MarketWise, Inc. (MKTW) Cash Flow Statement
Where MKTW’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $46.0M
- Capital expenditures
- $391,000 0.1% of revenue
- Free cash flow
- $45.6M 13.9% margin
- Returned to shareholders
- $8.2M 18% of free cash flow
- Change in cash
- −$27.7M cash at year-end $70.1M
Drawn to scale: where the cash came from and how it was used. Hover for values.
MKTW operating cash flow, capex and free cash flow
MKTW cash flow trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $76.5M2018 | $46.0M2025 | −7.0%/yr | |
| Capital expenditures | $1.5M2018 | $391,0002025 | −17.5%/yr | |
| Free cash flow | $75.0M2018 | $45.6M2025 | −6.9%/yr | |
| Free cash flow margin | 31.4%2018 | 13.9%2025 | −17.6 pts | |
| Operating cash flow / net income | 4.102018 | 0.722025 | −3.38 | |
| Stock-based compensation | $5.3M2018 | $11.1M2025 | +11.0%/yr | |
| Dividends paid | $22.0M2018 | $4.8M2025 | −19.6%/yr | |
| Share buybacks (net) | $02019 | $3.4M2025 | — | |
| Capex / revenue | 0.6%2018 | 0.1%2025 | −0.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MKTW cash flow by activity
MKTW 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).
MKTW cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | $64.0M | $93.1M | $1.8M | $101.2M | −$953.9M | −$541.1M | $28.0M | $18.7M |
| Depreciation & amortization | $2.2M | $2.8M | $3.8M | $3.1M | $2.7M | $2.6M | $2.3M | $2.5M |
| Stock-based compensation | $11.1M | $12.2M | $23.4M | $9.0M | $210.9M | $18.7M | $8.6M | $5.3M |
| Change in working capital | −$32.4M | −$138.0M | −$29.0M | −$52.9M | $89.8M | $113.6M | $15.4M | $39.6M |
| Other non-cash items | $1.0M | $7.8M | $62.4M | −$12.1M | $714.2M | $462.1M | −$159,000 | $10.4M |
| Cash from operating activities | $46.0M | −$22.1M | $62.4M | $48.4M | $63.6M | $55.9M | $54.2M | $76.5M |
| Investing activities | ||||||||
| Capital expenditures | −$391,000 | −$681,000 | −$1.7M | −$171,000 | −$1.2M | −$485,000 | −$929,000 | −$1.5M |
| Investments (net) | — | −$681,000 | −$1.7M | −$13.2M | −$8.3M | −$9.6M | $12.4M | −$16.5M |
| Acquisitions & other investing | −$1.2M | $681,000 | $1.5M | $171,000 | $1.2M | $485,000 | $929,000 | $1.5M |
| Cash from investing activities | −$1.6M | −$681,000 | −$1.9M | −$13.2M | −$8.3M | −$9.6M | $12.4M | −$16.5M |
| Financing activities | ||||||||
| Dividends paid | −$4.8M | −$1.5M | −$5.7M | −$1.2M | −$135.5M | −$101.8M | −$20.5M | −$22.0M |
| Share repurchases & issuance (net) | −$3.4M | −$10.8M | −$5.7M | −$13.1M | −$3.3M | $0 | $0 | — |
| Net borrowing (repayment) | — | — | — | $0 | $0 | −$5.4M | −$1.9M | −$4.1M |
| Shares issued | $418,000 | $301,000 | $642,000 | $827,000 | $0 | $0 | $0 | $0 |
| Other financing | −$64.4M | −$22.4M | −$53.1M | −$2.8M | $108.1M | $3.8M | −$4.9M | −$4.0M |
| Cash from financing activities | −$72.1M | −$34.5M | −$64.0M | −$16.2M | −$30.7M | −$103.4M | −$27.3M | −$30.1M |
| Summary | ||||||||
| Net change in cash | −$27.7M | −$57.3M | −$3.4M | $19.0M | $24.7M | −$57.2M | $39.2M | $29.9M |
| Cash at end of period | $70.1M | $97.9M | $155.2M | $158.6M | $139.6M | $114.9M | $172.1M | $132.9M |
| Free cash flow | $45.6M | −$22.8M | $60.7M | $48.2M | $62.5M | $55.4M | $53.3M | $75.0M |
| Free cash flow margin | 13.9% | −5.6% | 13.5% | 9.4% | 11.4% | 15.2% | 19.6% | 31.4% |
| Capex / revenue | 0.1% | 0.2% | 0.4% | 0.0% | 0.2% | 0.1% | 0.3% | 0.6% |
| Operating cash flow / net income | 0.72 | −0.24 | 35.03 | 0.48 | — | — | 1.94 | 4.10 |
| 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 | −$2.6M | −$554,000 | $29.9M | $17.9M | $31.3M | $890,000 | $2.1M | $22.7M | $1.5M | $1.7M | $139,000 | $12.0M |
| Depreciation & amortization | $565,000 | $518,000 | $504,000 | $651,000 | $500,000 | $531,000 | $756,000 | $635,000 | $669,000 | $693,000 | $842,000 | $1.0M |
| Stock-based compensation | $2.9M | $2.2M | $16.8M | $2.8M | $2.6M | $3.1M | $3.5M | $3.2M | $1.7M | $3.8M | $13.1M | $2.9M |
| Change in working capital | $29.3M | −$4.5M | $8.4M | −$20.3M | −$1.1M | −$19.5M | −$28.7M | −$33.3M | −$29.2M | −$46.8M | −$1.7M | −$7.4M |
| Other non-cash items | −$7.7M | $257,000 | −$31.4M | $1.1M | −$15.4M | $16.6M | $28.3M | $838,000 | $21.5M | $22.2M | $5.1M | $3.5M |
| Cash from operating activities | $22.4M | −$2.1M | $24.2M | $2.2M | $17.8M | $1.7M | $6.0M | −$5.8M | −$3.8M | −$18.5M | $17.5M | $12.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$27,000 | −$473,000 | −$1.0M | −$477,000 | −$118,000 | −$45,000 | −$81,000 | −$40,000 | −$496,000 | −$252,000 | −$239,000 | −$529,000 |
| Investments (net) | — | — | — | −$477,000 | −$339,000 | −$222,000 | $107,000 | −$40,000 | −$496,000 | −$252,000 | −$239,000 | −$699,000 |
| Acquisitions & other investing | −$992,000 | −$127,000 | $516,000 | $477,000 | $118,000 | $45,000 | $81,000 | $40,000 | $496,000 | $252,000 | $239,000 | $529,000 |
| Cash from investing activities | −$1.0M | −$600,000 | −$529,000 | −$477,000 | −$339,000 | −$222,000 | $107,000 | −$40,000 | −$496,000 | −$252,000 | −$239,000 | −$699,000 |
| Financing activities | ||||||||||||
| Dividends paid | −$1.2M | −$1.1M | −$974,000 | −$1.0M | −$772,000 | −$2.0M | −$393,000 | −$389,000 | −$381,000 | −$343,000 | −$5.4M | −$299,000 |
| Share repurchases & issuance (net) | −$306,000 | −$57,000 | −$478,000 | −$1.1M | −$1.9M | −$583,000 | $25.0M | −$196,000 | −$10.8M | −$1.2M | −$5.7M | −$414,000 |
| Shares issued | $0 | $0 | $135,000 | $0 | $0 | $0 | $88,000 | $0 | $0 | $0 | $346,000 | $0 |
| Other financing | −$39.7M | −$13.6M | −$2.8M | −$18.1M | −$24.9M | −$17.6M | −$27.1M | −$8.8M | −$6.3M | −$3.7M | −$45.3M | −$3.7M |
| Cash from financing activities | −$41.1M | −$14.8M | −$4.1M | −$20.2M | −$27.6M | −$20.2M | −$2.3M | −$9.4M | −$17.5M | −$5.2M | −$56.1M | −$4.4M |
| Summary | ||||||||||||
| Net change in cash | −$19.8M | −$17.5M | $19.6M | −$18.6M | −$10.1M | −$18.7M | $3.8M | −$15.2M | −$21.8M | −$24.0M | −$38.8M | $7.0M |
| Cash at end of period | $32.9M | $52.7M | $70.1M | $50.5M | $69.1M | $79.2M | $97.9M | $94.1M | $109.3M | $131.2M | $155.2M | $194.0M |
| Free cash flow | $22.4M | −$2.5M | $25.3M | $1.7M | $17.7M | $1.7M | $5.9M | −$5.9M | −$4.3M | −$18.8M | $17.3M | $11.5M |
| Free cash flow margin | 29.5% | −3.3% | 30.3% | 2.1% | 22.2% | 2.0% | 6.1% | −6.0% | −4.1% | −17.2% | 15.4% | 10.9% |
| Capex / revenue | 0.0% | 0.6% | 1.3% | 0.6% | 0.1% | 0.1% | 0.1% | 0.0% | 0.5% | 0.2% | 0.2% | 0.5% |
| Operating cash flow / net income | — | — | 0.81 | 0.12 | 0.57 | 1.95 | 2.80 | −0.26 | −2.46 | −11.17 | 126.09 | 1.00 |
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.
MKTW cash generation
In fiscal 2025 (ended December 31, 2025), MarketWise generated $46.0 million of cash from operations and spent $0.4 million on capital expenditures, leaving free cash flow of $45.6 million, 13.9% of revenue. It returned $8.2 million to shareholders through dividends ($4.8 million) and net share buybacks ($3.4 million). Cash and equivalents fell by $27.7 million over the year.
Related: MKTW income statement, MKTW balance sheet, MKTW dividend history. See the MKTW stock overview for the latest quote and news.
MKTW cash flow FAQ
What is MarketWise's free cash flow?
MarketWise's free cash flow was $45.6 million in fiscal 2025: $46.0 million of operating cash flow minus $0.4 million of capital expenditures It was -$22.8 million a year earlier..
How much cash does MarketWise generate from operations?
MarketWise generated $46.0 million of cash from operating activities in fiscal 2025, 0.72 times its net income of $64.0 million.
How much does MarketWise spend on capital expenditures?
MarketWise spent $0.4 million on capital expenditures in fiscal 2025, 0.1% of revenue, compared with $0.7 million the year before.
How much stock does MarketWise buy back?
MarketWise spent $3.4 million on net share repurchases in fiscal 2025.
How much does MarketWise pay in dividends?
MarketWise paid $4.8 million in dividends in fiscal 2025, 10.5% of free cash flow.