Unity Software Inc. (U) Cash Flow Statement
Where U’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $423.0M +34.0% vs 2024
- Capital expenditures
- $19.0M 1.0% of revenue
- Free cash flow
- $403.9M 21.8% margin
- Returned to shareholders
- —
- Change in cash
- $536.4M cash at year-end $2.06B
Cash from operations
$423.0M
Capital expenditures
−$19.0M
Investments (net)
−$2.0M
Acquisitions & other
−$3.0M
Share buybacks (net)
+$119.5M
Net borrowing (repayment)
+$48.3M
Other financing
−$57.7M
Currency & other
+$27.4M
Change in cash
$536.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
U operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
U cash flow trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$81.1M2018 | $423.0M2025 | — | |
| Capital expenditures | $38.0M2018 | $19.0M2025 | −9.4%/yr | |
| Free cash flow | −$119.1M2018 | $403.9M2025 | — | |
| Free cash flow margin | −31.3%2018 | 21.8%2025 | +53.1 pts | |
| Stock-based compensation | $20.9M2018 | $385.2M2025 | +51.6%/yr | |
| Share buybacks (net) | $02018 | $02025 | — | |
| Capex / revenue | 10.0%2018 | 1.0%2025 | −9.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
U cash flow by activity
OperatingInvestingFinancingChange in cash
U net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
U cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | −$401.5M | −$664.3M | −$826.3M | −$919.5M | −$532.6M | −$282.3M | −$163.2M | −$131.6M |
| Depreciation & amortization | $460.9M | $409.0M | $563.9M | $211.6M | $64.6M | $43.0M | $31.1M | $20.5M |
| Stock-based compensation | $385.2M | $596.2M | $648.7M | $550.1M | $347.2M | $134.6M | $44.5M | $20.9M |
| Change in working capital | $18.8M | −$10.1M | −$176.2M | $77.0M | −$4.4M | $57.8M | $19.5M | $8.3M |
| Other non-cash items | −$40.5M | −$15.3M | $24.6M | $21.4M | $13.8M | $66.9M | $133,000 | $789,000 |
| Cash from operating activities | $423.0M | $315.6M | $234.7M | −$59.4M | −$111.4M | $19.9M | −$67.9M | −$81.1M |
| Investing activities | ||||||||
| Capital expenditures | −$19.0M | −$42.4M | −$55.9M | −$57.1M | −$41.9M | −$40.9M | −$27.0M | −$38.0M |
| Investments (net) | −$2.0M | −$42.4M | $44.0M | $723.2M | −$1.84B | −$481.8M | −$219.5M | −$40.0M |
| Acquisitions & other investing | −$3.0M | $42.4M | $55.9M | $57.1M | $41.9M | −$52.5M | $27.0M | $38.0M |
| Cash from investing activities | −$24.0M | −$42.4M | $44.0M | $723.2M | −$1.84B | −$575.2M | −$219.5M | −$40.0M |
| Financing activities | ||||||||
| Dividends paid | — | — | — | — | — | −$309.2M | — | — |
| Share repurchases & issuance (net) | $119.5M | $76.7M | −$250.0M | −$1.50B | $66.7M | −$110,000 | −$435.1M | $148.3M |
| Net borrowing (repayment) | $48.3M | −$415.0M | $0 | $1.00B | $1.73B | $1.73B | $1.73B | $1.73B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $1.67B | $585.1M | $144.9M |
| Other financing | −$57.7M | $0 | $76.0M | $273.4M | −$70.7M | −$1.38B | −$1.71B | −$1.87B |
| Cash from financing activities | $110.1M | −$338.3M | −$174.0M | −$226.6M | $1.72B | $1.70B | $161.5M | $148.3M |
| Summary | ||||||||
| Net change in cash | $536.4M | −$76.4M | $98.6M | $439.1M | −$227.3M | $1.15B | −$126.2M | $27.1M |
| Cash at end of period | $2.06B | $1.53B | $1.60B | $1.51B | $1.07B | $1.29B | $147.1M | $273.3M |
| Free cash flow | $403.9M | $273.1M | $178.8M | −$116.6M | −$153.4M | −$21.0M | −$95.0M | −$119.1M |
| Free cash flow margin | 21.8% | 15.1% | 8.2% | −8.4% | −13.8% | −2.7% | −17.5% | −31.3% |
| Capex / revenue | 1.0% | 2.3% | 2.6% | 4.1% | 3.8% | 5.3% | 5.0% | 10.0% |
| 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 | −$22.7M | −$347.6M | −$89.4M | −$126.8M | −$107.4M | −$77.9M | −$122.5M | −$124.5M | −$125.7M | −$291.5M | −$254.0M | −$125.3M |
| Depreciation & amortization | $85.5M | $127.3M | $131.9M | $135.9M | $96.9M | $96.2M | $103.2M | $102.6M | $101.4M | $101.8M | $232.3M | $111.0M |
| Stock-based compensation | $79.9M | $77.2M | $92.9M | $92.0M | $101.6M | $98.8M | $110.4M | $104.6M | $115.4M | $265.9M | $181.0M | $147.2M |
| Change in working capital | $62.7M | −$81.6M | −$15.7M | $15.5M | $49.1M | −$64.6M | $12.7M | $39.4M | −$23.5M | −$38.7M | −$100.2M | −$22.9M |
| Other non-cash items | $201,000 | $296.1M | $1.8M | $38.9M | −$7.2M | −$39.5M | $8.5M | $308,000 | $20.8M | −$44.9M | $13.1M | $10.0M |
| Cash from operating activities | $205.6M | $71.3M | $121.4M | $155.4M | $133.1M | $13.0M | $112.2M | $122.4M | $88.4M | −$7.4M | $72.1M | $120.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$3.7M | −$4.8M | −$2.8M | −$4.1M | −$6.4M | −$5.7M | −$6.4M | −$19.7M | −$9.1M | −$7.2M | −$11.4M | −$16.1M |
| Investments (net) | — | — | $0 | −$4.1M | −$8.4M | −$5.7M | −$6.4M | −$19.7M | −$9.1M | −$7.2M | −$11.4M | −$18.1M |
| Acquisitions & other investing | $0 | $0 | −$3.0M | $4.1M | $6.4M | $5.7M | $6.4M | $19.7M | $9.1M | $7.2M | $11.4M | $16.1M |
| Cash from investing activities | −$3.7M | −$4.8M | −$5.8M | −$4.1M | −$8.4M | −$5.7M | −$6.4M | −$19.7M | −$9.1M | −$7.2M | −$11.4M | −$18.1M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | $119.5M | $85.5M | $31.4M | $21.6M | $76.7M | $57.3M | — | — | $0 | −$250.0M |
| Net borrowing (repayment) | $0 | $0 | $0 | $0 | $0 | $48.3M | $0 | $0 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $4.6M | $11.6M | −$85.5M | −$31.4M | −$21.6M | −$57.7M | −$57.3M | −$37.3M | $11.3M | −$389.0M | $11.0M | $23.1M |
| Cash from financing activities | $4.6M | $11.6M | $34.0M | $54.1M | $9.8M | $12.2M | $19.4M | $20.0M | $11.3M | −$389.0M | $11.0M | −$226.9M |
| Summary | ||||||||||||
| Net change in cash | $211.0M | $85.0M | $155.2M | $207.6M | $149.9M | $23.8M | $111.9M | $134.2M | $87.3M | −$409.8M | $83.2M | −$133.9M |
| Cash at end of period | $2.36B | $2.14B | $2.06B | $1.91B | $1.70B | $1.55B | $1.53B | $1.42B | $1.28B | $1.19B | $1.60B | $1.52B |
| Free cash flow | $202.0M | $66.5M | $118.7M | $151.3M | $126.7M | $7.3M | $105.8M | $102.7M | $79.2M | −$14.6M | $60.7M | $104.0M |
| Free cash flow margin | 37.0% | 13.1% | 23.6% | 32.1% | 28.7% | 1.7% | 23.1% | 23.0% | 17.6% | −3.2% | 10.0% | 19.1% |
| Capex / revenue | 0.7% | 1.0% | 0.5% | 0.9% | 1.5% | 1.3% | 1.4% | 4.4% | 2.0% | 1.6% | 1.9% | 3.0% |
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.
U cash generation
In fiscal 2025 (ended December 31, 2025), Unity generated $423.0 million of cash from operations (up 34.0%) and spent $19.0 million on capital expenditures, leaving free cash flow of $403.9 million, 21.8% of revenue. Cash and equivalents rose by $536.4 million over the year.
Related: U income statement, U balance sheet. See the U stock overview for the latest quote and news.
U cash flow FAQ
What is Unity's free cash flow?
Unity's free cash flow was $403.9 million in fiscal 2025: $423.0 million of operating cash flow minus $19.0 million of capital expenditures It was $273.1 million a year earlier..
How much cash does Unity generate from operations?
Unity generated $423.0 million of cash from operating activities in fiscal 2025.
How much does Unity spend on capital expenditures?
Unity spent $19.0 million on capital expenditures in fiscal 2025, 1.0% of revenue, compared with $42.4 million the year before.