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Intuitive Machines cash flow, quarter by quarter

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

Free cash flow−$81.2M in Q2 2026 · −$188M over twelve months

Operating cash flow−$57.1M
Capital spending−$24.1M
Free cash flow−$81.2M

Analysis

In Q2 2026, Intuitive Machines generated −$57.1M of operating cash flow and spent $24.1M on capital projects, leaving free cash flow of −$81.2M. That is $53.9M less than in Q2 2025 (−$27.3M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$126M; the largest uses were acquisitions ($462M), operating cash flow ($126M), capital spending ($61.4M); besides operations, cash came from other financing ($686M); the cash balance rose by $32.1M.

Operating cash flow was −$57.1M against net income of −$62.8M. The largest differences: payables −$26.1M, depreciation & amortization +$14.9M, deferred revenue +$11.3M.

Free cash flow

Intuitive Machines: free cash flow by quarterIntuitive Machines: free cash flow by quarter−$19.3MQ3 2024−$6.9MQ4 2024$13.3MQ1 2025−$27.3MQ2 2025−$19.0MQ3 2025−$22.9MQ4 2025−$64.6MQ1 2026−$81.2MQ2 2026
Operating cash flow less capital spending.
Intuitive Machines: operating cash flow against capital spendingIntuitive Machines: operating cash flow against capital spendingOperating cash flowCapital spending−$17.9M$1.4MQ3 2024−$2.0M$4.9MQ4 2024$19.4M$6.1MQ1 2025−$19.3M$8.1MQ2 2025−$7.2M$11.8MQ3 2025−$7.3M$15.6MQ4 2025−$54.8M$9.9MQ1 2026−$57.1M$24.1MQ2 2026
Latest (Q2 2026): Operating cash flow −$57.1M, Capital spending $24.1M.

Capital allocation, year by year

Intuitive Machines: where the cash came from (up) and went (down), by fiscal yearIntuitive Machines: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2022: Operating cash flow $784KFY2022: Net borrowing $7.8MFY2022: Shares issued $6KFY2022: Capital spending −$16.4M$8.6MFY2022FY2023: Operating cash flow −$45.3MFY2023: Net borrowing −$12.0MFY2023: Shares issued $46.0MFY2023: Capital spending −$29.9MFY2023: Dividends −$8.0M$46.0MFY2023FY2024: Operating cash flow −$57.6MFY2024: Net borrowing −$8.0MFY2024: Shares issued $234MFY2024: Capital spending −$10.1M$234MFY2024FY2025: Operating cash flow −$14.3MFY2025: Net borrowing −$31KFY2025: Capital spending −$41.6MFY2025: Acquisitions −$14.9MFY2025: Buybacks −$20.7MFY2025
Over these 4 years operating cash flow totalled −$116M; the largest uses were operating cash flow ($117M) and capital spending ($98.1M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$367M
Debt$336M
Net cash$31.0M
Cash runway23 months

Intuitive Machines is burning cash: its operations consume cash, a free cash flow of −$188M a year at the current rate against $367M of cash and investments: a runway of about 23 months before any new financing.

Where the cash came from and went

Intuitive Machines: sources (+) and uses (−) of cash, Q2 2026Intuitive Machines: sources (+) and uses (−) of cash, Q2 2026Other financing$220MCash drawn (+) / kept (−)−$136MOperating cash flow−$57.1MCapital spending−$24.1MAcquisitions−$2.3MTaxes on employees’ shares−$1.2MNet borrowing (+) / repaid (−)$2K
Intuitive Machines: sources (+) and uses (−) of cash, TTM to Q2 2026Intuitive Machines: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$686MAcquisitions−$462MOperating cash flow−$126MCapital spending−$61.4MCash drawn (+) / kept (−)−$32.1MPartners−$2.9MTaxes on employees’ shares−$1.5MOther investing−$63KNet borrowing (+) / repaid (−)−$19K

From profit to cash

Intuitive Machines: net income to operating cash flow, Q2 2026Intuitive Machines: net income to operating cash flow, Q2 2026Net income−$62.8MDepreciation & amortization$14.9MStock-based pay$10.5MOther non-cash−$1.9MInventory−$2.1MPayables−$26.1MDeferred revenue$11.3MContract assets−$3.0MPrepaid and other assets−$6.7MOther liabilities$5.0MOperating cash flow−$57.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$57.1M−$24.1M−$2.3M—$2K—−$136M−$81.2M
Q1 2026−$54.8M−$9.9M−$445M—−$11K$175M$342M−$64.6M
Q4 2025−$7.3M−$15.6M——$1K—$38.7M−$22.9M
Q3 2025−$7.2M−$11.8M——−$11K—−$277M−$19.0M
Q2 2025−$19.3M−$8.1M——−$9K—$28.4M−$27.3M
Q1 2025$19.4M−$6.1M—−$20.7M−$12K—−$166M$13.3M
Q4 2024−$2.0M−$4.9M——−$9K$125M−$118M−$6.9M
Q3 2024−$17.9M−$1.4M——−$3.0M$80.5M−$58.0M−$19.3M

Intuitive Machines: income statement and cash flow

Intuitive Machines, Q2 2026: revenue $206M (+310% year over year), operating margin -22.9%. The chart follows the revenue to costs, profit and cash.

Intuitive Machines: 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.