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BillionToOne cash flow, quarter by quarter

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

Free cash flow$8.6M in Q3 2026 · $33.9M over twelve months

Operating cash flow$12.5M
Capital spending−$3.9M
Free cash flow+$8.6M
Cash / net income0.7×
Cash conversion cycle87 days

Analysis

In Q3 2026, BillionToOne generated $12.5M of operating cash flow and spent $3.9M on capital projects, leaving free cash flow of $8.6M. That is $728K more than in Q3 2025 ($7.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was $47.9M; the largest uses were capital spending ($14.0M), other investing ($41K); besides operations, cash came from other financing ($289M), net borrowing (+) / repaid (−) ($29.3M); the cash balance rose by $366M.

Operating cash flow was $12.5M against net income of $17.4M — 0.7× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$13.4M, stock-based pay +$9.7M, employee-related liabilities +$4.2M.

Its cash conversion cycle was 87 days (receivables 61 + inventory 55 − payables 29).

Free cash flow

BillionToOne: free cash flow by quarterBillionToOne: free cash flow by quarter−$10.5MQ4 2024$278KQ1 2025−$1.7MQ2 2025$7.9MQ3 2025$9.3MQ4 2025$11.0MQ1 2026$5.1MQ2 2026$8.6MQ3 2026
Operating cash flow less capital spending.
BillionToOne: operating cash flow against capital spendingBillionToOne: operating cash flow against capital spendingOperating cash flowCapital spending−$8.4M$2.1MQ4 2024$2.6M$2.3MQ1 2025$1.2M$2.9MQ2 2025$10.0M$2.1MQ3 2025$10.8M$1.5MQ4 2025$15.4M$4.5MQ1 2026$9.1M$4.0MQ2 2026$12.5M$3.9MQ3 2026
Latest (Q3 2026): Operating cash flow $12.5M, Capital spending $3.9M.

Capital allocation, year by year

BillionToOne: where the cash came from (up) and went (down), by fiscal yearBillionToOne: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksFY2023: Operating cash flow −$53.7MFY2023: Net borrowing $12.9MFY2023: Shares issued $444KFY2023: Capital spending −$6.2M$13.4MFY2023FY2024: Operating cash flow −$41.4MFY2024: Net borrowing $12.4MFY2024: Shares issued $131MFY2024: Capital spending −$5.4MFY2024: Buybacks −$546K$143MFY2024FY2025: Operating cash flow $24.6MFY2025: Net borrowing −$1.8MFY2025: Shares issued $295MFY2025: Capital spending −$8.9M$320MFY2025
Over these 3 years operating cash flow totalled −$70.5M; the largest uses were operating cash flow ($95.0M) and capital spending ($20.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$562M
Debt$89.0M
Net cash$473M

BillionToOne funds itself: free cash flow was $33.9M over the last twelve months, and $562M of cash and investments stands against $89.0M of debt.

Where the cash came from and went

BillionToOne: sources (+) and uses (−) of cash, Q3 2026BillionToOne: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$12.9MOperating cash flow$12.5MShares issued$4.8MCapital spending−$3.9MOther financing−$435KNet borrowing (+) / repaid (−)−$106K
BillionToOne: sources (+) and uses (−) of cash, TTM to Q3 2026BillionToOne: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)−$366MOther financing$289MOperating cash flow$47.9MNet borrowing (+) / repaid (−)$29.3MShares issued$14.1MCapital spending−$14.0MOther investing−$41K

From profit to cash

BillionToOne: net income to operating cash flow, Q3 2026BillionToOne: net income to operating cash flow, Q3 2026Net income$17.4MDepreciation & amortization$2.0MStock-based pay$9.7MGains on disposals$18KReceivables−$13.4MInventory−$756KPayables−$841KAccrued liabilities−$368KEmployee-related liabilities$4.2MDeferred revenue−$416KPrepaid and other assets−$3.9MOperating cash flow$12.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202661552987
Q2 202657572984
Q1 202643562475
Q4 202537592570

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$12.5M−$3.9M−$106K$4.8M−$12.9M$8.6M
Q2 2026$9.1M−$4.0M−$103K$6.2M−$11.2M$5.1M
Q1 2026$15.4M−$4.5M$29.8M$1.2M−$41.5M$11.0M
Q4 2025$10.8M−$1.5M−$328K$1.9M−$301M$9.3M
Q3 2025$10.0M−$2.1M−$438K$650K−$6.2M$7.9M
Q2 2025$1.2M−$2.9M−$490K$166K$2.6M−$1.7M
Q1 2025$2.6M−$2.3M−$521K$365K−$122K$278K
Q4 2024−$8.4M−$2.1M−$591K$303K$10.8M−$10.5M

BillionToOne: income statement and cash flow

BillionToOne, Q3 2026: revenue $123M (+47% year over year), operating margin 9.0%. The chart follows the revenue to costs, profit and cash.

BillionToOne: 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.