Beta Technologies, Inc. (BETA) Cash Flow Statement
Where BETA’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$267.8M
- Capital expenditures
- $45.4M 127.6% of revenue
- Free cash flow
- −$313.2M −879.5% margin
- Returned to shareholders
- —
- Change in cash
- $1.41B cash at year-end $1.71B
Drawn to scale: where the cash came from and how it was used. Hover for values.
BETA operating cash flow, capex and free cash flow
BETA cash flow trends, 2023–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$158.0M2023 | −$267.8M2025 | — | |
| Capital expenditures | $153.2M2023 | $45.4M2025 | −45.5%/yr | |
| Free cash flow | −$311.3M2023 | −$313.2M2025 | — | |
| Free cash flow margin | −2,026.8%2023 | −879.5%2025 | +1,147.3 pts | |
| Share buybacks (net) | $530,0002024 | $02025 | −100.0% | |
| Capex / revenue | 997.9%2023 | 127.6%2025 | −870.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BETA cash flow by activity
BETA net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BETA cash flow statement
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Operating activities | |||
| Net income | −$745.9M | −$275.6M | −$175.6M |
| Depreciation & amortization | $22.0M | $16.5M | $8.6M |
| Stock-based compensation | $34.8M | — | — |
| Change in working capital | $29.4M | $21.3M | −$2.1M |
| Other non-cash items | $391.9M | $15.2M | $11.1M |
| Cash from operating activities | −$267.8M | −$222.7M | −$158.0M |
| Investing activities | |||
| Capital expenditures | −$45.4M | −$73.5M | −$153.2M |
| Acquisitions & other investing | $1.4M | $4.7M | $907,000 |
| Cash from investing activities | −$44.1M | −$68.8M | −$152.3M |
| Financing activities | |||
| Share repurchases & issuance (net) | $0 | −$530,000 | — |
| Net borrowing (repayment) | −$3.8M | — | — |
| Shares issued | $1.71B | $324.0M | $0 |
| Other financing | $19.3M | $15.9M | $134.3M |
| Cash from financing activities | $1.73B | $339.3M | $134.3M |
| Summary | |||
| Net change in cash | $1.41B | $47.9M | $253.7M |
| Cash at end of period | $1.71B | $301.5M | $253.7M |
| Free cash flow | −$313.2M | −$296.2M | −$311.3M |
| Free cash flow margin | −879.5% | −1,962.4% | −2,026.8% |
| Capex / revenue | 127.6% | 487.1% | 997.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | −$148.8M | −$122.3M | −$150.0M | −$437.2M | −$80.4M | −$78.3M | −$76.4M | −$75.1M |
| Depreciation & amortization | $6.3M | $6.2M | $5.7M | $5.8M | $5.4M | $5.1M | $5.2M | $3.9M |
| Stock-based compensation | $14.7M | $23.4M | $17.9M | $5.2M | $4.3M | $7.3M | $2.9M | $4.6M |
| Change in working capital | $30.1M | −$9.4M | $10.0M | −$4.5M | $12.9M | $6.1M | $10.4M | $1.9M |
| Other non-cash items | $22.8M | $6.8M | $31.8M | $361.9M | $1.6M | $1.5M | $563,000 | $1.0M |
| Cash from operating activities | −$74.9M | −$95.4M | −$84.4M | −$68.8M | −$56.3M | −$58.3M | −$57.4M | −$63.7M |
| Investing activities | ||||||||
| Capital expenditures | −$41.1M | −$24.2M | −$19.8M | −$13.0M | −$6.0M | −$6.7M | −$21.8M | −$13.1M |
| Acquisitions & other investing | $0 | $0 | $75,000 | $366,000 | $499,000 | $431,000 | $4.3M | — |
| Cash from investing activities | −$41.1M | −$24.2M | −$19.7M | −$12.6M | −$5.5M | −$6.2M | −$17.5M | — |
| Financing activities | ||||||||
| Share repurchases & issuance (net) | — | — | $0 | $0 | — | — | $0 | $0 |
| Net borrowing (repayment) | −$1.4M | −$1.5M | −$1.7M | −$1.9M | −$15,000 | −$243,000 | −$240,000 | $869,000 |
| Shares issued | $0 | $0 | $1.13B | $570.6M | $3.5M | $799,000 | $324.4M | $261,000 |
| Other financing | $7.6M | $203,000 | −$6.3M | $27.4M | −$839,000 | −$866,000 | −$165,000 | $0 |
| Cash from financing activities | $6.1M | −$1.2M | $1.13B | $596.0M | $2.6M | −$310,000 | $324.0M | $1.1M |
| Summary | ||||||||
| Net change in cash | −$109.9M | −$120.8M | $1.02B | $514.6M | −$59.1M | −$64.8M | $249.1M | −$75.5M |
| Cash at end of period | $1.48B | $1.59B | $1.71B | $692.6M | $178.1M | $237.2M | $302.0M | $52.9M |
| Free cash flow | −$116.0M | −$119.5M | −$104.2M | −$81.8M | −$62.3M | −$64.9M | −$79.2M | −$76.7M |
| Free cash flow margin | −791.3% | −1,179.7% | −935.9% | −917.3% | −800.6% | −834.5% | −1,785.6% | −2,501.8% |
| Capex / revenue | 280.5% | 238.6% | 177.7% | 145.3% | 77.4% | 85.8% | 492.0% | 425.7% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
BETA cash generation
In fiscal 2025 (ended December 31, 2025), Beta Technologies generated -$267.8 million of cash from operations and spent $45.4 million on capital expenditures, leaving free cash flow of -$313.2 million, −879.5% of revenue. Cash and equivalents rose by $1.4 billion over the year.
Related: BETA income statement, BETA balance sheet. See the BETA stock overview for the latest quote and news.
BETA cash flow FAQ
What is Beta Technologies's free cash flow?
Beta Technologies's free cash flow was -$313.2 million in fiscal 2025: -$267.8 million of operating cash flow minus $45.4 million of capital expenditures It was -$296.2 million a year earlier..
How much cash does Beta Technologies generate from operations?
Beta Technologies generated -$267.8 million of cash from operating activities in fiscal 2025.
How much does Beta Technologies spend on capital expenditures?
Beta Technologies spent $45.4 million on capital expenditures in fiscal 2025, 127.6% of revenue, compared with $73.5 million the year before.