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Rambus cash flow, quarter by quarter

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

Free cash flow$95.9M in Q3 2026 · $313M over twelve months

Operating cash flow$102M
Capital spending−$6.6M
Free cash flow+$95.9M
Cash / net income1.4×
Cash conversion cycle158 days

Analysis

In Q3 2026, Rambus generated $102M of operating cash flow and spent $6.6M on capital projects, leaving free cash flow of $95.9M. That is $13.4M more than in Q3 2025 ($82.5M).

Over the twelve months to Sep 30, 2026, operating cash flow was $347M; the largest uses were buybacks ($140M), other investing ($75.4M), taxes on employees’ shares ($59.6M); besides operations, cash came from shares issued ($8.5M); the cash balance rose by $31.3M.

Operating cash flow was $102M against net income of $74.6M — 1.4× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$17.1M, inventory −$12.4M, deferred revenue +$11.2M.

Its cash conversion cycle was 158 days (receivables 60 + inventory 157 − payables 59).

Free cash flow

Rambus: free cash flow by quarterRambus: free cash flow by quarter$52.5MQ4 2024$69.5MQ1 2025$87.9MQ2 2025$82.5MQ3 2025$93.3MQ4 2025$71.6MQ1 2026$52.2MQ2 2026$95.9MQ3 2026
Operating cash flow less capital spending.
Rambus: operating cash flow against capital spendingRambus: operating cash flow against capital spendingOperating cash flowCapital spending$59.0M$6.5MQ4 2024$77.4M$7.9MQ1 2025$94.4M$6.5MQ2 2025$88.4M$5.9MQ3 2025$99.8M$6.5MQ4 2025$83.2M$11.6MQ1 2026$61.2M$9.1MQ2 2026$102M$6.6MQ3 2026
Latest (Q3 2026): Operating cash flow $102M, Capital spending $6.6M.

Capital allocation, year by year

Rambus: where the cash came from (up) and went (down), by fiscal yearRambus: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $209MFY2021: Shares issued $9.0MFY2021: Capital spending −$13.8MFY2021: Acquisitions −$97.1MFY2021: Buybacks −$100M$218MFY2021FY2022: Operating cash flow $230MFY2022: Net borrowing −$258MFY2022: Shares issued $6.1MFY2022: Capital spending −$17.5MFY2022: Acquisitions −$15.9MFY2022: Buybacks −$100M$237MFY2022FY2023: Operating cash flow $196MFY2023: Net borrowing −$10.4MFY2023: Shares issued $8.9MFY2023: Asset sales $106MFY2023: Capital spending −$23.2MFY2023: Buybacks −$101M$311MFY2023FY2024: Operating cash flow $231MFY2024: Shares issued $5.5MFY2024: Capital spending −$30.7MFY2024: Buybacks −$113M$236MFY2024FY2025: Operating cash flow $360MFY2025: Shares issued $6.9MFY2025: Capital spending −$26.8MFY2025: Buybacks −$7.1M$367MFY2025
Over these 5 years operating cash flow totalled $1.2B; the largest uses were buybacks ($421M) and net borrowing ($268M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$777M
Debtnone
Net cash$777M

Rambus funds itself: free cash flow was $313M over the last twelve months, with $777M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Rambus: sources (+) and uses (−) of cash, Q3 2026Rambus: sources (+) and uses (−) of cash, Q3 2026Buybacks−$135MOperating cash flow$102MOther investing$69.3MCash drawn (+) / kept (−)−$22.8MCapital spending−$6.6MOther financing−$4.6MTaxes on employees’ shares−$2.7MExchange rates$216KShares issued$121K
Rambus: sources (+) and uses (−) of cash, TTM to Q3 2026Rambus: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$347MBuybacks−$140MOther investing−$75.4MTaxes on employees’ shares−$59.6MCapital spending−$33.8MCash drawn (+) / kept (−)−$31.3MOther financing−$15.2MShares issued$8.5MExchange rates−$171K

From profit to cash

Rambus: net income to operating cash flow, Q3 2026Rambus: net income to operating cash flow, Q3 2026Net income$74.6MDepreciation & amortization$3.0MStock-based pay$17.1MDeferred taxes$7.7MReceivables$1.9MInventory−$12.4MPayables−$10.3MDeferred revenue$11.2MPrepaid and other assets$2.2MOther liabilities$3.5MIncome taxes payable$649KOperating cash flow$102M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20266015759158
Q2 20265614479121
Q1 20266212688100
Q4 20255910156104
Q3 20255510530129
Q2 20256010936133
Q1 20256512248140
Q4 20246013757140

Every quarter

QuarterOperating cash flowCapital spendingBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$102M−$6.6M−$135M$121K−$22.8M$95.9M
Q2 2026$61.2M−$9.1M−$387K—$46.6M$52.2M
Q1 2026$83.2M−$11.6M−$2.6M—$48.5M$71.6M
Q4 2025$99.8M−$6.5M−$1.3M$3.1M−$104M$93.3M
Q3 2025$88.4M−$5.9M——$8.6M$82.5M
Q2 2025$94.4M−$6.5M−$3.7M$3.7M$44.4M$87.9M
Q1 2025$77.4M−$7.9M−$2.2M—−$32.4M$69.5M
Q4 2024$59.0M−$6.5M—$2.0M$14.2M$52.5M

Rambus: income statement and cash flow

Rambus, Q3 2026: revenue $218M (+22% year over year), operating margin 38.3%. The chart follows the revenue to costs, profit and cash.

Rambus: 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.