Csquare, Inc. (CSQR) Cash Flow Statement
Where CSQR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $172.0M +112.4% vs 2024
- Capital expenditures
- $545.4M 55.3% of revenue
- Free cash flow
- −$373.4M −37.8% margin
- Returned to shareholders
- $785.0M
- Change in cash
- $282.8M cash at year-end $403.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CSQR operating cash flow, capex and free cash flow
CSQR cash flow trends, 2023–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$56.3M2023 | $172.0M2025 | — | |
| Capital expenditures | $83.0M2023 | $545.4M2025 | +156.3%/yr | |
| Free cash flow | −$139.3M2023 | −$373.4M2025 | — | |
| Free cash flow margin | −70.3%2023 | −37.8%2025 | +32.4 pts | |
| Dividends paid | $02023 | $785.0M2025 | — | |
| Capex / revenue | 41.9%2023 | 55.3%2025 | +13.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CSQR cash flow by activity
CSQR 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).
CSQR cash flow statement
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Operating activities | |||
| Net income | −$119.9M | $458.5M | −$79.7M |
| Depreciation & amortization | $271.9M | $259.6M | $50.4M |
| Change in working capital | $3.4M | $48.5M | −$3.5M |
| Other non-cash items | $16.5M | −$685.6M | −$23.5M |
| Cash from operating activities | $172.0M | $81.0M | −$56.3M |
| Investing activities | |||
| Capital expenditures | −$545.4M | −$867.4M | −$83.0M |
| Financing activities | |||
| Dividends paid | −$785.0M | −$100.6M | $0 |
| Net borrowing (repayment) | $1.84B | $1.55B | $253.4M |
| Shares issued | $2.3M | $8.1M | $6.6M |
| Other financing | −$66.6M | −$83.2M | −$23.7M |
| Cash from financing activities | $988.4M | $1.37B | $236.3M |
| Summary | |||
| Net change in cash | $282.8M | $93.7M | −$4.2M |
| Cash at end of period | $403.4M | $120.6M | $26.9M |
| Free cash flow | −$373.4M | −$786.4M | −$139.3M |
| Free cash flow margin | −37.8% | −86.7% | −70.3% |
| Capex / revenue | 55.3% | 95.6% | 41.9% |
| Operating cash flow / net income | — | 0.18 | — |
| Jun '26 | Mar '26 | Jun '25 | Mar '25 | |
|---|---|---|---|---|
| Operating activities | ||||
| Net income | −$48.8M | −$66.0M | −$13.9M | −$34.9M |
| Depreciation & amortization | $89.6M | $84.5M | $64.2M | $63.7M |
| Change in working capital | $12.7M | −$38.5M | $6.9M | −$29.7M |
| Other non-cash items | −$1.5M | $1.7M | $4.3M | $5.0M |
| Cash from operating activities | $51.9M | −$18.3M | $61.4M | $4.1M |
| Investing activities | ||||
| Capital expenditures | −$142.1M | −$135.9M | −$76.1M | −$37.1M |
| Financing activities | ||||
| Dividends paid | −$130.5M | $0 | $0 | $0 |
| Net borrowing (repayment) | $109.0M | $71.9M | −$4.0M | $109.5M |
| Shares issued | $266,000 | $0 | $233,000 | $499,000 |
| Other financing | $0 | −$443,000 | $0 | −$20.8M |
| Cash from financing activities | −$21.3M | $71.4M | −$3.7M | $89.1M |
| Summary | ||||
| Net change in cash | $17.1M | −$84.9M | −$15.9M | $53.5M |
| Cash at end of period | $335.6M | $318.6M | $158.3M | $174.1M |
| Free cash flow | −$90.1M | −$154.2M | −$14.7M | −$33.0M |
| Free cash flow margin | −32.2% | −57.0% | −6.0% | −14.2% |
| Capex / revenue | 50.7% | 50.2% | 31.1% | 15.9% |
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.
CSQR cash generation
In fiscal 2025 (ended December 31, 2025), Csquare generated $172.0 million of cash from operations (up 112.4%) and spent $545.4 million on capital expenditures, leaving free cash flow of -$373.4 million, −37.8% of revenue. It returned $785.0 million to shareholders through dividends ($785.0 million) and net share buybacks ($0). Cash and equivalents rose by $282.8 million over the year.
Related: CSQR income statement, CSQR balance sheet. See the CSQR stock overview for the latest quote and news.
CSQR cash flow FAQ
What is Csquare's free cash flow?
Csquare's free cash flow was -$373.4 million in fiscal 2025: $172.0 million of operating cash flow minus $545.4 million of capital expenditures It was -$786.4 million a year earlier..
How much cash does Csquare generate from operations?
Csquare generated $172.0 million of cash from operating activities in fiscal 2025.
How much does Csquare spend on capital expenditures?
Csquare spent $545.4 million on capital expenditures in fiscal 2025, 55.3% of revenue, compared with $867.4 million the year before.
How much does Csquare pay in dividends?
Csquare paid $785.0 million in dividends in fiscal 2025.