Cash flow generation remains highly erratic, evidenced by an OCF/NI ratio of 2.57 in 2026Q1 that suggests non-cash adjustments and working capital volatility continue to obscure underlying performance.
| 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 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Cash from Operations | 80.23M | -515K | -55.34M | 62K | -28.45M | -23.45M | -23.78M | 169.25M | 135.13M | 147.26M | 145.63M | 146.55M | 134.2M | -48.08M | 24.86M | 79.43M | 106.15M | 114.29M | 68.5M | 83.61M | 111.61M | 51.79M | 36.06M | 11.7M | 18.76M |
| Operating CF Margin % | - | -0.11% | -11.21% | 0.01% | -5.66% | -4.82% | -6.32% | 60.43% | 33.27% | 39.4% | 56.11% | 53.62% | 48.14% | -28.46% | 10.62% | 31.2% | 35.22% | 38.17% | 27.59% | 42.73% | 53.47% | 54.69% | 49.58% | 31.36% | 66.35% |
| Operating CF Growth % | 1432.13% | 99.07% | -89358.06% | 100.22% | -21.29% | 1.36% | -114.05% | 25.25% | -8.24% | 1.12% | -0.63% | 9.2% | 379.14% | -293.39% | -68.7% | -25.17% | -7.13% | 66.84% | -18.07% | -25.08% | 115.49% | 43.63% | 208.1% | -37.6% | - |
| Net Income | -15.2M | -56.34M | -869K | -139.69M | -761.21M | -179.08M | -141.29M | -16.01M | -289K | -56.56M | 56.09M | 117.02M | 170.45M | -185.56M | -30.23M | -19.3M | 57.35M | 69.8M | 4.64M | 45.14M | 61.35M | 31.45M | 59.06M | 9.36M | 6.54M |
| Depreciation & Amortization | 52.06M | 48.27M | 56.01M | 74.4M | 82.71M | 127.89M | 114.88M | 106.67M | 115.13M | 119.13M | 34.13M | 22.21M | 20.31M | 38.27M | 40.27M | 27.4M | 26.23M | 21.56M | 18.79M | 13.61M | 7.25M | 1.65M | 962K | 895K | 927K |
| Stock-Based Compensation | 37.34M | 40.68M | 60.54M | 69.53M | 45.3M | 33.51M | 19.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 2.35M | 2.25M | -2.93M | -8.6M | -1.6M | 6.91M | -20.12M | -38.61M | -15.58M | -18.29M | 955K | 18.81M | -44.04M | 22.73M | -6.1M | -667K | -4.76M | 0 | 0 | -4.52M | 152K | 13.5M | 0 | 0 | 0 |
| Other Non-Cash Items | 11.71M | 1.03M | -96.32M | 2.46M | 612.3M | -1.75M | 9.23M | -13.81M | 3.85M | 3.79M | 2.78M | -2.66M | -25.19M | 65.51M | -5.31M | 48.4M | 3.05M | 431K | 6.09M | 24.46M | 53.23M | 1.24M | 303K | 1.22M | 2.17M |
| Working Capital Changes | -8.03M | -36.41M | -71.77M | 1.96M | -5.95M | -10.94M | -5.66M | 131.02M | 1.01M | 65.74M | 30.57M | -20.35M | -593K | -2.54M | 9.18M | -1.97M | -3.71M | -5.42M | 14.84M | 4.92M | -10.37M | 3.96M | -24.27M | 233K | 9.12M |
| Change in Receivables | -15.43M | -18.6M | -51.81M | -13.66M | 17.5M | 13.06M | -7.39M | 6.19M | -14.38M | -3.55M | 13.96M | 2.69M | -1.22M | 8.45M | -2.54M | 3.2M | -1.55M | 4.49M | 938K | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.12M | 459K | 278K | -281K | -37K | 283K | -269K | 1.34M | 0 | 0 | 0 | 0 |
| Change in Payables | -1.6M | -4.7M | -3.04M | 5.07M | 6.63M | -4.02M | -3.11M | 1.89M | -1.47M | -3.3M | 1.71M | -2.69M | 566K | -5.89M | 2.99M | 2.44M | 1.52M | -570K | 360K | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -21.66M | -20.98M | 50.82M | -12.93M | -64.85M | -21.48M | 26.52M | -19.14M | 11.43M | -18.84M | -592.4M | -21.29M | -76.65M | 47.95M | 32.85M | -100.79M | -151.69M | -116.9M | -189.19M | -113.9M | -56.67M | -44.83M | -1.79M | 17.39M | -18.34M |
| Capital Expenditures | -4.75M | -5.38M | -5.04M | 0 | -14.37M | -8.89M | -6.6M | -13.31M | -7.44M | -3.5M | -13.38M | -8.59M | -7.4M | -23.47M | -38.3M | -72.6M | -29.9M | -30.53M | -19.75M | -11.4M | -3.05M | -4.1M | -1.8M | -1.49M | -459K |
| CapEx % of Revenue | 1.08% | 1.2% | 1.02% | 2.48% | 2.86% | 1.83% | 1.76% | 4.75% | 1.83% | 0.94% | 5.15% | 3.14% | 2.66% | 13.9% | 16.37% | 28.52% | 9.92% | 10.19% | 7.95% | 5.83% | 1.46% | 4.33% | 2.47% | 3.99% | 1.62% |
| Acquisitions | 0 | 0 | 67.77M | 0 | -50.47M | -12.4M | 33.14M | 4.5M | -500K | 176K | -888.2M | -38.56M | -2.45M | 3.36M | -27.91M | 66.69M | -14.97M | -5.93M | -31.02M | -19.45M | -53.64M | -40.73M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -17.93M | -15.6M | -11.91M | -12.93M | -60.34M | -186K | -435K | -4.45M | 0 | 59K | 0 | 0 | 31.17M | 16.35M | 1.29M | -64.49M | 1.66M | 810K | 216K | 12K | 14K | 4K | 7K | 52K | 0 |
| Cash from Financing | -69.54M | -12.24M | -19.35M | 7.05M | 135.75M | 83.33M | 34.24M | -189.18M | -171.2M | -55.79M | 489.79M | -153.57M | -80.37M | -29.95M | -9.67M | 7.85M | 6.94M | 22.59M | 1.42M | 43.37M | 11.55M | 12.29M | 9.69M | 33.94M | 295K |
| Debt Issued (Net) | 1.1M | -8.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 1.56M | 4.87M | -19.99M | 0 | 83.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -5.54M | 0 | 0 | 0 | -20.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -11.11M | -1.1M | -19.99M | 0 | 0 | 0 | 0 | -4.51M | -44.8M | -19.28M | -70.6M | -123.28M | -66.31M | -29.28M | -137K | 0 | 0 | 0 | -9.96M | -544K | 0 | 0 | 0 | -1.72M | 0 |
| Other Financing | -66.67M | -8.21M | 640K | 7.05M | 73.4M | 83.33M | 34.24M | -189.18M | -171.2M | -55.79M | 489.79M | -153.57M | -80.37M | -29.95M | -9.67M | 7.85M | 6.94M | 22.59M | 1.42M | 43.37M | 11.55M | 12.29M | 9.69M | 33.94M | 295K |
| Net Change in Cash | -10.97M | -33.74M | -23.87M | -5.69M | 39.43M | 35.07M | 38.36M | -39.07M | -24.64M | 72.63M | 43.03M | -28.31M | -22.81M | -30.08M | 48.04M | -13.51M | -38.6M | 19.98M | -119.27M | 13.08M | 66.48M | 19.25M | 43.96M | 63.04M | 713K |
| Free Cash Flow | 63.02M | -21.5M | -72.29M | -12.87M | -42.82M | -32.53M | -30.81M | 155.94M | 127.69M | 143.77M | 132.26M | 137.96M | 126.8M | -71.55M | -13.44M | 6.82M | 76.25M | 83.77M | 48.76M | 72.21M | 108.56M | 47.69M | 34.26M | 10.21M | 18.3M |
| FCF Margin % | 14.36% | -4.8% | -14.64% | -2.47% | -8.53% | -6.69% | -8.19% | 55.68% | 31.44% | 38.47% | 50.95% | 50.48% | 45.48% | -42.36% | -5.74% | 2.68% | 25.3% | 27.97% | 19.64% | 36.9% | 52.01% | 50.36% | 47.1% | 27.37% | 64.73% |
| FCF Growth % | 241.67% | 70.26% | -461.67% | 69.94% | -31.62% | -5.58% | -119.76% | 22.12% | -11.18% | 8.7% | -4.13% | 8.8% | 277.22% | -432.23% | -297.02% | -91.05% | -8.98% | 71.8% | -32.48% | -33.48% | 127.62% | 39.21% | 235.39% | -44.17% | - |
| FCF per Share | 0.55 | -0.19 | -1.60 | -0.30 | -1.02 | -0.78 | -0.74 | 3.17 | 2.62 | 2.92 | 2.64 | 2.62 | 2.37 | -1.34 | -0.26 | 0.13 | 1.51 | 1.70 | 1.01 | 1.48 | 2.24 | 1.00 | 0.73 | 0.25 | 2.70 |
| FCF Conversion (FCF/Net Income) | -4.15x | 0.01x | 3.95x | -0.00x | 0.04x | 0.13x | 0.17x | -2.64x | -76.65x | -2.60x | 2.60x | 1.25x | 0.77x | 0.31x | -0.82x | -4.12x | 1.85x | 1.64x | 14.76x | 1.85x | 1.82x | 1.65x | 0.61x | 1.25x | 2.87x |
| Interest Paid | 1.94M | 2.42M | 3.01M | 3M | 756K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 10.6M | 13.03M | 19.12M | 21.33M | 13.42M | 11.8M | 8.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Platform monetization and scale
As reported in recent financial filings, Xperi's operating cash flow frequently diverges from net income, with the OCF/NI ratio reaching an extreme 2.57 in 2026Q1, suggesting that non-cash adjustments and working capital fluctuations are significantly distorting the company's true underlying cash-generating capability.
The wide variance between net income and operating cash flow indicates that reported earnings are not a reliable proxy for cash generation. Investors should monitor whether this disconnect stems from recurring non-cash charges or unsustainable timing differences in royalty collections.
Based on the provided cash flow data, Xperi's free cash flow trajectory is highly erratic, swinging from a $58.1 million inflow in 2026Q1 to a $26.5 million outflow in 2025Q1, which highlights the difficulty of achieving consistent cash generation during the ongoing platform pivot.
The lack of a stable FCF trend suggests that the business model is still highly sensitive to lumpy royalty payments and timing-dependent licensing cycles. This volatility makes it difficult to forecast long-term self-funding capabilities without further evidence of sustained operational scale.
According to quarterly cash flow statements, Xperi's working capital movements are a primary driver of cash volatility, with a $43.4 million outflow in 2024Q1 followed by a $16.7 million inflow in 2023Q4, reflecting the inherent unpredictability of managing royalty-based receivables and OEM payment cycles.
These significant swings in working capital suggest that the company's cash position is vulnerable to the payment behaviors of its hardware partners. Such fluctuations may indicate that Xperi lacks sufficient leverage to dictate favorable payment terms, potentially straining liquidity during periods of lower shipping volumes.
As indicated by the financial data, stock-based compensation remains a persistent and substantial non-cash expense, consistently exceeding $8 million per quarter, which effectively masks the true economic cost of maintaining the company's human capital and R&D-heavy software development operations.
The consistent reliance on stock-based compensation suggests that the company's reported cash flow figures may overstate its ability to generate value for shareholders on a GAAP basis. Analysts should adjust for these expenses to determine if the core business can eventually cover its own talent costs without further dilution.
Quick answers to the most common questions about buying XPER stock.
Xperi Inc. (XPER) generated $-0.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Xperi Inc. (XPER) reported negative free cash flow of $21.5M in 2025, indicating capital requirements exceeded cash from operations.
Xperi Inc. (XPER) spent $5.4M 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, Xperi Inc. (XPER) spent $1.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.