Free cash flow remains highly erratic, swinging from a 16.1% margin in 2025Q2 to a -14.1% margin in 2026Q1, highlighting significant volatility in operational cash conversion.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Cash from Operations | 88.6M | 105.07M | 155.94M | 104.84M | 27.07M | 6.21M | 188.42M | 214.16M | 223.7M | 41.82M | 1.64M | 26.69M | 4.63M | 8.91M | -33.4M | -33.13M | -11.08M | -5.31M |
| Operating CF Margin % | - | 10.2% | 13.16% | 7.72% | 1.53% | 0.38% | 12.84% | 16.15% | 19.76% | 5.68% | 0.51% | 7.76% | 1.47% | 3.63% | -21.44% | -36.8% | -18.77% | -11.64% |
| Operating CF Growth % | -545.19% | -32.62% | 48.73% | 287.32% | 335.96% | -96.7% | -12.02% | -4.26% | 434.87% | 2457.98% | -93.87% | 476.6% | -48.02% | 126.67% | -0.79% | -199.08% | -108.8% | - |
| Net Income | 19.75M | 43.83M | 36.85M | -30.05M | -89.64M | -71.38M | -4.16M | 35.31M | 77.51M | -104.53M | -7.86M | 10.24M | -12.07M | -32.99M | -52.89M | -49.04M | -27.25M | -11.98M |
| Depreciation & Amortization | 51.87M | 47.12M | 88.65M | 101.56M | 91.3M | 83.69M | 95.52M | 95.4M | 86.52M | 37.8M | 13.15M | 6.4M | 5.58M | 4.07M | 2.75M | 1.66M | 1.38M | 1.52M |
| Stock-Based Compensation | 13.79M | 14.76M | 34.78M | 43.41M | 0 | 0 | 83.65M | 68.25M | 97.08M | 149.23M | 14.74M | 8.88M | 7.89M | 4.06M | 2.94M | 0 | 0 | 0 |
| Deferred Taxes | 10.93M | 13.17M | -23.95M | -10.01M | -9.76M | -36.31M | -15.28M | -3.25M | -8.37M | -48.35M | 22K | 17K | 11K | 6K | 5K | 4K | 154K | 0 |
| Other Non-Cash Items | 19.49M | 54.67M | 72.84M | 100.86M | 152.54M | 140.3M | 90.35M | 84.8M | 33.49M | 26.6M | 836K | 2.58M | 2.52M | 527K | 312K | -43.49M | -19.32M | 1.07M |
| Working Capital Changes | -27.22M | -68.47M | -53.22M | -100.94M | -117.38M | -110.1M | -61.67M | -66.36M | -62.52M | -18.94M | -19.26M | -1.42M | 705K | 33.23M | 13.48M | 8.1M | 6.09M | 4.08M |
| Change in Receivables | -43.77M | -43.75M | -45.38M | -58.17M | -111.86M | -114.12M | -79.83M | -78.95M | -47.69M | -33.18M | 648K | -1.88M | -2.76M | -4.6M | -11.82M | -1.27M | -662K | -440K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 5.99M | 0 | -12.96M | 2.47M | 4.83M | -3.44M | -728K | 13.87M | 0 | -4.24M | 802K | 14K |
| Change in Payables | 280K | -3.83M | -601K | -8.04M | 11.63M | 21.33M | 17.21M | 24.33M | -576K | 778K | -6.72M | 5.47M | -2.95M | -1.15M | 4.76M | 2.09M | 718K | 864K |
| Cash from Investing | -62.65M | -59.45M | -50.41M | -46.23M | -116.09M | -72.93M | -103.95M | -40.63M | -57.59M | -93.18M | -11.38M | -34.54M | -41.15M | -21.86M | -22.01M | -4.28M | -1.57M | -175K |
| Capital Expenditures | -62.75M | -59.6M | -50.49M | -47.78M | -115.48M | -70.22M | -52.49M | -68.8M | -46.98M | -26.84M | -18.8M | -34.77M | -37.84M | -8.87M | -11.77M | -3.08M | -629K | -449K |
| CapEx % of Revenue | 6.14% | 5.78% | 4.26% | 3.52% | 6.55% | 4.34% | 3.58% | 5.19% | 4.15% | 3.64% | 5.81% | 10.1% | 12.01% | 3.61% | 7.55% | 3.43% | 1.07% | 0.98% |
| Acquisitions | 70K | 145K | 0 | 1.08M | 162K | -52.71M | -1.53M | 3.27M | 3.67M | -66.34M | 13.86M | 25.69M | 21.11M | -2.15M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 32K | 0 | 81K | 325K | -769K | 0 | 44K | -103K | 10.39M | 0 | -13.86M | -25.69M | -21.11M | -21.98M | 250K | -1.19M | -939K | 274K |
| Cash from Financing | -167.86M | -158.34M | -53.76M | -16.98M | -17.23M | -317.31M | 337.05M | -121.53M | -49.02M | 224.73M | -453K | 454K | 41.71M | 5.12M | 9.43M | 116.81M | 19.84M | -289K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | -220M | 472.5M | -14.76M | -15.65M | 224.78M | 33.49M | 0 | 0 | 0 | 0 | -6.84M | -2.12M | -275K |
| Equity Issued (Net) | -138.88M | -148.68M | -28.61M | -10.93M | -8.14M | -35.4M | -127.75M | -56.91M | 0 | 0 | 0 | 675K | 0 | 0 | 8.63M | 36.03M | 22.05M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -96K | 0 |
| Share Repurchases | -138.88M | -148.68M | -28.61M | -10.93M | -8.14M | -35.4M | -63.67M | -56.91M | -29.84M | -10.11M | 0 | 0 | 0 | 0 | 0 | -21.9M | -1.82M | 0 |
| Other Financing | -28.98M | -9.67M | -25.15M | -6.05M | -9.08M | -61.91M | -7.69M | -49.87M | -33.37M | -47K | -4.51M | -221K | 41.71M | 5.12M | 807K | 87.62M | 0 | -14K |
| Net Change in Cash | -141.98M | -112.84M | 52.24M | 42.16M | -107.03M | -384.82M | 422.08M | 52.66M | 117.3M | 185.14M | -10.2M | -7.39M | 5.19M | -7.83M | -45.97M | 79.4M | 7.19M | -5.77M |
| Free Cash Flow | 25.85M | 45.47M | 105.45M | 57.06M | -88.41M | -64.01M | 135.93M | 145.36M | 176.72M | 14.99M | -17.16M | -8.07M | -33.21M | 35K | -45.16M | -36.22M | -11.71M | -5.75M |
| FCF Margin % | 2.53% | 4.41% | 8.9% | 4.2% | -5.01% | -3.95% | 9.26% | 10.96% | 15.61% | 2.04% | -5.31% | -2.35% | -10.54% | 0.01% | -28.99% | -40.23% | -19.83% | -12.62% |
| FCF Growth % | -67.8% | -56.88% | 84.79% | 164.55% | -38.13% | -147.09% | -6.48% | -17.75% | 1079.26% | 187.33% | -112.52% | 75.69% | -94991.43% | 100.08% | -24.69% | -209.36% | -103.44% | - |
| FCF per Share | 0.55 | 0.98 | 2.08 | 1.13 | -0.18 | -0.12 | 0.22 | 0.29 | 3.43 | 0.35 | -2.92 | -1.37 | -5.68 | 0.01 | -7.86 | -11.82 | -4.32 | -2.12 |
| FCF Conversion (FCF/Net Income) | 1.31x | 2.40x | 4.33x | -2.56x | -0.21x | -0.09x | -29.99x | 6.15x | 2.89x | -0.41x | -0.21x | 2.61x | -0.38x | -0.27x | 0.63x | 0.68x | 0.41x | 0.44x |
| Interest Paid | 0 | 0 | 19.38M | 19.38M | 19.38M | 21.45M | 5.37M | 0 | 0 | 6.17M | 4.7M | 262K | 2.36M | 0 | 1.68M | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 20.86M | 4.96M | 1.55M | 4.65M | 1.79M | 0 | 0 | 1.7M | 27K | 3.42M | 34K | 0 | 15K | 0 | 0 | 0 |
Marketplace demand and SEO
As reported in recent financial statements, Angi exhibits significant volatility in cash conversion, with the OCF/NI ratio fluctuating wildly from -31.13 in 2024Q4 to 5.24 in 2025Q2, suggesting that net income is a poor proxy for the company's actual ability to generate cash from operations.
The extreme variance between net income and operating cash flow indicates that non-cash charges and working capital swings heavily distort reported profitability. Investors should monitor this disconnect, as it implies that the company's earnings quality remains low and highly sensitive to accounting adjustments rather than core operational performance.
Based on the provided cash flow data, Angi's free cash flow trajectory is highly erratic, swinging from a 16.1% margin in 2025Q2 to a -14.1% margin in 2026Q1, reflecting a business model that struggles to maintain consistent cash generation amidst ongoing revenue contraction.
The inability to sustain positive free cash flow suggests that the company's current cost structure is not well-aligned with its declining revenue base. This inconsistency warrants further investigation into whether the business can achieve a stable cash-generative state without further aggressive reductions in its fixed operating expenses.
According to historical cash flow filings, working capital changes have frequently acted as a significant drag on cash flow, with a notable $41.2 million outflow in 2025Q1, highlighting the operational friction inherent in managing a two-sided marketplace with complex payment cycles.
The recurring negative impact of working capital changes suggests that the company may be struggling with efficient collections or inventory-like fulfillment costs within its Services segment. This pattern appears to exacerbate the company's cash flow challenges during periods of top-line weakness.
As evidenced by the company's financial disclosures, Angi has prioritized share repurchases, such as the $66.6 million spent in 2025Q2, even while the core business faces revenue headwinds, which may indicate a management preference for financial engineering over reinvestment in the underlying marketplace platform.
The decision to allocate significant capital to buybacks during a period of negative growth and inconsistent cash flow warrants scrutiny regarding the long-term return on investment. This strategy appears to prioritize short-term share count reduction at the potential expense of preserving liquidity for necessary operational pivots.
Quick answers to the most common questions about buying ANGI stock.
Angi Inc. (ANGI) generated $105.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Angi Inc. (ANGI) generated $45.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Angi Inc. (ANGI) spent $59.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Angi Inc. (ANGI) spent $148.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.