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Happen cash flow, quarter by quarter

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

Free cash flow−$710M in Q3 2026 · −$2.9B over twelve months

Operating cash flow−$692M
Capital spending−$18.2M
Free cash flow−$710M
Cash / net income-11.7×

Analysis

In Q3 2026, Happen generated −$692M of operating cash flow and spent $18.2M on capital projects, leaving free cash flow of −$710M. That is $82.1M more than in Q3 2025 (−$792M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$2.8B; the largest uses were operating cash flow ($2.8B), capital spending ($87.5M); besides operations, cash came from other financing ($2.0B), other investing ($792M); the cash balance fell by $52.6M.

Operating cash flow was −$692M against net income of $59.3M — -11.7× profit, less cash than reported earnings, worth checking against working capital. The largest differences: prepaid and other assets −$11.8M, stock-based pay +$6.8M, other liabilities −$2.6M.

Free cash flow

Happen: free cash flow by quarterHappen: free cash flow by quarter−$203MQ4 2024−$352MQ1 2025−$804MQ2 2025−$792MQ3 2025−$919MQ4 2025−$645MQ1 2026−$601MQ2 2026−$710MQ3 2026
Operating cash flow less capital spending.
Happen: operating cash flow against capital spendingHappen: operating cash flow against capital spendingOperating cash flowCapital spending−$185M$17.2MQ4 2024−$339M$13.1MQ1 2025−$713M$90.7MQ2 2025−$771M$21.0MQ3 2025−$904M$15.6MQ4 2025−$619M$25.8MQ1 2026−$573M$28.0MQ2 2026−$692M$18.2MQ3 2026
Latest (Q3 2026): Operating cash flow −$692M, Capital spending $18.2M.

Capital allocation, year by year

Happen: where the cash came from (up) and went (down), by fiscal yearHappen: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsFY2021: Operating cash flow $240MFY2021: Net borrowing −$90.5MFY2021: Capital spending −$34.4MFY2021: Acquisitions −$145M$240MFY2021FY2022: Operating cash flow $376MFY2022: Net borrowing −$40.9MFY2022: Capital spending −$69.5M$376MFY2022FY2023: Operating cash flow −$1.1BFY2023: Capital spending −$59.5MFY2023FY2024: Operating cash flow −$2.6BFY2024: Capital spending −$54.3MFY2024FY2025: Operating cash flow −$2.7BFY2025: Capital spending −$140MFY2025
Over these 5 years operating cash flow totalled −$5.9B; the largest uses were operating cash flow ($6.5B) and capital spending ($358M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$793M
Debtnone
Net cash$793M
Cash runway3 months

Happen is burning cash: its operations consume cash, a free cash flow of −$2.9B a year at the current rate against $793M of cash and investments: a runway of about 3 months before any new financing.

Where the cash came from and went

Happen: sources (+) and uses (−) of cash, Q3 2026Happen: sources (+) and uses (−) of cash, Q3 2026Other financing$705MOperating cash flow−$692MCash drawn (+) / kept (−)$135MOther investing−$122MCapital spending−$18.2MBuybacks−$8.2M
Happen: sources (+) and uses (−) of cash, TTM to Q3 2026Happen: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow−$2.8BOther financing$2.0BOther investing$792MCapital spending−$87.5MCash drawn (+) / kept (−)$52.6M

From profit to cash

Happen: net income to operating cash flow, Q3 2026Happen: net income to operating cash flow, Q3 2026Net income$59.3MStock-based pay$6.8MOther non-cash$304KPrepaid and other assets−$11.8MOther liabilities−$2.6MOperating cash flow−$692M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksCash drawn (+) / kept (−)Free cash flow
Q3 2026−$692M−$18.2M−$8.2M$135M−$710M
Q2 2026−$573M−$28.0M−$7.8M−$106M−$601M
Q1 2026−$619M−$25.8M−$12.6M$109M−$645M
Q4 2025−$904M−$15.6M—−$84.8M−$919M
Q3 2025−$771M−$21.0M—−$71.3M−$792M
Q2 2025−$713M−$90.7M—$146M−$804M
Q1 2025−$339M−$13.1M—$57.1M−$352M
Q4 2024−$185M−$17.2M—$72.9M−$203M

Happen: income statement and cash flow

Happen, Q3 2026: revenue $263M (-1% year over year), operating margin 29.2%. The chart follows the revenue to costs, profit and cash.

Happen: 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.