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Rent the Runway cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow−$1.2M in Q2 FY27 · $700K over twelve months

Operating cash flow−$1.2M
Free cash flow−$1.2M

Analysis

In Q2 FY27, Rent the Runway generated −$1.2M of operating cash flow. That is $9.3M more than in Q2 FY26 (−$10.5M).

Over the twelve months to Jul 31, 2026, operating cash flow was $700K; the largest uses were other investing ($35.4M); besides operations, cash came from shares issued ($12.7M), other financing ($7.0M); the cash balance fell by $15.0M.

Operating cash flow was −$1.2M against net income of −$12.9M. The largest differences: deferred revenue −$1.4M, stock-based pay +$700K, other liabilities −$300K.

Free cash flow

Rent the Runway: free cash flow by quarterRent the Runway: free cash flow by quarter$4.7MQ3 FY25$1.4MQ4 FY25$8.3MQ1 FY26−$10.5MQ2 FY26−$1.4MQ3 FY26$7.1MQ4 FY26−$3.8MQ1 FY27−$1.2MQ2 FY27
Operating cash flow less capital spending.
Rent the Runway: operating cash flow against capital spendingRent the Runway: operating cash flow against capital spendingOperating cash flowCapital spending$4.7M$0Q3 FY25$1.4M$0Q4 FY25$8.3M$0Q1 FY26−$10.5M$0Q2 FY26−$1.4M$0Q3 FY26$7.1M$0Q4 FY26−$3.8M$0Q1 FY27−$1.2M$0Q2 FY27
Latest (Q2 FY27): Operating cash flow −$1.2M, Capital spending $0.

Capital allocation, year by year

Rent the Runway: where the cash came from (up) and went (down), by fiscal yearRent the Runway: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedFY22: Operating cash flow −$42.3MFY22: Net borrowing −$130MFY22: Shares issued $331M$331MFY22FY23: Operating cash flow −$47.7MFY23FY24: Operating cash flow −$15.7MFY24: Net borrowing $1.6M$1.6MFY24FY25: Operating cash flow $12.9MFY25: Net borrowing $2.0M$14.9MFY25FY26: Operating cash flow $3.5MFY26: Net borrowing $21.1MFY26: Shares issued $12.5M$37.1MFY26
Over these 5 years operating cash flow totalled −$89.3M; the largest uses were net borrowing ($130M) and operating cash flow ($106M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$29.0M
Debt$158M
Net debt$128M
Cash runway6.0 years

Rent the Runway is burning cash: its operations consume cash, a free cash flow of −$4.8M a year at the current rate against $29.0M of cash and investments: a runway of about 6.0 years before any new financing.

Where the cash came from and went

Rent the Runway: sources (+) and uses (−) of cash, Q2 FY27Rent the Runway: sources (+) and uses (−) of cash, Q2 FY27Cash drawn (+) / kept (−)$8.1MOther investing−$6.8MOperating cash flow−$1.2MOther financing−$100K
Rent the Runway: sources (+) and uses (−) of cash, TTM to Q2 FY27Rent the Runway: sources (+) and uses (−) of cash, TTM to Q2 FY27Other investing−$35.4MCash drawn (+) / kept (−)$15.0MShares issued$12.7MOther financing$7.0MOperating cash flow$700K

From profit to cash

Rent the Runway: net income to operating cash flow, Q2 FY27Rent the Runway: net income to operating cash flow, Q2 FY27Net income−$12.9MStock-based pay$700KDeferred revenue−$1.4MOther liabilities−$300KOperating cash flow−$1.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27−$1.2M——$8.1M−$1.2M
Q1 FY27−$3.8M—$200K$13.8M−$3.8M
Q4 FY26$7.1M——$300K$7.1M
Q3 FY26−$1.4M—$12.5M−$7.2M−$1.4M
Q2 FY26−$10.5M——$27.2M−$10.5M
Q1 FY26$8.3M——$7.1M$8.3M
Q4 FY25$1.4M$2.0M—−$3.4M$1.4M
Q3 FY25$4.7M——$3.5M$4.7M

Rent the Runway: income statement and cash flow

Rent the Runway, Q2 FY27: revenue $97.7M (+21% year over year), operating margin -8.0%. The chart follows the revenue to costs, profit and cash.

Rent the Runway: 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.