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LifeStance Health Group cash flow, quarter by quarter

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

Free cash flow$22.4M in Q3 2026 · $179M over twelve months

Operating cash flow$37.0M
Capital spending−$14.7M
Free cash flow+$22.4M
Cash / net income1.7×

Analysis

In Q3 2026, LifeStance Health Group generated $37.0M of operating cash flow and spent $14.7M on capital projects, leaving free cash flow of $22.4M. That is $5.4M more than in Q3 2025 ($17.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $228M; the largest uses were other financing ($117M), capital spending ($48.3M), taxes on employees’ shares ($25.0M); the cash balance rose by $14.9M.

Operating cash flow was $37.0M against net income of $22.4M — 1.7× profit, cash ran ahead of reported earnings. The largest differences: employee-related liabilities −$19.6M, stock-based pay +$18.2M, depreciation & amortization +$12.1M.

Free cash flow

LifeStance Health Group: free cash flow by quarterLifeStance Health Group: free cash flow by quarter$56.0MQ4 2024−$10.3MQ1 2025$56.6MQ2 2025$17.0MQ3 2025$46.6MQ4 2025$22.3MQ1 2026$87.9MQ2 2026$22.4MQ3 2026
Operating cash flow less capital spending.
LifeStance Health Group: operating cash flow against capital spendingLifeStance Health Group: operating cash flow against capital spendingOperating cash flowCapital spending$62.3M$6.3MQ4 2024−$3.1M$7.2MQ1 2025$64.4M$7.8MQ2 2025$27.3M$10.3MQ3 2025$57.6M$10.9MQ4 2025$33.1M$10.8MQ1 2026$99.9M$12.0MQ2 2026$37.0M$14.7MQ3 2026
Latest (Q3 2026): Operating cash flow $37.0M, Capital spending $14.7M.

Capital allocation, year by year

LifeStance Health Group: where the cash came from (up) and went (down), by fiscal yearLifeStance Health Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2021: Operating cash flow $9.4MFY2021: Net borrowing −$213MFY2021: Shares issued $549MFY2021: Capital spending −$94.5MFY2021: Acquisitions −$99.6M$558MFY2021FY2022: Operating cash flow $52.8MFY2022: Net borrowing $69.6MFY2022: Capital spending −$79.3MFY2022: Acquisitions −$60.2M$122MFY2022FY2023: Operating cash flow −$16.9MFY2023: Net borrowing $55.3MFY2023: Capital spending −$40.5MFY2023: Acquisitions −$19.8M$55.3MFY2023FY2024: Operating cash flow $107MFY2024: Net borrowing −$1.7MFY2024: Capital spending −$21.6M$107MFY2024FY2025: Operating cash flow $146MFY2025: Net borrowing −$7.2MFY2025: Capital spending −$36.1M$146MFY2025
Over these 5 years operating cash flow totalled $299M; the largest uses were capital spending ($272M) and net borrowing ($222M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$219M
Debt$272M
Net debt$53.1M
Due within a year$14.5M

LifeStance Health Group funds itself: free cash flow was $179M over the last twelve months, and $219M of cash and investments stands against $272M of debt ($14.5M due within a year, 15.1× covered by cash).

Where the cash came from and went

LifeStance Health Group: sources (+) and uses (−) of cash, Q3 2026LifeStance Health Group: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$37.0MBuybacks−$24.8MCapital spending−$14.7MCash drawn (+) / kept (−)$7.1MNet borrowing (+) / repaid (−)−$3.6MAcquisitions−$552KTaxes on employees’ shares−$505K
LifeStance Health Group: sources (+) and uses (−) of cash, TTM to Q3 2026LifeStance Health Group: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$228MOther financing−$117MCapital spending−$48.3MTaxes on employees’ shares−$25.0MCash drawn (+) / kept (−)−$14.9MNet borrowing (+) / repaid (−)−$12.7MAcquisitions−$9.6M

From profit to cash

LifeStance Health Group: net income to operating cash flow, Q3 2026LifeStance Health Group: net income to operating cash flow, Q3 2026Net income$22.4MDepreciation & amortization$12.1MStock-based pay$18.2MOther non-cash$3.1MReceivables−$10.0MPayables−$4.5MAccrued liabilities$10.0MEmployee-related liabilities−$19.6MPrepaid and other assets$2.7MOperating cash flow$37.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$37.0M−$14.7M−$552K−$24.8M−$3.6M$7.1M$22.4M
Q2 2026$99.9M−$12.0M−$5.9M−$48.5M−$7.2M−$31.1M$87.9M
Q1 2026$33.1M−$10.8M−$3.1M−$49.1M—$53.8M$22.3M
Q4 2025$57.6M−$10.9M——−$1.8M−$44.7M$46.6M
Q3 2025$27.3M−$10.3M——−$1.8M−$15.0M$17.0M
Q2 2025$64.4M−$7.8M——−$1.8M−$54.6M$56.6M
Q1 2025−$3.1M−$7.2M——−$1.8M$20.2M−$10.3M
Q4 2024$62.3M−$6.3M——$509K−$52.0M$56.0M

LifeStance Health Group: income statement and cash flow

LifeStance Health Group, Q3 2026: revenue $456M (+25% year over year), operating margin 7.3%. The chart follows the revenue to costs, profit and cash.

LifeStance Health Group: 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.