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Gitlab cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow−$3.3M in Q2 FY27 · $214M over twelve months

Operating cash flow−$3.1M
Capital spending−$213K
Free cash flow−$3.3M
Cash conversion cycle55 days

Analysis

In Q2 FY27, Gitlab generated −$3.1M of operating cash flow and spent $213K on capital projects, leaving free cash flow of −$3.3M. That is $49.8M less than in Q2 FY26 ($46.5M).

Over the twelve months to Jul 31, 2026, operating cash flow was $223M; the largest uses were other financing ($142M), other investing ($125M), capital spending ($9.6M); besides operations, cash came from shares issued ($19.9M); the cash balance fell by $34.9M.

Operating cash flow was −$3.1M against net income of −$36.1M. The largest differences: stock-based pay +$75.0M, receivables −$57.3M, employee-related liabilities +$18.6M.

Its cash conversion cycle was 55 days (receivables 74 + inventory 0 − payables 19).

Free cash flow

Gitlab: free cash flow by quarterGitlab: free cash flow by quarter−$178MQ3 FY25$62.1MQ4 FY25$105MQ1 FY26$46.5MQ2 FY26$28.4MQ3 FY26$41.8MQ4 FY26$147MQ1 FY27−$3.3MQ2 FY27
Operating cash flow less capital spending.
Gitlab: operating cash flow against capital spendingGitlab: operating cash flow against capital spendingOperating cash flowCapital spending−$177M$1.1MQ3 FY25$63.2M$1.2MQ4 FY25$106M$912KQ1 FY26$49.4M$2.9MQ2 FY26$31.4M$3.0MQ3 FY26$45.8M$4.0MQ4 FY26$149M$2.4MQ1 FY27−$3.1M$213KQ2 FY27
Latest (Q2 FY27): Operating cash flow −$3.1M, Capital spending $213K.

Capital allocation, year by year

Gitlab: where the cash came from (up) and went (down), by fiscal yearGitlab: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingAcquisitionsBuybacksFY22: Operating cash flow −$49.8MFY22: Shares issued $680MFY22: Capital spending −$3.5MFY22: Acquisitions −$323KFY22: Buybacks −$590K$680MFY22FY23: Operating cash flow −$77.4MFY23: Shares issued $24.5MFY23: Capital spending −$6.1M$24.5MFY23FY24: Operating cash flow $35.0MFY24: Shares issued $32.3MFY24: Capital spending −$1.6M$67.3MFY24FY25: Operating cash flow −$64.0MFY25: Shares issued $24.0MFY25: Capital spending −$3.8MFY25: Acquisitions −$20.2M$24.0MFY25FY26: Operating cash flow $233MFY26: Shares issued $21.8MFY26: Capital spending −$10.8M$255MFY26
Over these 5 years operating cash flow totalled $76.7M; the largest uses were operating cash flow ($191M) and capital spending ($25.8M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$226M
Debtnone
Net cash$226M

Gitlab funds itself: free cash flow was $214M over the last twelve months, with $226M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Gitlab: sources (+) and uses (−) of cash, Q2 FY27Gitlab: sources (+) and uses (−) of cash, Q2 FY27Cash drawn (+) / kept (−)$109MBuybacks−$105MOther investing−$9.3MOther financing$6.9MOperating cash flow−$3.1MShares issued$3.0MExchange rates−$766KTaxes on employees’ shares−$748KCapital spending−$213K
Gitlab: sources (+) and uses (−) of cash, TTM to Q2 FY27Gitlab: sources (+) and uses (−) of cash, TTM to Q2 FY27Operating cash flow$223MOther financing−$142MOther investing−$125MCash drawn (+) / kept (−)$34.9MShares issued$19.9MCapital spending−$9.6MTaxes on employees’ shares−$1.9MExchange rates$247K

From profit to cash

Gitlab: net income to operating cash flow, Q2 FY27Gitlab: net income to operating cash flow, Q2 FY27Net income−$36.1MDepreciation & amortization$1.3MStock-based pay$75.0MOther non-cash$451KReceivables−$57.3MPayables$1.1MEmployee-related liabilities$18.6MPrepaid and other assets$1.3MOther liabilities$236KOperating cash flow−$3.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY2774—1955
Q1 FY2785—2164
Q4 FY2693—2469
Q3 FY2679—2949
Q2 FY2678—3741
Q1 FY2697—3363
Q4 FY25101—2081
Q3 FY2585—1174

Every quarter

QuarterOperating cash flowCapital spendingBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27−$3.1M−$213K−$105M$3.0M$109M−$3.3M
Q1 FY27$149M−$2.4M−$50.0M$2.4M−$106M$147M
Q4 FY26$45.8M−$4.0M—$6.3M−$5.3M$41.8M
Q3 FY26$31.4M−$3.0M—$8.2M$37.1M$28.4M
Q2 FY26$49.4M−$2.9M—$3.9M−$5.7M$46.5M
Q1 FY26$106M−$912K—$3.3M−$28.1M$105M
Q4 FY25$63.2M−$1.2M—$6.1M−$51.0M$62.1M
Q3 FY25−$177M−$1.1M—$7.8M$262M−$178M

Gitlab: income statement and cash flow

Gitlab, Q2 FY27: revenue $286M (+21% year over year), operating margin -19.9%. The chart follows the revenue to costs, profit and cash.

Gitlab: 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.