D-Wave Quantum (QBTS) Cash Flow: Operating & Free Cash Flow

D-Wave Quantum Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for D-Wave Quantum Inc. (QBTS) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2022	FY 2021	FY 2020
Period ending	Dec 2025	Dec 2024	Dec 2023	Mar 2023	Dec 2022	Dec 2021	Dec 2020
Operating Activities
Net Income	-355.06	-143.88	-82.72	-53.70	-53.70	-40.97	-10.02
Depreciation & Amortization	2.31	1.93	1.05	2.33	2.33	2.60	2.73
Stock Based Compensation	22.66	15.66	21.92	9.16	9.16	1.74	2.99
Change in Working Capital	-14.30	20.86	-2.70	3.02	3.02	-1.19	-7.09
Change in Accounts Receivable	-0.20	0.14	-0.55	1.00	1.00	2.40	8.00
Change in Inventory	-2.40	-0.22	-0.24	-0.15	-0.15	0.18	-0.65
Change in Accounts Payable	0.27	-0.57	-2.61	3.60	3.60	-0.38	1.28
Change in Other Working Capital	-11.96	21.51	1.12	-1.42	2.52	-3.39	-15.38
Other Operating Activities	272.41	62.78	1.79	-6.04	2.52	3.02	-17.89
Net Cash from Operating Activities	-71.98	-42.64	-60.65	-45.23	-45.23	-34.80	-29.29
Investing Activities
Capital Expenditures	-3.86	-2.11	-0.58	-0.50	-0.50	-2.00	-0.74
Purchases of Investments	-247.79	0.00	0.00	0.00	-	0.00	0.00
Sales/Maturities of Investments	0.00	0.25	-0.05	0.00	-0.08	0.00	-0.05
Other Investing Activities	0.51	-1.29	-0.05	-0.08	-	-0.23	-0.05
Net Cash from Investing Activities	-251.14	-3.14	-0.63	-0.50	-0.50	-2.00	-0.79
Financing Activities
Debt Repayment	0.00	-30.37	-2.26	-1.91	-21.91	-0.32	0.00
Common Stock Issued	536.74	214.19	66.06	40.00	40.00	0.00	0.01
Common Stock Repurchased	37.79	0.00	-0.42	0.00	-6.53	0.00	0.00
Other Financing Activities	204.62	-1.37	3.24	5.17	4.98	25.23	-0.54
Net Cash from Financing Activities	779.15	182.45	95.64	43.27	43.27	24.91	43.14
Summary
Effect of Forex Changes on Cash	1.34	0.01	-0.12	0.04	0.04	0.03	-0.01
Net Change in Cash	457.37	136.67	34.24	-2.42	-2.42	-11.85	13.06
Cash at Beginning of Period	177.98	41.31	7.07	9.48	9.48	21.34	8.28
Cash at End of Period	635.35	177.98	41.31	7.07	7.07	9.48	21.34
Free Cash Flow	-75.84	-44.75	-61.23	-45.72	-45.72	-36.80	-30.02
Supplemental Disclosures
Interest Paid	-	5.18	-	-	1.81	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About D-Wave Quantum Cash Flow

What is D-Wave Quantum's free cash flow?

D-Wave Quantum had negative free cash flow of $75.84M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of −$71.98M minus $3.86M of capital expenditures.

How much does D-Wave Quantum spend on capital expenditures?

D-Wave Quantum spent $3.86M on capital expenditures in fiscal 2025, compared with $2.11M a year earlier.

Does D-Wave Quantum pay dividends or buy back shares?

Yes. In fiscal 2025 D-Wave Quantum returned $37.79M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition