Bridger Aerospace Group Holdings, Inc. (BAER) Cash Flow Statement
Where BAER’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $16.7M +78.9% vs 2024
- Capital expenditures
- $80.9M 65.9% of revenue
- Free cash flow
- −$64.2M −52.3% margin
- Returned to shareholders
- —
- Change in cash
- −$21.7M cash at year-end $31.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
BAER operating cash flow, capex and free cash flow
BAER cash flow trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$7.8M2020 | $16.7M2025 | — | |
| Capital expenditures | $53.3M2020 | $80.9M2025 | +8.7%/yr | |
| Free cash flow | −$61.1M2020 | −$64.2M2025 | — | |
| Free cash flow margin | −455.7%2020 | −52.3%2025 | +403.4 pts | |
| Stock-based compensation | $02021 | $7.1M2025 | — | |
| Share buybacks (net) | $02021 | $02023 | — | |
| Capex / revenue | 397.4%2020 | 65.9%2025 | −331.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BAER cash flow by activity
BAER 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).
BAER cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | $4.1M | −$15.6M | −$77.4M | −$42.1M | −$6.5M | −$12.2M |
| Depreciation & amortization | $15.5M | $17.5M | $11.1M | $9.1M | $6.7M | $2.7M |
| Stock-based compensation | $7.1M | $16.2M | $47.8M | $9,000 | $0 | — |
| Change in working capital | −$3.0M | −$3.1M | −$11.7M | $11.3M | −$842,615 | −$1.6M |
| Other non-cash items | −$6.9M | −$5.6M | $3.3M | $11.8M | $6.7M | $3.4M |
| Cash from operating activities | $16.7M | $9.4M | −$26.8M | −$9.9M | $6.0M | −$7.8M |
| Investing activities | ||||||
| Capital expenditures | −$80.9M | −$4.1M | −$21.1M | −$25.6M | −$22.6M | −$53.3M |
| Investments (net) | $0 | $2.1M | $15.8M | −$89.8M | −$54.8M | −$53.3M |
| Acquisitions & other investing | $46.5M | $4.1M | $32.4M | $25.6M | $22.6M | $53.3M |
| Cash from investing activities | −$34.4M | $2.1M | $27.2M | −$89.8M | −$54.8M | −$53.3M |
| Financing activities | ||||||
| Dividends paid | — | — | — | −$306.2M | — | — |
| Share repurchases & issuance (net) | — | — | $0 | −$306.2M | $0 | — |
| Net borrowing (repayment) | $9.3M | −$3.0M | −$2.2M | $150.6M | $6.4M | $46.9M |
| Shares issued | $0 | $9.3M | $3.0M | $288.5M | $55.0M | $10.0M |
| Other financing | −$13.6M | −$1.6M | −$6.6M | $298.3M | −$670,298 | −$1.9M |
| Cash from financing activities | −$4.3M | $4.7M | −$5.8M | $124.9M | $60.8M | $55.0M |
| Summary | ||||||
| Net change in cash | −$21.7M | $16.1M | −$5.5M | $25.2M | $17.3M | −$6.1M |
| Cash at end of period | $31.4M | $53.1M | $36.9M | $42.5M | $17.3M | $5.2M |
| Free cash flow | −$64.2M | $5.3M | −$47.9M | −$35.5M | −$16.5M | −$61.1M |
| Free cash flow margin | −52.3% | 5.3% | −71.8% | −76.5% | −42.0% | −455.7% |
| Capex / revenue | 65.9% | 4.1% | 31.6% | 55.1% | 57.3% | 397.4% |
| Operating cash flow / net income | 4.04 | — | — | — | — | — |
| 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 | −$498,000 | −$31.3M | −$15.1M | $34.5M | $308,000 | −$15.5M | −$12.8M | $27.3M | −$10.0M | −$20.1M | −$31.1M | $17.5M |
| Depreciation & amortization | $4.8M | $2.0M | $1.3M | $8.2M | $4.0M | $2.2M | $2.7M | $11.5M | $1.9M | $1.3M | $855,000 | $5.2M |
| Stock-based compensation | −$655,000 | $2.4M | $2.3M | $1.1M | $1.7M | $2.0M | $2.4M | $3.4M | $4.5M | $5.9M | $9.1M | $6.6M |
| Change in working capital | −$17.0M | $66,000 | $9.4M | −$3.1M | −$3.1M | −$6.3M | $18.6M | −$18.1M | $2.6M | −$6.1M | $35.6M | −$20.1M |
| Other non-cash items | −$2.4M | $5.6M | −$5.9M | $235,000 | −$1.6M | $3,000 | −$1.6M | −$1.4M | −$1.9M | −$705,000 | $255,282 | $2.7M |
| Cash from operating activities | −$15.7M | −$21.1M | −$8.0M | $41.0M | $1.4M | −$17.7M | $9.2M | $22.7M | −$2.8M | −$19.8M | $14.7M | $12.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$2.8M | −$5.7M | −$70.4M | −$6.3M | −$926,000 | −$3.3M | −$1.2M | −$1.2M | −$1.4M | −$957,000 | −$3.0M | −$3.1M |
| Investments (net) | — | — | $0 | −$6.6M | −$1.2M | −$2.6M | $2.0M | −$1.4M | $1.7M | −$214,000 | −$8.7M | $7.3M |
| Acquisitions & other investing | −$442,000 | −$288,000 | $46.4M | $6.3M | $926,000 | $3.3M | $1.2M | $1.2M | $1.4M | $957,000 | $3.0M | $3.1M |
| Cash from investing activities | −$3.2M | −$6.0M | −$23.9M | −$6.6M | −$1.2M | −$2.6M | $2.0M | −$1.4M | $1.7M | −$214,000 | −$8.7M | $7.3M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | — | — | $0 | $0 |
| Net borrowing (repayment) | $17.2M | $5.3M | $11.7M | −$830,000 | −$819,000 | −$817,000 | −$784,000 | −$751,000 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $9.2M | $168,000 | $464 | $3.2M |
| Other financing | −$51,000 | −$520,000 | −$13.2M | −$17,000 | −$32,000 | −$342,000 | $50,000 | −$560,000 | −$1.6M | −$1.1M | −$726,211 | −$3.8M |
| Cash from financing activities | $17.2M | $4.8M | −$1.5M | −$847,000 | −$851,000 | −$1.2M | −$734,000 | −$1.3M | $7.6M | −$896,000 | −$725,747 | −$609,000 |
| Summary | ||||||||||||
| Net change in cash | −$1.8M | −$22.4M | −$33.0M | $33.5M | −$720,000 | −$21.5M | $10.5M | $20.0M | $6.5M | −$20.9M | $5.3M | $18.5M |
| Cash at end of period | $7.2M | $9.0M | $31.4M | $64.4M | $30.9M | $31.6M | $53.1M | $42.6M | $22.5M | $16.1M | $36.9M | $19.4M |
| Free cash flow | −$18.5M | −$26.8M | −$78.4M | $34.6M | $515,000 | −$21.0M | $8.0M | $21.6M | −$4.2M | −$20.7M | $11.7M | $8.9M |
| Free cash flow margin | −60.6% | −315.0% | −917.3% | 51.0% | 1.7% | −134.0% | 51.5% | 33.4% | −32.5% | −376.2% | 1,053.2% | 16.5% |
| Capex / revenue | 9.1% | 66.9% | 823.4% | 9.3% | 3.0% | 21.2% | 7.5% | 1.8% | 11.0% | 17.4% | 271.8% | 5.7% |
| Operating cash flow / net income | — | — | — | 1.19 | 4.68 | — | — | 0.83 | — | — | — | 0.68 |
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.
BAER cash generation
In fiscal 2025 (ended December 31, 2025), Bridger Aerospace generated $16.7 million of cash from operations (up 78.9%) and spent $80.9 million on capital expenditures, leaving free cash flow of -$64.2 million, −52.3% of revenue. Cash and equivalents fell by $21.7 million over the year.
Related: BAER income statement, BAER balance sheet. See the BAER stock overview for the latest quote and news.
BAER cash flow FAQ
What is Bridger Aerospace's free cash flow?
Bridger Aerospace's free cash flow was -$64.2 million in fiscal 2025: $16.7 million of operating cash flow minus $80.9 million of capital expenditures It was $5.3 million a year earlier..
How much cash does Bridger Aerospace generate from operations?
Bridger Aerospace generated $16.7 million of cash from operating activities in fiscal 2025, 4.04 times its net income of $4.1 million.
How much does Bridger Aerospace spend on capital expenditures?
Bridger Aerospace spent $80.9 million on capital expenditures in fiscal 2025, 65.9% of revenue, compared with $4.1 million the year before.