How much did Astera Labs spend on capital expenditures last quarter?

Astera Labs spent $0.0 billion on purchases of property and equipment in the quarter ended June 30, 2026, up 912% from the same quarter a year earlier. Over its latest four reported quarters it spent $0.1 billion.

Did Astera Labs's capital spending exceed its operating cash flow?

No. In the quarter ended June 30, 2026 capital spending was 23% of Astera Labs's $0.1 billion of operating cash flow, leaving free cash flow of $0.1 billion.

What is Astera Labs's free cash flow?

$0.1 billion in the quarter ended June 30, 2026, and $0.3 billion over the latest four reported quarters, against $0.2 billion over the four before. Free cash flow here is operating cash flow less purchases of property and equipment, as the company reports them. All four of the last four quarters were positive.

How does Astera Labs's capital spending compare with its depreciation?

In the quarter ended June 30, 2026 Astera Labs spent 5.2 times its depreciation and amortization of $0.0 billion. A ratio well above one means the asset base is growing faster than it is being written off, and depreciation will keep rising as the new assets enter service.

Is this Astera Labs's AI spending?

No. These are Astera Labs's company-wide purchases of property and equipment from its cash flow statement, which include everything from data centers to offices and vehicles. The company does not report an AI line, and this page does not estimate one.

Compute, memory and networkingALABFilings through August 5, 2026

Astera Labs capital spending

In the quarter ended June 30, 2026, Astera Labs spent $0.0 billion on capital equipment, 23% of its $0.1 billion of operating cash flow and up 912% from a year earlier. Free cash flow was $0.1 billion.

Next report: November 3, 2026, after the close. Provider schedule, not yet confirmed by the company. The full calendar.

Sources, method and freshnessFilings through August 5, 2026

Astera Labs’s 10-Q and 10-K filings, latest-filed value per period. Filing history at SEC EDGAR.

Cite as The Capex Report, Astera Labs capital spending, filings through August 5, 2026.

Astera Labs, quarter ended June 30, 2026

23%

Share of operating cash flow

Below 100%: covered by operations

Capital spending, quarter: $20.5M; +911.8% against the same quarter a year earlier
Free cash flow, quarter: $67.2M; Operating cash flow less purchases of property and equipment
Capital spending, four quarters: $59.0M; +52.5% against the four quarters before
Long-term debt, change: Not reported; Balance-sheet change over the quarter, a proxy for net borrowing
Spend to depreciation: 5.2×; Capital spending as a multiple of the quarter’s depreciation and amortization

Spending against cash flow

$ billion, quarterly

Astera Labs, quarterly capital spending and operating cash flow through Jun 2026

Jun 2026Capital spending $20.5MOperating cash flow $87.7MFree cash flow $67.2M

Bars are capital spending, the line is operating cash flow, red below the axis is free cash flow when negative. Hover a quarter to read it. 14 reported quarters shown.

Astera Labs’s quarterly capital spending has been above the same quarter a year earlier for three consecutive quarters, and Jun 2026 was the highest quarter in the 14-quarter record held here. Over the latest four quarters it generated $0.3 billion from operations and spent $0.1 billion, leaving $0.3 billion of free cash flow against $0.2 billion over the four before.

Financing the build

The five hyperscalers combined

Astera Labs, sources and uses of cash by quarter through Jun 2026

$ billion, quarterly. Sources above the axis, uses below.

Jun 2026Operating cash flow $87.7MLong-term debt issued $0.0MShort-term borrowing, net $0.0MCapital spending $20.5MFinance-lease principal $0.0MLong-term debt repaid $0.0MReturned to shareholders $0.0MChange in cash −$36.8M

Operating cash flowLong-term debt issuedShort-term borrowing, netCapital spendingFinance-lease principalLong-term debt repaidReturned to shareholdersChange in cash

The dot is the quarter’s change in cash. Hover a quarter to read it.

Sources and uses of cash by quarter, millions of US dollars. Outflows are shown as positive amounts, as the filings report them.
Millions of dollars	Sep 2024 Q3 FY2024	Dec 2024 Q4 FY2024	Mar 2025 Q1 FY2025	Jun 2025 Q2 FY2025	Sep 2025 Q3 FY2025	Dec 2025 Q4 FY2025	Mar 2026 Q1 FY2026	Jun 2026 Q2 FY2026
Operating cash flow	64	40	11	135	78	95	75	88
Long-term debt issued	0	0	0	0	0	0	0	0
Short-term borrowing, net	0	0	0	0	0	0	0	0
Stock issued	1	3	0	0	1	0	0	1
Capital spending	17	15	5	2	12	19	8	20
Finance-lease principal	0	0	0	0	0	0	0	0
Long-term debt repaid	0	0	0	0	0	0	0	0
Share repurchases	0	1	0	0	0	0	0	0
Dividends	0	0	0	0	0	0	0	0
Free cash flow	47	24	6	133	66	77	67	67
Net long-term debt issued	0	0	0	0	0	0	0	0
Returned to shareholders	0	1	0	0	0	0	0	0
Outside funding needed	(47)	(23)	(6)	(133)	(66)	(77)	(67)	(67)
Change in cash	(295)	(46)	7	76	(22)	26	(19)	(37)
Stock-based compensation	46	48	42	35	41	41	49	64

Millions of dollars, outflows positive as reported in the cash flow statement.

The balance sheet

The five hyperscalers combined

Astera Labs, net debt by fiscal quarter; below zero is net cash

$ billion at quarter end

Jun 2026

Gross debt

Astera Labs balance sheet, millions of US dollars
Millions of dollars	Sep 2024 Q3 FY2024	Dec 2024 Q4 FY2024	Mar 2025 Q1 FY2025	Jun 2025 Q2 FY2025	Sep 2025 Q3 FY2025	Dec 2025 Q4 FY2025	Mar 2026 Q1 FY2026	Jun 2026 Q2 FY2026
Cash and equivalents	126	80	86	162	140	168	148	111
Short-term investments	761	835	838	903	994	1,021	1,036	1,142
Cash and investments	887	914	925	1,065	1,134	1,189	1,184	1,253
Property and equipment, net, as reported	35	36	39	62	72	92	97	119
Accumulated depreciation	5	6	7	7	9	12	15	19
Inventory	24	43	51	59	52	59	60	114
Inventory days	88 days	108 days	116 days	115 days	86 days	81 days	75 days	99 days
Total assets	983	1,055	1,122	1,271	1,401	1,532	1,659	1,932
Shareholders’ equity	890	965	1,042	1,136	1,272	1,364	1,494	1,726
Stock-based compensation	46	48	42	35	41	41	49	64
Shares outstanding, millions	159	162	165	166	169	170	171	173

Quarter-end balances. Gross debt is long-term plus current debt as reported; net debt is gross debt less cash and investments, negative when the company holds more than it owes.

What the asset base is made of

Across the hyperscalers

Astera Labs, property and equipment at cost by class, by fiscal quarter

$ billion at quarter end

Jun 2026Machinery and equipment $74.8MLeasehold improvements $15.5MConstruction in progress $48.4M

Servers and network equipmentMachinery and equipmentLeasehold improvementsConstruction in progressOther

Astera Labs property and equipment by class, millions of US dollars
Millions of dollars	Sep 2024 Q3 FY2024	Dec 2024 Q4 FY2024	Mar 2025 Q1 FY2025	Jun 2025 Q2 FY2025	Sep 2025 Q3 FY2025	Dec 2025 Q4 FY2025	Mar 2026 Q1 FY2026	Jun 2026 Q2 FY2026
Servers and network equipment	0	0	1	—	—	—	—	—
Machinery and equipment	9	11	11	16	26	52	59	75
Leasehold improvements	1	1	2	10	10	11	12	15
Construction in progress	29	29	30	43	45	41	41	48
Other	0	0	3	—	—	—	—	—
Classes combined	40	42	46	69	81	104	113	139
Property and equipment, gross, as reported	40	41	46	69	81	104	113	139
Accumulated depreciation	5	6	7	7	9	12	15	19
Share of the balance the classes explain	100.0%	101.9%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Gross cost before depreciation, by the classes the company reports. Classes read: Construction In Progress, Equipment, Furniture and Fixtures, Leasehold Improvements, Other Machinery and Equipment, Production and Manufacturing Equipment, Production Equipment, Production Masks, Servers and Workstations.

Largest customers

Share of revenue or receivables, as disclosed

Period	Customer	Benchmark	Share	Filing
Half-year to Jun 2026	Customer A	Accounts receivable	30.0%	10-Q
Half-year to Jun 2026	Customer B	Accounts receivable	17.0%	10-Q
Half-year to Jun 2026	Customer D	Accounts receivable	12.0%	10-Q
Half-year to Jun 2026	Customer E	Accounts receivable	10.0%	10-Q
Half-year to Jun 2026	Customer A	Revenue	29.0%	10-Q
Quarter to Jun 2026	Customer A	Revenue	29.0%	10-Q
Quarter to Jun 2026	Customer B	Revenue	25.0%	10-Q
Half-year to Jun 2026	Customer B	Revenue	21.0%	10-Q
Half-year to Jun 2026	Customer C	Revenue	17.0%	10-Q
Quarter to Jun 2026	Customer C	Revenue	15.0%	10-Q
Half-year to Jun 2026	Customer D	Revenue	13.0%	10-Q
Quarter to Jun 2026	Customer D	Revenue	13.0%	10-Q

Astera Labs does not name these customers, and “Customer A” in one period need not be the same customer in another. Shares are as disclosed under the concentration-of-risk note; a quarter and a year-to-date share can appear for the same period end. 7 customer labels seen in filings since 2023.

Depreciation against capex

The five hyperscalers combined

Astera Labs, depreciation of property and equipment (bars) and capital spending (line), by fiscal quarter

$ billion, quarterly

Jun 2026Capital spending $20.5M

Depreciation of property and equipmentCapital spending

Astera Labs capital spending and depreciation, millions of US dollars
Millions of dollars	Sep 2024 Q3 FY2024	Dec 2024 Q4 FY2024	Mar 2025 Q1 FY2025	Jun 2025 Q2 FY2025	Sep 2025 Q3 FY2025	Dec 2025 Q4 FY2025	Mar 2026 Q1 FY2026	Jun 2026 Q2 FY2026
Capital spending	17	15	5	2	12	19	8	20
Depreciation of property and equipment	1	1	1	—	—	—	—	—
Capex to depreciation	20.9×	15.9×	4.1×	—	—	—	—	—
Depreciation and amortization, as reported	1	1	1	1	2	3	4	4
Property and equipment, net, as reported	35	36	39	62	72	92	97	119
Property and equipment, gross	40	41	46	69	81	104	113	139

In Mar 2025 Astera Labs spent 4.1× what it recorded as depreciation of property and equipment. Depreciation of property and equipment excludes amortization of acquired intangibles, shown separately. Depreciation reported in 9 of 16 quarters on file.

The statement

Download the source data

Quarterly financial statement in millions of US dollars. Negative amounts are in parentheses.
Millions of dollars	Sep 2024 Q3 FY2024	Dec 2024 Q4 FY2024	Mar 2025 Q1 FY2025	Jun 2025 Q2 FY2025	Sep 2025 Q3 FY2025	Dec 2025 Q4 FY2025	Mar 2026 Q1 FY2026	Jun 2026 Q2 FY2026
Revenue	113	141	159	192	231	271	308	392
Operating cash flow	64	40	11	135	78	95	75	88
Capital spending	17	15	5	2	12	19	8	20
Free cash flow	47	24	6	133	66	77	67	67
Depreciation and amortization	1	1	1	1	2	3	4	4
Long-term debt	—	—	—	—	—	—	—	—
First filed / release date	Nov 5, 2024	Feb 14, 2025	May 7, 2025	Aug 6, 2025	Nov 5, 2025	Feb 20, 2026	May 6, 2026	Aug 5, 2026

Millions of dollars. Negatives in parentheses. A dash means the filing did not report it or the extract withheld it. Fiscal quarter labels follow the company’s calendar.

Questions this page answers

How much did Astera Labs spend on capital expenditures last quarter?: Astera Labs spent $0.0 billion on purchases of property and equipment in the quarter ended June 30, 2026, up 912% from the same quarter a year earlier. Over its latest four reported quarters it spent $0.1 billion.
Did Astera Labs's capital spending exceed its operating cash flow?: No. In the quarter ended June 30, 2026 capital spending was 23% of Astera Labs's $0.1 billion of operating cash flow, leaving free cash flow of $0.1 billion.
What is Astera Labs's free cash flow?: $0.1 billion in the quarter ended June 30, 2026, and $0.3 billion over the latest four reported quarters, against $0.2 billion over the four before. Free cash flow here is operating cash flow less purchases of property and equipment, as the company reports them. All four of the last four quarters were positive.
Is Astera Labs's capital spending still rising?: Yes. Astera Labs's quarterly capital spending has been above the same quarter a year earlier for three consecutive quarters, and Jun 2026 was the highest quarter in its 14-quarter record on this site. The latest four quarters' spending is 53% above the four before.
How does Astera Labs's capital spending compare with its depreciation?: In the quarter ended June 30, 2026 Astera Labs spent 5.2 times its depreciation and amortization of $0.0 billion. A ratio well above one means the asset base is growing faster than it is being written off, and depreciation will keep rising as the new assets enter service.
Is this Astera Labs's AI spending?: No. These are Astera Labs's company-wide purchases of property and equipment from its cash flow statement, which include everything from data centers to offices and vehicles. The company does not report an AI line, and this page does not estimate one.

Terms used on this page

Capital expenditures (capex)Free cash flow Capex versus depreciation Long-term debt. The methodology sets out every definition and its limits.

SEC filing history Full financials on thetrading.tools Compare with Nvidia