Lee Enterprises, Incorporated (LEE) Cash Flow Statement
Where LEE’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- −$5.5M −596.1% vs FY2024
- Capital expenditures
- $1.5M 0.3% of revenue
- Free cash flow
- −$7.1M −1.3% margin
- Returned to shareholders
- —
- Change in cash
- $391,000 cash at year-end $10.0M
Cash from operations
−$5.5M
Capital expenditures
−$1.5M
Investments (net)
+$7.7M
Acquisitions & other
+$1.5M
Net borrowing (repayment)
−$1.8M
Change in cash
$391,000
Drawn to scale: where the cash came from and how it was used. Hover for values.
LEE operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
LEE cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $79.2MFY2016 | −$5.5MFY2025 | — | |
| Capital expenditures | $7.1MFY2016 | $1.5MFY2025 | −15.6%/yr | |
| Free cash flow | $72.1MFY2016 | −$7.1MFY2025 | — | |
| Free cash flow margin | 11.7%FY2016 | −1.3%FY2025 | −13.0 pts | |
| Operating cash flow / net income | 2.20FY2016 | 29.41FY2022 | +27.21 | |
| Stock-based compensation | $2.3MFY2016 | $1.8MFY2025 | −3.0%/yr | |
| Dividends paid | $0FY2016 | $657,000FY2023 | — | |
| Share buybacks (net) | $0FY2016 | $0FY2025 | — | |
| Capex / revenue | 1.2%FY2016 | 0.3%FY2025 | −0.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LEE cash flow by activity
OperatingInvestingFinancingChange in cash
LEE 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).
LEE cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$35.7M | −$23.6M | −$2.7M | $97,000 | $24.8M | −$1.3M | $15.9M | $47.0M | $28.6M | $36.0M |
| Depreciation & amortization | $18.8M | $27.6M | $30.6M | $36.5M | $42.8M | $36.1M | $29.3M | $31.8M | $41.3M | $43.4M |
| Stock-based compensation | $1.8M | $1.8M | $1.8M | $1.3M | $854,000 | $1.3M | $1.6M | $1.9M | $2.1M | $2.3M |
| Change in working capital | −$10.6M | −$14.0M | −$31.7M | −$47.2M | −$20.3M | $15.7M | $3.8M | −$8.2M | −$14.3M | $4.5M |
| Other non-cash items | $20.3M | $9.3M | −$563,000 | $12.1M | $1.8M | −$2.0M | $7.0M | −$13.1M | $14.6M | −$7.1M |
| Cash from operating activities | −$5.5M | $1.1M | −$2.5M | $2.9M | $50.1M | $49.9M | $57.7M | $59.3M | $72.3M | $79.2M |
| Investing activities | ||||||||||
| Capital expenditures | −$1.5M | −$9.2M | −$5.1M | −$7.5M | −$7.5M | −$8.1M | −$5.9M | −$6.0M | −$4.1M | −$7.1M |
| Investments (net) | $7.7M | $3.7M | $2.9M | $6.3M | $1.0M | −$118.2M | −$10.9M | −$72,000 | −$9.5M | $34.5M |
| Acquisitions & other investing | $1.5M | $9.2M | $10.2M | $8.1M | $4.2M | $8.1M | $5.9M | $6.0M | $4.1M | $7.1M |
| Cash from investing activities | $7.7M | $3.7M | $8.0M | $6.9M | −$2.3M | −$118.2M | −$10.9M | −$72,000 | −$9.5M | $34.5M |
| Financing activities | ||||||||||
| Dividends paid | — | — | −$657,000 | −$576,000 | — | — | — | $0 | $0 | $0 |
| Share repurchases & issuance (net) | $0 | $0 | −$279,000 | $207,000 | $253,000 | −$584,000 | −$473,000 | −$502,000 | −$34,000 | $29,000 |
| Net borrowing (repayment) | −$1.8M | −$9.8M | −$6.8M | −$20.1M | −$55.7M | $131.7M | −$41.2M | −$64.0M | −$69.2M | −$107.5M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $0 | $657,000 | $738,000 | $0 | −$37.7M | −$1.8M | $0 | $0 | −$422,000 |
| Cash from financing activities | −$1.8M | −$9.8M | −$7.1M | −$19.7M | −$55.4M | $93.4M | −$43.5M | −$64.5M | −$69.2M | −$107.8M |
| Summary | ||||||||||
| Net change in cash | $391,000 | −$5.0M | −$1.6M | −$9.9M | −$7.6M | $25.1M | $3.3M | −$5.2M | −$6.4M | $5.8M |
| Cash at end of period | $10.0M | $9.6M | $14.5M | $16.2M | $26.1M | $33.7M | $8.6M | $5.4M | $10.6M | $17.0M |
| Free cash flow | −$7.1M | −$8.1M | −$7.6M | −$4.7M | $42.6M | $41.8M | $51.8M | $53.3M | $68.2M | $72.1M |
| Free cash flow margin | −1.3% | −1.3% | −1.1% | −0.6% | 5.4% | 6.8% | 10.2% | 9.8% | 12.0% | 11.7% |
| Capex / revenue | 0.3% | 1.5% | 0.7% | 1.0% | 0.9% | 1.3% | 1.2% | 1.1% | 0.7% | 1.2% |
| Operating cash flow / net income | — | — | — | 29.41 | 2.02 | — | 3.63 | 1.26 | 2.53 | 2.20 |
| 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 | $5.2M | −$1.7M | −$5.1M | −$5.8M | −$1.7M | −$12.0M | −$16.2M | −$9.5M | −$4.3M | −$12.2M | $1.2M | −$1.3M |
| Depreciation & amortization | $3.5M | $3.5M | $3.6M | $3.6M | $3.8M | $5.2M | $6.3M | $6.2M | $6.8M | $7.3M | $7.3M | $7.5M |
| Stock-based compensation | $181,000 | $213,000 | $328,000 | $429,000 | $540,000 | $358,000 | $430,000 | $562,000 | $474,000 | $501,000 | $214,000 | $422,000 |
| Change in working capital | $1.7M | −$9.0M | $3.7M | −$7.7M | $927,000 | −$4.1M | $268,000 | $509,000 | −$7.3M | −$3.0M | −$6.1M | −$16.5M |
| Other non-cash items | −$2.6M | $777,000 | $2.0M | $3.1M | $5.3M | $9.8M | $1.9M | $2.0M | $2.3M | $10.6M | −$2.6M | $8.8M |
| Cash from operating activities | $7.9M | −$6.2M | $4.5M | −$6.3M | $8.9M | −$790,000 | −$7.3M | −$261,000 | −$1.9M | $3.2M | $80,000 | −$1.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$1.1M | −$577,000 | −$758,000 | −$2.0M | −$616,000 | −$1.4M | −$1.6M | −$2.7M | −$3.6M | −$1.9M | −$1.0M | −$1.3M |
| Investments (net) | — | — | — | $2.6M | $1.9M | −$668,000 | $3.9M | $3.2M | $359,000 | −$1.9M | $2.1M | $2.9M |
| Acquisitions & other investing | $73,000 | $293,000 | $3,000 | $2.0M | $616,000 | $1.4M | $1.6M | $2.7M | $3.6M | $1.9M | $1.0M | $1.7M |
| Cash from investing activities | −$999,000 | −$284,000 | −$755,000 | $2.6M | $1.9M | −$668,000 | $3.9M | $3.2M | $359,000 | −$1.9M | $2.1M | $3.3M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | −$423,000 |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | −$221,000 | — | — | −$14,000 |
| Net borrowing (repayment) | — | — | — | −$406,000 | −$1.4M | $0 | $0 | −$6.8M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$763,000 | $46.4M | −$1.1M | $0 | $0 | $0 | $0 | $0 | −$918,000 | −$517,000 | −$1.4M | −$4.3M |
| Cash from financing activities | −$763,000 | $46.4M | −$1.1M | −$406,000 | −$1.4M | $0 | $0 | −$6.8M | −$1.1M | −$517,000 | −$1.4M | −$4.7M |
| Summary | ||||||||||||
| Net change in cash | $6.2M | $40.6M | $2.6M | −$4.1M | $9.5M | −$1.5M | −$3.5M | −$3.8M | −$2.7M | $742,000 | $816,000 | −$2.4M |
| Cash at end of period | $59.4M | $53.3M | $12.6M | $10.0M | $14.1M | $4.7M | $6.1M | $9.6M | $13.4M | $16.1M | $15.4M | $14.5M |
| Free cash flow | $6.8M | −$6.8M | $3.7M | −$4.3M | $8.3M | −$2.2M | −$8.9M | −$2.9M | −$5.5M | $1.3M | −$950,000 | −$2.4M |
| Free cash flow margin | 5.4% | −5.6% | 2.9% | −3.1% | 5.9% | −1.6% | −6.1% | −1.8% | −3.6% | 0.9% | −0.6% | −1.4% |
| Capex / revenue | 0.9% | 0.5% | 0.6% | 1.4% | 0.4% | 1.0% | 1.1% | 1.7% | 2.4% | 1.3% | 0.7% | 0.8% |
| Operating cash flow / net income | 1.53 | — | — | — | — | — | — | — | — | — | 0.06 | — |
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.
LEE cash generation
In fiscal 2025 (ended September 30, 2025), Lee Enterprises generated -$5.5 million of cash from operations (down 596.1%) and spent $1.5 million on capital expenditures, leaving free cash flow of -$7.1 million, −1.3% of revenue. Cash and equivalents rose by $0.4 million over the year.
Related: LEE income statement, LEE balance sheet. See the LEE stock overview for the latest quote and news.
LEE cash flow FAQ
What is Lee Enterprises's free cash flow?
Lee Enterprises's free cash flow was -$7.1 million in fiscal 2025: -$5.5 million of operating cash flow minus $1.5 million of capital expenditures It was -$8.1 million a year earlier..
How much cash does Lee Enterprises generate from operations?
Lee Enterprises generated -$5.5 million of cash from operating activities in fiscal 2025.
How much does Lee Enterprises spend on capital expenditures?
Lee Enterprises spent $1.5 million on capital expenditures in fiscal 2025, 0.3% of revenue, compared with $9.2 million the year before.