Melco Resorts & Entertainment Limited (MLCO) Cash Flow Statement
Where MLCO’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $818.1M +30.6% vs 2024
- Capital expenditures
- $342.0M 6.6% of revenue
- Free cash flow
- $476.1M 9.2% margin
- Returned to shareholders
- $166.1M 35% of free cash flow
- Change in cash
- −$124.6M cash at year-end $1.15B
Drawn to scale: where the cash came from and how it was used. Hover for values.
MLCO operating cash flow, capex and free cash flow
MLCO cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.16B2016 | $818.1M2025 | −3.8%/yr | |
| Capital expenditures | $508.2M2016 | $342.0M2025 | −4.3%/yr | |
| Free cash flow | $649.9M2016 | $476.1M2025 | −3.4%/yr | |
| Free cash flow margin | 14.4%2016 | 9.2%2025 | −5.2 pts | |
| Operating cash flow / net income | 17.312016 | 5.622025 | −11.68 | |
| Stock-based compensation | $18.5M2016 | $29.3M2025 | +5.2%/yr | |
| Dividends paid | $385.6M2016 | $78,0002025 | −61.1%/yr | |
| Share buybacks (net) | $805.8M2016 | $166.0M2025 | −16.1%/yr | |
| Capex / revenue | 11.2%2016 | 6.6%2025 | −4.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MLCO cash flow by activity
MLCO 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).
MLCO cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $145.5M | −$28.0M | −$326.9M | −$1.10B | −$956.5M | −$1.45B | $394.2M | $353.9M | $315.3M | $66.9M |
| Depreciation & amortization | $543.6M | $541.5M | $543.4M | $521.9M | $579.8M | $618.5M | $651.2M | $567.9M | $540.6M | $552.3M |
| Stock-based compensation | $29.3M | $27.4M | $35.5M | $71.8M | $68.0M | $54.4M | $31.8M | $25.1M | $17.3M | $18.5M |
| Change in working capital | $6.3M | $65.1M | $242.5M | −$132.9M | −$36.3M | −$475.9M | −$365.9M | $79.6M | $174.9M | $369.2M |
| Other non-cash items | $93.5M | $20.6M | $128.2M | $16.8M | $76.2M | $396.7M | $124.8M | $30.2M | $114.4M | $151.2M |
| Cash from operating activities | $818.1M | $626.7M | $622.7M | −$619.4M | −$268.8M | −$861.0M | $836.2M | $1.06B | $1.16B | $1.16B |
| Investing activities | ||||||||||
| Capital expenditures | −$342.0M | −$301.2M | −$263.9M | −$622.1M | −$679.4M | −$463.9M | −$449.9M | −$667.5M | −$515.0M | −$508.2M |
| Investments (net) | — | −$300.8M | −$48.5M | −$806.1M | −$674.6M | $410.0M | −$1.03B | −$609.7M | −$410.2M | $280.6M |
| Acquisitions & other investing | $205,000 | $301.2M | $263.9M | $622.1M | $679.4M | $554,000 | $449.9M | $667.5M | $515.0M | $508.2M |
| Cash from investing activities | −$341.8M | −$300.8M | −$48.5M | −$806.1M | −$674.6M | −$53.3M | −$1.03B | −$609.7M | −$410.2M | $280.6M |
| Financing activities | ||||||||||
| Dividends paid | −$78,000 | −$344,000 | −$314,000 | −$196,000 | −$6.7M | −$79.1M | −$301.0M | −$271.5M | −$821.3M | −$385.6M |
| Share repurchases & issuance (net) | −$166.0M | −$113.0M | −$170.5M | −$192.5M | −$61.0M | −$45.0M | $2.94B | −$854.9M | $0 | −$805.8M |
| Net borrowing (repayment) | −$432.7M | −$328.0M | −$958.0M | $1.85B | $913.0M | $1.25B | $341.0M | $503.0M | −$193.8M | −$124.3M |
| Shares issued | $0 | $0 | $0 | $134.1M | $0 | $218.4M | $83.2M | $213.5M | $0 | $0 |
| Other financing | −$4.3M | −$37.0M | −$304,000 | −$8.0M | −$23.6M | −$83.0M | −$2.96B | $69.4M | −$810,000 | −$24.0M |
| Cash from financing activities | −$603.1M | −$478.3M | −$1.13B | $1.78B | $821.7M | $1.26B | $97.1M | −$340.5M | −$1.02B | −$1.34B |
| Summary | ||||||||||
| Net change in cash | −$124.6M | −$162.8M | −$552.6M | $335.1M | −$102.5M | $323.3M | −$88.1M | $38.1M | −$259.1M | −$186.6M |
| Cash at end of period | $1.15B | $1.27B | $1.44B | $1.99B | $1.65B | $1.76B | $1.43B | $1.52B | $1.48B | $1.74B |
| Free cash flow | $476.1M | $325.5M | $358.8M | −$1.24B | −$948.2M | −$1.32B | $386.2M | $385.8M | $646.1M | $649.9M |
| Free cash flow margin | 9.2% | 7.0% | 9.5% | −92.0% | −47.1% | −76.7% | 6.7% | 7.5% | 12.2% | 14.4% |
| Capex / revenue | 6.6% | 6.5% | 7.0% | 46.1% | 33.8% | 26.8% | 7.8% | 12.9% | 9.7% | 11.2% |
| Operating cash flow / net income | 5.62 | — | — | — | — | — | 2.12 | 2.99 | 3.69 | 17.31 |
| Jun '26 | Jun '25 | Sep '23 | |
|---|---|---|---|
| Operating activities | |||
| Net income | $22.7M | $17.2M | −$16.3M |
| Depreciation & amortization | $130.9M | $129.4M | $135.0M |
| Stock-based compensation | $7.3M | $7.6M | $7.6M |
| Other non-cash items | −$99.9M | −$17.8M | $143.7M |
| Cash from operating activities | $60.9M | $136.4M | $270.0M |
| Investing activities | |||
| Capital expenditures | −$59.0M | −$53.3M | $0 |
| Financing activities | |||
| Dividends paid | −$44.8M | −$20.0M | — |
| Net borrowing (repayment) | $416.7M | $460,000 | — |
| Shares issued | $0 | $0 | $0 |
| Other financing | −$51.6M | −$1.8M | — |
| Cash from financing activities | $320.3M | −$21.4M | — |
| Summary | |||
| Net change in cash | −$46.3M | $56.1M | −$14.4M |
| Cash at end of period | $578.3M | $697.6M | $1.42B |
| Free cash flow | $1.9M | $83.1M | $270.0M |
| Free cash flow margin | 0.2% | 6.3% | 26.5% |
| Capex / revenue | 4.7% | 4.0% | 0.0% |
| Operating cash flow / net income | 2.69 | 7.93 | — |
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.
MLCO cash generation
In fiscal 2025 (ended December 31, 2025), Melco Resorts & Entertainment generated $818.1 million of cash from operations (up 30.6%) and spent $342.0 million on capital expenditures, leaving free cash flow of $476.1 million, 9.2% of revenue. It returned $166.1 million to shareholders through dividends ($0.1 million) and net share buybacks ($166.0 million). Cash and equivalents fell by $124.6 million over the year.
Related: MLCO income statement, MLCO balance sheet. See the MLCO stock overview for the latest quote and news.
MLCO cash flow FAQ
What is Melco Resorts & Entertainment's free cash flow?
Melco Resorts & Entertainment's free cash flow was $476.1 million in fiscal 2025: $818.1 million of operating cash flow minus $342.0 million of capital expenditures It was $325.5 million a year earlier..
How much cash does Melco Resorts & Entertainment generate from operations?
Melco Resorts & Entertainment generated $818.1 million of cash from operating activities in fiscal 2025, 5.62 times its net income of $145.5 million.
How much does Melco Resorts & Entertainment spend on capital expenditures?
Melco Resorts & Entertainment spent $342.0 million on capital expenditures in fiscal 2025, 6.6% of revenue, compared with $301.2 million the year before.
How much stock does Melco Resorts & Entertainment buy back?
Melco Resorts & Entertainment spent $166.0 million on net share repurchases in fiscal 2025.
How much does Melco Resorts & Entertainment pay in dividends?
Melco Resorts & Entertainment paid $0.1 million in dividends in fiscal 2025, 0.0% of free cash flow.