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Gogo cash flow, quarter by quarter

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

Free cash flow$22.7M in Q3 2026 · −$12.9M over twelve months

Operating cash flow$26.3M
Capital spending−$3.6M
Free cash flow+$22.7M

Analysis

In Q3 2026, Gogo generated $26.3M of operating cash flow and spent $3.6M on capital projects, leaving free cash flow of $22.7M. That is $4.5M less than in Q3 2025 ($27.3M).

Over the twelve months to Sep 30, 2026, operating cash flow was $59.9M; the largest uses were capital spending ($72.8M), other financing ($65.3M), net borrowing (+) / repaid (−) ($57K); besides operations, cash came from other investing ($35.6M); the cash balance fell by $42.9M.

Operating cash flow was $26.3M against net income of −$3.2M. The largest differences: depreciation & amortization +$16.5M, accrued liabilities +$8.1M, payables −$8.0M.

Free cash flow

Gogo: free cash flow by quarterGogo: free cash flow by quarter−$42.6MQ4 2024$29.7MQ1 2025$33.5MQ2 2025$27.3MQ3 2025−$25.4MQ4 2025−$33.0MQ1 2026$22.7MQ2 2026$22.7MQ3 2026
Operating cash flow less capital spending.
Gogo: operating cash flow against capital spendingGogo: operating cash flow against capital spendingOperating cash flowCapital spending−$38.3M$4.2MQ4 2024$32.5M$2.8MQ1 2025$36.7M$3.2MQ2 2025$46.8M$19.5MQ3 2025$8.5M$33.9MQ4 2025−$7.2M$25.7MQ1 2026$32.3M$9.6MQ2 2026$26.3M$3.6MQ3 2026
Latest (Q3 2026): Operating cash flow $26.3M, Capital spending $3.6M.

Capital allocation, year by year

Gogo: where the cash came from (up) and went (down), by fiscal yearGogo: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $66.7MFY2021: Net borrowing −$48.2MFY2021: Asset sales $1.0MFY2021: Capital spending −$4.3M$67.7MFY2021FY2022: Operating cash flow $103MFY2022: Net borrowing −$48.3MFY2022: Capital spending −$43.9MFY2022: Buybacks −$18.4M$103MFY2022FY2023: Operating cash flow $79.0MFY2023: Net borrowing −$48.2MFY2023: Capital spending −$16.3MFY2023: Buybacks −$4.8M$79.0MFY2023FY2024: Operating cash flow $41.4MFY2024: Net borrowing −$31KFY2024: Capital spending −$13.5MFY2024: Acquisitions −$333MFY2024: Buybacks −$33.2M$41.4MFY2024FY2025: Operating cash flow $124MFY2025: Net borrowing −$41KFY2025: Capital spending −$59.4MFY2025: Acquisitions −$1.6M$124MFY2025
Over these 5 years operating cash flow totalled $415M; the largest uses were acquisitions ($334M) and net borrowing ($145M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$90.7M
Debt$817M
Net debt$726M
Due within a year$2.5M

Gogo's operations bring cash in ($59.9M over twelve months), and it spends more than that on capital projects: a gap of $12.9M funded from its $90.7M of cash and investments and from borrowing ($817M of debt, $2.5M due within a year). That is a choice to invest, not a cash runway running down.

Where the cash came from and went

Gogo: sources (+) and uses (−) of cash, Q3 2026Gogo: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$27.6MOperating cash flow$26.3MOther investing$5.4MCapital spending−$3.6MOther financing−$490KExchange rates−$66KNet borrowing (+) / repaid (−)−$25KAsset & business sales$19K
Gogo: sources (+) and uses (−) of cash, TTM to Q3 2026Gogo: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$72.8MOther financing−$65.3MOperating cash flow$59.9MCash drawn (+) / kept (−)$42.9MOther investing$35.6MExchange rates−$163KNet borrowing (+) / repaid (−)−$57K

From profit to cash

Gogo: net income to operating cash flow, Q3 2026Gogo: net income to operating cash flow, Q3 2026Net income−$3.2MDepreciation & amortization$16.5MStock-based pay$5.0MDeferred taxes−$3.5MGains on disposals$4KReceivables$2.2MInventory$5.2MPayables−$8.0MAccrued liabilities$8.1MDeferred revenue−$6.4MContract assets−$2.6MPrepaid and other assets$2.3MOperating cash flow$26.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202546299217127
Q1 202544294207132

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$26.3M−$3.6M——−$25K−$27.6M$22.7M
Q2 2026$32.3M−$9.6M——−$9K$40.4M$22.7M
Q1 2026−$7.2M−$25.7M——−$15K$21.7M−$33.0M
Q4 2025$8.5M−$33.9M——−$8K$8.3M−$25.4M
Q3 2025$46.8M−$19.5M——−$33K−$31.5M$27.3M
Q2 2025$36.7M−$3.2M——$2K−$31.7M$33.5M
Q1 2025$32.5M−$2.8M——−$2K−$28.5M$29.7M
Q4 2024−$38.3M−$4.2M−$333M−$2.4M−$23K$135M−$42.6M

Gogo: income statement and cash flow

Gogo, Q3 2026: revenue $213M (-5% year over year), operating margin 8.0%. The chart follows the revenue to costs, profit and cash.

Gogo: 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.