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Unity Software cash flow, quarter by quarter

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

Free cash flow$220M in Q3 2026 · $607M over twelve months

Operating cash flow$224M
Capital spending−$4.3M
Free cash flow+$220M
Cash / net income1.8×
Cash conversion cycle101 days

Analysis

In Q3 2026, Unity Software generated $224M of operating cash flow and spent $4.3M on capital projects, leaving free cash flow of $220M. That is $68.4M more than in Q3 2025 ($151M).

Over the twelve months to Sep 30, 2026, operating cash flow was $622M; the largest uses were capital spending ($15.5M); besides operations, cash came from shares issued ($84.3M), other investing ($34.2M); the cash balance rose by $742M.

Operating cash flow was $224M against net income of $122M — 1.8× profit, cash ran ahead of reported earnings. The largest differences: receivables −$140M, depreciation & amortization +$84.9M, stock-based pay +$62.8M.

Its cash conversion cycle was 101 days (receivables 113 + inventory 0 − payables 12).

Free cash flow

Unity Software: free cash flow by quarterUnity Software: free cash flow by quarter$106MQ4 2024$7.3MQ1 2025$127MQ2 2025$151MQ3 2025$119MQ4 2025$66.5MQ1 2026$202MQ2 2026$220MQ3 2026
Operating cash flow less capital spending.
Unity Software: operating cash flow against capital spendingUnity Software: operating cash flow against capital spendingOperating cash flowCapital spending$112M$6.4MQ4 2024$13.0M$5.7MQ1 2025$133M$6.4MQ2 2025$155M$4.1MQ3 2025$121M$2.8MQ4 2025$71.3M$4.8MQ1 2026$206M$3.7MQ2 2026$224M$4.3MQ3 2026
Latest (Q3 2026): Operating cash flow $224M, Capital spending $4.3M.

Capital allocation, year by year

Unity Software: where the cash came from (up) and went (down), by fiscal yearUnity Software: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$111MFY2021: Net borrowing $1.7BFY2021: Shares issued $66.7MFY2021: Capital spending −$41.9MFY2021: Acquisitions −$1.6B$1.8BFY2021FY2022: Operating cash flow −$59.4MFY2022: Net borrowing $1.0BFY2022: Shares issued $63.5MFY2022: Capital spending −$57.1MFY2022: Acquisitions $122MFY2022: Buybacks −$1.5B$1.2BFY2022FY2023: Operating cash flow $235MFY2023: Shares issued $76.0MFY2023: Capital spending −$55.9MFY2023: Buybacks −$250M$311MFY2023FY2024: Operating cash flow $316MFY2024: Net borrowing −$415MFY2024: Shares issued $76.7MFY2024: Capital spending −$29.5M$392MFY2024FY2025: Operating cash flow $423MFY2025: Net borrowing $48.3MFY2025: Shares issued $119MFY2025: Capital spending −$19.0M$591MFY2025
Over these 5 years operating cash flow totalled $802M; the largest uses were buybacks ($1.8B) and acquisitions ($1.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.6B
Debtnone
Net cash$2.6B

Unity Software funds itself: free cash flow was $607M over the last twelve months, with $2.6B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Unity Software: sources (+) and uses (−) of cash, Q3 2026Unity Software: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$294MOperating cash flow$224MOther investing$37.2MShares issued$34.2MCapital spending−$4.3MExchange rates$3.3M
Unity Software: sources (+) and uses (−) of cash, TTM to Q3 2026Unity Software: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)−$742MOperating cash flow$622MShares issued$84.3MOther investing$34.2MExchange rates$17.1MCapital spending−$15.5M

From profit to cash

Unity Software: net income to operating cash flow, Q3 2026Unity Software: net income to operating cash flow, Q3 2026Net income$122MDepreciation & amortization$84.9MStock-based pay$62.8MReceivables−$140MPayables$7.6MDeferred revenue$11.4MPrepaid and other assets−$4.3MOther liabilities−$440KOperating cash flow$224M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026113—12101
Q2 2026112—8104
Q1 2026115—3112
Q4 2025114—12102
Q3 2025117—12105
Q2 2025119—11107
Q1 2025117—12105
Q4 2024116—12104

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$224M−$4.3M—$34.2M−$294M$220M
Q2 2026$206M−$3.7M—$4.6M−$211M$202M
Q1 2026$71.3M−$4.8M—$11.6M−$81.8M$66.5M
Q4 2025$121M−$2.8M—$34.0M−$155M$119M
Q3 2025$155M−$4.1M—$54.1M−$208M$151M
Q2 2025$133M−$6.4M—$9.8M−$150M$127M
Q1 2025$13.0M−$5.7M$48.3M$21.6M−$23.8M$7.3M
Q4 2024$112M−$6.4M—$19.4M−$112M$106M

Unity Software: income statement and cash flow

Unity Software, Q3 2026: revenue $622M (+32% year over year), operating margin 16.2%. The chart follows the revenue to costs, profit and cash.

Unity Software: 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.