McGrath RentCorp (MGRC) Cash Flow Statement
Where MGRC’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $255.7M −31.7% vs 2024
- Capital expenditures
- $44.4M 4.7% of revenue
- Free cash flow
- $211.3M 22.4% margin
- Returned to shareholders
- $47.9M 23% of free cash flow
- Change in cash
- −$512,000 cash at year-end $295,000
Drawn to scale: where the cash came from and how it was used. Hover for values.
MGRC operating cash flow, capex and free cash flow
MGRC cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $141.8M2016 | $255.7M2025 | +6.8%/yr | |
| Capital expenditures | $89.6M2016 | $44.4M2025 | −7.5%/yr | |
| Free cash flow | $52.2M2016 | $211.3M2025 | +16.8%/yr | |
| Free cash flow margin | 12.3%2016 | 22.4%2025 | +10.1 pts | |
| Operating cash flow / net income | 3.712016 | 1.642025 | −2.07 | |
| Stock-based compensation | $3.1M2016 | $11.2M2025 | +15.4%/yr | |
| Dividends paid | $24.4M2016 | $47.9M2025 | +7.8%/yr | |
| Share buybacks (net) | $1.3M2016 | $4.4M2024 | +16.5%/yr | |
| Capex / revenue | 21.1%2016 | 4.7%2025 | −16.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MGRC cash flow by activity
MGRC 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).
MGRC cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $156.3M | $231.7M | $174.6M | $115.1M | $89.7M | $102.0M | $96.8M | $79.4M | $153.9M | $38.3M |
| Depreciation & amortization | $107.1M | $107.5M | $109.4M | $111.3M | $106.7M | $94.6M | $89.5M | $82.0M | $78.4M | $81.2M |
| Stock-based compensation | $11.2M | $9.5M | $8.3M | $8.0M | $7.7M | $5.5M | $5.9M | $4.1M | $3.2M | $3.1M |
| Change in working capital | −$10.0M | $29.3M | −$85.5M | −$7.8M | $16.4M | −$3.6M | $16.2M | −$4.4M | −$98.2M | $30.9M |
| Other non-cash items | −$8.9M | −$3.6M | −$111.4M | −$32.3M | −$24.8M | −$18.1M | −$20.4M | −$18.4M | −$14.9M | −$11.7M |
| Cash from operating activities | $255.7M | $374.4M | $95.3M | $194.4M | $195.7M | $180.5M | $188.0M | $142.7M | $122.4M | $141.8M |
| Investing activities | ||||||||||
| Capital expenditures | −$44.4M | −$40.2M | −$273.7M | −$205.3M | −$116.8M | −$100.1M | −$179.8M | −$138.7M | −$109.2M | −$89.6M |
| Investments (net) | — | −$150.8M | −$376.2M | −$131.4M | −$351.7M | −$53.0M | −$143.1M | −$104.5M | −$70.9M | −$60.2M |
| Acquisitions & other investing | −$82.7M | $40.2M | $258.0M | $205.3M | $116.8M | $100.1M | $179.8M | $138.7M | $109.2M | $89.6M |
| Cash from investing activities | −$127.1M | −$150.8M | −$391.9M | −$131.4M | −$351.7M | −$53.0M | −$143.1M | −$104.5M | −$70.9M | −$60.2M |
| Financing activities | ||||||||||
| Dividends paid | −$47.9M | −$46.8M | −$45.6M | −$44.3M | −$42.2M | −$39.8M | −$35.5M | −$30.9M | −$24.9M | −$24.4M |
| Share repurchases & issuance (net) | — | −$4.4M | −$7.2M | −$6.5M | −$5.3M | −$13.6M | −$3.3M | −$3.3M | −$2.1M | −$1.3M |
| Net borrowing (repayment) | −$75.5M | −$172.6M | $349.2M | −$12.7M | $203.7M | −$70.7M | −$5.1M | −$4.9M | −$22.9M | −$55.1M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$5.7M | $0 | $0 | $0 | $0 | −$4.4M | $0 | $0 | $0 | −$1.0M |
| Cash from financing activities | −$129.1M | −$223.7M | $296.4M | −$63.5M | $156.2M | −$128.5M | −$44.0M | −$39.1M | −$49.9M | −$81.8M |
| Summary | ||||||||||
| Net change in cash | −$512,000 | −$70,000 | −$80,000 | −$534,000 | $253,000 | −$1.1M | $834,000 | −$993,000 | $1.6M | −$251,000 |
| Cash at end of period | $295,000 | $807,000 | $877,000 | $957,000 | $1.5M | $1.2M | $2.3M | $1.5M | $2.5M | $852,000 |
| Free cash flow | $211.3M | $334.1M | −$178.3M | −$10.9M | $78.9M | $80.5M | $8.2M | $3.9M | $13.2M | $52.2M |
| Free cash flow margin | 22.4% | 36.7% | −21.4% | −1.7% | 12.8% | 14.1% | 1.4% | 0.8% | 2.9% | 12.3% |
| Capex / revenue | 4.7% | 4.4% | 32.9% | 32.3% | 18.9% | 17.5% | 31.5% | 27.8% | 23.6% | 21.1% |
| Operating cash flow / net income | 1.64 | 1.62 | 0.55 | 1.69 | 2.18 | 1.77 | 1.94 | 1.80 | 0.80 | 3.71 |
| 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 | $33.7M | $27.0M | $49.8M | $42.3M | $36.0M | $28.2M | $38.9M | $149.3M | $20.6M | $22.8M | $32.0M | $40.4M |
| Depreciation & amortization | $28.5M | $27.8M | $27.4M | $27.0M | $26.3M | $26.4M | $26.6M | $26.7M | $26.9M | $27.2M | $27.5M | $26.9M |
| Stock-based compensation | $2.9M | $2.8M | $3.1M | $2.8M | $2.8M | $2.5M | $2.6M | $2.4M | $2.3M | $2.2M | $3.0M | $1.9M |
| Change in working capital | −$13.1M | −$10.0M | $3.6M | −$4.2M | −$10.2M | $730,000 | −$28.9M | $9.5M | $29.9M | $18.7M | −$91.1M | −$19.3M |
| Other non-cash items | $11.5M | −$5.3M | −$3.0M | −$2.7M | $876,000 | −$4.0M | −$2.5M | $11.0M | −$646,000 | −$11.5M | $5.0M | −$2.4M |
| Cash from operating activities | $63.3M | $42.4M | $80.9M | $65.1M | $55.8M | $53.9M | $36.8M | $199.0M | $79.2M | $59.4M | −$23.6M | $47.5M |
| Investing activities | ||||||||||||
| Capital expenditures | −$11.4M | −$8.0M | −$11.1M | −$11.6M | −$17.6M | −$4.0M | −$28.1M | −$27.9M | −$71.6M | −$103.9M | −$85.9M | −$48.5M |
| Investments (net) | — | — | — | −$26.5M | −$58.9M | −$2.7M | −$9.9M | −$6.9M | −$55.8M | −$78.1M | −$60.3M | −$31.3M |
| Acquisitions & other investing | −$66.1M | −$33.0M | −$27.9M | $11.6M | $17.6M | $4.0M | $28.1M | $27.9M | $71.6M | $103.9M | $85.9M | $48.5M |
| Cash from investing activities | −$77.4M | −$41.0M | −$39.1M | −$26.5M | −$58.9M | −$2.7M | −$9.9M | −$6.9M | −$55.8M | −$78.1M | −$60.3M | −$31.3M |
| Financing activities | ||||||||||||
| Dividends paid | −$12.2M | −$12.5M | −$11.9M | −$11.9M | −$11.9M | −$12.1M | −$11.7M | −$11.7M | −$11.7M | −$11.8M | −$11.4M | −$11.4M |
| Share repurchases & issuance (net) | −$15.5M | −$11.9M | −$5.6M | $5.6M | −$68,000 | −$5.6M | −$289,000 | — | — | −$4.1M | −$1.1M | — |
| Net borrowing (repayment) | $43.9M | $31.1M | −$36.9M | −$20.9M | $13.2M | −$30.9M | −$18.1M | −$185.7M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$77,000 | −$6.0M | $5.6M | −$5.6M | $0 | $0 | $0 | $0 | −$4.3M | $35.6M | $95.3M | −$5.0M |
| Cash from financing activities | $16.1M | $708,000 | −$48.8M | −$32.8M | $1.2M | −$48.6M | −$30.1M | −$197.4M | −$16.0M | $19.7M | $82.8M | −$16.4M |
| Summary | ||||||||||||
| Net change in cash | $2.0M | $2.1M | −$7.0M | $5.8M | −$1.9M | $2.6M | −$3.2M | −$5.3M | $7.5M | $1.0M | −$1.1M | −$259,000 |
| Cash at end of period | $4.4M | $2.4M | $295,000 | $7.3M | $1.5M | $3.4M | $807,000 | $4.1M | $9.4M | $1.9M | $877,000 | $1.9M |
| Free cash flow | $52.0M | $34.3M | $69.8M | $53.5M | $38.2M | $49.9M | $8.7M | $171.1M | $7.7M | −$44.5M | −$109.5M | −$1.0M |
| Free cash flow margin | 23.5% | 17.3% | 27.2% | 20.8% | 16.2% | 25.5% | 3.6% | 64.1% | 3.6% | −23.7% | −49.4% | −0.4% |
| Capex / revenue | 5.1% | 4.0% | 4.3% | 4.5% | 7.5% | 2.0% | 11.5% | 10.4% | 33.7% | 55.3% | 38.8% | 19.9% |
| Operating cash flow / net income | 1.88 | 1.57 | 1.62 | 1.54 | 1.55 | 1.91 | 0.94 | 1.33 | 3.84 | 2.60 | −0.74 | 1.18 |
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.
MGRC cash generation
In fiscal 2025 (ended December 31, 2025), McGrath RentCorp generated $255.7 million of cash from operations (down 31.7%) and spent $44.4 million on capital expenditures, leaving free cash flow of $211.3 million, 22.4% of revenue. It returned $47.9 million to shareholders through dividends ($47.9 million) and net share buybacks ($0). Cash and equivalents fell by $0.5 million over the year.
Related: MGRC income statement, MGRC balance sheet, MGRC dividend history. See the MGRC stock overview for the latest quote and news.
MGRC cash flow FAQ
What is McGrath RentCorp's free cash flow?
McGrath RentCorp's free cash flow was $211.3 million in fiscal 2025: $255.7 million of operating cash flow minus $44.4 million of capital expenditures It was $334.1 million a year earlier..
How much cash does McGrath RentCorp generate from operations?
McGrath RentCorp generated $255.7 million of cash from operating activities in fiscal 2025, 1.64 times its net income of $156.3 million.
How much does McGrath RentCorp spend on capital expenditures?
McGrath RentCorp spent $44.4 million on capital expenditures in fiscal 2025, 4.7% of revenue, compared with $40.2 million the year before.
How much does McGrath RentCorp pay in dividends?
McGrath RentCorp paid $47.9 million in dividends in fiscal 2025, 22.7% of free cash flow.