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Commerce.com cash flow, quarter by quarter

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

Free cash flow$5.7M in Q3 2026 · $17.7M over twelve months

Operating cash flow$9.4M
Capital spending−$3.6M
Free cash flow+$5.7M
Cash conversion cycle21 days

Analysis

In Q3 2026, Commerce.com generated $9.4M of operating cash flow and spent $3.6M on capital projects, leaving free cash flow of $5.7M. That is $1.9M less than in Q3 2025 ($7.6M).

Over the twelve months to Sep 30, 2026, operating cash flow was $33.8M; the largest uses were capital spending ($16.1M), taxes on employees’ shares ($1.2M); besides operations, cash came from other investing ($25.4M), shares issued ($672K); the cash balance rose by $42.6M.

Operating cash flow was $9.4M against net income of −$3.2M. The largest differences: accrued liabilities +$5.9M, stock-based pay +$4.3M, depreciation & amortization +$3.4M.

Its cash conversion cycle was 21 days (receivables 54 + inventory 0 − payables 34).

Free cash flow

Commerce.com: free cash flow by quarterCommerce.com: free cash flow by quarter$11.6MQ4 2024−$424KQ1 2025$11.9MQ2 2025$7.6MQ3 2025−$2.2MQ4 2025$14.1MQ1 2026$50KQ2 2026$5.7MQ3 2026
Operating cash flow less capital spending.
Commerce.com: operating cash flow against capital spendingCommerce.com: operating cash flow against capital spendingOperating cash flowCapital spending$12.4M$787KQ4 2024$401K$825KQ1 2025$13.6M$1.7MQ2 2025$10.6M$3.0MQ3 2025$980K$3.2MQ4 2025$18.4M$4.3MQ1 2026$5.1M$5.0MQ2 2026$9.4M$3.6MQ3 2026
Latest (Q3 2026): Operating cash flow $9.4M, Capital spending $3.6M.

Capital allocation, year by year

Commerce.com: where the cash came from (up) and went (down), by fiscal yearCommerce.com: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2021: Operating cash flow −$40.3MFY2021: Net borrowing $345MFY2021: Acquisitions −$81.1M$345MFY2021FY2022: Operating cash flow −$89.4MFY2022: Shares issued $209KFY2022: Capital spending −$5.2MFY2022: Acquisitions −$696K$209KFY2022FY2023: Operating cash flow −$24.2MFY2023: Net borrowing $687KFY2023: Shares issued $3.8MFY2023: Capital spending −$4.2MFY2023: Acquisitions −$7.9M$4.5MFY2023FY2024: Operating cash flow $26.3MFY2024: Net borrowing −$109MFY2024: Shares issued $1.7MFY2024: Capital spending −$3.7MFY2024: Acquisitions −$100K$28.0MFY2024FY2025: Operating cash flow $25.5MFY2025: Net borrowing −$54.5MFY2025: Shares issued $3.6MFY2025: Capital spending −$8.6M$29.1MFY2025
Over these 5 years operating cash flow totalled −$102M; the largest uses were net borrowing ($164M) and operating cash flow ($154M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$162M
Debt$156M
Net cash$5.3M
Due within a year$4.1M

Commerce.com funds itself: free cash flow was $17.7M over the last twelve months, and $162M of cash and investments stands against $156M of debt ($4.1M due within a year, 39.8× covered by cash).

Commerce.com: debt maturities by year (FY2025)Commerce.com: debt maturities by year (FY2025)$4.1MYear 1$150MYear 3
Principal due in each year as disclosed in the annual report, against $162M of cash and investments now.

Where the cash came from and went

Commerce.com: sources (+) and uses (−) of cash, Q3 2026Commerce.com: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$35.4MOther investing$30.0MOperating cash flow$9.4MCapital spending−$3.6MTaxes on employees’ shares−$360KShares issued$4K
Commerce.com: sources (+) and uses (−) of cash, TTM to Q3 2026Commerce.com: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)−$42.6MOperating cash flow$33.8MOther investing$25.4MCapital spending−$16.1MTaxes on employees’ shares−$1.2MShares issued$672K

From profit to cash

Commerce.com: net income to operating cash flow, Q3 2026Commerce.com: net income to operating cash flow, Q3 2026Net income−$3.2MDepreciation & amortization$3.4MStock-based pay$4.3MReceivables$3.3MPayables−$2.7MAccrued liabilities$5.9MDeferred revenue−$931KPrepaid and other assets−$1.8MOperating cash flow$9.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202654—3421
Q2 202654—3916
Q1 202652—4111
Q4 202550—465
Q3 202553—458
Q2 202552—439
Q1 202550—3911
Q4 202448—3613

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$9.4M−$3.6M—$4K−$35.4M$5.7M
Q2 2026$5.1M−$5.0M—$13K$762K$50K
Q1 2026$18.4M−$4.3M—$539K−$12.9M$14.1M
Q4 2025$980K−$3.2M—$116K$4.9M−$2.2M
Q3 2025$10.6M−$3.0M—$440K−$3.6M$7.6M
Q2 2025$13.6M−$1.7M—$2.0M$5.8M$11.9M
Q1 2025$401K−$825K−$54.5M$1.1M$37.1M−$424K
Q4 2024$12.4M−$787K−$139K$225K−$53.4M$11.6M

Commerce.com: income statement and cash flow

Commerce.com, Q3 2026: revenue $84.2M (-2% year over year), operating margin -2.1%. The chart follows the revenue to costs, profit and cash.

Commerce.com: 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.