EquipmentShare.com Inc (EQPT) Cash Flow Statement
Where EQPT’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $264.0M −6.2% vs 2024
- Capital expenditures
- $2.07B 47.2% of revenue
- Free cash flow
- −$1.80B −41.2% margin
- Returned to shareholders
- $37.0M
- Change in cash
- −$101.0M cash at year-end $306.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
EQPT operating cash flow, capex and free cash flow
EQPT cash flow trends, 2022–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $228.5M2022 | $264.0M2025 | +4.9%/yr | |
| Capital expenditures | $1.42B2022 | $2.07B2025 | +13.2%/yr | |
| Free cash flow | −$1.20B2022 | −$1.80B2025 | — | |
| Free cash flow margin | −69.0%2022 | −41.2%2025 | +27.8 pts | |
| Operating cash flow / net income | 4.612022 | 6.602025 | +1.99 | |
| Stock-based compensation | $2.9M2022 | $4.0M2025 | +11.3%/yr | |
| Dividends paid | $02022 | $37.0M2025 | — | |
| Share buybacks (net) | $02022 | $300,0002024 | — | |
| Capex / revenue | 82.2%2022 | 47.2%2025 | −35.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
EQPT cash flow by activity
EQPT 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).
EQPT cash flow statement
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Operating activities | ||||
| Net income | $40.0M | $2.6M | $17.3M | $49.6M |
| Depreciation & amortization | $365.0M | $332.2M | $295.0M | $211.7M |
| Stock-based compensation | $4.0M | $4.2M | $3.4M | $2.9M |
| Change in working capital | −$310.0M | −$234.2M | −$236.7M | −$173.6M |
| Other non-cash items | $165.0M | $176.5M | $199.8M | $137.9M |
| Cash from operating activities | $264.0M | $281.3M | $278.8M | $228.5M |
| Investing activities | ||||
| Capital expenditures | −$2.07B | −$1.78B | −$1.28B | −$1.42B |
| Investments (net) | −$27.0M | −$15.9M | −$10.2M | −$15.8M |
| Acquisitions & other investing | $1.11B | $1.38B | $679.5M | $600.6M |
| Cash from investing activities | −$980.0M | −$418.9M | −$613.9M | −$839.3M |
| Financing activities | ||||
| Dividends paid | −$37.0M | −$9.0M | −$5.0M | $0 |
| Share repurchases & issuance (net) | — | −$300,000 | $0 | $0 |
| Net borrowing (repayment) | $678.0M | $241.0M | $256.5M | $397.1M |
| Shares issued | $0 | $0 | $149.4M | $280.5M |
| Other financing | −$26.0M | −$3.9M | $7.1M | −$19.7M |
| Cash from financing activities | $615.0M | $227.8M | $408.0M | $657.9M |
| Summary | ||||
| Net change in cash | −$101.0M | $90.2M | $316.3M | $47.1M |
| Cash at end of period | $306.0M | $406.5M | $316.3M | $243.4M |
| Free cash flow | −$1.80B | −$1.50B | −$1.00B | −$1.20B |
| Free cash flow margin | −41.2% | −39.8% | −39.3% | −69.0% |
| Capex / revenue | 47.2% | 47.3% | 50.2% | 82.2% |
| Operating cash flow / net income | 6.60 | 108.19 | 16.12 | 4.61 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $16.0M | −$29.0M | $63.0M | $6.3M | $16.5M | −$48.0M | $49.6M | $1.0M | −$33.0M | −$33.0M |
| Depreciation & amortization | $112.0M | $104.0M | $103.4M | $94.6M | $88.0M | $79.0M | $87.6M | $85.2M | $84.5M | $84.5M |
| Stock-based compensation | $26.0M | $19.0M | $1.0M | $900,000 | $1.1M | $1.0M | $1.1M | $1.1M | $1.0M | $1.0M |
| Change in working capital | −$158.0M | −$308.0M | $14.2M | −$18.9M | −$205.3M | −$100.0M | −$16.3M | −$73.6M | −$78.8M | −$78.8M |
| Other non-cash items | $62.0M | $14.0M | $95.8M | $31.1M | $23.3M | $17.0M | $55.1M | $54.1M | $44.4M | $44.4M |
| Cash from operating activities | $58.0M | −$200.0M | $277.4M | $114.0M | −$76.4M | −$51.0M | $177.1M | $67.8M | $18.2M | $18.2M |
| Investing activities | ||||||||||
| Capital expenditures | −$436.0M | −$376.0M | −$533.5M | −$589.6M | −$581.7M | −$353.0M | −$567.4M | −$338.2M | −$284.4M | −$284.4M |
| Investments (net) | −$5.0M | −$3.0M | −$11.7M | −$8.4M | −$2.9M | −$4.0M | −$4.1M | −$8.2M | — | — |
| Acquisitions & other investing | −$9.0M | $99.0M | $543.2M | $69.8M | $417.8M | $74.0M | $882.6M | $119.5M | $32.9M | $32.9M |
| Cash from investing activities | −$450.0M | −$280.0M | −$2.0M | −$528.2M | −$166.8M | −$283.0M | $311.1M | −$226.9M | −$251.6M | −$251.6M |
| Financing activities | ||||||||||
| Dividends paid | −$37.0M | — | $0 | $0 | −$37.0M | — | $0 | $0 | −$4.5M | −$4.5M |
| Share repurchases & issuance (net) | — | — | — | $0 | — | — | $0 | $0 | −$150,000 | −$150,000 |
| Net borrowing (repayment) | $549.0M | −$201.0M | −$364.3M | $459.6M | $297.7M | $285.0M | −$356.7M | $113.4M | — | — |
| Shares issued | $0 | $706.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$6.0M | −$2.0M | −$7.4M | −$4.4M | −$2.2M | −$12.0M | −$3.6M | $2.9M | $240.6M | $240.6M |
| Cash from financing activities | $506.0M | $503.0M | −$371.7M | $455.2M | $258.5M | $273.0M | −$360.3M | $116.3M | $235.9M | $235.9M |
| Summary | ||||||||||
| Net change in cash | $114.0M | $23.0M | −$95.8M | $41.0M | $15.8M | −$61.0M | $406.5M | −$42.8M | $321.4M | — |
| Cash at end of period | $443.0M | $329.0M | $306.0M | $401.8M | $360.8M | $345.0M | $406.5M | $278.6M | $321.4M | — |
| Free cash flow | −$378.0M | −$576.0M | −$256.1M | −$475.6M | −$658.1M | −$404.0M | −$390.3M | −$270.4M | −$266.2M | −$266.2M |
| Free cash flow margin | −26.1% | −58.2% | −16.3% | −50.4% | −57.4% | −56.4% | −25.1% | −34.8% | — | — |
| Capex / revenue | 30.1% | 38.0% | 33.9% | 62.5% | 50.7% | 49.3% | 36.5% | 43.6% | — | — |
| Operating cash flow / net income | 3.62 | — | 4.40 | 18.10 | −4.63 | — | 3.57 | 67.80 | — | — |
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.
EQPT cash generation
In fiscal 2025 (ended December 31, 2025), EquipmentShare.com generated $264.0 million of cash from operations (down 6.2%) and spent $2.1 billion on capital expenditures, leaving free cash flow of -$1.8 billion, −41.2% of revenue. It returned $37.0 million to shareholders through dividends ($37.0 million) and net share buybacks ($0). Cash and equivalents fell by $101.0 million over the year.
Related: EQPT income statement, EQPT balance sheet. See the EQPT stock overview for the latest quote and news.
EQPT cash flow FAQ
What is EquipmentShare.com's free cash flow?
EquipmentShare.com's free cash flow was -$1.8 billion in fiscal 2025: $264.0 million of operating cash flow minus $2.1 billion of capital expenditures It was -$1.5 billion a year earlier..
How much cash does EquipmentShare.com generate from operations?
EquipmentShare.com generated $264.0 million of cash from operating activities in fiscal 2025, 6.60 times its net income of $40.0 million.
How much does EquipmentShare.com spend on capital expenditures?
EquipmentShare.com spent $2.1 billion on capital expenditures in fiscal 2025, 47.2% of revenue, compared with $1.8 billion the year before.
How much does EquipmentShare.com pay in dividends?
EquipmentShare.com paid $37.0 million in dividends in fiscal 2025.