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Cardlytics cash flow, quarter by quarter

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

Free cash flow−$5.9M in Q3 2026 · −$7.2M over twelve months

Operating cash flow−$5.9M
Capital spending−$20K
Free cash flow−$5.9M

Analysis

In Q3 2026, Cardlytics generated −$5.9M of operating cash flow and spent $20K on capital projects, leaving free cash flow of −$5.9M. That is $7.7M less than in Q3 2025 ($1.7M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$7.1M; the largest uses were other financing ($21.1M), operating cash flow ($7.1M), capital spending ($75K); besides operations, cash came from other investing ($14.2M); the cash balance fell by $14.0M.

Operating cash flow was −$5.9M against net income of −$8.9M. The largest differences: receivables +$7.9M, accrued liabilities −$6.7M, depreciation & amortization +$4.2M.

Free cash flow

Cardlytics: free cash flow by quarterCardlytics: free cash flow by quarter$2.9MQ4 2024−$6.8MQ1 2025$903KQ2 2025$1.7MQ3 2025$13.0MQ4 2025−$5.7MQ1 2026−$8.6MQ2 2026−$5.9MQ3 2026
Operating cash flow less capital spending.
Cardlytics: operating cash flow against capital spendingCardlytics: operating cash flow against capital spendingOperating cash flowCapital spending$3.0M$123KQ4 2024−$6.7M$119KQ1 2025$1.2M$322KQ2 2025$1.8M$14KQ3 2025$13.0M$25KQ4 2025−$5.6M$28KQ1 2026−$8.6M$2KQ2 2026−$5.9M$20KQ3 2026
Latest (Q3 2026): Operating cash flow −$5.9M, Capital spending $20K.

Capital allocation, year by year

Cardlytics: where the cash came from (up) and went (down), by fiscal yearCardlytics: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$38.5MFY2021: Shares issued $489MFY2021: Capital spending −$3.1MFY2021: Acquisitions −$494M$489MFY2021FY2022: Operating cash flow −$53.9MFY2022: Net borrowing −$35KFY2022: Shares issued $379KFY2022: Capital spending −$1.2MFY2022: Acquisitions −$2.3MFY2022: Buybacks −$40.0M$379KFY2022FY2023: Operating cash flow −$185KFY2023: Net borrowing −$31KFY2023: Shares issued $55KFY2023: Asset sales $2.3MFY2023: Capital spending −$667K$2.4MFY2023FY2024: Operating cash flow −$8.8MFY2024: Net borrowing −$199MFY2024: Shares issued $48.6MFY2024: Asset sales $552KFY2024: Capital spending −$1.6M$49.2MFY2024FY2025: Operating cash flow $9.3MFY2025: Net borrowing −$62.0MFY2025: Asset sales $480KFY2025: Capital spending −$480K$9.8MFY2025
Over these 5 years operating cash flow totalled −$92.1M; the largest uses were acquisitions ($496M) and net borrowing ($261M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$54.1M
Debt$195M
Net debt$141M
Cash runway7.5 years

Cardlytics is burning cash: its operations consume cash, a free cash flow of −$7.2M a year at the current rate against $54.1M of cash and investments: a runway of about 7.5 years before any new financing.

Cardlytics: debt maturities by year (FY2025)Cardlytics: debt maturities by year (FY2025)$40.1MYear 3$172MYear 4
Principal due in each year as disclosed in the annual report, against $54.1M of cash and investments now.

Where the cash came from and went

Cardlytics: sources (+) and uses (−) of cash, Q3 2026Cardlytics: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)$10.0MOperating cash flow−$5.9MOther investing−$2.2MCash drawn (+) / kept (−)−$1.9MOther financing−$30KCapital spending−$20KExchange rates$9K
Cardlytics: sources (+) and uses (−) of cash, TTM to Q3 2026Cardlytics: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing−$21.1MOther investing$14.2MCash drawn (+) / kept (−)$14.0MOperating cash flow−$7.1MExchange rates$90KCapital spending−$75K

From profit to cash

Cardlytics: net income to operating cash flow, Q3 2026Cardlytics: net income to operating cash flow, Q3 2026Net income−$8.9MDepreciation & amortization$4.2MStock-based pay$1.6MOther non-cash−$372KReceivables$7.9MPayables$1.6MAccrued liabilities−$6.7MPrepaid and other assets−$1.7MOperating cash flow−$5.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$5.9M−$20K——$10.0M—−$1.9M−$5.9M
Q2 2026−$8.6M−$2K——−$20.1M—$7.6M−$8.6M
Q1 2026−$5.6M−$28K——−$5.0M—$13.0M−$5.7M
Q4 2025$13.0M−$25K————−$4.8M$13.0M
Q3 2025$1.8M−$14K————$2.8M$1.7M
Q2 2025$1.2M−$322K————$5.3M$903K
Q1 2025−$6.7M−$119K————$13.5M−$6.8M
Q4 2024$3.0M−$123K−$202K$309K—$11K$1.4M$2.9M

Cardlytics: income statement and cash flow

Cardlytics, Q3 2026: revenue $32.9M (-30% year over year), operating margin -16.5%. The chart follows the revenue to costs, profit and cash.

Cardlytics: 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.