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Chegg cash flow, quarter by quarter

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

Free cash flow$5.5M in Q3 2026 · −$516K over twelve months

Operating cash flow$7.2M
Capital spending−$1.7M
Free cash flow+$5.5M
Cash conversion cycle-7 days

Analysis

In Q3 2026, Chegg generated $7.2M of operating cash flow and spent $1.7M on capital projects, leaving free cash flow of $5.5M. That is $6.4M more than in Q3 2025 (−$943K).

Over the twelve months to Sep 30, 2026, operating cash flow was $12.4M; the largest uses were net borrowing (+) / repaid (−) ($61.7M), capital spending ($12.9M), taxes on employees’ shares ($1.8M); besides operations, cash came from other investing ($57.4M); the cash balance fell by $10.3M.

Operating cash flow was $7.2M against net income of −$4.7M. The largest differences: payables +$3.5M, stock-based pay +$2.1M, accrued liabilities −$1.9M.

Its cash conversion cycle was -7 days (receivables 20 + inventory 0 − payables 27): suppliers fund its working capital.

Free cash flow

Chegg: free cash flow by quarterChegg: free cash flow by quarter$4.8MQ4 2024$15.9MQ1 2025−$12.1MQ2 2025−$943KQ3 2025−$15.5MQ4 2025$3.1MQ1 2026$6.4MQ2 2026$5.5MQ3 2026
Operating cash flow less capital spending.
Chegg: operating cash flow against capital spendingChegg: operating cash flow against capital spendingOperating cash flowCapital spending$18.1M$13.3MQ4 2024$24.5M$8.7MQ1 2025−$4.8M$7.2MQ2 2025$4.8M$5.8MQ3 2025−$9.0M$6.5MQ4 2025$4.1M$1.0MQ1 2026$10.1M$3.7MQ2 2026$7.2M$1.7MQ3 2026
Latest (Q3 2026): Operating cash flow $7.2M, Capital spending $1.7M.

Capital allocation, year by year

Chegg: where the cash came from (up) and went (down), by fiscal yearChegg: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $273MFY2021: Net borrowing −$232MFY2021: Shares issued $1.1BFY2021: Capital spending −$94.2MFY2021: Acquisitions −$7.9MFY2021: Buybacks −$300M$1.4BFY2021FY2022: Operating cash flow $256MFY2022: Net borrowing −$401MFY2022: Capital spending −$103MFY2022: Acquisitions −$401MFY2022: Buybacks −$324M$256MFY2022FY2023: Operating cash flow $246MFY2023: Net borrowing −$506MFY2023: Capital spending −$83.1MFY2023: Buybacks −$335M$246MFY2023FY2024: Operating cash flow $125MFY2024: Net borrowing −$96.5MFY2024: Capital spending −$75.0MFY2024: Buybacks −$2.6M$125MFY2024FY2025: Operating cash flow $15.5MFY2025: Net borrowing −$425MFY2025: Capital spending −$28.1M$15.5MFY2025
Over these 5 years operating cash flow totalled $916M; the largest uses were net borrowing ($1.7B) and buybacks ($961M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$43.6M
Debtnone
Net cash$43.6M

Chegg's operations bring cash in ($12.4M over twelve months), and it spends more than that on capital projects: a gap of $516K funded from its $43.6M of cash and investments and from borrowing. That is a choice to invest, not a cash runway running down.

Where the cash came from and went

Chegg: sources (+) and uses (−) of cash, Q3 2026Chegg: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)−$33.9MCash drawn (+) / kept (−)$15.8MOther investing$12.8MOperating cash flow$7.2MCapital spending−$1.7MNot reconciled−$118KTaxes on employees’ shares−$94K
Chegg: sources (+) and uses (−) of cash, TTM to Q3 2026Chegg: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)−$61.7MOther investing$57.4MCapital spending−$12.9MOperating cash flow$12.4MCash drawn (+) / kept (−)$10.3MTaxes on employees’ shares−$1.8MBuybacks−$1.7MOther financing−$1.4MNot reconciled−$665K

From profit to cash

Chegg: net income to operating cash flow, Q3 2026Chegg: net income to operating cash flow, Q3 2026Net income−$4.7MStock-based pay$2.1MDeferred taxes$52KOther non-cash−$42KReceivables$1.2MPayables$3.5MAccrued liabilities−$1.9MDeferred revenue−$678KPrepaid and other assets$519KOther liabilities$225KOperating cash flow$7.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202620—27-7
Q2 202625—232
Q1 202624—185
Q4 202520—182
Q3 202520—25-5
Q2 202520—32-12
Q1 202519—27-7
Q4 202415—34-18

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$7.2M−$1.7M—−$33.9M$15.8M$5.5M
Q2 2026$10.1M−$3.7M——−$11.1M$6.4M
Q1 2026$4.1M−$1.0M—−$19.4M−$1.8M$3.1M
Q4 2025−$9.0M−$6.5M—−$8.4M$7.4M−$15.5M
Q3 2025$4.8M−$5.8M——−$1.2M−$943K
Q2 2025−$4.8M−$7.2M——$7.5M−$12.1M
Q1 2025$24.5M−$8.7M—−$416M$117M$15.9M
Q4 2024$18.1M−$13.3M−$2.6M−$96.5M−$9.4M$4.8M

Chegg: income statement and cash flow

Chegg, Q3 2026: revenue $46.5M (-40% year over year), operating margin -11.0%. The chart follows the revenue to costs, profit and cash.

Chegg: 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.