BT Brands, Inc. (BTBD) Cash Flow Statement
Where BTBD’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $284,876
- Capital expenditures
- $172,925 1.3% of revenue
- Free cash flow
- $111,951 0.8% margin
- Returned to shareholders
- $142,794 128% of free cash flow
- Change in cash
- −$1.1M cash at year-end $846,167
Cash from operations
$284,876
Capital expenditures
−$172,925
Investments (net)
−$1.1M
Acquisitions & other
+$238,734
Share buybacks (net)
−$142,794
Net borrowing (repayment)
−$189,270
Other financing
+$2,344
Change in cash
−$1.1M
Drawn to scale: where the cash came from and how it was used. Hover for values.
BTBD operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
BTBD cash flow trends, 2014–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $278,3922014 | $284,8762025 | +0.3%/yr | |
| Capital expenditures | $75,4492014 | $172,9252025 | +9.7%/yr | |
| Free cash flow | $202,9432014 | $111,9512025 | −6.4%/yr | |
| Free cash flow margin | 3.8%2014 | 0.8%2025 | −3.0 pts | |
| Operating cash flow / net income | 1.072014 | 1.342021 | +0.27 | |
| Stock-based compensation | $13,5002019 | $141,0002025 | +47.8%/yr | |
| Dividends paid | $166,9842014 | $74,8662022 | −12.5%/yr | |
| Share buybacks (net) | $02018 | $142,7942025 | — | |
| Capex / revenue | 1.4%2014 | 1.3%2025 | −0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BTBD cash flow by activity
OperatingInvestingFinancingChange in cash
BTBD 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).
BTBD cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2014 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$687,839 | −$2.3M | −$887,368 | −$562,285 | $607,851 | $791,992 | −$466,577 | $20,803 | −$254,851 | $259,540 |
| Depreciation & amortization | $648,704 | $742,860 | $598,540 | $449,038 | $234,027 | $189,387 | $211,087 | $225,814 | $209,154 | $100,443 |
| Stock-based compensation | $141,000 | $230,500 | $174,000 | $118,700 | $26,250 | $190,493 | $13,500 | — | — | — |
| Change in working capital | −$147,348 | −$195,315 | $231,130 | $147,354 | −$112,078 | $236,103 | $52,315 | −$46,823 | $291,292 | $94 |
| Other non-cash items | $330,359 | $809,658 | −$375,089 | $58,991 | $57,905 | −$10,526 | $240,164 | −$150,678 | $47,765 | −$81,685 |
| Cash from operating activities | $284,876 | −$723,505 | −$258,787 | $211,798 | $813,955 | $1.4M | $50,489 | $49,116 | $293,360 | $278,392 |
| Investing activities | ||||||||||
| Capital expenditures | −$172,925 | −$494,064 | −$488,388 | −$478,396 | −$207,920 | −$154,420 | −$154,420 | −$66,652 | −$462,189 | −$75,449 |
| Investments (net) | −$1.1M | −$2.2M | −$538,101 | −$11.0M | −$207,920 | $24,580 | −$179,000 | $216,578 | $283,936 | — |
| Acquisitions & other investing | $238,734 | $494,064 | $5.7M | $478,396 | $207,920 | $154,420 | $154,420 | $66,652 | $22,479 | $190,000 |
| Cash from investing activities | −$1.1M | −$2.2M | $4.7M | −$11.0M | −$207,920 | $24,580 | −$179,000 | $216,578 | −$155,774 | $114,551 |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | −$74,866 | — | — | $0 | −$29,572 | −$44,154 | −$166,984 |
| Share repurchases & issuance (net) | −$142,794 | −$142,794 | −$250,525 | −$107,012 | — | −$258,101 | — | $139,000 | — | — |
| Net borrowing (repayment) | −$189,270 | −$298,055 | −$1.1M | $622,841 | −$188,523 | −$358,956 | −$276,899 | −$264,927 | −$47,732 | — |
| Shares issued | $0 | $0 | $0 | $0 | $10.7M | $0 | $0 | $492,266 | $0 | $0 |
| Other financing | $2,344 | $0 | $0 | $149,732 | −$49,699 | $258,101 | $0 | −$180,000 | $0 | −$152,942 |
| Cash from financing activities | −$329,720 | −$440,849 | −$1.3M | $590,695 | $10.5M | −$358,956 | −$276,899 | $156,767 | −$91,886 | −$319,926 |
| Summary | ||||||||||
| Net change in cash | −$1.1M | −$3.3M | $3.1M | −$10.2M | $11.1M | $1.1M | −$405,410 | $422,461 | $45,700 | $73,017 |
| Cash at end of period | $846,167 | $2.0M | $5.3M | $2.2M | $12.4M | $1.3M | $258,101 | $663,511 | $241,050 | $259,989 |
| Free cash flow | $111,951 | −$1.2M | −$747,175 | −$266,598 | $606,035 | $1.2M | $50,489 | −$17,536 | −$168,829 | $202,943 |
| Free cash flow margin | 0.8% | −8.2% | −5.3% | −2.1% | 7.2% | 15.2% | 0.8% | −0.2% | −2.4% | 3.8% |
| Capex / revenue | 1.3% | 3.3% | 3.5% | 3.8% | 2.5% | 1.9% | 2.4% | 0.9% | 6.5% | 1.4% |
| Operating cash flow / net income | — | — | — | — | 1.34 | 1.76 | — | 2.36 | — | 1.07 |
| 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 | $576,433 | −$751,011 | −$1.3M | $914,975 | $55,031 | −$329,849 | −$1.6M | −$219,479 | −$69,952 | −$445,700 | −$508,362 | −$3,486 |
| Depreciation & amortization | $151,576 | $151,575 | $196,574 | $151,010 | $144,725 | $156,395 | $269,440 | $141,527 | $171,351 | $160,542 | $127,738 | $214,775 |
| Stock-based compensation | $43,084 | $16,375 | $21,931 | $25,334 | $62,735 | $31,000 | $65,500 | $55,000 | $56,000 | $54,000 | $56,000 | $40,700 |
| Change in working capital | −$31,660 | $19,759 | $369,914 | −$475,006 | $208,212 | −$250,468 | −$88,373 | −$57,513 | −$3,314 | −$46,115 | $128,930 | −$153,327 |
| Other non-cash items | −$524,293 | $465,652 | $621,653 | −$291,136 | −$86,341 | $86,183 | $803,107 | $209,732 | −$71,579 | −$131,602 | $11,639 | −$61,647 |
| Cash from operating activities | $215,140 | −$97,650 | −$117,924 | $325,177 | $384,362 | −$306,739 | −$526,403 | $129,267 | $82,506 | −$408,875 | −$184,055 | $37,015 |
| Investing activities | ||||||||||||
| Capital expenditures | −$52,862 | −$40,113 | −$14,837 | −$63,397 | $0 | −$124,365 | −$274,031 | −$78,825 | −$28,792 | −$112,416 | −$126,165 | −$96,476 |
| Investments (net) | $566,161 | $452,003 | −$797,004 | $443,932 | −$847,340 | −$527,705 | −$515,973 | −$712,320 | −$894,065 | −$62,319 | −$132,842 | −$150,979 |
| Acquisitions & other investing | −$138,861 | −$88,227 | $682,550 | $63,397 | $0 | $124,365 | — | $78,825 | $28,792 | $112,416 | — | $96,476 |
| Cash from investing activities | $374,438 | $323,663 | −$129,291 | $443,932 | −$847,340 | −$527,705 | — | −$712,320 | −$894,065 | −$62,319 | — | −$150,979 |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | $0 | −$28,910 | — | −$28,910 | −$28,910 | −$37,894 | −$75,990 | −$300 | −$300 | $0 |
| Net borrowing (repayment) | −$51,657 | −$44,011 | −$43,906 | −$51,439 | −$47,055 | −$46,870 | −$62,641 | −$29,020 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $40,000 | −$13,180 | −$140,450 | $28,910 | $0 | $28,910 | $0 | $0 | −$45,437 | −$160,657 | $70,769 | −$44,041 |
| Cash from financing activities | −$11,657 | −$57,191 | −$184,356 | −$51,439 | −$47,055 | −$46,870 | −$91,551 | −$66,914 | −$121,427 | −$160,957 | $70,469 | −$44,041 |
| Summary | ||||||||||||
| Net change in cash | $577,921 | $168,822 | −$431,571 | $717,670 | −$510,033 | −$881,314 | −$1.1M | −$649,967 | −$932,986 | −$632,151 | −$246,428 | −$158,005 |
| Cash at end of period | $1.6M | $1.0M | $846,167 | $1.3M | $560,068 | $1.1M | $2.0M | $3.1M | $3.7M | $4.7M | $5.3M | $5.5M |
| Free cash flow | $162,278 | −$137,763 | −$103,087 | $261,780 | $384,360 | −$431,104 | −$800,434 | $50,442 | $53,714 | −$521,291 | −$310,220 | −$59,461 |
| Free cash flow margin | 4.6% | −4.8% | −3.9% | 6.8% | 10.2% | −13.3% | −25.2% | 1.2% | 1.3% | −16.3% | −10.3% | −1.5% |
| Capex / revenue | 1.5% | 1.4% | 0.6% | 1.6% | 0.0% | 3.8% | 8.6% | 1.8% | 0.7% | 3.5% | 4.2% | 2.4% |
| Operating cash flow / net income | 0.37 | — | — | 0.36 | 6.98 | — | — | — | — | — | — | — |
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.
BTBD cash generation
In fiscal 2025 (ended December 31, 2025), BT Brands generated $0.3 million of cash from operations and spent $0.2 million on capital expenditures, leaving free cash flow of $0.1 million, 0.8% of revenue. It returned $0.1 million to shareholders through dividends ($0) and net share buybacks ($0.1 million). Cash and equivalents fell by $1.1 million over the year.
Related: BTBD income statement, BTBD balance sheet. See the BTBD stock overview for the latest quote and news.
BTBD cash flow FAQ
What is BT Brands's free cash flow?
BT Brands's free cash flow was $0.1 million in fiscal 2025: $0.3 million of operating cash flow minus $0.2 million of capital expenditures It was -$1.2 million a year earlier..
How much cash does BT Brands generate from operations?
BT Brands generated $0.3 million of cash from operating activities in fiscal 2025.
How much does BT Brands spend on capital expenditures?
BT Brands spent $0.2 million on capital expenditures in fiscal 2025, 1.3% of revenue, compared with $0.5 million the year before.
How much stock does BT Brands buy back?
BT Brands spent $0.1 million on net share repurchases in fiscal 2025.