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FiscalNote Holdings cash flow, quarter by quarter

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

Free cash flow−$3.8M in Q2 2026 · −$14.7M over twelve months

Operating cash flow−$2.1M
Capital spending−$1.7M
Free cash flow−$3.8M

Analysis

In Q2 2026, FiscalNote Holdings generated −$2.1M of operating cash flow and spent $1.7M on capital projects, leaving free cash flow of −$3.8M. That is $3.9M more than in Q2 2025 (−$7.7M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$7.7M; the largest uses were net borrowing (+) / repaid (−) ($105M), operating cash flow ($7.7M), capital spending ($7.1M); besides operations, cash came from other financing ($97.5M), other investing ($6.6M); the cash balance fell by $16.1M.

Operating cash flow was −$2.1M against net income of −$27.8M. The largest differences: impairments +$19.1M, depreciation & amortization +$2.1M, receivables +$2.1M.

Free cash flow

FiscalNote Holdings: free cash flow by quarterFiscalNote Holdings: free cash flow by quarter−$5.4MQ3 2024−$3.4MQ4 2024$1.3MQ1 2025−$7.7MQ2 2025−$10.4MQ3 2025−$1.9MQ4 2025$1.4MQ1 2026−$3.8MQ2 2026
Operating cash flow less capital spending.
FiscalNote Holdings: operating cash flow against capital spendingFiscalNote Holdings: operating cash flow against capital spendingOperating cash flowCapital spending−$3.0M$2.4MQ3 2024−$1.3M$2.0MQ4 2024$3.3M$2.0MQ1 2025−$6.2M$1.5MQ2 2025−$8.3M$2.1MQ3 2025−$279K$1.6MQ4 2025$3.0M$1.7MQ1 2026−$2.1M$1.7MQ2 2026
Latest (Q2 2026): Operating cash flow −$2.1M, Capital spending $1.7M.

Capital allocation, year by year

FiscalNote Holdings: where the cash came from (up) and went (down), by fiscal yearFiscalNote Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$37.0MFY2021: Net borrowing $61.0MFY2021: Shares issued $13.1MFY2021: Capital spending −$5.6MFY2021: Acquisitions −$43.6M$74.1MFY2021FY2022: Operating cash flow −$72.6MFY2022: Net borrowing −$23.1MFY2022: Shares issued −$44.8MFY2022: Capital spending −$11.4MFY2022: Acquisitions $1.1MFY2022: Buybacks −$88K$1.1MFY2022FY2023: Operating cash flow −$35.5MFY2023: Net borrowing $11.4MFY2023: Shares issued $684KFY2023: Capital spending −$7.9MFY2023: Acquisitions −$5.0M$12.1MFY2023FY2024: Operating cash flow −$5.3MFY2024: Net borrowing −$64.5MFY2024: Shares issued $474KFY2024: Asset sales $98.1MFY2024: Capital spending −$8.9M$98.5MFY2024FY2025: Operating cash flow −$11.4MFY2025: Net borrowing −$27.8MFY2025: Shares issued $276KFY2025: Asset sales $46.9MFY2025: Capital spending −$7.2M$47.2MFY2025
Over these 5 years operating cash flow totalled −$162M; the largest uses were operating cash flow ($162M) and net borrowing ($115M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$20.0M
Debt$119M
Net debt$99.3M
Due within a year$8.8M
Cash runway16 months

FiscalNote Holdings is burning cash: its operations consume cash, a free cash flow of −$14.7M a year at the current rate against $20.0M of cash and investments: a runway of about 16 months; $8.8M of debt also comes due within a year, which would need refinancing or new money before any new financing.

FiscalNote Holdings: debt maturities by year (FY2025)FiscalNote Holdings: debt maturities by year (FY2025)$8.8MYear 1$11.8MYear 2$47.6MYear 3$63.8MYear 4
Principal due in each year as disclosed in the annual report, against $20.0M of cash and investments now.

Where the cash came from and went

FiscalNote Holdings: sources (+) and uses (−) of cash, Q2 2026FiscalNote Holdings: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$5.9MOperating cash flow−$2.1MNet borrowing (+) / repaid (−)−$1.9MCapital spending−$1.7MExchange rates−$210K
FiscalNote Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026FiscalNote Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026Net borrowing (+) / repaid (−)−$105MOther financing$97.5MCash drawn (+) / kept (−)$16.1MOperating cash flow−$7.7MCapital spending−$7.1MOther investing$6.6MExchange rates−$283KShares issued$173K

From profit to cash

FiscalNote Holdings: net income to operating cash flow, Q2 2026FiscalNote Holdings: net income to operating cash flow, Q2 2026Net income−$27.8MDepreciation & amortization$2.1MStock-based pay$828KDeferred taxes−$123KImpairments$19.1MReceivables$2.1MDeferred revenue−$68KOther liabilities$256KOperating cash flow−$2.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$2.1M−$1.7M−$1.9M—$5.9M−$3.8M
Q1 2026$3.0M−$1.7M−$1.9M$45K$483K$1.4M
Q4 2025−$279K−$1.6M−$468K$1K$2.4M−$1.9M
Q3 2025−$8.3M−$2.1M−$101M$127K$7.3M−$10.4M
Q2 2025−$6.2M−$1.5M−$9K—$7.7M−$7.7M
Q1 2025$3.3M−$2.0M−$27.2M$148K−$12.9M$1.3M
Q4 2024−$1.3M−$2.0M$473K—−$3.1M−$3.4M
Q3 2024−$3.0M−$2.4M−$27K$278K$5.0M−$5.4M

FiscalNote Holdings: income statement and cash flow

FiscalNote Holdings, Q2 2026: revenue $19.6M (-16% year over year), operating margin -123.0%. The chart follows the revenue to costs, profit and cash.

FiscalNote Holdings: 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.