Engine Media Holdings Inc (GAME) Cash Flow Statement
Where GAME’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$18.4M
- Capital expenditures
- $57.9M 128.6% of revenue
- Free cash flow
- −$76.3M −169.5% margin
- Returned to shareholders
- $1.8M
- Change in cash
- −$6.8M cash at year-end $6.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
GAME operating cash flow, capex and free cash flow
GAME cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$1,8312016 | −$18.4M2025 | — | |
| Capital expenditures | $02016 | $57.9M2025 | — | |
| Free cash flow | −$1,8312016 | −$76.3M2025 | — | |
| Free cash flow margin | −1,580.2%2017 | −169.5%2025 | +1,410.7 pts | |
| Stock-based compensation | $441,9702017 | $2.9M2025 | +26.4%/yr | |
| Share buybacks (net) | $02024 | $1.8M2025 | — | |
| Capex / revenue | 300.9%2017 | 128.6%2025 | −172.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GAME cash flow by activity
GAME 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).
GAME cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$42.1M | −$50.0M | −$26.3M | −$18.1M | −$24.5M | −$26.5M | −$13.8M | −$9.6M | −$10.1M | −$21,329 |
| Depreciation & amortization | $2.0M | $4.0M | $3.6M | $2.6M | $1.1M | $3.5M | $2.4M | $1.7M | $336,302 | — |
| Stock-based compensation | $2.9M | $2.1M | $1.7M | $1.6M | $3.7M | $1.4M | $73,843 | $2.3M | $441,970 | — |
| Change in working capital | −$5.1M | −$413,371 | $3.1M | $630,090 | −$8.4M | $5.9M | $1.2M | $3.0M | −$445,335 | $19,498 |
| Other non-cash items | $23.9M | $13.7M | $1.7M | $1.3M | −$2.3M | $2.6M | $5.5M | −$2.7M | $5.8M | $0 |
| Cash from operating activities | −$18.4M | −$30.6M | −$16.1M | −$11.9M | −$30.4M | −$13.0M | −$4.7M | −$5.4M | −$4.0M | −$1,831 |
| Investing activities | ||||||||||
| Capital expenditures | −$57.9M | −$5,115 | −$2,239 | −$31,251 | −$188,171 | −$110,382 | −$33,154 | −$47,615 | −$929,898 | $0 |
| Investments (net) | — | $2.7M | $14.1M | $18,105 | $92,030 | −$364,826 | −$1.6M | — | — | — |
| Acquisitions & other investing | −$2.5M | $5,115 | $2,239 | $31,251 | $188,171 | $110,382 | −$11,455 | −$8.2M | −$1.7M | — |
| Cash from investing activities | −$60.3M | $2.7M | $14.1M | $18,105 | $92,030 | −$364,826 | −$1.7M | −$8.2M | −$2.7M | — |
| Financing activities | ||||||||||
| Share repurchases & issuance (net) | −$1.8M | $0 | — | — | — | — | — | — | — | — |
| Net borrowing (repayment) | −$3.4M | $7.6M | $4.0M | −$326,604 | — | — | — | — | — | — |
| Shares issued | $77.9M | $10.0M | $0 | $6.3M | $31.2M | $7.3M | $595,572 | $0 | $0 | $0 |
| Other financing | $0 | $20.4M | $0 | $862,328 | $8.4M | $9.1M | $7.9M | $12.6M | $8.2M | — |
| Cash from financing activities | $72.7M | $38.0M | $4.0M | $6.8M | $39.6M | $16.3M | $8.5M | $12.6M | $8.2M | — |
| Summary | ||||||||||
| Net change in cash | −$6.8M | $10.2M | −$5.7M | −$5.1M | $10.0M | $2.8M | $2.2M | −$991,130 | $1.6M | −$1,831 |
| Cash at end of period | $6.4M | $13.1M | $3.0M | $977,413 | $15.6M | $5.6M | $2.8M | $607,933 | $1.6M | $126 |
| Free cash flow | −$76.3M | −$30.6M | −$16.1M | −$12.0M | −$30.6M | −$13.1M | −$4.7M | −$5.4M | −$4.9M | −$1,831 |
| Free cash flow margin | −169.5% | −31.8% | −38.9% | −42.6% | −91.7% | −124.6% | −111.3% | −153.4% | −1,580.2% | — |
| Capex / revenue | 128.6% | 0.0% | 0.0% | 0.1% | 0.6% | 1.0% | 0.8% | 1.3% | 300.9% | — |
| 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 | −$10.65B | −$17.7M | −$43.1M | −$808,443 | −$6.0M | −$4.8M | −$36.8M | −$2.0M | −$9.3M | −$5.3M | −$24.6M | −$5.5M |
| Depreciation & amortization | $645,352 | $538,715 | $499,031 | $373,742 | $400,412 | $757,879 | $896,206 | $973,323 | $654,569 | $1.1M | $979,642 | $1.0M |
| Stock-based compensation | $331.9M | $527,686 | $975,116 | $1.9M | $5,616 | $28,998 | $850,762 | $267,117 | $602,139 | $419,228 | $447,338 | $405,907 |
| Change in working capital | −$2.99B | −$3.8M | $2.0M | −$11.4M | $5.9M | −$1.5M | $5.1M | −$2.3M | −$2.0M | −$1.2M | −$442,186 | $1.4M |
| Other non-cash items | $10.54B | $14.0M | $38.5M | −$421,381 | $1.4M | −$3.0M | $24.7M | −$4.8M | $556,881 | −$3.0M | $17.3M | −$671,563 |
| Cash from operating activities | −$2.77B | −$6.4M | −$1.1M | −$10.4M | $1.6M | −$8.6M | −$5.2M | −$7.8M | −$9.5M | −$8.0M | −$6.3M | −$3.3M |
| Investing activities | ||||||||||||
| Capital expenditures | −$6.1M | −$1.0M | −$375,101 | −$300,000 | −$3,014 | −$375,410 | $0 | −$2,751 | −$1,598 | −$758 | $0 | −$4 |
| Investments (net) | $0 | $250,000 | — | −$60.7M | −$637,981 | −$375,410 | $0 | −$62,747 | $33,888 | $2.7M | $2.8M | $0 |
| Acquisitions & other investing | $1.67B | −$1.8M | — | $300,000 | −$15,485 | $375,410 | — | $15,291 | −$17,535 | $758 | — | $3,556 |
| Cash from investing activities | $1.66B | −$2.5M | — | −$60.7M | −$656,480 | −$375,410 | — | −$50,207 | $14,755 | $2.7M | — | $3,552 |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$1.23B | −$770,223 | — | — | $0 | $0 | — | — | — | — | — | — |
| Net borrowing (repayment) | $2.6M | $7.5M | $456,719 | −$5.8M | $489,326 | $1.5M | $7.6M | −$618,733 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $77.9M | $0 | $0 | $0 | $0 | $0 | $10.0M | $0 | $0 |
| Other financing | $2.60B | $0 | −$1.8M | $0 | $35,625 | $0 | $0 | $4.9M | $16.6M | −$521,088 | $4.0M | $1.2M |
| Cash from financing activities | $1.37B | $6.7M | −$1.3M | $72.0M | $524,951 | $1.5M | $7.6M | $4.2M | $16.6M | $9.5M | $4.0M | $1.2M |
| Summary | ||||||||||||
| Net change in cash | $267.3M | −$2.2M | −$1.1M | $1.0M | $674,130 | −$7.3M | $1.9M | −$3.3M | $6.7M | $4.8M | $545,773 | −$1.8M |
| Cash at end of period | $4.46B | $4.2M | $6.4M | $7.5M | $6.5M | $5.8M | $13.1M | $11.2M | $14.5M | $7.8M | $3.0M | $2.5M |
| Free cash flow | −$2.77B | −$7.4M | −$1.5M | −$10.1M | $1.6M | −$9.0M | −$5.2M | −$7.8M | −$9.5M | −$8.0M | −$6.3M | −$3.3M |
| Free cash flow margin | −15,008.0% | −51.2% | −8.2% | −89.0% | 9.9% | −42.4% | −22.2% | −29.6% | −53.1% | −45.2% | −37.5% | −28.7% |
| Capex / revenue | 32.8% | 6.9% | 2.0% | 2.7% | 0.0% | 1.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
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.
GAME cash generation
In fiscal 2025 (ended December 31, 2025), Engine Media generated -$18.4 million of cash from operations and spent $57.9 million on capital expenditures, leaving free cash flow of -$76.3 million, −169.5% of revenue. It returned $1.8 million to shareholders through dividends ($0) and net share buybacks ($1.8 million). Cash and equivalents fell by $6.8 million over the year.
Related: GAME income statement, GAME balance sheet. See the GAME stock overview for the latest quote and news.
GAME cash flow FAQ
What is Engine Media's free cash flow?
Engine Media's free cash flow was -$76.3 million in fiscal 2025: -$18.4 million of operating cash flow minus $57.9 million of capital expenditures It was -$30.6 million a year earlier..
How much cash does Engine Media generate from operations?
Engine Media generated -$18.4 million of cash from operating activities in fiscal 2025.
How much does Engine Media spend on capital expenditures?
Engine Media spent $57.9 million on capital expenditures in fiscal 2025, 128.6% of revenue, compared with $0.0 million the year before.
How much stock does Engine Media buy back?
Engine Media spent $1.8 million on net share repurchases in fiscal 2025.