Fluence Energy, Inc. (FLNC) Cash Flow Statement
Where FLNC’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- −$145.5M −282.6% vs FY2024
- Capital expenditures
- $29.8M 1.3% of revenue
- Free cash flow
- −$175.3M −7.7% margin
- Returned to shareholders
- $753,000
- Change in cash
- $195.9M cash at year-end $714.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
FLNC operating cash flow, capex and free cash flow
FLNC cash flow trends, FY2019–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $27.7MFY2019 | −$145.5MFY2025 | — | |
| Capital expenditures | $2.7MFY2019 | $29.8MFY2025 | +48.9%/yr | |
| Free cash flow | $24.9MFY2019 | −$175.3MFY2025 | — | |
| Free cash flow margin | 27.1%FY2019 | −7.7%FY2025 | −34.8 pts | |
| Stock-based compensation | −$170.8MFY2020 | $19.5MFY2025 | — | |
| Share buybacks (net) | $0FY2020 | $753,000FY2025 | — | |
| Capex / revenue | 3.0%FY2019 | 1.3%FY2025 | −1.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FLNC cash flow by activity
FLNC 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).
FLNC cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | −$68.0M | $22.7M | −$104.8M | −$289.2M | −$162.0M | −$46.7M | −$47.0M |
| Depreciation & amortization | $29.3M | $14.5M | $10.7M | $7.1M | $5.1M | $3.0M | $2.9M |
| Stock-based compensation | $19.5M | $23.9M | $26.9M | $44.1M | $0 | −$170.8M | — |
| Change in working capital | −$144.0M | −$9.4M | −$47.1M | −$58.3M | −$148.4M | $30.7M | $66.6M |
| Other non-cash items | $17.5M | $28.0M | $2.4M | $13.8M | $40.0M | $169.8M | $5.1M |
| Cash from operating activities | −$145.5M | $79.7M | −$111.9M | −$282.4M | −$265.3M | −$14.0M | $27.7M |
| Investing activities | |||||||
| Capital expenditures | −$29.8M | −$19.0M | −$12.2M | −$7.9M | −$4.3M | −$1.8M | −$2.7M |
| Investments (net) | −$29.8M | −$19.0M | $94.4M | −$148.4M | −$22.3M | $20.0M | −$20.0M |
| Acquisitions & other investing | $29.8M | — | $12.2M | $7.9M | $4.3M | $0 | $0 |
| Cash from investing activities | −$29.8M | — | $94.4M | −$148.4M | −$22.3M | $18.2M | −$22.7M |
| Financing activities | |||||||
| Dividends paid | — | — | −$55.4M | — | — | — | — |
| Share repurchases & issuance (net) | −$753,000 | −$1.7M | −$2.8M | −$5.0M | $0 | $0 | — |
| Net borrowing (repayment) | $368.6M | $0 | $48.2M | −$100.0M | $96.7M | $96.7M | $96.7M |
| Shares issued | $0 | $0 | $12.2M | $948.0M | $125.0M | $2.5M | $10.0M |
| Other financing | −$11.0M | −$7.0M | $50.4M | −$25.9M | $9.5M | −$96.7M | −$96.7M |
| Cash from financing activities | $356.9M | −$8.7M | $52.6M | $817.1M | $231.1M | $2.5M | $10.0M |
| Summary | |||||||
| Net change in cash | $195.9M | $56.0M | $33.0M | $391.7M | −$57.0M | $8.0M | $14.1M |
| Cash at end of period | $714.6M | $518.7M | $462.7M | $429.7M | $38.1M | $95.1M | $87.0M |
| Free cash flow | −$175.3M | $60.7M | −$124.2M | −$290.3M | −$269.6M | −$15.8M | $24.9M |
| Free cash flow margin | −7.7% | 2.2% | −5.6% | −24.2% | −39.6% | −2.8% | 27.1% |
| Capex / revenue | 1.3% | 0.7% | 0.6% | 0.7% | 0.6% | 0.3% | 3.0% |
| Operating cash flow / net income | — | 3.51 | — | — | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$52.6M | −$20.9M | −$62.6M | $24.1M | $6.9M | −$41.9M | −$57.0M | $67.7M | $1.1M | −$12.9M | −$25.6M | $4.8M |
| Depreciation & amortization | $11.2M | $10.7M | $8.8M | $10.4M | $8.3M | $6.2M | $4.5M | $4.1M | $4.4M | $3.1M | $2.9M | $2.9M |
| Stock-based compensation | $8.8M | $3.9M | $5.3M | $4.1M | $6.4M | $3.8M | $5.3M | $5.5M | $6.1M | $6.6M | $5.6M | $5.5M |
| Change in working capital | $7.8M | −$107.5M | −$172.4M | $217.7M | −$181.5M | −$13.1M | −$167.0M | −$69.9M | −$34.6M | $60.0M | $35.1M | $28.5M |
| Other non-cash items | $7.6M | −$8.8M | −$5.9M | $9.5M | $6.2M | −$1.1M | $3.0M | $3.2M | $1.9M | $14.0M | $1.3M | $6.8M |
| Cash from operating activities | −$17.2M | −$122.6M | −$226.8M | $265.7M | −$153.9M | −$46.2M | −$211.2M | $10.5M | −$21.1M | $70.9M | $19.4M | $48.6M |
| Investing activities | ||||||||||||
| Capital expenditures | −$5.2M | −$6.8M | −$9.3M | −$9.8M | −$7.3M | −$7.6M | −$5.2M | −$5.5M | −$6.0M | −$4.9M | −$2.6M | −$3.1M |
| Investments (net) | — | — | — | −$9.8M | −$7.3M | −$7.6M | −$5.2M | −$5.5M | −$6.0M | −$4.9M | −$2.6M | −$3.1M |
| Acquisitions & other investing | −$26.3M | $0 | $0 | $9.8M | $7.3M | $7.6M | $5.2M | $5.5M | $6.0M | $4.9M | $2.6M | $3.1M |
| Cash from investing activities | −$31.5M | −$6.8M | −$9.3M | −$9.8M | −$7.3M | −$7.6M | −$5.2M | −$5.5M | −$6.0M | −$4.9M | −$2.6M | −$3.1M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | $2.7M | −$362,000 | −$2.4M | −$263,000 | $0 | −$94,000 | −$396,000 | −$420,000 | −$1.2M | −$88,000 | −$3.9M | −$1.2M |
| Net borrowing (repayment) | −$72.6M | −$1.4M | −$938,000 | −$1.9M | −$465,000 | −$29.0M | $400.0M | — | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $73.9M | $71.7M | $1.5M | $403,000 | −$3,000 | $27.4M | −$38.8M | −$2.5M | $2.0M | −$184,000 | −$2.5M | $1.2M |
| Cash from financing activities | $4.0M | $69.9M | −$1.8M | −$1.8M | −$468,000 | −$1.7M | $360.8M | −$2.9M | $864,000 | −$272,000 | −$6.4M | $7,000 |
| Summary | ||||||||||||
| Net change in cash | −$47.9M | −$64.9M | −$236.9M | $254.7M | −$150.1M | −$44.4M | $135.7M | $5.4M | −$28.2M | $64.9M | $13.8M | $46.6M |
| Cash at end of period | $365.0M | $412.9M | $477.8M | $714.6M | $459.9M | $610.0M | $654.4M | $518.7M | $513.3M | $541.5M | $476.6M | $462.7M |
| Free cash flow | −$22.4M | −$129.3M | −$236.1M | $256.0M | −$161.2M | −$53.8M | −$216.4M | $5.0M | −$27.0M | $66.0M | $16.8M | $45.5M |
| Free cash flow margin | −3.4% | −27.8% | −49.7% | 24.6% | −26.7% | −12.5% | −115.9% | 0.4% | −5.6% | 10.6% | 4.6% | 6.8% |
| Capex / revenue | 0.8% | 1.5% | 2.0% | 0.9% | 1.2% | 1.8% | 2.8% | 0.5% | 1.2% | 0.8% | 0.7% | 0.5% |
| Operating cash flow / net income | — | — | — | 11.04 | −22.32 | — | — | 0.16 | −19.62 | — | — | 10.08 |
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.
FLNC cash generation
In fiscal 2025 (ended September 30, 2025), Fluence Energy generated -$145.5 million of cash from operations (down 282.6%) and spent $29.8 million on capital expenditures, leaving free cash flow of -$175.3 million, −7.7% of revenue. It returned $0.8 million to shareholders through dividends ($0) and net share buybacks ($0.8 million). Cash and equivalents rose by $195.9 million over the year.
Related: FLNC income statement, FLNC balance sheet. See the FLNC stock overview for the latest quote and news.
FLNC cash flow FAQ
What is Fluence Energy's free cash flow?
Fluence Energy's free cash flow was -$175.3 million in fiscal 2025: -$145.5 million of operating cash flow minus $29.8 million of capital expenditures It was $60.7 million a year earlier..
How much cash does Fluence Energy generate from operations?
Fluence Energy generated -$145.5 million of cash from operating activities in fiscal 2025.
How much does Fluence Energy spend on capital expenditures?
Fluence Energy spent $29.8 million on capital expenditures in fiscal 2025, 1.3% of revenue, compared with $19.0 million the year before.
How much stock does Fluence Energy buy back?
Fluence Energy spent $0.8 million on net share repurchases in fiscal 2025.