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Inogen cash flow, quarter by quarter

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

Free cash flow$2.2M in Q2 2026 · −$5.0M over twelve months

Operating cash flow$2.9M
Capital spending−$711K
Free cash flow+$2.2M
Cash conversion cycle46 days

Analysis

In Q2 2026, Inogen generated $2.9M of operating cash flow and spent $711K on capital projects, leaving free cash flow of $2.2M. That is $1.4M less than in Q2 2025 ($3.7M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$2.5M; the largest uses were other financing ($7.5M), other investing ($4.2M), operating cash flow ($2.5M); besides operations, cash came from shares issued ($855K); the cash balance fell by $16.4M.

Operating cash flow was $2.9M against net income of −$3.9M. The largest differences: payables +$7.1M, receivables −$6.2M, depreciation & amortization +$4.7M.

Its cash conversion cycle was 46 days (receivables 42 + inventory 47 − payables 43).

Free cash flow

Inogen: free cash flow by quarterInogen: free cash flow by quarter$5.3MQ3 2024−$3.3MQ4 2024−$17.1MQ1 2025$3.7MQ2 2025$1.6MQ3 2025−$1.9MQ4 2025−$6.9MQ1 2026$2.2MQ2 2026
Operating cash flow less capital spending.
Inogen: operating cash flow against capital spendingInogen: operating cash flow against capital spendingOperating cash flowCapital spending$7.0M$1.7MQ3 2024−$3.0M$329KQ4 2024−$16.8M$292KQ1 2025$4.3M$684KQ2 2025$2.2M$568KQ3 2025−$943K$979KQ4 2025−$6.7M$210KQ1 2026$2.9M$711KQ2 2026
Latest (Q2 2026): Operating cash flow $2.9M, Capital spending $711K.

Capital allocation, year by year

Inogen: where the cash came from (up) and went (down), by fiscal yearInogen: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow $23.6MFY2021: Shares issued $13.7MFY2021: Asset sales $153KFY2021: Capital spending −$5.5M$37.5MFY2021FY2022: Operating cash flow −$37.5MFY2022: Shares issued $44KFY2022: Asset sales $331KFY2022: Capital spending −$3.3M$375KFY2022FY2023: Operating cash flow −$3.2MFY2023: Shares issued $384KFY2023: Asset sales $198KFY2023: Capital spending −$5.2MFY2023: Acquisitions −$29.6M$582KFY2023FY2024: Operating cash flow $5.9MFY2024: Shares issued $811KFY2024: Asset sales $275KFY2024: Capital spending −$3.4M$7.0MFY2024FY2025: Operating cash flow −$11.2MFY2025: Shares issued $28.2MFY2025: Capital spending −$2.5M$28.2MFY2025
Over these 5 years operating cash flow totalled −$22.4M; the largest uses were operating cash flow ($52.0M) and acquisitions ($29.6M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$106M
Debtnone
Net cash$106M
Cash runwaymore than 10 years

Inogen is burning cash: its operations consume cash, a free cash flow of −$5.0M a year at the current rate against $106M of cash and investments: a runway of more than ten years at that rate before any new financing.

Where the cash came from and went

Inogen: sources (+) and uses (−) of cash, Q2 2026Inogen: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$5.8MBuybacks−$5.6MOperating cash flow$2.9MOther investing−$2.4MCapital spending−$711KExchange rates−$17K
Inogen: sources (+) and uses (−) of cash, TTM to Q2 2026Inogen: sources (+) and uses (−) of cash, TTM to Q2 2026Cash drawn (+) / kept (−)$16.4MOther financing−$7.5MOther investing−$4.2MOperating cash flow−$2.5MCapital spending−$2.5MTaxes on employees’ shares−$873KShares issued$855KExchange rates$360K

From profit to cash

Inogen: net income to operating cash flow, Q2 2026Inogen: net income to operating cash flow, Q2 2026Net income−$3.9MDepreciation & amortization$4.7MStock-based pay$1.8MDeferred taxes−$32KReceivables−$6.2MInventory−$4.2MPayables$7.1MEmployee-related liabilities$2.6MDeferred revenue−$680KPrepaid and other assets−$176KIncome taxes payable−$1KOperating cash flow$2.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202642474346
Q1 202643494249
Q4 202545514154
Q3 202539443945
Q2 202537454042
Q1 202536503947
Q4 202437513454
Q3 202436462953

Every quarter

QuarterOperating cash flowCapital spendingBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$2.9M−$711K−$5.6M—$5.8M$2.2M
Q1 2026−$6.7M−$210K−$1.9M$373K$10.6M−$6.9M
Q4 2025−$943K−$979K——$2.7M−$1.9M
Q3 2025$2.2M−$568K—$482K−$2.8M$1.6M
Q2 2025$4.3M−$684K——$17.6M$3.7M
Q1 2025−$16.8M−$292K—$27.7M−$5.1M−$17.1M
Q4 2024−$3.0M−$329K——−$8.1M−$3.3M
Q3 2024$7.0M−$1.7M—$441K−$7.8M$5.3M

Inogen: income statement and cash flow

Inogen, Q2 2026: revenue $95.1M (+3% year over year), operating margin -5.4%. The chart follows the revenue to costs, profit and cash.

Inogen: 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.