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Riot Platforms cash flow, quarter by quarter

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

Free cash flow−$264M in Q3 2026 · −$901M over twelve months

Operating cash flow−$214M
Capital spending−$49.8M
Free cash flow−$264M
Cash / net income-52.2×

Analysis

In Q3 2026, Riot Platforms generated −$214M of operating cash flow and spent $49.8M on capital projects, leaving free cash flow of −$264M. That is $124M less than in Q3 2025 (−$140M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$593M; the largest uses were operating cash flow ($593M), capital spending ($308M), other financing ($185M); besides operations, cash came from other investing ($1.5B); the cash balance rose by $342M.

Operating cash flow was −$214M against net income of $4.1M — -52.2× profit, less cash than reported earnings, worth checking against working capital. The largest differences: depreciation & amortization +$124M, stock-based pay +$21.1M, impairments +$18.5M.

Free cash flow

Riot Platforms: free cash flow by quarterRiot Platforms: free cash flow by quarter−$157MQ4 2024−$155MQ1 2025−$292MQ2 2025−$140MQ3 2025−$188MQ4 2025−$298MQ1 2026−$151MQ2 2026−$264MQ3 2026
Operating cash flow less capital spending.
Riot Platforms: operating cash flow against capital spendingRiot Platforms: operating cash flow against capital spendingOperating cash flowCapital spending−$98.4M$58.2MQ4 2024−$122M$32.9MQ1 2025−$231M$60.4MQ2 2025−$114M$25.7MQ3 2025−$106M$82.5MQ4 2025−$183M$115MQ1 2026−$90.1M$60.7MQ2 2026−$214M$49.8MQ3 2026
Latest (Q3 2026): Operating cash flow −$214M, Capital spending $49.8M.

Capital allocation, year by year

Riot Platforms: where the cash came from (up) and went (down), by fiscal yearRiot Platforms: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$86.1MFY2021: Shares issued $685MFY2021: Capital spending −$147MFY2021: Acquisitions −$40.9MFY2021: Buybacks −$5.1M$685MFY2021FY2022: Operating cash flow $530KFY2022: Shares issued $305MFY2022: Capital spending −$148MFY2022: Buybacks −$10.1M$305MFY2022FY2023: Operating cash flow $33.1MFY2023: Net borrowing $861KFY2023: Shares issued $778MFY2023: Asset sales $6.4MFY2023: Capital spending −$194MFY2023: Buybacks −$14.0M$819MFY2023FY2024: Operating cash flow −$255MFY2024: Net borrowing $593MFY2024: Shares issued $977MFY2024: Asset sales $14.3MFY2024: Capital spending −$240MFY2024: Buybacks −$11.6M$1.6BFY2024FY2025: Operating cash flow −$573MFY2025: Net borrowing −$6.7MFY2025: Shares issued $213MFY2025: Asset sales $6.8MFY2025: Capital spending −$201MFY2025: Buybacks −$4.3M$220MFY2025
Over these 5 years operating cash flow totalled −$880M; the largest uses were capital spending ($931M) and operating cash flow ($914M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$669M
Debt$657M
Net cash$12.4M
Due within a year$314K
Cash runway9 months

Riot Platforms is burning cash: its operations consume cash, a free cash flow of −$901M a year at the current rate against $669M of cash and investments: a runway of about 9 months; $314K of debt also comes due within a year, which would need refinancing or new money before any new financing.

Riot Platforms: debt maturities by year (FY2024)Riot Platforms: debt maturities by year (FY2024)$314KYear 1$343KYear 2$373KYear 3$405KYear 4$443KYear 5$3.4MAfter year 5
Principal due in each year as disclosed in the annual report, against $669M of cash and investments now.

Where the cash came from and went

Riot Platforms: sources (+) and uses (−) of cash, Q3 2026Riot Platforms: sources (+) and uses (−) of cash, Q3 2026Other investing$745MOperating cash flow−$214MCash drawn (+) / kept (−)−$199MOther financing−$198MBuybacks−$83.7MCapital spending−$49.8M
Riot Platforms: sources (+) and uses (−) of cash, TTM to Q3 2026Riot Platforms: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing$1.5BOperating cash flow−$593MCash drawn (+) / kept (−)−$342MCapital spending−$308MOther financing−$185MBuybacks−$87.2M

From profit to cash

Riot Platforms: net income to operating cash flow, Q3 2026Riot Platforms: net income to operating cash flow, Q3 2026Net income$4.1MDepreciation & amortization$124MStock-based pay$21.1MImpairments$18.5MGains on disposals−$32KOperating cash flow−$214M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$214M−$49.8M−$83.7M——−$199M−$264M
Q2 2026−$90.1M−$60.7M−$499K——−$266M−$151M
Q1 2026−$183M−$115M−$2.0M——$27.2M−$298M
Q4 2025−$106M−$82.5M−$1.1M—$13.1M$96.6M−$188M
Q3 2025−$114M−$25.7M−$2.6M—$75.7M−$76.1M−$140M
Q2 2025−$231M−$60.4M−$103K—$53.9M−$92.4M−$292M
Q1 2025−$122M−$32.9M−$484K—$70.0M$113M−$155M
Q4 2024−$98.4M−$58.2M−$84K−$664K$231M$77.1M−$157M

Riot Platforms: income statement and cash flow

Riot Platforms, Q3 2026: revenue $181M (+0.7% year over year), operating margin 0.7%. The chart follows the revenue to costs, profit and cash.

Riot Platforms: 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.