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Healthstream cash flow, quarter by quarter

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

Free cash flow$17.1M in Q3 2026 · $69.0M over twelve months

Operating cash flow$17.4M
Capital spending−$330K
Free cash flow+$17.1M
Cash / net income3.2×
Cash conversion cycle19 days

Analysis

In Q3 2026, Healthstream generated $17.4M of operating cash flow and spent $330K on capital projects, leaving free cash flow of $17.1M. That is $860K less than in Q3 2025 ($17.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was $71.2M; the largest uses were other investing ($46.9M), acquisitions ($35.4M), buybacks ($14.3M); besides operations, cash came from other financing ($39.1M); the cash balance rose by $5.4M.

Operating cash flow was $17.4M against net income of $5.4M — 3.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$11.3M, prepaid and other assets +$2.0M, receivables −$1.9M.

Its cash conversion cycle was 19 days (receivables 35 + inventory 0 − payables 16).

Free cash flow

Healthstream: free cash flow by quarterHealthstream: free cash flow by quarter$11.0MQ4 2024$26.0MQ1 2025$2.7MQ2 2025$17.9MQ3 2025$13.0MQ4 2025$26.4MQ1 2026$12.5MQ2 2026$17.1MQ3 2026
Operating cash flow less capital spending.
Healthstream: operating cash flow against capital spendingHealthstream: operating cash flow against capital spendingOperating cash flowCapital spending$11.2M$203KQ4 2024$27.1M$1.1MQ1 2025$5.0M$2.3MQ2 2025$18.0M$109KQ3 2025$13.2M$204KQ4 2025$27.1M$740KQ1 2026$13.4M$910KQ2 2026$17.4M$330KQ3 2026
Latest (Q3 2026): Operating cash flow $17.4M, Capital spending $330K.

Capital allocation, year by year

Healthstream: where the cash came from (up) and went (down), by fiscal yearHealthstream: where the cash came from (up) and went (down), by fiscal yearOperating cash flowAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $42.4MFY2021: Capital spending −$23.4MFY2021: Acquisitions −$4.7MFY2021: Buybacks −$5.0MFY2021: Dividends −$19K$42.4MFY2021FY2022: Operating cash flow $51.2MFY2022: Asset sales $26KFY2022: Capital spending −$25.9MFY2022: Acquisitions −$4.0MFY2022: Buybacks −$23.1M$51.2MFY2022FY2023: Operating cash flow $64.0MFY2023: Capital spending −$27.3MFY2023: Acquisitions −$6.6MFY2023: Buybacks −$8.9MFY2023: Dividends −$3.1M$64.0MFY2023FY2024: Operating cash flow $57.7MFY2024: Capital spending −$1.4MFY2024: Acquisitions −$1.3MFY2024: Dividends −$3.4M$57.7MFY2024FY2025: Operating cash flow $63.3MFY2025: Asset sales $41KFY2025: Capital spending −$3.7MFY2025: Acquisitions −$35.1MFY2025: Buybacks −$30.0MFY2025: Dividends −$3.7M$63.4MFY2025
Over these 5 years operating cash flow totalled $279M; the largest uses were capital spending ($81.7M) and buybacks ($67.1M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$115M
Debtnone
Net cash$115M

Healthstream funds itself: free cash flow was $69.0M over the last twelve months, with $115M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Healthstream: sources (+) and uses (−) of cash, Q3 2026Healthstream: sources (+) and uses (−) of cash, Q3 2026Other investing−$42.6MOther financing$39.5MOperating cash flow$17.4MCash drawn (+) / kept (−)−$12.8MDividends−$1.0MCapital spending−$330KTaxes on employees’ shares−$204KExchange rates$21K
Healthstream: sources (+) and uses (−) of cash, TTM to Q3 2026Healthstream: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$71.2MOther investing−$46.9MOther financing$39.1MAcquisitions−$35.4MBuybacks−$14.3MCash drawn (+) / kept (−)−$5.4MDividends−$4.0MCapital spending−$2.2MTaxes on employees’ shares−$2.1MExchange rates−$5K

From profit to cash

Healthstream: net income to operating cash flow, Q3 2026Healthstream: net income to operating cash flow, Q3 2026Net income$5.4MDepreciation & amortization$11.3MStock-based pay$1.2MDeferred taxes$1.5MOther non-cash−$192KReceivables−$1.9MPayables−$1.7MDeferred revenue−$1.5MPrepaid and other assets$2.0MOperating cash flow$17.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202635—1619
Q2 202638—1919
Q1 202639—2118
Q4 202535—1916
Q3 202533—1419
Q2 202535—1223
Q1 202537—1720
Q4 202435—2015

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsCash drawn (+) / kept (−)Free cash flow
Q3 2026$17.4M−$330K——−$1.0M−$12.8M$17.1M
Q2 2026$13.4M−$910K−$10K−$2.6M−$1.0M$2.5M$12.5M
Q1 2026$27.1M−$740K−$302K−$6.7M−$1.0M−$12.6M$26.4M
Q4 2025$13.2M−$204K−$35.1M−$5.0M−$920K$17.4M$13.0M
Q3 2025$18.0M−$109K—−$6.9M−$919K−$1.4M$17.9M
Q2 2025$5.0M−$2.3M—−$18.1M−$947K$25.2M$2.7M
Q1 2025$27.1M−$1.1M——−$943K−$17.8M$26.0M
Q4 2024$11.2M−$203K−$1.3M—−$852K−$2.0M$11.0M

Healthstream: income statement and cash flow

Healthstream, Q3 2026: revenue $83.3M (+9% year over year), operating margin 7.9%. The chart follows the revenue to costs, profit and cash.

Healthstream: 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.