Ingles Markets, Incorporated (IMKTA) Cash Flow Statement
Where IMKTA’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- $154.1M −41.3% vs FY2024
- Capital expenditures
- $114.5M 2.1% of revenue
- Free cash flow
- $39.6M 0.7% margin
- Returned to shareholders
- $12.3M 31% of free cash flow
- Change in cash
- $12.6M cash at year-end $366.2M
Drawn to scale: where the cash came from and how it was used. Hover for values.
IMKTA operating cash flow, capex and free cash flow
IMKTA cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $159.0MFY2016 | $154.1MFY2025 | −0.3%/yr | |
| Capital expenditures | $137.6MFY2016 | $114.5MFY2025 | −2.0%/yr | |
| Free cash flow | $21.4MFY2016 | $39.6MFY2025 | +7.1%/yr | |
| Free cash flow margin | 0.6%FY2016 | 0.7%FY2025 | +0.2 pts | |
| Operating cash flow / net income | 2.93FY2016 | 1.84FY2025 | −1.09 | |
| Stock-based compensation | $1.2MFY2016 | −$2.8MFY2023 | — | |
| Dividends paid | $13.0MFY2016 | $12.3MFY2025 | −0.6%/yr | |
| Share buybacks (net) | $0FY2016 | $0FY2023 | — | |
| Capex / revenue | 3.6%FY2016 | 2.1%FY2025 | −1.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
IMKTA cash flow by activity
IMKTA 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).
IMKTA cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $83.6M | $105.5M | $210.8M | $272.8M | $249.7M | $178.6M | $81.6M | $97.4M | $53.9M | $54.2M |
| Depreciation & amortization | $122.9M | $121.6M | $116.0M | $117.8M | $117.1M | $116.3M | $112.5M | $113.1M | $110.9M | $106.6M |
| Stock-based compensation | — | — | −$2.8M | — | −$8.9M | $2.7M | −$4.1M | −$728,386 | −$1.5M | $1.2M |
| Change in working capital | −$57.5M | $4.6M | −$58.8M | −$53.1M | −$56.3M | $42.8M | $20.3M | −$53.0M | −$7.0M | −$9.7M |
| Other non-cash items | $5.1M | $30.8M | $1.2M | $2.0M | $4.7M | $9.8M | $1.2M | $4.5M | $29,242 | $6.7M |
| Cash from operating activities | $154.1M | $262.5M | $266.4M | $339.5M | $306.3M | $350.1M | $211.5M | $161.2M | $156.3M | $159.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$114.5M | −$210.9M | −$173.6M | −$119.6M | −$140.6M | −$122.8M | −$161.8M | −$150.5M | −$127.7M | −$137.6M |
| Investments (net) | −$109.9M | −$206.2M | −$170.1M | −$112.0M | −$5.0M | −$117.4M | −$152.8M | −$148.1M | −$125.4M | −$136.9M |
| Acquisitions & other investing | $114.5M | $210.9M | $173.6M | $119.6M | $17.6M | $122.8M | $161.8M | $150.5M | $127.7M | $137.6M |
| Cash from investing activities | −$109.9M | −$206.2M | −$170.1M | −$112.0M | −$128.0M | −$117.4M | −$152.8M | −$148.1M | −$125.4M | −$136.9M |
| Financing activities | ||||||||||
| Dividends paid | −$12.3M | −$12.3M | −$12.3M | −$12.3M | −$12.6M | −$13.0M | −$13.0M | −$13.0M | −$13.0M | −$13.0M |
| Share repurchases & issuance (net) | — | — | $0 | $0 | −$80.0M | $0 | — | $0 | $0 | $0 |
| Net borrowing (repayment) | −$19.0M | −$18.9M | −$22.7M | −$18.4M | −$16.7M | −$248.8M | −$14.1M | −$13.5M | $249,411 | −$11.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$377,201 | $0 | $0 | $0 | −$5.6M | −$6.2M | $0 | $0 | $0 | $0 |
| Cash from financing activities | −$31.6M | −$31.2M | −$35.0M | −$30.6M | −$114.9M | −$268.0M | −$27.1M | −$26.5M | −$12.7M | −$24.0M |
| Summary | ||||||||||
| Net change in cash | $12.6M | $25.1M | $61.3M | $196.9M | $63.4M | −$35.2M | $31.6M | −$13.4M | $18.2M | −$1.8M |
| Cash at end of period | $366.2M | $353.7M | $328.5M | $267.2M | $70.3M | $6.9M | $42.1M | $10.5M | $23.9M | $5.7M |
| Free cash flow | $39.6M | $51.7M | $92.8M | $219.9M | $165.7M | $227.3M | $49.8M | $10.8M | $28.6M | $21.4M |
| Free cash flow margin | 0.7% | 0.9% | 1.6% | 3.9% | 3.3% | 4.9% | 1.2% | 0.3% | 0.7% | 0.6% |
| Capex / revenue | 2.1% | 3.7% | 2.9% | 2.1% | 2.8% | 2.7% | 3.8% | 3.7% | 3.2% | 3.6% |
| Operating cash flow / net income | 1.84 | 2.49 | 1.26 | 1.24 | 1.23 | 1.96 | 2.59 | 1.66 | 2.90 | 2.93 |
| 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 | $25.9M | $24.3M | $28.1M | $25.7M | $26.2M | $15.1M | $16.6M | −$1.5M | $31.7M | $31.9M | $43.4M | $52.6M |
| Depreciation & amortization | $30.1M | $30.1M | $30.3M | $30.7M | $30.7M | $30.6M | $30.9M | $34.1M | $29.5M | $29.2M | $28.8M | $29.2M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | −$652,860 | −$1.3M |
| Change in working capital | $18.1M | $29.3M | −$16.7M | $4.3M | $10.6M | $16.4M | −$88.8M | $4.0M | $39.8M | $16.5M | −$55.7M | $9.8M |
| Other non-cash items | −$7.1M | $161,788 | −$3.3M | −$802,028 | $7.3M | $955,677 | −$2.4M | $36.6M | $2.3M | −$7.2M | −$227,481 | −$852,250 |
| Cash from operating activities | $67.0M | $83.8M | $38.4M | $59.9M | $74.8M | $63.1M | −$43.6M | $73.3M | $103.3M | $70.4M | $15.5M | $89.4M |
| Investing activities | ||||||||||||
| Capital expenditures | −$23.4M | −$16.7M | −$36.4M | −$23.1M | −$29.4M | −$24.2M | −$37.8M | −$67.8M | −$44.7M | −$35.2M | −$63.2M | −$36.5M |
| Investments (net) | — | — | — | −$23.0M | −$29.0M | −$24.0M | −$33.9M | −$67.7M | −$43.9M | −$32.3M | −$62.4M | −$34.9M |
| Acquisitions & other investing | $168,750 | $409,715 | $63,742 | $23.1M | $29.4M | $24.2M | $37.8M | $67.8M | $44.7M | $35.2M | $63.2M | $36.5M |
| Cash from investing activities | −$23.2M | −$16.3M | −$36.3M | −$23.0M | −$29.0M | −$24.0M | −$33.9M | −$67.7M | −$43.9M | −$32.3M | −$62.4M | −$34.9M |
| Financing activities | ||||||||||||
| Dividends paid | −$3.1M | −$3.1M | −$3.1M | −$3.1M | −$3.1M | −$3.1M | −$3.1M | −$3.1M | −$3.1M | −$3.1M | −$3.1M | −$3.1M |
| Net borrowing (repayment) | −$3.6M | −$8.1M | −$3.6M | −$3.6M | −$3.6M | −$8.1M | −$3.6M | −$3.6M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $0 | $0 | −$39,107 | −$338,094 | $0 | $0 | $0 | −$3.6M | −$8.1M | −$3.6M | −$3.7M |
| Cash from financing activities | −$6.7M | −$11.2M | −$6.7M | −$6.7M | −$7.0M | −$11.2M | −$6.7M | −$6.7M | −$6.7M | −$11.2M | −$6.7M | −$6.7M |
| Summary | ||||||||||||
| Net change in cash | $37.1M | $56.3M | −$4.6M | $30.2M | $38.8M | $27.8M | −$84.2M | −$1.1M | $52.7M | $27.0M | −$53.5M | $47.8M |
| Cash at end of period | $455.1M | $418.0M | $361.7M | $366.2M | $336.1M | $297.3M | $269.5M | $353.7M | $354.8M | $302.0M | $275.0M | $328.5M |
| Free cash flow | $43.6M | $67.1M | $2.1M | $36.8M | $45.4M | $38.9M | −$81.4M | $5.4M | $58.6M | $35.3M | −$47.7M | $52.9M |
| Free cash flow margin | 3.2% | 5.1% | 0.1% | 2.7% | 3.4% | 2.9% | −6.3% | 0.4% | 4.2% | 2.6% | −3.2% | 3.3% |
| Capex / revenue | 1.7% | 1.3% | 2.6% | 1.7% | 2.2% | 1.8% | 2.9% | 4.9% | 3.2% | 2.6% | 4.3% | 2.3% |
| Operating cash flow / net income | 2.59 | 3.45 | 1.37 | 2.33 | 2.85 | 4.17 | −2.63 | — | 3.26 | 2.21 | 0.36 | 1.70 |
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.
IMKTA cash generation
In fiscal 2025 (ended September 30, 2025), Ingles Markets generated $154.1 million of cash from operations (down 41.3%) and spent $114.5 million on capital expenditures, leaving free cash flow of $39.6 million, 0.7% of revenue. It returned $12.3 million to shareholders through dividends ($12.3 million) and net share buybacks ($0). Cash and equivalents rose by $12.6 million over the year.
Related: IMKTA income statement, IMKTA balance sheet, IMKTA dividend history. See the IMKTA stock overview for the latest quote and news.
IMKTA cash flow FAQ
What is Ingles Markets's free cash flow?
Ingles Markets's free cash flow was $39.6 million in fiscal 2025: $154.1 million of operating cash flow minus $114.5 million of capital expenditures It was $51.7 million a year earlier..
How much cash does Ingles Markets generate from operations?
Ingles Markets generated $154.1 million of cash from operating activities in fiscal 2025, 1.84 times its net income of $83.6 million.
How much does Ingles Markets spend on capital expenditures?
Ingles Markets spent $114.5 million on capital expenditures in fiscal 2025, 2.1% of revenue, compared with $210.9 million the year before.
How much does Ingles Markets pay in dividends?
Ingles Markets paid $12.3 million in dividends in fiscal 2025, 31.0% of free cash flow.