Free cash flow remains highly inconsistent, swinging from a $5.9 million inflow in 2025Q3 to a $1.0 million deficit in 2026Q1, largely driven by unpredictable working capital movements.
| 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 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Cash from Operations | 8.01M | 5.71M | 1.68M | 625.25K | 6.07M | -1.22M | 6.39M | 5.85M | -2.13M | -2.99M | 2.71M | -2.9M | -2.59M | -1.15M | 1M | 1.43M | 1.66M | 5.07M | 2.68M | -444.9K | 507.54K | 246.12K | -522.3K | -303.38K | -337.63K | 522.16K | -3.23M | 1M | 400K | -3.81M |
| Operating CF Margin % | - | 3.79% | 1.18% | 0.59% | 6.45% | -1.4% | 3.54% | 5.76% | -2.55% | -3.94% | 3.46% | -4.09% | -4.85% | -2.46% | 1.79% | 3.45% | 3.26% | 11.71% | 7.55% | -3.15% | 2.83% | 1.86% | -9.42% | -9.21% | -9.66% | 8.85% | -24.96% | 3.68% | 4.04% | -267.6% |
| Operating CF Growth % | 572.8% | 239.32% | 168.98% | -89.7% | 596.35% | -119.14% | 9.08% | 374.25% | 28.64% | -210.33% | 193.48% | -12.11% | -124.4% | -215.22% | -29.87% | -13.79% | -67.38% | 89.44% | 702.1% | -187.66% | 106.22% | 147.12% | -72.16% | 10.14% | -164.66% | 116.17% | -422.98% | 150% | 110.49% | - |
| Net Income | -1.95M | -2.75M | -1.93M | -4.05M | -23.59M | 341.1K | 10.32M | 226.25K | -1.46M | -3.53M | -4.13M | -5.47M | -8.4M | -1.69M | 832.3K | 246.87K | 6.38M | 1.41M | -1.09M | -517.18K | -434.56K | -7.44M | -622.96K | -291.09K | -59.61K | -6.79M | -6.59M | -1.1M | -300K | -14.21M |
| Depreciation & Amortization | 2.9M | 3.09M | 3.27M | 3.37M | 2.53M | 1.66M | 1.63M | 1.91M | 1.31M | 1.49M | 1.56M | 1.57M | 1.84M | 1.75M | 1.79M | 860.96K | 1.01M | 1.13M | 1.01M | 529.85K | 463.52K | 361.04K | 80.6K | 12.78K | 51.79K | 545.29K | 851.56K | 1.8M | 1.3M | 1.01M |
| Stock-Based Compensation | 820.18K | 770.22K | 1.21M | 960.99K | 0 | 0 | 810.28K | 717.99K | 683.4K | 387.21K | 310.99K | 299.34K | 324.28K | 227.03K | 217.61K | 157.46K | 110.4K | 146.78K | 563.11K | 0 | 30.97M | 1.88B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 37.85K | 6.45K | -13.47K | 0 | 5.03M | 470.36K | 0 | 343.66K | 1.13M | -1.62K | -17.94K | -12.3K | 3.69M | 113.49K | -81.82K | -209.05K | -3.84M | 156.89K | 156.89K | 0 | -30.97M | -221.96K | -110.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 227.21K | 259.88K | 33.03K | 5.14M | 15.48M | 268.56K | 15.29M | 27.04K | 22.11K | 194.9K | 253.4K | 29.64K | 48.47K | -965.89K | -819.12K | 5.32K | 14.41K | 9.63K | 12.5K | 174.72K | 434.33K | -1.88B | 215.41K | -1.5K | -140.75K | 5.9M | 829.6K | 1.7M | 500K | 9.13M |
| Working Capital Changes | 5.98M | 4.33M | -883.58K | -4.8M | 6.61M | -3.96M | -21.67M | 2.63M | -3.82M | -1.53M | 4.74M | 682.72K | -91.64K | -584.29K | -940.8K | 365.5K | -2.02M | 2.22M | 2.03M | -632.29K | 44.23K | 262.59K | -195.34K | -23.57K | -189.06K | 866.49K | 1.68M | -1.4M | -1.1M | 256K |
| Change in Receivables | -11.09M | -4.71M | -19.17M | -4.69M | 3.95M | 27.28M | -21.03M | -7.97M | -4.5M | -2.77M | 4.38M | -2.95M | -3.81M | 653K | 570.88K | 3.28M | -2.46M | -805.89K | 1.44M | 1.41M | -2.88B | -337.68M | -179.38M | -11.44M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 131.05K | -368.27K | 53.15K | -143.67K | 367.55K | 400.56K | -776.88K | -29.87K | -26.99K | -33.06K | -95.12K | 8.49K | 66.63K | 25.59K | -170.98K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 18.21M | 9.61M | 18.54M | 0 | 1.25M | -30.19M | 0 | 10.44M | 1.19M | 151.73K | 1.31M | 2.15M | 3.86M | -1.44M | -1.16M | -2.24M | 0 | 3.8M | -1.12M | -2.18M | 2.98B | 434.62M | 273.34M | -30.71M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -266.63K | -265.47K | 141.19K | -620.99K | -3.41M | -7.44M | -1.16M | -516.55K | -490.35K | -772.96K | -606.45K | -599.97K | -4.45M | -512.99K | -372.73K | -8.71M | -2.12M | -459.84K | -5.41M | -343.24K | -72.43K | -424.66K | -4.65M | -6.3K | 750 | -14.48K | -52.04K | -1.3M | -1.8M | -1.09M |
| Capital Expenditures | -315.67K | -265.47K | -117.94K | -208.2K | -3.41M | -2.75M | -254.45K | -370.32K | -490.35K | -1.06M | -607.55K | -599.97K | -401.52K | -512.99K | -449.27K | -783.12K | -1.04M | -288.65K | -219.79K | -343.24K | -72.43K | -3.4K | -15.34K | -7.8K | 0 | -17.73K | -82.04K | -1.3M | -1.8M | -1.09M |
| CapEx % of Revenue | 0.2% | 0.18% | 0.08% | 0.2% | 3.62% | 3.15% | 0.14% | 0.36% | 0.59% | 1.4% | 0.77% | 0.85% | 0.75% | 1.1% | 0.81% | 1.89% | 2.06% | 0.67% | 0.62% | 2.43% | 0.4% | 0.03% | 0.28% | 0.24% | - | 0.3% | 0.63% | 4.78% | 18.18% | 76.72% |
| Acquisitions | 49.04K | 0 | 0 | 0 | 0 | -4.69M | 0 | 0 | 0 | 291.53K | 1.11K | 0 | -4.08M | 0 | 0 | -7.92M | -383.7K | -171.19K | 0 | 0 | 0 | -6.57K | -4.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 259.13K | -412.78K | 0 | 0 | -902.58K | -146.23K | -228.84K | 291.53K | 1.11K | -186.35K | 33.19K | 0 | 76.54K | 750 | -690.51K | -201.59K | -5.19M | -211.68K | 0 | -414.69K | 1.5K | 1.5K | 750 | 3.25K | 30K | 0 | 0 | 0 |
| Cash from Financing | -723.4K | -719.91K | -894.84K | -590.15K | -1.47M | -705.7K | 3.73M | -843.96K | -157.7K | -298.69K | -881.74K | -1.55M | 20.36M | -191.52K | -805.75K | 3.6M | 40.71K | -2.75M | 5.28M | -154.67K | -186.93K | 2.24M | 4.69M | 50.63K | -18.01K | -29.83K | 141.1K | 0 | -500K | 6.47M |
| Debt Issued (Net) | -592.06K | -580.23K | -636.46K | -586.52K | -600.44K | -572.08K | -608K | -473.28K | -101.7K | -162.18K | -849.4K | -2.25M | -1.2M | -1.15M | -848.95K | 3.39M | -108.5K | -2.76M | 1.36M | -159.66K | -23.11K | -1.51M | 3.18M | 50.63K | -18.01K | -29.83K | -27.15K | -42.89K | -500K | 131.05K |
| Equity Issued (Net) | 0 | -8.93K | 0 | -3.63K | -818.21K | 7.28K | -10.11K | -365.69K | 0 | -122.34K | -32.33K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.91M | 34.71K | 253.34K | 4.12M | 3.05M | 0 | 0 | 0 | 168.25K | 0 | 0 | 6.34M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -3.63K | -818.21K | -1.24M | -10.11K | -365.69K | 0 | -122.34K | -32.33K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -169.09K | 0 | -166.6K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -131.34K | -130.75K | -258.38K | 0 | -49.22K | -140.89K | 4.35M | -5K | -56K | -14.17K | 0 | 701.71K | 21.56M | 962.88K | 43.2K | 203.7K | 149.21K | 3.75K | 687 | -29.72K | -417.17K | -365.7K | -1.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 6.98M | 4.65M | 896.24K | -609.7K | 1.05M | -9.52M | 9.12M | 4.45M | -2.84M | -3.85M | 1.19M | -5.22M | 13.15M | -191.52K | -177.73K | -3.68M | -422.49K | 1.86M | 2.54M | -942.82K | 248.18K | 2.06M | -486.09K | -259.05K | -354.88K | 477.85K | -3.14M | -300K | -500K | 1.56M |
| Free Cash Flow | 7.7M | 5.44M | 1.56M | 417.05K | 5.82M | -1.48M | 6.13M | 5.34M | -2.63M | -4.06M | 2.1M | -3.5M | -2.99M | -1.67M | 551.48K | 643.94K | 611.02K | 4.79M | 2.46M | -788.15K | 435.11K | 242.72K | -537.63K | -311.18K | -337.63K | 504.43K | -3.31M | -300K | -1.4M | -4.91M |
| FCF Margin % | 4.91% | 3.61% | 1.1% | 0.39% | 6.19% | -1.7% | 3.4% | 5.25% | -3.14% | -5.35% | 2.68% | -4.94% | -5.61% | -3.56% | 0.99% | 1.56% | 1.2% | 11.04% | 6.93% | -5.58% | 2.42% | 1.83% | -9.7% | -9.45% | -9.66% | 8.55% | -25.6% | -1.1% | -14.14% | -344.32% |
| FCF Growth % | 6101.97% | 247.94% | 274.98% | -92.84% | 493.27% | -124.15% | 14.87% | 303.35% | 35.28% | -292.78% | 160.1% | -17.12% | -79.41% | -402.11% | -14.36% | 5.39% | -87.23% | 94.63% | 411.99% | -281.14% | 79.27% | 145.14% | -72.77% | 7.83% | -166.93% | 115.23% | -1003.95% | 78.57% | 71.47% | - |
| FCF per Share | 0.76 | 0.56 | 0.17 | 0.05 | 0.67 | -0.16 | 0.71 | 0.64 | -0.32 | -0.49 | 0.25 | -0.43 | -0.41 | -0.26 | 0.09 | 0.10 | 0.10 | 0.79 | 0.43 | -0.15 | 0.10 | 0.05 | -0.32 | -0.20 | -0.24 | 0.39 | -2.55 | -0.23 | -1.32 | -4.91 |
| FCF Conversion (FCF/Net Income) | -3.95x | -2.07x | -0.87x | -0.15x | -0.26x | -3.58x | 0.62x | 25.88x | 1.47x | 0.85x | -0.66x | 0.53x | 0.31x | 0.68x | 1.20x | 5.78x | 0.26x | 3.60x | -2.46x | 0.86x | -1.17x | -0.03x | 0.84x | 1.04x | 5.66x | -0.08x | 0.49x | -0.91x | -1.33x | 0.27x |
| Interest Paid | 41.01K | 0 | 207.05K | 223.31K | 0 | 0 | 308.26K | 216.1K | 51.95K | 23.67K | 0 | 0 | 167.9K | 205.76K | 0 | 0 | 81.67K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.86K | -44.63K | 8.97K | 0 | 0 | 125.04K | 10.77K | 0 | 0 | 51.78K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent negative operating cash
As reported in quarterly financial statements, WidePoint's operating cash flow frequently diverges from net income, with OCF/NI ratios fluctuating wildly, such as the -11.99x observed in 2026Q1, suggesting that GAAP earnings provide little insight into the company's actual ability to generate cash from its core operations.
The extreme variance between net income and operating cash flow indicates that accruals and non-cash adjustments are the primary drivers of reported figures rather than operational efficiency. Investors should monitor this disconnect, as it suggests that the company's earnings quality is currently insufficient to support a valuation based on traditional profitability metrics.
Based on the provided cash flow data, WidePoint's free cash flow trajectory is highly inconsistent, swinging from a peak of $5.9 million in 2025Q3 to a deficit of $3.3 million in 2025Q1, reflecting a business model that struggles to maintain positive cash generation across consecutive quarters.
The lack of a sustained positive FCF trend implies that the company's cash position is highly sensitive to the timing of federal contract payments and working capital cycles. This volatility makes it difficult to project long-term liquidity without relying on external financing or further dilution.
According to recent SEC filings, WidePoint's cash flow is heavily dictated by working capital movements, which saw a significant $5.5 million inflow in 2025Q3 followed by a $1.8 million outflow in 2026Q1, highlighting the company's reliance on managing receivables and payables to bridge operational gaps.
These large swings in working capital suggest that the company's cash flow is more a function of timing differences in government contract billing than actual operational growth. Such dependency on working capital management may indicate that the underlying business lacks the organic cash-generative capacity to fund its own operations.
As indicated by the historical cash flow statements, WidePoint consistently utilizes stock-based compensation, with quarterly figures reaching as high as $425.6K in 2023Q4, which effectively serves to subsidize the company's cash burn while diluting existing shareholders during periods of negative operating cash flow.
The reliance on equity-based incentives during periods of persistent cash outflows warrants further investigation into the company's true cost of talent. This practice obscures the actual cash cost of operations and may mask the severity of the company's inability to achieve self-sustaining profitability.
Quick answers to the most common questions about buying WYY stock.
WidePoint Corporation (WYY) generated $5.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
WidePoint Corporation (WYY) generated $5.4M 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.
WidePoint Corporation (WYY) spent $0.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.