J and Friends Holdings Limited (JF) Cash Flow Statement

NASDAQ: JFOperating cash, capex, free cash flow and buybacks.

Where JF’s cash came from and went, 2025

December 31, 2025 · U.S. dollars
Cash from operations
$1.0M
−98.2% vs 2020
Capital expenditures
$34,963
0.3% of revenue
Free cash flow
$985,956
8.8% margin
Returned to shareholders
—
Change in cash
−$24.0M
cash at year-end $6.6M
Borrowing: $1.6MBorrowing$1.6MOther financing: $9.3MOther financing$9.3MDrawn from cash: $24.0MDrawn from cash$24.0MCash from operations, Currency & other: $2.0MOther sources$2.0MAcquisitions & other: $36.8MAcquisitions & other$36.8M · 100%Capital expenditures: $34,963Capital expenditures$34,963 · 0%$36.9M
Cash from operations
$1.0M
Capital expenditures
−$34,963
Acquisitions & other
−$36.8M
Net borrowing (repayment)
+$1.6M
Other financing
+$9.3M
Currency & other
+$1.0M
Change in cash
−$24.0M

Drawn to scale: where the cash came from and how it was used. Hover for values.

JF operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

JF cash flow trends, 2016–2025

MetricTrendThenLatestChange
Operating cash flow−$123.1M2016$1.0M2025—
Capital expenditures$1.3M2016$34,9632025−59.5%/yr
Free cash flow−$124.4M2016$985,9562025—
Free cash flow margin−226.6%20168.8%2025+235.5 pts
Stock-based compensation$25.7M2016$97,8962025−75.1%/yr
Capex / revenue2.4%20160.3%2025−2.0 pts

Change is the average annual growth (CAGR) or the difference between the first and latest year.

JF cash flow by activity

OperatingInvestingFinancingChange in cash

JF 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).

JF cash flow statement

20252020201920172016
Operating activities
Net income−$5.2M−$296.1M−$906.5M−$84.9M−$200.5M
Depreciation & amortization$1.5M$15.2M$12.3M$4.1M$2.9M
Stock-based compensation$97,896$11.9M$17.8M$31.0M$25.7M
Change in working capital−$2.4M$111.4M−$127.4M$103.2M$31.9M
Other non-cash items$7.0M$214.6M$1.18B$144.0M$16.9M
Cash from operating activities$1.0M$57.0M$175.1M$197.4M−$123.1M
Investing activities
Capital expenditures−$34,963−$97.8M−$10.0M−$2.2M−$1.3M
Acquisitions & other investing−$36.8M$290.4M−$528.7M−$1.44B−$106.9M
Cash from investing activities−$36.9M$192.6M−$538.7M−$1.44B−$108.2M
Financing activities
Net borrowing (repayment)$1.6M————
Shares issued$0$0$0$0$0
Other financing$9.3M−$286.6M$224.4M$1.60B$256.7M
Cash from financing activities$10.8M−$286.6M$224.4M$1.60B$256.7M
Summary
Net change in cash−$24.0M−$58.6M−$129.1M$348.6M$25.5M
Cash at end of period$6.6M$522.3M$580.9M$375.9M$27.3M
Free cash flow$985,956−$40.8M$165.1M$195.2M−$124.4M
Free cash flow margin8.8%−10.8%12.8%34.3%−226.6%
Capex / revenue0.3%25.9%0.8%0.4%2.4%

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.

JF cash generation

In fiscal 2025 (ended December 31, 2025), J and Friends generated $1.0 million of cash from operations (down 98.2%) and spent $0.0 million on capital expenditures, leaving free cash flow of $1.0 million, 8.8% of revenue. Cash and equivalents fell by $24.0 million over the year.

Related: JF income statement, JF balance sheet. See the JF stock overview for the latest quote and news.

JF cash flow FAQ

What is J and Friends's free cash flow?

J and Friends's free cash flow was $1.0 million in fiscal 2025: $1.0 million of operating cash flow minus $0.0 million of capital expenditures It was -$40.8 million a year earlier..

How much cash does J and Friends generate from operations?

J and Friends generated $1.0 million of cash from operating activities in fiscal 2025.

How much does J and Friends spend on capital expenditures?

J and Friends spent $0.0 million on capital expenditures in fiscal 2025, 0.3% of revenue, compared with $97.8 million the year before.

Credit Services: cash flow