Surf Air Mobility (SRFM) Cash Flow: Operating & Free Cash Flow

Surf Air Mobility 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 Surf Air Mobility Inc. (SRFM) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Operating Activities
Net Income	-110.56	-74.91	-250.70	-74.36	-35.78	-23.44
Depreciation & Amortization	9.29	8.34	3.76	1.07	1.05	2.83
Deferred Income Tax	-0.38	-0.29	-3.32	0.00	0.00	0.00
Stock Based Compensation	10.06	-5.98	48.25	12.45	3.19	6.19
Change in Working Capital	1.57	6.98	24.79	5.75	8.25	4.74
Change in Accounts Receivable	0.33	0.71	-0.26	-0.15	0.29	0.14
Change in Accounts Payable	2.49	9.53	2.66	0.00	2.95	2.82
Change in Other Working Capital	-1.25	-3.26	0.56	5.90	5.01	2.12
Other Operating Activities	25.85	11.53	109.52	27.05	-0.64	0.95
Net Cash from Operating Activities	-64.16	-54.32	-64.37	-28.04	-23.93	-8.73
Investing Activities
Capital Expenditures	-8.39	-14.10	-7.59	-0.10	-0.26	-0.18
Acquisitions	0.00	0.00	0.68	0.00	0.00	0.60
Sales/Maturities of Investments	0.00	0.00	-0.19	0.00	0.00	-0.12
Other Investing Activities	0.23	8.15	0.68	-0.20	-0.12	-0.12
Net Cash from Investing Activities	-5.71	-3.61	-7.10	-0.30	-0.26	0.30
Financing Activities
Debt Repayment	10.30	74.75	-1.62	26.20	3.50	-0.20
Common Stock Issued	52.47	0.00	38.69	0.00	0.00	0.00
Common Stock Repurchased	-0.38	0.00	-1.27	0.00	0.00	0.00
Other Financing Activities	8.57	2.43	13.38	1.47	14.75	13.36
Net Cash from Financing Activities	70.96	77.18	72.99	27.67	18.25	14.18
Summary
Net Change in Cash	1.09	19.24	1.52	-0.66	-5.94	5.75
Cash at Beginning of Period	21.68	2.43	0.91	1.57	7.51	1.76
Cash at End of Period	22.76	21.68	2.43	0.91	1.57	7.51
Free Cash Flow	-72.55	-68.43	-71.96	-28.14	-24.19	-8.91
Supplemental Disclosures
Interest Paid	-	3.41	0.58	-	-	-

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

Frequently Asked Questions About Surf Air Mobility Cash Flow

What is Surf Air Mobility's free cash flow?

Surf Air Mobility had negative free cash flow of $72.55M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of −$64.16M minus $8.39M of capital expenditures.

How much does Surf Air Mobility spend on capital expenditures?

Surf Air Mobility spent $8.39M on capital expenditures in fiscal 2025, compared with $14.10M a year earlier.

Does Surf Air Mobility pay dividends or buy back shares?

Yes. In fiscal 2025 Surf Air Mobility returned $380.00K 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