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Klaviyo cash flow, quarter by quarter

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

Free cash flow$44.7M in Q3 2026 · $245M over twelve months

Operating cash flow$52.6M
Capital spending−$8.0M
Free cash flow+$44.7M
Cash / net income74.8×
Cash conversion cycle-8 days

Analysis

In Q3 2026, Klaviyo generated $52.6M of operating cash flow and spent $8.0M on capital projects, leaving free cash flow of $44.7M. That is $7.8M less than in Q3 2025 ($52.5M).

Over the twelve months to Sep 30, 2026, operating cash flow was $274M; the largest uses were other financing ($478M), other investing ($31.6M), capital spending ($28.7M); besides operations, cash came from shares issued ($1.3M); the cash balance fell by $275M.

Operating cash flow was $52.6M against net income of $704K — 74.8× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$42.1M, payables −$18.0M, depreciation & amortization +$12.7M.

Its cash conversion cycle was -8 days (receivables 19 + inventory 0 − payables 28): suppliers fund its working capital.

Free cash flow

Klaviyo: free cash flow by quarterKlaviyo: free cash flow by quarter$57.7MQ4 2024$11.7MQ1 2025$53.7MQ2 2025$52.5MQ3 2025$90.7MQ4 2025$22.6MQ1 2026$87.3MQ2 2026$44.7MQ3 2026
Operating cash flow less capital spending.
Klaviyo: operating cash flow against capital spendingKlaviyo: operating cash flow against capital spendingOperating cash flowCapital spending$60.1M$2.3MQ4 2024$14.4M$2.7MQ1 2025$55.7M$2.1MQ2 2025$54.8M$2.3MQ3 2025$93.2M$2.5MQ4 2025$34.3M$11.7MQ1 2026$93.9M$6.6MQ2 2026$52.6M$8.0MQ3 2026
Latest (Q3 2026): Operating cash flow $52.6M, Capital spending $8.0M.

Capital allocation, year by year

Klaviyo: where the cash came from (up) and went (down), by fiscal yearKlaviyo: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$22.7MFY2021: Net borrowing −$16KFY2021: Shares issued $352MFY2021: Capital spending −$13.0MFY2021: Buybacks −$140M$352MFY2021FY2022: Operating cash flow −$23.6MFY2022: Net borrowing −$21KFY2022: Shares issued $101MFY2022: Capital spending −$15.8MFY2022: Acquisitions −$500K$101MFY2022FY2023: Operating cash flow $119MFY2023: Net borrowing −$21KFY2023: Shares issued $4.2MFY2023: Capital spending −$3.7M$124MFY2023FY2024: Operating cash flow $166MFY2024: Net borrowing −$19KFY2024: Shares issued $9.7MFY2024: Capital spending −$5.9M$176MFY2024FY2025: Operating cash flow $218MFY2025: Shares issued $2.2MFY2025: Capital spending −$9.5MFY2025: Acquisitions −$2.0M$220MFY2025
Over these 5 years operating cash flow totalled $457M; the largest uses were buybacks ($140M) and capital spending ($47.9M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$705M
Debtnone
Net cash$705M

Klaviyo funds itself: free cash flow was $245M over the last twelve months, with $705M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Klaviyo: sources (+) and uses (−) of cash, Q3 2026Klaviyo: sources (+) and uses (−) of cash, Q3 2026Buybacks−$151MCash drawn (+) / kept (−)$127MOperating cash flow$52.6MOther investing−$19.9MCapital spending−$8.0MTaxes on employees’ shares−$2.1MOther financing$848KShares issued$80K
Klaviyo: sources (+) and uses (−) of cash, TTM to Q3 2026Klaviyo: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing−$478MCash drawn (+) / kept (−)$275MOperating cash flow$274MOther investing−$31.6MCapital spending−$28.7MTaxes on employees’ shares−$11.9MShares issued$1.3M

From profit to cash

Klaviyo: net income to operating cash flow, Q3 2026Klaviyo: net income to operating cash flow, Q3 2026Net income$704KDepreciation & amortization$12.7MStock-based pay$42.1MGains on disposals−$180KReceivables−$3.1MPayables−$18.0MAccrued liabilities$65KDeferred revenue$6.3MPrepaid and other assets$8.4MOther liabilities−$404KOperating cash flow$52.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202619—28-8
Q2 202619—27-8
Q1 202617—26-9
Q4 202516—23-7
Q3 202518—26-8
Q2 202518—24-6
Q1 202516—19-4
Q4 202413—17-3

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$52.6M−$8.0M−$151M—$80K$127M$44.7M
Q2 2026$93.9M−$6.6M−$234M—$82K$152M$87.3M
Q1 2026$34.3M−$11.7M−$100M—$715K$80.3M$22.6M
Q4 2025$93.2M−$2.5M——$471K−$84.6M$90.7M
Q3 2025$54.8M−$2.3M——$266K−$44.8M$52.5M
Q2 2025$55.7M−$2.1M——$589K−$47.1M$53.7M
Q1 2025$14.4M−$2.7M——$877K−$6.6M$11.7M
Q4 2024$60.1M−$2.3M—−$3K$3.5M−$54.7M$57.7M

Klaviyo: income statement and cash flow

Klaviyo, Q3 2026: revenue $387M (+25% year over year), operating margin -1.2%. The chart follows the revenue to costs, profit and cash.

Klaviyo: 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.