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Astera Labs cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$134M in Q3 2026 · $345M over twelve months

Operating cash flow$179M
Capital spending−$45.3M
Free cash flow+$134M
Cash / net income1.0×
Cash conversion cycle84 days

Analysis

In Q3 2026, Astera Labs generated $179M of operating cash flow and spent $45.3M on capital projects, leaving free cash flow of $134M. That is $68.0M more than in Q3 2025 ($65.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was $437M; the largest uses were other investing ($190M), acquisitions ($98.0M), capital spending ($92.1M); besides operations, cash came from other financing ($9.9M), shares issued ($897K); the cash balance rose by $68.0M.

Operating cash flow was $179M against net income of $183M — 1.0× profit, roughly in line with earnings. The largest differences: inventory −$93.0M, receivables −$91.8M, stock-based pay +$82.6M.

Its cash conversion cycle was 84 days (receivables 37 + inventory 89 − payables 43).

Free cash flow

Astera Labs: free cash flow by quarterAstera Labs: free cash flow by quarter$24.3MQ4 2024$6.0MQ1 2025$133MQ2 2025$65.9MQ3 2025$76.6MQ4 2025$67.0MQ1 2026$67.2MQ2 2026$134MQ3 2026
Operating cash flow less capital spending.
Astera Labs: operating cash flow against capital spendingAstera Labs: operating cash flow against capital spendingOperating cash flowCapital spending$39.7M$15.4MQ4 2024$10.5M$4.5MQ1 2025$135M$2.0MQ2 2025$78.2M$12.3MQ3 2025$95.3M$18.7MQ4 2025$74.6M$7.6MQ1 2026$87.7M$20.5MQ2 2026$179M$45.3MQ3 2026
Latest (Q3 2026): Operating cash flow $179M, Capital spending $45.3M.

Capital allocation, year by year

Astera Labs: where the cash came from (up) and went (down), by fiscal yearAstera Labs: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingAcquisitionsBuybacksFY2022: Operating cash flow −$35.9MFY2022: Shares issued $152MFY2022: Capital spending −$3.9MFY2022: Buybacks −$313K$152MFY2022FY2023: Operating cash flow −$12.7MFY2023: Shares issued $1.1MFY2023: Capital spending −$2.8MFY2023: Buybacks −$210K$1.1MFY2023FY2024: Operating cash flow $137MFY2024: Shares issued $678MFY2024: Capital spending −$34.2MFY2024: Buybacks −$1.1M$814MFY2024FY2025: Operating cash flow $319MFY2025: Shares issued $1.8MFY2025: Capital spending −$37.5MFY2025: Acquisitions −$28.8M$321MFY2025
Over these 4 years operating cash flow totalled $407M; the largest uses were capital spending ($78.4M) and operating cash flow ($48.6M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.4B
Debtnone
Net cash$1.4B

Astera Labs funds itself: free cash flow was $345M over the last twelve months, with $1.4B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Astera Labs: sources (+) and uses (−) of cash, Q3 2026Astera Labs: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$179MCash drawn (+) / kept (−)−$97.9MCapital spending−$45.3MOther investing−$35.9MShares issued−$34K
Astera Labs: sources (+) and uses (−) of cash, TTM to Q3 2026Astera Labs: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$437MOther investing−$190MAcquisitions−$98.0MCapital spending−$92.1MCash drawn (+) / kept (−)−$68.0MOther financing$9.9MShares issued$897K

From profit to cash

Astera Labs: net income to operating cash flow, Q3 2026Astera Labs: net income to operating cash flow, Q3 2026Net income$183MDepreciation & amortization$5.0MStock-based pay$82.6MOther non-cash$10.3MReceivables−$91.8MInventory−$93.0MPayables$36.0MAccrued liabilities$43.4MPrepaid and other assets−$10.3MOperating cash flow$179M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202637894384
Q2 202638754866
Q1 202632736045
Q4 202521774751
Q3 202513934858
Q2 2025221086070
Q1 2025311066373
Q4 202421855749

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$179M−$45.3M—−$34K−$97.9M$134M
Q2 2026$87.7M−$20.5M−$4.2M$754K$36.8M$67.2M
Q1 2026$74.6M−$7.6M−$65.0M$82K$19.3M$67.0M
Q4 2025$95.3M−$18.7M−$28.8M$95K−$26.2M$76.6M
Q3 2025$78.2M−$12.3M—$952K$21.9M$65.9M
Q2 2025$135M−$2.0M—$392K−$76.4M$133M
Q1 2025$10.5M−$4.5M—$386K−$7.0M$6.0M
Q4 2024$39.7M−$15.4M—$2.6M$46.1M$24.3M

Astera Labs: income statement and cash flow

Astera Labs, Q3 2026: revenue $585M (+154% year over year), operating margin 30.6%. The chart follows the revenue to costs, profit and cash.

Astera Labs: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.