62M | -246.9M | -736.85M | -33.01M | -423.96M | -1.21B | -1.2B | -254.03M | -815.42M | -96.75M | -228.31M | 21.05M | -153.37M | -136.53M |
| Capital Expenditures | 0 | -42.37M | 0 | -36.77M | -196.71M | -167.63M | -34.83M | -21.75M | -28.35M | -20.45M | -13.25M | -10.86M | -14.74M | -12.04M | -18.96M |
| CapEx % of Revenue | 0% | 2.4% | 3.5% | 2.09% | 10.71% | 7.43% | 2.06% | 1.23% | 1.65% | 1.78% | 2.02% | 2.27% | 4.41% | 6.4% | 28.76% |
| Acquisitions | 0 | 0 | 0 | -243.38M | 939K | -61.16M | -214.3M | 122K | -40M | -2.3M | -22.02M | -22.02M | -9.65M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 20.93M | -246.9M | -31.87M | -14.45M | 80.8M | -291.99M | -190.32M | -48.26M | 2.83M | 22.02M | -195.43M | 38.31M | -149.6M | -117.56M |
| Cash from Financing | 0 | -227.29M | -1.03B | 21.69M | -91.14M | 189.44M | 741.96M | 791.87M | -1.42M | 883.58M | 3.04M | 4.96M | 42.7M | 406.75M | 229.37M |
| Debt Issued (Net) | 0 | -5M | -801.75M | 226.69M | -19.64M | 0 | 740.32M | 793.33M | -2M | 881.29M | 0 | -2.86M | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | 844K | 444K | 999 | -66.1M | 188.13M | 122K | 0 | 781K | 0 | 0 | 0 | 299.62M | 539.92M | -4.33M |
| Dividends Paid | 0 | -195.64M | -194.4M | -200.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -66.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.87M | -45.88M | -4.33M |
| Other Financing | 0 | -27.49M | -33.73M | -4.87M | -5.41M | 1.31M | 1.52M | -1.46M | -196K | 2.29M | 3.04M | 7.82M | -256.92M | -131.71M | 233.7M |
| Net Change in Cash | 0 | 408.31M | -694M | -106.13M | 267.06M | 608.86M | 361.86M | 218.39M | 233.64M | 636.19M | 127.33M | -47.42M | 37.03M | 243.53M | -10.78M |
| Free Cash Flow | 0 | 477.11M | 578.43M | 636.05M | 367.4M | 646.39M | 706.82M | 609.91M | 459.66M | 518.7M | 222.99M | 171.11M | -39.42M | -21.41M | -122.6M |
| FCF Margin % | 0% | 27.08% | 32.97% | 36.14% | 20.01% | 28.64% | 41.83% | 34.52% | 26.75% | 45.1% | 34% | 35.81% | -11.8% | -11.37% | -185.96% |
| FCF Growth % | -100% | -17.52% | -9.06% | 73.12% | -43.16% | -8.55% | 15.89% | 32.69% | -11.38% | 132.61% | 30.32% | 534.05% | -84.1% | 82.53% | - |
| FCF per Share | 0.00 | 1.78 | 2.18 | 2.65 | 1.55 | 2.81 | 3.11 | 2.69 | 1.98 | 2.30 | 1.00 | 0.79 | -0.21 | -0.09 | -0.53 |
| FCF Conversion (FCF/Net Income) | 0.00x | 1.15x | 2.13x | 1.96x | 6.59x | 1.90x | 2.37x | 1.28x | 0.85x | 1.53x | 2.19x | 5.24x | 0.38x | 0.24x | 1.01x |
| Interest Paid | 0 | 75.31M | 111.64M | 111.23M | 64.56M | 37.91M | 65.91M | 11.25M | 11.72M | 1.54M | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 94.42M | 119.7M | 79.48M | 135.06M | 111.26M | 82.67M | 80.67M | 70.06M | 8.17M | 3.39M | 311K | 0 | 0 | 0 |
Platform Monetization Saturation
As reported in recent financial filings, the company's operating cash flow has dropped to zero for six consecutive quarters, creating a stark disconnect between the $125.7 million in net income recorded in 2025Q2 and the actual cash generated from core platform operations during that same period.
The absence of reported operating cash flow suggests that accounting profits are not translating into liquid resources, which warrants significant investor caution regarding the quality of earnings. This divergence implies that either non-cash items or working capital pressures are masking a potential deterioration in the underlying cash-generating capacity of the business.
Based on the provided historical data, Weibo's free cash flow trajectory has shifted from a positive $210.7 million in 2023Q4 to a complete cessation of reported cash flow, indicating a concerning trend where the platform's ability to fund its own operations appears to have evaporated.
The transition from positive free cash flow margins of 45.4% in late 2023 to zero in subsequent quarters suggests that the company may be facing structural headwinds in its monetization model. Investors should monitor whether this trend reflects a permanent shift in the business model or temporary accounting reporting gaps.
According to the latest financial statements, the company has ceased reporting working capital changes, leaving a critical void in understanding how Weibo manages its receivables and payables in an increasingly competitive digital advertising environment where collection cycles are often pressured by larger, more dominant e-commerce partners.
The lack of transparency regarding working capital movements makes it difficult to assess whether the company is struggling with delayed collections from advertisers or if it is intentionally extending payment terms to preserve its cash position. This opacity complicates the fundamental analysis of the company's liquidity management.
Based on the provided data, the complete absence of cash flow metrics since 2024 suggests that the company's financial reporting may be obscuring the true cash impact of share-based compensation and other non-cash adjustments that historically accounted for a significant portion of the company's reported expenses.
The reliance on net income as a proxy for performance without the corresponding cash flow reconciliation appears to hide the true cost of talent retention and platform maintenance. This lack of disclosure may prevent analysts from accurately gauging the true economic cost of operating the Weibo platform.
Quick answers to the most common questions about buying WB stock.
Weibo Corporation (WB) generated $519.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Weibo Corporation (WB) generated $477.1M 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.
Weibo Corporation (WB) spent $42.4M 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, Weibo Corporation (WB) returned $195.6M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.