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Natera cash flow, quarter by quarter

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

Free cash flow$5.3M in Q3 2026 · $52.5M over twelve months

Operating cash flow$43.9M
Capital spending−$38.7M
Free cash flow+$5.3M

Analysis

In Q3 2026, Natera generated $43.9M of operating cash flow and spent $38.7M on capital projects, leaving free cash flow of $5.3M. That is $31.7M less than in Q3 2025 ($37.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $213M; the largest uses were capital spending ($160M), other investing ($29.5M), acquisitions ($16.3M); besides operations, cash came from shares issued ($25.5M), other financing ($23.6M); the cash balance rose by $55.8M.

Operating cash flow was $43.9M against net income of −$59.9M. The largest differences: stock-based pay +$106M, receivables −$49.4M, payables +$40.4M.

Free cash flow

Natera: free cash flow by quarterNatera: free cash flow by quarter$34.8MQ4 2024$22.6MQ1 2025$11.7MQ2 2025$37.0MQ3 2025$37.8MQ4 2025$18.0MQ1 2026−$8.6MQ2 2026$5.3MQ3 2026
Operating cash flow less capital spending.
Natera: operating cash flow against capital spendingNatera: operating cash flow against capital spendingOperating cash flowCapital spending$52.9M$18.1MQ4 2024$44.5M$21.8MQ1 2025$37.6M$25.9MQ2 2025$59.4M$22.4MQ3 2025$73.9M$36.1MQ4 2025$40.2M$22.1MQ1 2026$54.8M$63.4MQ2 2026$43.9M$38.7MQ3 2026
Latest (Q3 2026): Operating cash flow $43.9M, Capital spending $38.7M.

Capital allocation, year by year

Natera: where the cash came from (up) and went (down), by fiscal yearNatera: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2021: Operating cash flow −$335MFY2021: Net borrowing $199MFY2021: Shares issued $563MFY2021: Capital spending −$41.0MFY2021: Acquisitions −$8.6M$762MFY2021FY2022: Operating cash flow −$432MFY2022: Net borrowing $30.0MFY2022: Shares issued $440MFY2022: Capital spending −$47.7M$470MFY2022FY2023: Operating cash flow −$247MFY2023: Shares issued $239MFY2023: Capital spending −$39.2M$239MFY2023FY2024: Operating cash flow $136MFY2024: Net borrowing −$82KFY2024: Shares issued $13.0MFY2024: Capital spending −$66.4M$149MFY2024FY2025: Operating cash flow $215MFY2025: Shares issued $22.5MFY2025: Capital spending −$106MFY2025: Acquisitions −$16.0M$238MFY2025
Over these 5 years operating cash flow totalled −$663M; the largest uses were operating cash flow ($1.0B) and capital spending ($301M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.1B
Debt$80.3M
Net cash$1.0B

Natera funds itself: free cash flow was $52.5M over the last twelve months, and $1.1B of cash and investments stands against $80.3M of debt.

Where the cash came from and went

Natera: sources (+) and uses (−) of cash, Q3 2026Natera: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$43.9MCapital spending−$38.7MCash drawn (+) / kept (−)−$5.7MShares issued$1.0MTaxes on employees’ shares−$316KOther investing−$243K
Natera: sources (+) and uses (−) of cash, TTM to Q3 2026Natera: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$213MCapital spending−$160MCash drawn (+) / kept (−)−$55.8MOther investing−$29.5MShares issued$25.5MOther financing$23.6MAcquisitions−$16.3M

From profit to cash

Natera: net income to operating cash flow, Q3 2026Natera: net income to operating cash flow, Q3 2026Net income−$59.9MDepreciation & amortization$16.3MStock-based pay$106MOther non-cash−$186KReceivables−$49.4MInventory−$11.4MPayables$40.4MEmployee-related liabilities$7.9MDeferred revenue−$4.3MPrepaid and other assets$4.4MOperating cash flow$43.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$43.9M−$38.7M—$1.0M−$5.7M$5.3M
Q2 2026$54.8M−$63.4M—$873K−$3.6M−$8.6M
Q1 2026$40.2M−$22.1M—$3.9M−$11.8M$18.0M
Q4 2025$73.9M−$36.1M−$16.0M$19.7M−$34.7M$37.8M
Q3 2025$59.4M−$22.4M—$1.9M−$41.4M$37.0M
Q2 2025$37.6M−$25.9M—$340K−$26.3M$11.7M
Q1 2025$44.5M−$21.8M—$544K−$28.2M$22.6M
Q4 2024$52.9M−$18.1M—$2.6M−$52.7M$34.8M

Natera: income statement and cash flow

Natera, Q3 2026: revenue $794M (+34% year over year), operating margin -8.6%. The chart follows the revenue to costs, profit and cash.

Natera: 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.