Brightstar Lottery PLC (BRSL) Cash Flow Statement
Where BRSL’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$99.0M −109.6% vs 2024
- Capital expenditures
- $316.0M 12.6% of revenue
- Free cash flow
- −$415.0M −16.5% margin
- Returned to shareholders
- $1.04B
- Change in cash
- $796.0M cash at year-end $1.50B
Drawn to scale: where the cash came from and how it was used. Hover for values.
BRSL operating cash flow, capex and free cash flow
BRSL cash flow trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $865.6M2020 | −$99.0M2025 | — | |
| Capital expenditures | $254.7M2020 | $316.0M2025 | +4.4%/yr | |
| Free cash flow | $610.9M2020 | −$415.0M2025 | — | |
| Free cash flow margin | 19.6%2020 | −16.5%2025 | −36.1 pts | |
| Operating cash flow / net income | 0.902021 | −0.672025 | −1.57 | |
| Stock-based compensation | $35.0M2021 | $15.0M2025 | −19.1%/yr | |
| Dividends paid | $40.9M2020 | $770.0M2025 | +79.9%/yr | |
| Share buybacks (net) | $41.0M2021 | $271.0M2025 | +60.3%/yr | |
| Capex / revenue | 8.2%2020 | 12.6%2025 | +4.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BRSL cash flow by activity
BRSL 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).
BRSL cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | $147.0M | $270.0M | $116.0M | $560.0M | $1.08B | −$939.3M |
| Depreciation & amortization | $444.0M | $402.0M | $415.0M | $419.0M | $526.0M | $566.2M |
| Stock-based compensation | $15.0M | $38.0M | $34.0M | $34.0M | $35.0M | — |
| Change in working capital | −$903.0M | $50.0M | $180.0M | $7.0M | −$103.0M | $125.9M |
| Other non-cash items | $198.0M | $270.0M | $295.0M | −$121.0M | −$565.0M | $1.11B |
| Cash from operating activities | −$99.0M | $1.03B | $1.04B | $899.0M | $978.0M | $865.6M |
| Investing activities | ||||||
| Capital expenditures | −$316.0M | −$149.0M | −$147.0M | −$162.0M | −$238.0M | −$254.7M |
| Investments (net) | — | −$357.0M | −$393.0M | $168.0M | $636.0M | — |
| Acquisitions & other investing | $4.13B | $149.0M | $73.0M | $162.0M | $238.0M | −$38.1M |
| Cash from investing activities | $3.82B | −$357.0M | −$467.0M | $168.0M | $636.0M | −$292.8M |
| Financing activities | ||||||
| Dividends paid | −$770.0M | −$161.0M | −$160.0M | −$161.0M | −$41.0M | −$40.9M |
| Share repurchases & issuance (net) | −$271.0M | $0 | $0 | −$115.0M | −$41.0M | — |
| Net borrowing (repayment) | −$1.60B | −$135.0M | −$179.0M | −$576.0M | −$1.52B | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$392.0M | −$290.0M | −$225.0M | −$213.0M | −$292.0M | −$372.8M |
| Cash from financing activities | −$3.03B | −$586.0M | −$564.0M | −$1.06B | −$1.90B | −$413.7M |
| Summary | ||||||
| Net change in cash | $796.0M | $36.0M | −$86.0M | −$68.0M | −$321.0M | $230.7M |
| Cash at end of period | $1.50B | $775.0M | $654.0M | $740.0M | $808.0M | $1.11B |
| Free cash flow | −$415.0M | $881.0M | $893.0M | $737.0M | $740.0M | $610.9M |
| Free cash flow margin | −16.5% | 35.1% | 35.3% | 28.4% | 18.1% | 19.6% |
| Capex / revenue | 12.6% | 5.9% | 5.8% | 6.2% | 5.8% | 8.2% |
| Operating cash flow / net income | −0.67 | 3.81 | 8.97 | 1.61 | 0.90 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||
| Net income | $56.0M | $37.0M | $61.0M | $56.0M | −$96.0M | $8.0M | $115.0M | −$58.0M | $42.0M | $71.0M | $38.0M |
| Depreciation & amortization | $158.0M | $154.0M | $127.0M | $108.0M | $107.0M | $102.0M | $101.0M | −$54.0M | $100.0M | $99.0M | $102.0M |
| Stock-based compensation | $7.0M | $7.0M | $0 | $3.0M | $5.0M | $7.0M | $7.0M | $9.0M | $9.0M | $9.0M | $6.0M |
| Change in working capital | $120.0M | −$42.0M | −$361.2M | −$715.5M | $115.4M | $30.0M | $67.0M | $108.0M | $94.0M | −$156.0M | $122.8M |
| Other non-cash items | −$1.68B | $9.0M | −$21.0M | $85.9M | $199.2M | $77.0M | $16.0M | $256.0M | $98.0M | $97.0M | $121.9M |
| Cash from operating activities | −$1.34B | $165.0M | −$194.2M | −$462.6M | $330.6M | $224.0M | $306.0M | $261.0M | $343.0M | $120.0M | $390.7M |
| Investing activities | |||||||||||
| Capital expenditures | −$122.0M | −$110.0M | −$75.9M | −$69.3M | −$104.7M | −$76.0M | −$45.0M | −$30.0M | −$39.0M | −$35.0M | −$41.8M |
| Investments (net) | — | — | — | $3.89B | −$144.0M | −$116.0M | −$87.0M | −$90.0M | −$97.0M | −$83.0M | — |
| Acquisitions & other investing | −$1.0M | $22.0M | $91.7M | $236.8M | $230.7M | $76.0M | $45.0M | $30.0M | $39.0M | $25.0M | −$77.2M |
| Cash from investing activities | −$123.0M | −$88.0M | $15.8M | $4.06B | −$18.0M | −$116.0M | −$87.0M | −$90.0M | −$97.0M | −$93.0M | −$119.0M |
| Financing activities | |||||||||||
| Dividends paid | −$43.0M | −$42.0M | −$32.6M | −$677.4M | −$44.1M | −$40.0M | −$40.0M | −$41.0M | −$80.0M | $0 | −$38.6M |
| Share repurchases & issuance (net) | −$15.0M | −$30.0M | −$16.9M | −$262.5M | $0 | $0 | — | — | — | — | — |
| Net borrowing (repayment) | $390.0M | −$117.0M | −$11.0M | −$2.39B | $596.0M | $202.0M | −$83.0M | $1.0M | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $432.0M | −$101.0M | $18.4M | −$76.7M | −$154.0M | −$241.0M | $42.0M | −$32.0M | −$91.0M | −$252.0M | −$205.0M |
| Cash from financing activities | $764.0M | −$290.0M | −$42.1M | −$3.40B | $397.8M | −$79.0M | −$81.0M | −$72.0M | −$171.0M | −$252.0M | −$243.6M |
| Summary | |||||||||||
| Net change in cash | −$695.0M | −$226.0M | −$196.0M | $295.0M | $662.0M | $48.0M | $101.0M | $116.0M | $62.0M | −$158.0M | −$43.0M |
| Cash at end of period | $579.0M | $1.27B | $1.50B | $1.70B | $1.40B | $823.0M | $775.0M | $674.0M | $559.0M | $496.0M | $654.0M |
| Free cash flow | −$1.46B | $55.0M | −$270.0M | −$531.8M | $225.9M | $148.0M | $261.0M | $231.0M | $304.0M | $85.0M | $348.9M |
| Free cash flow margin | −250.2% | 9.4% | −40.4% | −84.6% | 35.9% | 25.4% | 40.0% | 39.4% | 49.6% | 12.9% | 51.2% |
| Capex / revenue | 20.9% | 18.7% | 11.4% | 11.0% | 16.6% | 13.0% | 6.9% | 5.1% | 6.4% | 5.3% | 6.1% |
| Operating cash flow / net income | −23.91 | 4.46 | −3.18 | −8.26 | — | 28.00 | 2.66 | — | 8.17 | 1.69 | 10.28 |
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.
BRSL cash generation
In fiscal 2025 (ended December 31, 2025), Brightstar Lottery generated -$99.0 million of cash from operations (down 109.6%) and spent $316.0 million on capital expenditures, leaving free cash flow of -$415.0 million, −16.5% of revenue. It returned $1.0 billion to shareholders through dividends ($770.0 million) and net share buybacks ($271.0 million). Cash and equivalents rose by $796.0 million over the year.
Related: BRSL income statement, BRSL balance sheet, BRSL dividend history. See the BRSL stock overview for the latest quote and news.
BRSL cash flow FAQ
What is Brightstar Lottery's free cash flow?
Brightstar Lottery's free cash flow was -$415.0 million in fiscal 2025: -$99.0 million of operating cash flow minus $316.0 million of capital expenditures It was $881.0 million a year earlier..
How much cash does Brightstar Lottery generate from operations?
Brightstar Lottery generated -$99.0 million of cash from operating activities in fiscal 2025, −0.67 times its net income of $147.0 million.
How much does Brightstar Lottery spend on capital expenditures?
Brightstar Lottery spent $316.0 million on capital expenditures in fiscal 2025, 12.6% of revenue, compared with $149.0 million the year before.
How much stock does Brightstar Lottery buy back?
Brightstar Lottery spent $271.0 million on net share repurchases in fiscal 2025.
How much does Brightstar Lottery pay in dividends?
Brightstar Lottery paid $770.0 million in dividends in fiscal 2025.