Jersey Mike's Subs Inc. (JMKE) Cash Flow Statement
Where JMKE’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$210.0M −652.6% vs 2024
- Capital expenditures
- $11.0M 1.5% of revenue
- Free cash flow
- −$221.0M −30.5% margin
- Returned to shareholders
- $482.0M
- Change in cash
- −$326.0M cash at year-end $246.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
JMKE operating cash flow, capex and free cash flow
JMKE cash flow trends, 2023–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $67.0M2023 | −$210.0M2025 | — | |
| Capital expenditures | $8.0M2023 | $11.0M2025 | +17.3%/yr | |
| Free cash flow | $59.0M2023 | −$221.0M2025 | — | |
| Free cash flow margin | 10.5%2023 | −30.5%2025 | −41.0 pts | |
| Operating cash flow / net income | 3.192023 | 7.602024 | +4.41 | |
| Stock-based compensation | $02023 | $8.0M2025 | — | |
| Dividends paid | $18.0M2023 | $482.0M2025 | +417.5%/yr | |
| Capex / revenue | 1.4%2023 | 1.5%2025 | +0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
JMKE cash flow by activity
JMKE 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).
JMKE cash flow statement
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Operating activities | |||
| Net income | −$26.0M | $5.0M | $21.0M |
| Depreciation & amortization | $96.0M | $10.0M | $10.0M |
| Stock-based compensation | $8.0M | $0 | $0 |
| Change in working capital | $19.0M | $17.0M | $31.0M |
| Other non-cash items | −$307.0M | $6.0M | $5.0M |
| Cash from operating activities | −$210.0M | $38.0M | $67.0M |
| Investing activities | |||
| Capital expenditures | −$11.0M | −$55.0M | −$8.0M |
| Financing activities | |||
| Dividends paid | −$482.0M | −$32.0M | −$18.0M |
| Net borrowing (repayment) | $383.0M | $778.0M | −$3.0M |
| Shares issued | $1.0M | $0 | $0 |
| Other financing | −$9.0M | −$19.0M | $0 |
| Cash from financing activities | −$107.0M | $727.0M | −$21.0M |
| Summary | |||
| Net change in cash | −$326.0M | $704.0M | $33.0M |
| Cash at end of period | $246.0M | $843.0M | $139.0M |
| Free cash flow | −$221.0M | −$17.0M | $59.0M |
| Free cash flow margin | −30.5% | −2.6% | 10.5% |
| Capex / revenue | 1.5% | 8.4% | 1.4% |
| Operating cash flow / net income | — | 7.60 | 3.19 |
| Jun '26 | Mar '26 | |
|---|---|---|
| Operating activities | ||
| Net income | $37.0M | −$21.0M |
| Depreciation & amortization | $25.0M | $26.0M |
| Stock-based compensation | $3.0M | $3.0M |
| Change in working capital | −$41.0M | $70.0M |
| Other non-cash items | −$5.0M | $8.0M |
| Cash from operating activities | $19.0M | $86.0M |
| Investing activities | ||
| Capital expenditures | −$3.0M | −$1.0M |
| Financing activities | ||
| Dividends paid | −$41.0M | −$37.0M |
| Net borrowing (repayment) | −$5.0M | $19.0M |
| Shares issued | $0 | $0 |
| Other financing | $0 | −$15.0M |
| Cash from financing activities | −$46.0M | −$33.0M |
| Summary | ||
| Net change in cash | −$11.0M | $30.0M |
| Cash at end of period | $265.0M | $276.0M |
| Free cash flow | $16.0M | $85.0M |
| Free cash flow margin | 7.7% | 45.9% |
| Capex / revenue | 1.4% | 0.5% |
| Operating cash flow / net income | 0.51 | — |
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.
JMKE cash generation
In fiscal 2025 (ended December 31, 2025), Jersey Mike's Subs generated -$210.0 million of cash from operations (down 652.6%) and spent $11.0 million on capital expenditures, leaving free cash flow of -$221.0 million, −30.5% of revenue. It returned $482.0 million to shareholders through dividends ($482.0 million) and net share buybacks ($0). Cash and equivalents fell by $326.0 million over the year.
Related: JMKE income statement, JMKE balance sheet. See the JMKE stock overview for the latest quote and news.
JMKE cash flow FAQ
What is Jersey Mike's Subs's free cash flow?
Jersey Mike's Subs's free cash flow was -$221.0 million in fiscal 2025: -$210.0 million of operating cash flow minus $11.0 million of capital expenditures It was -$17.0 million a year earlier..
How much cash does Jersey Mike's Subs generate from operations?
Jersey Mike's Subs generated -$210.0 million of cash from operating activities in fiscal 2025.
How much does Jersey Mike's Subs spend on capital expenditures?
Jersey Mike's Subs spent $11.0 million on capital expenditures in fiscal 2025, 1.5% of revenue, compared with $55.0 million the year before.
How much does Jersey Mike's Subs pay in dividends?
Jersey Mike's Subs paid $482.0 million in dividends in fiscal 2025.