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First Advantage cash flow, quarter by quarter

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

Free cash flow$60.2M in Q3 2026 · $238M over twelve months

Operating cash flow$63.8M
Capital spending−$3.6M
Free cash flow+$60.2M
Cash / net income3.1×

Analysis

In Q3 2026, First Advantage generated $63.8M of operating cash flow and spent $3.6M on capital projects, leaving free cash flow of $60.2M. That is $11.0M less than in Q3 2025 ($71.2M).

Over the twelve months to Sep 30, 2026, operating cash flow was $253M; the largest uses were other financing ($122M), other investing ($58.6M), buybacks ($38.4M); besides operations, cash came from shares issued ($8.2M); the cash balance rose by $24.1M.

Operating cash flow was $63.8M against net income of $20.5M — 3.1× profit, cash ran ahead of reported earnings. The largest differences: receivables −$42.0M, depreciation & amortization +$28.3M, payables +$12.9M.

Free cash flow

First Advantage: free cash flow by quarterFirst Advantage: free cash flow by quarter−$86.0MQ4 2024$19.0MQ1 2025$36.1MQ2 2025$71.2MQ3 2025$62.2MQ4 2025$46.6MQ1 2026$68.9MQ2 2026$60.2MQ3 2026
Operating cash flow less capital spending.
First Advantage: operating cash flow against capital spendingFirst Advantage: operating cash flow against capital spendingOperating cash flowCapital spending−$85.7M$334KQ4 2024$19.5M$485KQ1 2025$37.3M$1.2MQ2 2025$72.4M$1.1MQ3 2025$65.9M$3.8MQ4 2025$49.4M$2.8MQ1 2026$73.6M$4.7MQ2 2026$63.8M$3.6MQ3 2026
Latest (Q3 2026): Operating cash flow $63.8M, Capital spending $3.6M.

Capital allocation, year by year

First Advantage: where the cash came from (up) and went (down), by fiscal yearFirst Advantage: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $149MFY2021: Net borrowing −$1.7MFY2021: Shares issued $321MFY2021: Capital spending −$7.3MFY2021: Acquisitions −$48.9M$470MFY2021FY2022: Operating cash flow $213MFY2022: Net borrowing −$884KFY2022: Shares issued $3.5MFY2022: Asset sales $90KFY2022: Capital spending −$6.2MFY2022: Acquisitions −$19.1MFY2022: Buybacks −$60.5M$216MFY2022FY2023: Operating cash flow $163MFY2023: Net borrowing −$104KFY2023: Shares issued $4.6MFY2023: Capital spending −$2.1MFY2023: Acquisitions −$41.1MFY2023: Buybacks −$59.5M$167MFY2023FY2024: Operating cash flow $28.2MFY2024: Net borrowing −$6KFY2024: Shares issued $14.7MFY2024: Capital spending −$1.7MFY2024: Acquisitions −$1.6B$42.8MFY2024FY2025: Operating cash flow $195MFY2025: Shares issued $3.8MFY2025: Capital spending −$6.6M$199MFY2025
Over these 5 years operating cash flow totalled $748M; the largest uses were acquisitions ($1.7B) and buybacks ($120M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$241M
Debt$2.1B
Net debt$1.9B

First Advantage funds itself: free cash flow was $238M over the last twelve months, and $241M of cash and investments stands against $2.1B of debt.

First Advantage: debt maturities by year (FY2025)First Advantage: debt maturities by year (FY2025)$20.3MYear 3$21.6MYear 4$21.6MYear 5$2.1BAfter year 5
Principal due in each year as disclosed in the annual report, against $241M of cash and investments now.

Where the cash came from and went

First Advantage: sources (+) and uses (−) of cash, Q3 2026First Advantage: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$63.8MNet borrowing (+) / repaid (−)−$45.0MOther investing−$19.5MExchange rates$3.9MShares issued$3.8MCapital spending−$3.6MCash drawn (+) / kept (−)−$3.0MOther financing−$254KBuybacks−$204K
First Advantage: sources (+) and uses (−) of cash, TTM to Q3 2026First Advantage: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$253MOther financing−$122MOther investing−$58.6MBuybacks−$38.4MCash drawn (+) / kept (−)−$24.1MCapital spending−$14.8MShares issued$8.2MExchange rates−$2.6M

From profit to cash

First Advantage: net income to operating cash flow, Q3 2026First Advantage: net income to operating cash flow, Q3 2026Net income$20.5MDepreciation & amortization$28.3MStock-based pay$5.1MGains on disposals$167KReceivables−$42.0MPayables$12.9MAccrued liabilities$12.6MDeferred revenue−$475KPrepaid and other assets$1.2MOther liabilities−$875KIncome taxes payable$1.9MOperating cash flow$63.8M
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$63.8M−$3.6M—−$204K−$45.0M$3.8M−$3.0M$60.2M
Q2 2026$73.6M−$4.7M—−$18.9M−$25.0M$3.2M−$12.0M$68.9M
Q1 2026$49.4M−$2.8M—−$19.7M−$25.0M$1.2M$14.1M$46.6M
Q4 2025$65.9M−$3.8M———$60K−$23.2M$62.2M
Q3 2025$72.4M−$1.1M——−$25.0M$1.5M−$32.6M$71.2M
Q2 2025$37.3M−$1.2M——−$15.0M$531K−$11.6M$36.1M
Q1 2025$19.5M−$485K——−$10.9M$1.7M−$3.3M$19.0M
Q4 2024−$85.7M−$334K−$1.6B—−$3K$8.8M$138M−$86.0M

First Advantage: income statement and cash flow

First Advantage, Q3 2026: revenue $466M (+14% year over year), operating margin 12.9%. The chart follows the revenue to costs, profit and cash.

First Advantage: 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.