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Backblaze cash flow, quarter by quarter

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

Free cash flow$6.1M in Q3 2026 · $27.5M over twelve months

Operating cash flow$9.0M
Capital spending−$2.9M
Free cash flow+$6.1M

Analysis

In Q3 2026, Backblaze generated $9.0M of operating cash flow and spent $2.9M on capital projects, leaving free cash flow of $6.1M. That is $3.5M more than in Q3 2025 ($2.6M).

Over the twelve months to Sep 30, 2026, operating cash flow was $32.1M; the largest uses were other investing ($29.7M), capital spending ($4.6M), taxes on employees’ shares ($2.9M); besides operations, cash came from other financing ($159M), shares issued ($7.8M); the cash balance rose by $160M.

Operating cash flow was $9.0M against net income of −$2.4M. The largest differences: depreciation & amortization +$7.7M, stock-based pay +$7.7M, accrued liabilities +$1.9M.

Free cash flow

Backblaze: free cash flow by quarterBackblaze: free cash flow by quarter$1.4MQ4 2024$4.4MQ1 2025$2.8MQ2 2025$2.6MQ3 2025$9.0MQ4 2025$2.7MQ1 2026$9.6MQ2 2026$6.1MQ3 2026
Operating cash flow less capital spending.
Backblaze: operating cash flow against capital spendingBackblaze: operating cash flow against capital spendingOperating cash flowCapital spending$2.2M$826KQ4 2024$4.9M$503KQ1 2025$3.5M$784KQ2 2025$5.7M$3.1MQ3 2025$9.3M$265KQ4 2025$3.4M$651KQ1 2026$10.4M$802KQ2 2026$9.0M$2.9MQ3 2026
Latest (Q3 2026): Operating cash flow $9.0M, Capital spending $2.9M.

Capital allocation, year by year

Backblaze: where the cash came from (up) and went (down), by fiscal yearBackblaze: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksFY2021: Operating cash flow $3.5MFY2021: Shares issued $107MFY2021: Asset sales $17KFY2021: Capital spending −$7.6M$111MFY2021FY2022: Operating cash flow −$13.8MFY2022: Net borrowing $4.3MFY2022: Shares issued $4.3MFY2022: Capital spending −$7.3M$8.6MFY2022FY2023: Operating cash flow −$7.3MFY2023: Net borrowing −$177KFY2023: Shares issued $4.7MFY2023: Asset sales $369KFY2023: Capital spending −$5.5M$5.1MFY2023FY2024: Operating cash flow $12.5MFY2024: Net borrowing −$4.1MFY2024: Shares issued $44.9MFY2024: Asset sales $455KFY2024: Capital spending −$1.7M$57.9MFY2024FY2025: Operating cash flow $23.5MFY2025: Shares issued $5.3MFY2025: Asset sales $167KFY2025: Capital spending −$4.7MFY2025: Buybacks −$2.0M$29.0MFY2025
Over these 5 years operating cash flow totalled $18.4M; the largest uses were capital spending ($26.8M) and operating cash flow ($21.1M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$230M
Debt$194M
Net cash$35.8M

Backblaze funds itself: free cash flow was $27.5M over the last twelve months, and $230M of cash and investments stands against $194M of debt.

Where the cash came from and went

Backblaze: sources (+) and uses (−) of cash, Q3 2026Backblaze: sources (+) and uses (−) of cash, Q3 2026Other financing$173MCash drawn (+) / kept (−)−$157MOther investing−$26.5MOperating cash flow$9.0MShares issued$4.4MCapital spending−$2.9MAsset & business sales$1K
Backblaze: sources (+) and uses (−) of cash, TTM to Q3 2026Backblaze: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)−$160MOther financing$159MOperating cash flow$32.1MOther investing−$29.7MShares issued$7.8MCapital spending−$4.6MTaxes on employees’ shares−$2.9MBuybacks−$2.2MAsset & business sales$37K

From profit to cash

Backblaze: net income to operating cash flow, Q3 2026Backblaze: net income to operating cash flow, Q3 2026Net income−$2.4MDepreciation & amortization$7.7MStock-based pay$7.7MGains on disposals$24KReceivables−$1.4MAccrued liabilities$1.9MDeferred revenue−$467KPrepaid and other assets$303KOperating cash flow$9.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$9.0M−$2.9M——$4.4M−$157M$6.1M
Q2 2026$10.4M−$802K−$566K—$2.5M−$6.2M$9.6M
Q1 2026$3.4M−$651K−$809K—$351K$2.9M$2.7M
Q4 2025$9.3M−$265K−$798K—$592K−$105K$9.0M
Q3 2025$5.7M−$3.1M−$1.2M$2.5M$2.9M$3.1M$2.6M
Q2 2025$3.5M−$784K——$844K$8.4M$2.8M
Q1 2025$4.9M−$503K——$1.1M$5.2M$4.4M
Q4 2024$2.2M−$826K—−$4.7M$1.1M−$38.1M$1.4M

Backblaze: income statement and cash flow

Backblaze, Q3 2026: revenue $46.7M (+26% year over year), operating margin -3.0%. The chart follows the revenue to costs, profit and cash.

Backblaze: 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.