AleAnna, Inc. (ANNA) Cash Flow Statement
Where ANNA’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $10.2M
- Capital expenditures
- $7.0M 28.0% of revenue
- Free cash flow
- $3.2M 12.6% margin
- Returned to shareholders
- —
- Change in cash
- $4.8M cash at year-end $33.1M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ANNA operating cash flow, capex and free cash flow
ANNA cash flow trends, 2022–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$4.2M2022 | $10.2M2025 | — | |
| Capital expenditures | $9.1M2022 | $7.0M2025 | −8.3%/yr | |
| Free cash flow | −$13.2M2022 | $3.2M2025 | — | |
| Free cash flow margin | −2,814.3%2024 | 12.6%2025 | +2,826.9 pts | |
| Stock-based compensation | $02024 | $774.2M2025 | — | |
| Capex / revenue | 1,624.4%2024 | 28.0%2025 | −1,596.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ANNA cash flow by activity
ANNA net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ANNA cash flow statement
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Operating activities | ||||
| Net income | $5.41B | −$12.4M | −$5.2M | −$3.3M |
| Depreciation & amortization | $2.93B | $213,514 | $133,239 | $2,133 |
| Stock-based compensation | $774.2M | $0 | — | — |
| Change in working capital | $2.5M | −$4.6M | −$43,898 | −$2.1M |
| Other non-cash items | −$9.11B | −$39,938 | −$678,083 | $1.2M |
| Cash from operating activities | $10.2M | −$16.9M | −$5.7M | −$4.2M |
| Investing activities | ||||
| Capital expenditures | −$7.0M | −$23.1M | −$8.9M | −$9.1M |
| Investments (net) | — | −$23.1M | −$8.9M | −$9.1M |
| Acquisitions & other investing | $0 | $23.1M | $8.9M | $9.1M |
| Cash from investing activities | −$7.0M | −$23.1M | −$8.9M | −$9.1M |
| Financing activities | ||||
| Shares issued | $0 | $62.1M | $21.0M | $10.6M |
| Other financing | $1.1M | $6,468 | $0 | $0 |
| Cash from financing activities | $1.1M | $62.1M | $21.0M | $10.6M |
| Summary | ||||
| Net change in cash | $4.8M | $21.6M | $6.5M | −$3.2M |
| Cash at end of period | $33.1M | $28.3M | $6.8M | $293,679 |
| Free cash flow | $3.2M | −$40.0M | −$14.7M | −$13.2M |
| Free cash flow margin | 12.6% | −2,814.3% | — | — |
| Capex / revenue | 28.0% | 1,624.4% | — | — |
| Operating cash flow / net income | 0.00 | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $3.8M | $3.4M | $2.88B | $5.3M | $644,663 | −$3.3M | −$9.1M | −$2.1M | −$351,138 | −$1.6M | −$3.4M | −$901,988 |
| Depreciation & amortization | $881,978 | $1.2M | $2.1M | $582,604 | $229,430 | $73,106 | $162,203 | — | — | $0 | $0 | — |
| Stock-based compensation | $1.3M | $51,031 | $774.2M | — | $0 | $0 | — | — | — | — | — | — |
| Change in working capital | −$1.9M | −$1.1M | −$267,369 | $3.0M | −$1.6M | $1.4M | −$718,651 | −$1.3M | −$2.0M | −$647,874 | $1.1M | −$415,489 |
| Other non-cash items | $62,151 | −$613,688 | −$3.65B | $33,318 | $31,696 | $33,505 | −$311,235 | $1.2M | $33,309 | −$139,866 | $896,740 | −$606,653 |
| Cash from operating activities | $4.2M | $2.9M | $3.7M | $9.0M | −$700,041 | −$1.9M | −$10.0M | −$2.2M | −$2.3M | −$2.4M | −$1.4M | −$1.9M |
| Investing activities | ||||||||||||
| Capital expenditures | −$2.9M | −$3.0M | −$2.7M | −$1.2M | −$2.2M | −$1.2M | −$4.5M | −$8.9M | −$5.0M | −$4.0M | −$1.0M | −$1.2M |
| Investments (net) | — | — | — | −$878,961 | −$2.2M | −$1.2M | −$4.5M | −$8.9M | −$6.0M | −$3.7M | −$1.0M | −$1.2M |
| Acquisitions & other investing | $0 | $3 | −$5 | $1.2M | $2.2M | $1.2M | $4.5M | $8.9M | $6.0M | $3.7M | — | $1.2M |
| Cash from investing activities | −$2.9M | −$3.0M | −$2.7M | −$878,961 | −$2.2M | −$1.2M | −$4.5M | −$8.9M | −$5.0M | −$4.0M | — | −$1.2M |
| Financing activities | ||||||||||||
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $17.8M | $44.3M | $0 | $10.0M |
| Other financing | $346,141 | −$347,223 | −$15,159 | $0 | $867,399 | $276,253 | $6,468 | $0 | $0 | $0 | $0 | $0 |
| Cash from financing activities | $346,141 | −$347,223 | −$15,159 | $0 | $867,399 | $276,253 | $6,468 | $0 | $17.8M | $44.3M | $0 | $10.0M |
| Summary | ||||||||||||
| Net change in cash | $1.5M | −$731,494 | $759,573 | $8.4M | −$3.8M | −$519,999 | −$15.0M | −$11.0M | $9.5M | $38.1M | −$2.2M | $7.0M |
| Cash at end of period | $33.9M | $32.4M | $33.1M | $32.4M | $24.0M | $27.8M | $28.3M | $43.4M | $54.3M | $44.9M | $6.8M | $8.9M |
| Free cash flow | $1.3M | −$69,850 | $969,750 | $7.8M | −$2.9M | −$3.1M | −$14.5M | −$11.1M | −$7.3M | −$6.3M | −$2.4M | −$3.1M |
| Free cash flow margin | 12.3% | −0.7% | 10.6% | 69.1% | −70.9% | −477.6% | −1,878.2% | −1,710.6% | — | — | — | — |
| Capex / revenue | 28.7% | 31.8% | 29.5% | 10.9% | 53.6% | 189.2% | 585.2% | 1,368.2% | — | — | — | — |
| Operating cash flow / net income | 1.10 | 0.85 | 0.00 | 1.69 | −1.09 | — | — | — | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
ANNA cash generation
In fiscal 2025 (ended December 31, 2025), AleAnna generated $10.2 million of cash from operations and spent $7.0 million on capital expenditures, leaving free cash flow of $3.2 million, 12.6% of revenue. Cash and equivalents rose by $4.8 million over the year.
Related: ANNA income statement, ANNA balance sheet. See the ANNA stock overview for the latest quote and news.
ANNA cash flow FAQ
What is AleAnna's free cash flow?
AleAnna's free cash flow was $3.2 million in fiscal 2025: $10.2 million of operating cash flow minus $7.0 million of capital expenditures It was -$40.0 million a year earlier..
How much cash does AleAnna generate from operations?
AleAnna generated $10.2 million of cash from operating activities in fiscal 2025, 0.00 times its net income of $5.4 billion.
How much does AleAnna spend on capital expenditures?
AleAnna spent $7.0 million on capital expenditures in fiscal 2025, 28.0% of revenue, compared with $23.1 million the year before.