Operating cash flow turned positive in 2026Q2 at $2.5M, and free cash flow swung to $4.4M in 2026Q1 from -$16.1M in 2024Q1, though stock-based compensation of $19.7M in 2026Q2 exceeds operating cash flow, suggesting cash generation is partly non-cash.
Xometry, Inc. (XMTR) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | 27.75M | 6.09M | -15.38M | -29.88M | -62.58M | -68.57M | -22.05M | -27.13M |
| Operating CF Margin % | - | 0.89% | -2.82% | -6.45% | -16.43% | -31.41% | -15.59% | -33.81% |
| Operating CF Growth % | 1384.46% | 139.56% | 48.51% | 52.25% | 8.74% | -210.99% | 18.71% | - |
| Net Income | -30.82M | -61.75M | -50.4M | -67.47M | -76.01M | -61.38M | -31.09M | -30.99M |
| Depreciation & Amortization | 21.8M | 18.75M | 13.01M | 10.74M | 7.82M | 3.6M | 3.12M | 1.85M |
| Stock-Based Compensation | 40.8M | 36.36M | 29.32M | 22.12M | 19.17M | 7.39M | 1.01M | 544K |
| Deferred Taxes | -33K | -84K | -46K | -154K | -653K | -179K | 0 | 1.41M |
| Other Non-Cash Items | 6.53M | 26.38M | 8.18M | 18.49M | 16.58M | 5.65M | 2.94M | 906K |
| Working Capital Changes | -10.55M | -13.58M | -15.45M | -13.6M | -29.48M | -23.65M | 1.97M | -841K |
| Change in Receivables | -41.62M | -21.81M | -5.75M | -20.59M | -16.92M | -11.12M | -2.13M | -5.5M |
| Change in Inventory | 684K | 135K | -1.28M | -1.55M | 351K | 293K | -956K | -555K |
| Change in Payables | 30.02M | 9.16M | -8.71M | 6.74M | -215K | 5.21M | -2.35M | 2.81M |
| Cash from Investing | -327.53M | -16.64M | -20.18M | 16.81M | 15.14M | -212.75M | 6.67M | -2.35M |
| Capital Expenditures | -41.68M | -30.18M | -18.1M | -18.49M | -13.65M | -6.26M | -4.19M | -2.69M |
| CapEx % of Revenue | 5.16% | 4.4% | 3.32% | 3.99% | 3.58% | 2.87% | 2.96% | 3.36% |
| Acquisitions | 0 | 0 | 0 | -3.35M | 189K | -174.65M | 0 | -1.43M |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 38K | 86K | 169K | 223K | 253.77M | 627K | 0 | 155K |
| Cash from Financing | 304.82M | 2.89M | 4.64M | 1.07M | 280.97M | 307.77M | 35.26M | 54.72M |
| Debt Issued (Net) | 0 | 34.01M | 0 | 0 | 287.5M | -16.15M | 3.99M | -664K |
| Equity Issued (Net) | 304.3M | -8.08M | 5.1M | 1.91M | 3.71M | 325.26M | 39.56M | 54.93M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -8.8M | 0 |
| Share Repurchases | 0 | -8.08M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 529K | -23.04M | -465K | -842K | -10.24M | -1.35M | 518K | 450K |
| Net Change in Cash | 5M | -7.24M | -31.19M | -12.24M | 233.17M | 26.39M | 19.75M | 25.24M |
| Free Cash Flow | -13.95M | -24.09M | -33.48M | -48.36M | -76.22M | -74.83M | -26.24M | -29.82M |
| FCF Margin % | -1.73% | -3.51% | -6.14% | -10.44% | -20.01% | -34.27% | -18.56% | -37.17% |
| FCF Growth % | 31.97% | 28.04% | 30.77% | 36.55% | -1.86% | -185.2% | 12% | - |
| FCF per Share | -0.26 | -0.47 | -0.68 | -1.01 | -1.62 | -1.60 | -0.59 | -0.67 |
| FCF Conversion (FCF/Net Income) | 0.45x | -0.10x | 0.31x | 0.44x | 0.79x | 1.12x | 0.71x | 0.88x |
| Interest Paid | 1.8M | 0 | 0 | 0 | 0 | 0 | 1.27M | 0 |
| Taxes Paid | 562K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying XMTR stock.
Xometry, Inc. (XMTR) generated $6.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Xometry, Inc. (XMTR) reported negative free cash flow of $24.1M in 2025, indicating capital requirements exceeded cash from operations.
Xometry, Inc. (XMTR) spent $30.2M 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, Xometry, Inc. (XMTR) spent $8.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
SBC dilution and path to profitability
Metrics are mathematically derived from official filings.
Cash Conversion Diverges from Losses
Despite persistent net losses, Xometry generated positive operating cash flow in 2026Q2, with OCF/NI at -0.48, indicating non-cash charges like SBC are masking underlying cash generation, per reported figures.
The gap between net income and operating cash flow is stark: in 2026Q2, a -$5.3M net loss coincided with $2.5M positive operating cash flow, driven by $19.7M in SBC and $5.8M in D&A. This suggests that while GAAP losses persist, the cash burn is less severe than reported earnings imply, though the reliance on SBC as a non-cash add-back warrants scrutiny. Investors should monitor whether this conversion improves as SBC normalizes relative to revenue.
FCF Turns Positive on Cost Discipline
Free cash flow swung to $4.4M in 2026Q1 from -$16.1M in 2024Q1, per financial statements, as capex rose modestly but operating cash flow improved, suggesting early operating leverage is translating into cash generation.
The FCF margin improved from -13.1% in 2024Q1 to 2.2% in 2026Q1, though it dipped to -4.7% in 2026Q2 due to a capex spike. This trajectory indicates that revenue growth is beginning to outpace cash outflows, but the volatility in quarterly FCF suggests sustainability is not yet assured. The positive FCF in 2026Q1 is a notable inflection, but the subsequent quarter's negative FCF highlights the need for consistent execution.
Capex Intensity Rises with Growth
Capital expenditures as a percentage of revenue climbed from 3.5% in 2024Q1 to 5.8% in 2026Q2, based on reported data, indicating increased investment in infrastructure to support accelerating growth.
Capex has grown from $4.3M to $13.4M over the period, outpacing revenue growth, which suggests Xometry is investing heavily in capacity and technology to capture market share. This elevated capital intensity may pressure near-term FCF, but if it supports the 41% revenue growth, it could be viewed as growth-oriented rather than maintenance. The rising capex/revenue ratio warrants monitoring to ensure it translates into durable revenue expansion.
Working Capital Swings Drive Cash Flow
Working capital changes swung from -$12.3M in 2026Q2 to +$5.1M in 2026Q1, per financial statements, indicating significant volatility in cash conversion cycles that materially impacts quarterly operating cash flow.
The large negative working capital change in 2026Q2 suggests a build-up in receivables or inventory, possibly due to rapid growth, which consumed cash despite positive operating income adjustments. Conversely, the positive change in 2026Q1 indicates efficient collections or payables management. This volatility implies that Xometry's cash flow is sensitive to working capital management, and investors should monitor whether this becomes a persistent drag as the company scales.
Minimal Capital Returns, Focus on Growth
Xometry paid no dividends and only repurchased shares in 2025Q2 ($8.1M), per reported data, indicating that capital is being retained to fund growth initiatives rather than returned to shareholders.
The absence of dividends and minimal buybacks suggests management is prioritizing reinvestment in the business, consistent with the accelerating revenue growth and rising capex. The single buyback in 2025Q2 may have been opportunistic, but overall capital deployment is focused on organic expansion. This approach is typical for a high-growth company, but investors should assess whether the retained capital generates adequate returns over time.
SBC Masks True Cash Generation
Stock-based compensation averaged over $10M per quarter, exceeding operating cash flow in most periods, per financial statements, suggesting that reported cash flow is inflated by non-cash charges that dilute shareholders.
While SBC is a non-cash expense, it represents a real cost to shareholders through dilution. In 2026Q2, SBC of $19.7M was nearly eight times operating cash flow, indicating that the company's cash generation is heavily reliant on this accounting adjustment. If SBC were treated as a cash expense, Xometry would still be burning cash, which raises questions about the sustainability of its business model without continued equity issuance. Investors should monitor dilution trends and the company's ability to generate cash without SBC support.