Zeo Energy Corp. (ZEO) Cash Flow Statement
Where ZEO’s cash came from and went, FY2026
September 30, 2026 · U.S. dollars- Cash from operations
- −$8.7M
- Capital expenditures
- $1.2M 1.8% of revenue
- Free cash flow
- −$9.9M −14.3% margin
- Returned to shareholders
- $621,063
- Change in cash
- $503,824 cash at year-end $6.1M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ZEO operating cash flow, capex and free cash flow
ZEO cash flow trends, FY2021–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $6.9MFY2021 | −$8.7MFY2026 | — | |
| Capital expenditures | $707,870FY2021 | $1.2MFY2026 | +11.6%/yr | |
| Free cash flow | $6.2MFY2021 | −$9.9MFY2026 | — | |
| Free cash flow margin | 25.1%FY2021 | −14.3%FY2026 | −39.4 pts | |
| Operating cash flow / net income | 0.97FY2021 | 2.47FY2023 | +1.50 | |
| Stock-based compensation | $114,000FY2023 | $6.4MFY2026 | +282.9%/yr | |
| Dividends paid | $7.4MFY2021 | $621,063FY2026 | −39.1%/yr | |
| Capex / revenue | 2.9%FY2021 | 1.8%FY2026 | −1.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ZEO cash flow by activity
ZEO 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).
ZEO cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | −$19.6M | −$9.9M | −$2.7M | $4.8M | $8.7M | $7.1M |
| Depreciation & amortization | $8.6M | $4.8M | $4.8M | $1.8M | $1.7M | $379,823 |
| Stock-based compensation | $6.4M | $8.0M | $8.0M | $114,000 | — | — |
| Change in working capital | −$6.8M | −$13.4M | −$13.4M | $3.8M | −$321,031 | −$588,849 |
| Other non-cash items | $2.8M | $1.7M | −$5.5M | $1.4M | $668,963 | $0 |
| Cash from operating activities | −$8.7M | −$8.7M | −$8.7M | $12.0M | $10.7M | $6.9M |
| Investing activities | ||||||
| Capital expenditures | −$1.2M | −$369,137 | −$369,137 | −$1.0M | −$1.1M | −$707,870 |
| Investments (net) | — | — | −$7.4M | −$1.0M | −$1.1M | $379,134 |
| Acquisitions & other investing | $14.6M | −$7.0M | — | $1.0M | $1.1M | $707,870 |
| Cash from investing activities | $13.4M | −$7.4M | — | −$1.0M | −$1.1M | $379,134 |
| Financing activities | ||||||
| Dividends paid | −$621,063 | −$229,067 | −$229,067 | −$5.2M | −$8.2M | −$7.4M |
| Share repurchases & issuance (net) | — | — | — | −$272.6M | — | — |
| Net borrowing (repayment) | — | −$3.4M | $2.3M | −$15,072 | $380,686 | $509,154 |
| Shares issued | $0 | $0 | $11.7M | $0 | $0 | $0 |
| Other financing | −$3.6M | $17.3M | $0 | $272.6M | $0 | $0 |
| Cash from financing activities | −$4.2M | $13.7M | $13.7M | −$5.2M | −$7.8M | −$6.9M |
| Summary | ||||||
| Net change in cash | $503,824 | −$2.4M | −$2.4M | $5.8M | $1.8M | $329,709 |
| Cash at end of period | $6.1M | $5.6M | $5.6M | $8.0M | $2.3M | $450,846 |
| Free cash flow | −$9.9M | −$9.1M | −$9.1M | $10.9M | $9.6M | $6.2M |
| Free cash flow margin | −14.3% | −12.4% | −12.4% | 10.0% | 10.8% | 25.1% |
| Capex / revenue | 1.8% | 0.5% | 0.5% | 0.9% | 1.2% | 2.9% |
| Operating cash flow / net income | — | — | — | 2.47 | 1.24 | 0.97 |
| 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 | −$2.7M | −$4.7M | −$2.0M | −$1.9M | −$2.7M | −$13.3M | −$435,346 | −$2.9M | −$1.8M | −$4.1M | −$1.5M | $4.0M |
| Depreciation & amortization | $248,171 | $1.1M | $250,874 | $249,447 | $3.2M | $4.9M | $3.5M | $499,876 | $453,669 | $459,529 | $395,248 | $487,171 |
| Stock-based compensation | $634,228 | $663,053 | $429,609 | $2.7M | $1.1M | $2.3M | $849,430 | $1.5M | $2.5M | $3.1M | $57,000 | $57,000 |
| Change in working capital | $1.3M | $1.6M | $2.7M | −$6.6M | −$3.8M | $842,295 | $10,315 | −$507,600 | −$2.8M | −$10.1M | $6.9M | −$1.2M |
| Other non-cash items | $112,300 | $473,182 | $1.0M | −$1.1M | −$33,298 | $3.1M | −$477,399 | $1.5M | −$573,496 | $440,717 | $510,360 | $485,548 |
| Cash from operating activities | −$461,446 | −$852,842 | $2.4M | −$6.6M | −$2.3M | −$2.3M | $3.5M | $162,215 | −$2.2M | −$10.2M | $6.4M | $3.8M |
| Investing activities | ||||||||||||
| Capital expenditures | −$200,973 | −$205,342 | −$175,739 | −$240,636 | −$434,447 | −$372,578 | −$84,070 | −$45,762 | −$104,753 | −$226,076 | −$127,103 | −$123,351 |
| Investments (net) | — | — | — | $14.4M | −$434,447 | −$372,578 | −$7.1M | $45,762 | −$104,753 | −$226,076 | −$127,103 | −$123,354 |
| Acquisitions & other investing | $0 | −$3.1M | — | $240,636 | $434,447 | $372,578 | — | $45,762 | $104,753 | $226,076 | $127,103 | $123,354 |
| Cash from investing activities | −$200,973 | −$3.4M | — | $14.4M | −$434,447 | −$372,578 | — | $45,762 | −$104,753 | −$226,076 | −$127,103 | −$123,351 |
| Financing activities | ||||||||||||
| Dividends paid | $0 | −$160,153 | $0 | −$621,063 | $0 | −$139,067 | −$139,067 | $0 | $0 | −$90,000 | −$2.3M | −$2.8M |
| Share repurchases & issuance (net) | — | — | — | −$160,353 | — | — | — | — | — | — | −$16.7M | — |
| Net borrowing (repayment) | −$40,859 | −$39,817 | −$37,146 | −$3.1M | −$104,469 | −$103,996 | $2.3M | −$164,409 | — | — | — | — |
| Shares issued | $1.5M | $13,455 | $0 | $0 | $0 | $0 | $2.7M | $0 | $0 | $10.3M | $0 | $0 |
| Other financing | −$75,630 | −$11,609 | −$6,576 | $0 | $0 | $139,067 | $0 | −$1.1M | −$84,490 | −$100,392 | $16.4M | $30,451 |
| Cash from financing activities | $1.4M | −$198,124 | −$43,722 | −$3.9M | −$104,469 | −$103,996 | $4.9M | −$1.2M | −$84,490 | $10.1M | −$2.6M | −$2.7M |
| Summary | ||||||||||||
| Net change in cash | $720,821 | −$4.4M | $2.2M | $3.8M | −$2.8M | −$2.7M | $1.3M | −$1.0M | −$2.4M | −$291,182 | $3.7M | $932,686 |
| Cash at end of period | $2.5M | $1.7M | $6.1M | $3.9M | $68,691 | $2.9M | $5.6M | $4.3M | $5.3M | $7.7M | $8.0M | $4.3M |
| Free cash flow | −$662,419 | −$1.1M | $2.3M | −$6.8M | −$2.7M | −$2.6M | $3.4M | $207,977 | −$2.3M | −$10.4M | $6.2M | $3.7M |
| Free cash flow margin | −4.1% | −8.0% | 12.2% | −28.6% | −15.0% | −30.0% | 18.2% | 1.1% | −15.7% | −51.5% | 27.1% | 9.7% |
| Capex / revenue | 1.2% | 1.6% | 0.9% | 1.0% | 2.4% | 4.2% | 0.5% | 0.2% | 0.7% | 1.1% | 0.6% | 0.3% |
| Operating cash flow / net income | — | — | — | — | — | — | — | — | — | — | — | 0.95 |
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.
ZEO cash generation
In fiscal 2026 (ended September 30, 2026), Zeo Energy generated -$8.7 million of cash from operations and spent $1.2 million on capital expenditures, leaving free cash flow of -$9.9 million, −14.3% of revenue. It returned $0.6 million to shareholders through dividends ($0.6 million) and net share buybacks ($0). Cash and equivalents rose by $0.5 million over the year.
Related: ZEO income statement, ZEO balance sheet. See the ZEO stock overview for the latest quote and news.
ZEO cash flow FAQ
What is Zeo Energy's free cash flow?
Zeo Energy's free cash flow was -$9.9 million in fiscal 2026: -$8.7 million of operating cash flow minus $1.2 million of capital expenditures It was -$9.1 million a year earlier..
How much cash does Zeo Energy generate from operations?
Zeo Energy generated -$8.7 million of cash from operating activities in fiscal 2026.
How much does Zeo Energy spend on capital expenditures?
Zeo Energy spent $1.2 million on capital expenditures in fiscal 2026, 1.8% of revenue, compared with $0.4 million the year before.
How much does Zeo Energy pay in dividends?
Zeo Energy paid $0.6 million in dividends in fiscal 2026.