Arq, Inc. (ARQ) Cash Flow Statement
Where ARQ’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- −$2.5M −123.7% vs FY2024
- Capital expenditures
- $8.6M 7.1% of revenue
- Free cash flow
- −$11.1M −9.2% margin
- Returned to shareholders
- $66,000
- Change in cash
- −$6.9M cash at year-end $6.6M
Cash from operations
−$2.5M
Capital expenditures
−$8.6M
Acquisitions & other
+$164,000
Share buybacks (net)
−$66,000
Net borrowing (repayment)
+$3.8M
Currency & other
+$252,000
Change in cash
−$6.9M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ARQ operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
ARQ cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $20.0MFY2016 | −$2.5MFY2025 | — | |
| Capital expenditures | $289,000FY2016 | $8.6MFY2025 | +45.7%/yr | |
| Free cash flow | $19.7MFY2016 | −$11.1MFY2025 | — | |
| Free cash flow margin | 38.9%FY2016 | −9.2%FY2025 | −48.1 pts | |
| Operating cash flow / net income | 0.21FY2016 | 0.43FY2021 | +0.22 | |
| Stock-based compensation | $2.0MFY2019 | $3.4MFY2025 | +8.9%/yr | |
| Dividends paid | $15.7MFY2017 | $0FY2023 | −100.0% | |
| Share buybacks (net) | $196,000FY2016 | $66,000FY2025 | −11.4%/yr | |
| Capex / revenue | 0.6%FY2016 | 7.1%FY2025 | +6.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ARQ cash flow by activity
OperatingInvestingFinancingChange in cash
ARQ net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ARQ cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$52.6M | −$5.1M | −$12.2M | −$8.9M | $60.4M | −$20.3M | $35.5M | $35.3M | $27.7M | $96.6M |
| Depreciation & amortization | $11.7M | $8.6M | $10.5M | $6.4M | $7.9M | $8.5M | $7.4M | $723,000 | $789,000 | $979,000 |
| Stock-based compensation | $3.4M | $2.7M | $2.6M | $2.0M | $1.9M | $2.5M | $2.0M | — | — | — |
| Change in working capital | −$10.2M | $276,000 | −$16.5M | −$7.5M | −$5.8M | −$790,000 | −$1.5M | $36,000 | −$12.5M | −$12.5M |
| Other non-cash items | $45.3M | $4.0M | −$1.1M | $2.0M | −$38.5M | $64.1M | $18.9M | $1.2M | $21.1M | −$65.0M |
| Cash from operating activities | −$2.5M | $10.5M | −$16.7M | −$6.1M | $26.0M | $54.0M | $62.3M | $37.3M | $37.1M | $20.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$8.6M | −$85.2M | −$27.5M | −$8.9M | −$6.2M | −$6.7M | −$7.9M | −$467,000 | −$428,000 | −$289,000 |
| Investments (net) | — | −$85.1M | −$28.5M | −$4.6M | $44.4M | −$7.5M | — | — | — | — |
| Acquisitions & other investing | $164,000 | $85.2M | $27.5M | $8.9M | $6.2M | $6.7M | −$5.4M | −$63.3M | −$61,000 | $1.9M |
| Cash from investing activities | −$8.4M | −$85.1M | −$28.5M | −$4.6M | $44.4M | −$7.5M | −$13.2M | −$63.7M | −$489,000 | $1.6M |
| Financing activities | ||||||||||
| Dividends paid | — | — | $0 | −$45,000 | −$93,000 | −$5.0M | −$18.3M | −$20.2M | −$15.7M | — |
| Share repurchases & issuance (net) | −$66,000 | −$1.1M | −$230,000 | −$388,000 | −$246,000 | −$696,000 | −$6.2M | −$26.1M | −$17.0M | −$196,000 |
| Net borrowing (repayment) | $3.8M | $2.3M | $6.9M | −$1.2M | −$17.2M | — | — | — | — | — |
| Shares issued | $0 | $42.4M | $16.2M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | −$853,000 | $0 | $0 | $0 | −$22.1M | −$31.2M | $65.8M | −$236,000 | −$15.5M |
| Cash from financing activities | $3.7M | $42.7M | $22.9M | −$1.7M | −$17.5M | −$27.7M | −$55.7M | $19.5M | −$32.9M | −$15.7M |
| Summary | ||||||||||
| Net change in cash | −$6.9M | −$31.9M | −$22.3M | −$12.3M | $52.8M | $18.9M | −$6.7M | −$12.1M | $3.7M | $6.0M |
| Cash at end of period | $6.6M | $22.2M | $54.2M | $76.4M | $88.8M | $35.9M | $17.1M | $18.6M | $30.7M | $26.9M |
| Free cash flow | −$11.1M | −$74.7M | −$44.2M | −$15.0M | $19.8M | $47.4M | $54.4M | $36.8M | $36.7M | $19.7M |
| Free cash flow margin | −9.2% | −68.6% | −44.5% | −14.5% | 19.7% | 70.3% | 77.6% | 153.8% | 80.9% | 38.9% |
| Capex / revenue | 7.1% | 78.2% | 27.7% | 8.7% | 6.2% | 9.9% | 11.2% | 2.0% | 0.9% | 0.6% |
| Operating cash flow / net income | — | — | — | — | 0.43 | — | 1.75 | 1.06 | 1.34 | 0.21 |
| 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 | −$1.0M | −$842,000 | −$50.0M | −$653,000 | −$2.1M | $203,000 | −$1.3M | $1.6M | −$2.0M | −$3.4M | $3.3M | −$2.2M |
| Depreciation & amortization | $3.8M | $2.6M | $3.3M | $3.8M | $2.5M | $2.2M | $2.5M | $2.7M | $1.7M | $1.7M | $3.3M | $2.7M |
| Stock-based compensation | $1.0M | $891,000 | $840,000 | $1.1M | $734,000 | $736,000 | $530,000 | $750,000 | $653,000 | $782,000 | $838,000 | $702,000 |
| Change in working capital | −$120,000 | −$3.3M | −$669,000 | $1.2M | −$1.3M | −$9.5M | $1.1M | $2.3M | −$3.9M | $721,000 | −$3.5M | −$1.6M |
| Other non-cash items | −$6.5M | $789,000 | $43.8M | −$53,000 | $757,000 | $535,000 | $2.4M | $408,000 | $567,000 | $726,000 | $625,000 | $348,000 |
| Cash from operating activities | −$2.7M | $142,000 | −$2.8M | $5.3M | $527,000 | −$5.8M | $5.2M | $7.8M | −$3.0M | $526,000 | $4.5M | $14,000 |
| Investing activities | ||||||||||||
| Capital expenditures | −$1.1M | −$740,000 | −$1.3M | −$2.2M | −$1.9M | −$959,000 | −$43.0M | −$13.4M | −$19.2M | −$9.6M | −$10.5M | −$6.6M |
| Investments (net) | — | — | — | −$2.3M | −$1.9M | −$3.6M | −$43.0M | −$13.2M | −$19.2M | −$9.6M | −$11.2M | −$6.8M |
| Acquisitions & other investing | −$128,000 | −$92,000 | $965,000 | $2.2M | $1.9M | $959,000 | $43.0M | $13.3M | $19.2M | $9.6M | $10.5M | $6.6M |
| Cash from investing activities | −$1.3M | −$832,000 | −$314,000 | −$2.3M | −$1.9M | −$3.6M | −$43.0M | −$13.4M | −$19.2M | −$9.6M | −$11.2M | −$6.8M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | $0 | $0 |
| Share repurchases & issuance (net) | $0 | −$200,000 | −$4,000 | −$14,000 | −$6,000 | −$42,000 | −$26,000 | −$510,000 | $0 | −$599,000 | −$22,000 | −$48,000 |
| Net borrowing (repayment) | $278,000 | $1.7M | $2.6M | −$2.9M | $2.0M | $2.0M | $3.5M | −$409,000 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $26.7M | $15.8M | $0 | $0 | $1.0M |
| Other financing | $0 | $0 | $0 | $0 | $0 | $0 | −$858,000 | $0 | −$419,000 | −$414,000 | −$407,000 | −$406,000 |
| Cash from financing activities | $278,000 | $1.5M | $2.6M | −$2.9M | $2.0M | $2.0M | $2.6M | $25.7M | $15.3M | −$1.0M | −$429,000 | $546,000 |
| Summary | ||||||||||||
| Net change in cash | −$3.7M | −$1.9M | −$453,000 | $69,000 | $621,000 | −$7.4M | −$35.1M | $20.2M | −$6.8M | −$10.1M | −$7.2M | −$6.3M |
| Cash at end of period | $12.1M | $4.7M | $6.6M | $15.5M | $15.4M | $14.8M | $22.2M | $48.7M | $37.2M | $44.0M | $54.2M | $61.3M |
| Free cash flow | −$3.9M | −$598,000 | −$4.0M | $3.1M | −$1.4M | −$4.8M | −$37.8M | −$5.6M | −$22.1M | −$9.1M | −$6.0M | −$6.6M |
| Free cash flow margin | −12.9% | −2.1% | −13.7% | 8.8% | −4.7% | −17.8% | −139.6% | −16.2% | −87.1% | −41.7% | −21.4% | −22.2% |
| Capex / revenue | 3.8% | 2.5% | 4.3% | 6.3% | 6.6% | 3.5% | 158.9% | 38.7% | 75.5% | 44.1% | 37.4% | 22.2% |
| Operating cash flow / net income | — | — | — | — | — | −28.59 | — | 4.84 | — | — | 1.37 | — |
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.
ARQ cash generation
In fiscal 2025 (ended September 30, 2025), Arq generated -$2.5 million of cash from operations (down 123.7%) and spent $8.6 million on capital expenditures, leaving free cash flow of -$11.1 million, −9.2% of revenue. It returned $0.1 million to shareholders through dividends ($0) and net share buybacks ($0.1 million). Cash and equivalents fell by $6.9 million over the year.
Related: ARQ income statement, ARQ balance sheet. See the ARQ stock overview for the latest quote and news.
ARQ cash flow FAQ
What is Arq's free cash flow?
Arq's free cash flow was -$11.1 million in fiscal 2025: -$2.5 million of operating cash flow minus $8.6 million of capital expenditures It was -$74.7 million a year earlier..
How much cash does Arq generate from operations?
Arq generated -$2.5 million of cash from operating activities in fiscal 2025.
How much does Arq spend on capital expenditures?
Arq spent $8.6 million on capital expenditures in fiscal 2025, 7.1% of revenue, compared with $85.2 million the year before.
How much stock does Arq buy back?
Arq spent $0.1 million on net share repurchases in fiscal 2025.