Lucas GC Limited (LGCL) Cash Flow Statement
Where LGCL’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $34.9M
- Capital expenditures
- $81.0M 8.0% of revenue
- Free cash flow
- −$46.0M −4.5% margin
- Returned to shareholders
- —
- Change in cash
- −$6,580 cash at year-end $30.3M
Drawn to scale: where the cash came from and how it was used. Hover for values.
LGCL operating cash flow, capex and free cash flow
LGCL cash flow trends, 2015–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $228,9962015 | $34.9M2025 | +173.3%/yr | |
| Capital expenditures | $250,0002015 | $81.0M2025 | +217.7%/yr | |
| Free cash flow | −$21,0032015 | −$46.0M2025 | — | |
| Free cash flow margin | −0.2%2015 | −4.5%2025 | −4.3 pts | |
| Operating cash flow / net income | 0.272015 | 3.672025 | +3.40 | |
| Capex / revenue | 2.8%2015 | 8.0%2025 | +5.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LGCL cash flow by activity
LGCL 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).
LGCL cash flow statement
| 2025 | 2022 | 2021 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | $9.5M | $36.1M | $39.8M | $6.8M | $3.2M | $863,497 |
| Depreciation & amortization | $13.2M | $4.0M | $1.5M | $73,866 | $51,093 | $21,926 |
| Change in working capital | $8.0M | −$28.2M | −$80.1M | $1.2M | −$13.8M | −$679,216 |
| Other non-cash items | $4.2M | −$27.1M | $99.4M | −$2.8M | $16.2M | $22,789 |
| Cash from operating activities | $34.9M | −$15.1M | $60.6M | $5.3M | $5.6M | $228,996 |
| Investing activities | ||||||
| Capital expenditures | −$81.0M | −$2.0M | −$3.7M | −$152,531 | $0 | −$250,000 |
| Investments (net) | — | $16.8M | −$47.8M | — | — | — |
| Acquisitions & other investing | −$23.4M | $2.0M | $3.7M | $1.0M | −$984,271 | $0 |
| Cash from investing activities | −$104.3M | $16.8M | −$47.8M | $849,633 | −$984,271 | −$250,000 |
| Financing activities | ||||||
| Share repurchases & issuance (net) | — | $0 | — | — | — | — |
| Net borrowing (repayment) | — | $5.9M | $0 | — | — | — |
| Shares issued | $0 | $0 | $26.5M | $0 | $0 | $0 |
| Other financing | $69.2M | −$2.5M | $52.7M | −$808,648 | — | — |
| Cash from financing activities | $69.2M | $3.4M | $79.2M | −$808,648 | — | — |
| Summary | ||||||
| Net change in cash | −$6,580 | $5.3M | $91.9M | $5.1M | $4.8M | $52,607 |
| Cash at end of period | $30.3M | $49.3M | $96.7M | $9.9M | $4.9M | $52,607 |
| Free cash flow | −$46.0M | −$17.2M | $56.9M | $5.1M | $5.6M | −$21,003 |
| Free cash flow margin | −4.5% | −2.2% | 8.7% | 10.7% | 14.1% | −0.2% |
| Capex / revenue | 8.0% | 0.3% | 0.6% | 0.3% | 0.0% | 2.8% |
| Operating cash flow / net income | 3.67 | −0.42 | 1.52 | 0.78 | 1.79 | 0.27 |
| Sep '26 | Mar '26 | Sep '25 | Dec '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | Dec '22 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $19.8M | $9.9M | −$13.4M | −$13.4M | $24.4M | $12.2M | $12.2M | $53.3M | $26.6M | $17.7M |
| Depreciation & amortization | $9.8M | $9.0M | $6.4M | $8.8M | $2.4M | $1.2M | $1.2M | $2.6M | $1.3M | $2.4M |
| Change in working capital | −$29.4M | −$7.0M | −$24.2M | −$24.2M | −$312.1M | −$156.1M | −$156.1M | $251.6M | $125.8M | −$5.8M |
| Other non-cash items | $8.1M | $23.6M | $51.4M | $48.9M | $263.4M | $131.7M | $131.7M | −$322.0M | −$161.0M | −$6.3M |
| Cash from operating activities | $8.3M | $35.5M | $20.2M | $20.2M | −$21.9M | −$11.0M | −$11.0M | −$14.5M | −$7.2M | $8.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$6.6M | −$83.2M | −$77.2M | −$77.2M | −$12.1M | −$6.1M | −$6.1M | $0 | $0 | −$13.7M |
| Acquisitions & other investing | −$303.8M | −$24.0M | −$2.8M | −$2.8M | $4,000 | — | — | — | — | $18.3M |
| Cash from investing activities | −$310.5M | −$107.3M | −$79.9M | −$79.9M | −$12.1M | — | — | — | — | $4.6M |
| Financing activities | ||||||||||
| Share repurchases & issuance (net) | — | — | −$856,000 | −$856,000 | — | — | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $285.7M | $71.6M | $61.6M | $61.6M | $11.7M | $5.8M | $5.8M | $17.7M | $8.9M | $1.7M |
| Cash from financing activities | $285.7M | $71.6M | $60.7M | $60.7M | $11.7M | $5.8M | $5.8M | $17.7M | $8.9M | $1.7M |
| Summary | ||||||||||
| Net change in cash | −$19.3M | −$1.4M | $31.7M | $31.7M | −$22.3M | −$11.2M | −$11.2M | $3.3M | $1.6M | $14.3M |
| Cash at end of period | $10.6M | $30.3M | $31.7M | $31.7M | $30.2M | −$11.2M | −$11.2M | $3.3M | $1.6M | $63.6M |
| Free cash flow | $1.6M | −$47.8M | −$57.0M | −$57.0M | −$34.0M | −$17.0M | −$17.0M | −$14.5M | −$7.2M | −$5.7M |
| Free cash flow margin | 0.7% | −7.4% | −12.4% | −12.4% | −5.2% | −5.2% | −5.2% | −1.8% | −1.8% | −2.5% |
| Capex / revenue | 2.7% | 12.9% | 16.9% | 16.9% | 1.9% | 1.9% | 1.9% | 0.0% | 0.0% | 5.9% |
| Operating cash flow / net income | 0.42 | 3.60 | — | — | −0.90 | −0.90 | −0.90 | −0.27 | −0.27 | 0.45 |
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.
LGCL cash generation
In fiscal 2025 (ended December 31, 2025), Lucas GC generated $34.9 million of cash from operations and spent $81.0 million on capital expenditures, leaving free cash flow of -$46.0 million, −4.5% of revenue. Cash and equivalents fell by $0.0 million over the year.
Related: LGCL income statement, LGCL balance sheet. See the LGCL stock overview for the latest quote and news.
LGCL cash flow FAQ
What is Lucas GC's free cash flow?
Lucas GC's free cash flow was -$46.0 million in fiscal 2025: $34.9 million of operating cash flow minus $81.0 million of capital expenditures It was -$17.2 million a year earlier..
How much cash does Lucas GC generate from operations?
Lucas GC generated $34.9 million of cash from operating activities in fiscal 2025, 3.67 times its net income of $9.5 million.
How much does Lucas GC spend on capital expenditures?
Lucas GC spent $81.0 million on capital expenditures in fiscal 2025, 8.0% of revenue, compared with $2.0 million the year before.