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Heartflow cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$10.5M in Q2 2026 · −$59.2M over twelve months

Operating cash flow−$8.6M
Capital spending−$1.9M
Free cash flow−$10.5M
Cash conversion cycle11 days

Analysis

In Q2 2026, Heartflow generated −$8.6M of operating cash flow and spent $1.9M on capital projects, leaving free cash flow of −$10.5M. That is $17.6M more than in Q2 2025 (−$28.1M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$52.2M; the largest uses were other investing ($210M), operating cash flow ($52.2M), capital spending ($6.9M); besides operations, cash came from other financing ($215M), shares issued ($8.4M); the cash balance fell by $45.6M.

Operating cash flow was −$8.6M against net income of −$15.7M. The largest differences: stock-based pay +$7.9M, receivables −$7.2M, depreciation & amortization +$1.2M.

Its cash conversion cycle was 11 days (receivables 56 + inventory 0 − payables 45).

Free cash flow

Heartflow: free cash flow by quarterHeartflow: free cash flow by quarter−$11.3MQ3 2024−$14.4MQ4 2024−$14.3MQ1 2025−$28.1MQ2 2025−$4.2MQ3 2025−$12.5MQ4 2025−$32.0MQ1 2026−$10.5MQ2 2026
Operating cash flow less capital spending.
Heartflow: operating cash flow against capital spendingHeartflow: operating cash flow against capital spendingOperating cash flowCapital spending−$10.3M$1.0MQ3 2024−$14.0M$332KQ4 2024−$13.2M$1.1MQ1 2025−$27.3M$790KQ2 2025−$3.0M$1.2MQ3 2025−$10.6M$1.9MQ4 2025−$30.1M$1.9MQ1 2026−$8.6M$1.9MQ2 2026
Latest (Q2 2026): Operating cash flow −$8.6M, Capital spending $1.9M.

Capital allocation, year by year

Heartflow: where the cash came from (up) and went (down), by fiscal yearHeartflow: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksFY2023: Operating cash flow −$76.4MFY2023: Shares issued $589KFY2023: Capital spending −$6.1MFY2023: Buybacks −$228K$589KFY2023FY2024: Operating cash flow −$69.0MFY2024: Shares issued $4.6MFY2024: Capital spending −$4.4M$4.6MFY2024FY2025: Operating cash flow −$54.0MFY2025: Net borrowing −$42.4MFY2025: Shares issued $336MFY2025: Capital spending −$5.0M$336MFY2025
Over these 3 years operating cash flow totalled −$199M; the largest uses were operating cash flow ($199M) and net borrowing ($42.4M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$163M
Debtnone
Net cash$163M
Cash runway2.7 years

Heartflow is burning cash: its operations consume cash, a free cash flow of −$59.2M a year at the current rate against $163M of cash and investments: a runway of about 2.7 years before any new financing.

Where the cash came from and went

Heartflow: sources (+) and uses (−) of cash, Q2 2026Heartflow: sources (+) and uses (−) of cash, Q2 2026Other investing$23.1MCash drawn (+) / kept (−)−$14.7MOperating cash flow−$8.6MShares issued$3.2MCapital spending−$1.9MTaxes on employees’ shares−$1.2MExchange rates−$9K
Heartflow: sources (+) and uses (−) of cash, TTM to Q2 2026Heartflow: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$215MOther investing−$210MOperating cash flow−$52.2MCash drawn (+) / kept (−)$45.6MShares issued$8.4MCapital spending−$6.9MExchange rates$389K

From profit to cash

Heartflow: net income to operating cash flow, Q2 2026Heartflow: net income to operating cash flow, Q2 2026Net income−$15.7MDepreciation & amortization$1.2MStock-based pay$7.9MReceivables−$7.2MPayables$74KPrepaid and other assets−$670KOther liabilities−$17KOperating cash flow−$8.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202656—4511
Q1 202656—3917
Q4 202554—2330
Q3 202557—1641

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$8.6M−$1.9M—$3.2M−$14.7M−$10.5M
Q1 2026−$30.1M−$1.9M—$6.6M$25.1M−$32.0M
Q4 2025−$10.6M−$1.9M—$460K$246M−$12.5M
Q3 2025−$3.0M−$1.2M−$44K$1.0M−$211M−$4.2M
Q2 2025−$27.3M−$790K−$1.0M$852K$29.6M−$28.1M
Q1 2025−$13.2M−$1.1M$73.9M$578K−$58.4M−$14.3M
Q4 2024−$14.0M−$332K—$1.4M$13.3M−$14.4M
Q3 2024−$10.3M−$1.0M—$1.5M$10.7M−$11.3M

Heartflow: income statement and cash flow

Heartflow, Q2 2026: revenue $64.1M (+48% year over year), operating margin -27.9%. The chart follows the revenue to costs, profit and cash.

Heartflow: 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.