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Grail cash flow, quarter by quarter

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

Free cash flow−$79.5M in Q3 2026 · −$312M over twelve months

Operating cash flow−$74.7M
Capital spending−$4.7M
Free cash flow−$79.5M

Analysis

In Q3 2026, Grail generated −$74.7M of operating cash flow and spent $4.7M on capital projects, leaving free cash flow of −$79.5M. That is $15.8M less than in Q3 2025 (−$63.6M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$306M; the largest uses were other investing ($323M), operating cash flow ($306M), capital spending ($5.8M); besides operations, cash came from other financing ($528M), shares issued ($9.1M); the cash balance fell by $97.9M.

Operating cash flow was −$74.7M against net income of −$104M. The largest differences: depreciation & amortization +$37.4M, deferred taxes −$34.0M, stock-based pay +$14.1M.

Free cash flow

Grail: free cash flow by quarterGrail: free cash flow by quarter−$93.8MQ4 2024−$95.1MQ1 2025−$77.3MQ2 2025−$63.6MQ3 2025−$63.9MQ4 2025−$87.5MQ1 2026−$81.2MQ2 2026−$79.5MQ3 2026
Operating cash flow less capital spending.
Grail: operating cash flow against capital spendingGrail: operating cash flow against capital spendingOperating cash flowCapital spending−$93.5M$303KQ4 2024−$95.0M$62KQ1 2025−$77.0M$369KQ2 2025−$63.2M$384KQ3 2025−$63.8M$94KQ4 2025−$87.0M$503KQ1 2026−$80.7M$432KQ2 2026−$74.7M$4.7MQ3 2026
Latest (Q3 2026): Operating cash flow −$74.7M, Capital spending $4.7M.

Capital allocation, year by year

Grail: where the cash came from (up) and went (down), by fiscal yearGrail: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingFY2023: Operating cash flow −$561MFY2023: Capital spending −$22.9MFY2023FY2023: Operating cash flow −$596MFY2023: Capital spending −$12.9MFY2023FY2024: Operating cash flow −$577MFY2024: Capital spending −$5.2MFY2024FY2025: Operating cash flow −$299MFY2025: Shares issued $4.5MFY2025: Capital spending −$909K$4.5MFY2025
Over these 4 years operating cash flow totalled −$2.0B; the largest uses were operating cash flow ($2.0B) and capital spending ($41.9M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$29.0M
Debtnone
Net cash$29.0M
Cash runway1 month

Grail is burning cash: its operations consume cash, a free cash flow of −$312M a year at the current rate against $29.0M of cash and investments: a runway of about 1 month before any new financing.

Where the cash came from and went

Grail: sources (+) and uses (−) of cash, Q3 2026Grail: sources (+) and uses (−) of cash, Q3 2026Operating cash flow−$74.7MOther investing$52.4MCash drawn (+) / kept (−)$26.7MCapital spending−$4.7MOther financing$370KExchange rates−$9K
Grail: sources (+) and uses (−) of cash, TTM to Q3 2026Grail: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$528MOther investing−$323MOperating cash flow−$306MCash drawn (+) / kept (−)$97.9MShares issued$9.1MCapital spending−$5.8MExchange rates$32K

From profit to cash

Grail: net income to operating cash flow, Q3 2026Grail: net income to operating cash flow, Q3 2026Net income−$104MDepreciation & amortization$37.4MStock-based pay$14.1MDeferred taxes−$34.0MOther non-cash$500KReceivables−$282KPayables$3.9MAccrued liabilities$13.6MPrepaid and other assets−$961KOperating cash flow−$74.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$74.7M−$4.7M—$26.7M−$79.5M
Q2 2026−$80.7M−$432K—$13.7M−$81.2M
Q1 2026−$87.0M−$503K—$180M−$87.5M
Q4 2025−$63.8M−$94K$4.5M−$123M−$63.9M
Q3 2025−$63.2M−$384K—−$3.1M−$63.6M
Q2 2025−$77.0M−$369K—$6.5M−$77.3M
Q1 2025−$95.0M−$62K—$80.3M−$95.1M
Q4 2024−$93.5M−$303K—$640M−$93.8M

Grail: income statement and cash flow

Grail, Q3 2026: revenue $37.5M (+4% year over year), operating margin -385.3%. The chart follows the revenue to costs, profit and cash.

Grail: 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.