Monro, Inc. (MNRO) Cash Flow Statement
Where MNRO’s cash came from and went, FY2026
March 31, 2026 · U.S. dollars- Cash from operations
- $70.4M −46.6% vs FY2025
- Capital expenditures
- $31.7M 2.7% of revenue
- Free cash flow
- $38.8M 3.4% margin
- Returned to shareholders
- $35.0M 90% of free cash flow
- Change in cash
- −$6.1M cash at year-end $14.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
MNRO operating cash flow, capex and free cash flow
MNRO cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $129.9MFY2017 | $70.4MFY2026 | −6.6%/yr | |
| Capital expenditures | $34.6MFY2017 | $31.7MFY2026 | −1.0%/yr | |
| Free cash flow | $95.3MFY2017 | $38.8MFY2026 | −9.5%/yr | |
| Free cash flow margin | 9.3%FY2017 | 3.4%FY2026 | −6.0 pts | |
| Operating cash flow / net income | 2.11FY2017 | 32.42FY2026 | +30.30 | |
| Stock-based compensation | $2.5MFY2017 | $3.9MFY2026 | +5.1%/yr | |
| Dividends paid | $22.5MFY2017 | $35.0MFY2026 | +5.0%/yr | |
| Share buybacks (net) | $0FY2017 | $0FY2026 | — | |
| Capex / revenue | 3.4%FY2017 | 2.7%FY2026 | −0.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MNRO cash flow by activity
MNRO 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).
MNRO cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $2.2M | −$5.2M | $37.6M | $39.0M | $61.6M | $34.3M | $58.0M | $79.8M | $63.9M | $61.5M |
| Depreciation & amortization | $61.7M | $69.4M | $72.2M | $77.0M | $81.2M | $77.3M | $65.0M | $55.5M | $49.3M | $44.6M |
| Stock-based compensation | $3.9M | $4.7M | $4.3M | $5.7M | $4.3M | $2.4M | $3.8M | $4.0M | $2.9M | $2.5M |
| Change in working capital | $20.1M | $43.3M | $1.4M | $95.1M | $12.8M | $60.4M | −$23.3M | $1.0M | −$9.2M | $10.0M |
| Other non-cash items | −$17.4M | $19.7M | $9.8M | −$1.8M | $13.8M | $10.5M | $17.8M | $12.6M | $14.3M | $11.3M |
| Cash from operating activities | $70.4M | $131.9M | $125.2M | $215.0M | $173.8M | $184.9M | $121.3M | $152.9M | $121.2M | $129.9M |
| Investing activities | ||||||||||
| Capital expenditures | −$31.7M | −$26.4M | −$25.5M | −$39.0M | −$27.8M | −$51.7M | −$55.9M | −$44.5M | −$39.1M | −$34.6M |
| Investments (net) | — | −$1.2M | −$2.0M | $26.5M | −$109.8M | −$66.3M | −$158.8M | −$105.9M | −$58.5M | −$175.6M |
| Acquisitions & other investing | $30.5M | $26.4M | $25.5M | $39.0M | $27.8M | $51.7M | $55.9M | $44.5M | $39.1M | $34.6M |
| Cash from investing activities | −$1.2M | −$1.2M | −$2.0M | $26.5M | −$109.8M | −$66.3M | −$158.8M | −$105.9M | −$58.5M | −$175.6M |
| Financing activities | ||||||||||
| Dividends paid | −$35.0M | −$34.9M | −$35.5M | −$36.4M | −$34.7M | −$29.8M | −$29.7M | −$26.8M | −$24.0M | −$22.5M |
| Share repurchases & issuance (net) | $0 | −$420,000 | −$44.0M | −$96.9M | $2.1M | $6.3M | $6.2M | −$14.6M | $4.8M | $3.5M |
| Net borrowing (repayment) | −$39.9M | −$80.5M | −$42.0M | −$112.0M | −$53.4M | −$410.7M | $400.3M | −$30.5M | −$50.7M | $65.7M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$477,000 | −$670,000 | $17,000 | $733,000 | $0 | $0 | $0 | $29.3M | $0 | $0 |
| Cash from financing activities | −$75.4M | −$116.5M | −$121.6M | −$244.6M | −$86.0M | −$434.2M | $376.7M | −$42.7M | −$69.8M | $46.7M |
| Summary | ||||||||||
| Net change in cash | −$6.1M | $14.2M | $1.7M | −$3.1M | −$22.0M | −$315.5M | $339.3M | $4.3M | −$7.1M | $1.0M |
| Cash at end of period | $14.6M | $20.8M | $6.6M | $4.9M | $7.9M | $30.0M | $345.5M | $6.2M | $1.9M | $9.0M |
| Free cash flow | $38.8M | $105.5M | $99.7M | $176.0M | $145.9M | $133.2M | $65.4M | $108.4M | $82.1M | $95.3M |
| Free cash flow margin | 3.4% | 8.8% | 7.8% | 13.3% | 10.7% | 11.8% | 5.2% | 9.0% | 7.3% | 9.3% |
| Capex / revenue | 2.7% | 2.2% | 2.0% | 2.9% | 2.0% | 4.6% | 4.5% | 3.7% | 3.5% | 3.4% |
| Operating cash flow / net income | 32.42 | — | 3.33 | 5.51 | 2.82 | 5.39 | 2.09 | 1.92 | 1.90 | 2.11 |
| 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 | −$2.1M | −$8.8M | $11.1M | $5.7M | −$8.1M | −$21.3M | $4.6M | $5.6M | $5.9M | $3.7M | $12.2M | $12.9M |
| Depreciation & amortization | $15.7M | $15.5M | $15.3M | $15.3M | $15.6M | $17.0M | $17.1M | $17.5M | $17.7M | $17.8M | $17.9M | $18.1M |
| Stock-based compensation | $1.6M | −$2.3M | $1.1M | $214,000 | $984,000 | $2.0M | $1.2M | $833,000 | $664,000 | $1.8M | $590,000 | $1.4M |
| Change in working capital | −$51.1M | $13.7M | $701,000 | $15.0M | −$9.3M | $14.7M | −$9.1M | $38.8M | −$1.1M | −$30.3M | −$2.2M | −$9.2M |
| Other non-cash items | $5.5M | $4.0M | −$10.4M | −$3.8M | −$1.2M | $16.4M | $1.0M | −$233,000 | $2.5M | $1.8M | $3.7M | $3.3M |
| Cash from operating activities | −$30.4M | $22.2M | $17.8M | $32.3M | −$1.9M | $28.9M | $14.8M | $62.6M | $25.6M | −$5.3M | $32.2M | $26.6M |
| Investing activities | ||||||||||||
| Capital expenditures | −$7.5M | −$21.8M | −$8.7M | −$5.7M | −$7.4M | −$5.7M | −$6.9M | −$4.9M | −$8.9M | −$6.6M | −$3.2M | −$8.0M |
| Investments (net) | — | — | — | −$45,000 | −$2.4M | −$1.3M | −$4.5M | $8.9M | −$4.2M | −$1.7M | $6.4M | −$4.0M |
| Acquisitions & other investing | $3.0M | $13.7M | $18.1M | $5.7M | $7.4M | $5.7M | $6.9M | $4.9M | $8.9M | $6.6M | $3.2M | $8.0M |
| Cash from investing activities | −$4.5M | −$8.2M | $9.4M | −$45,000 | −$2.4M | −$1.3M | −$4.5M | $8.9M | −$4.2M | −$1.7M | $6.4M | −$4.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$8.7M | −$8.7M | −$8.7M | −$8.7M | −$8.7M | −$9.1M | −$8.4M | −$8.7M | −$8.7M | −$8.7M | −$8.9M | −$8.9M |
| Share repurchases & issuance (net) | — | — | — | — | — | $0 | — | −$420,000 | — | $0 | −$44.0M | $0 |
| Net borrowing (repayment) | $39.2M | $4.4M | −$24.0M | −$20.9M | $536,000 | −$7.9M | −$12.6M | −$60.1M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$590,000 | $0 | $0 | −$13,000 | −$464,000 | $0 | $0 | $0 | −$588,000 | −$1.6M | $29.2M | −$19.9M |
| Cash from financing activities | $29.8M | −$4.3M | −$32.8M | −$29.6M | −$8.7M | −$17.0M | −$21.0M | −$69.2M | −$9.3M | −$10.3M | −$23.7M | −$28.8M |
| Summary | ||||||||||||
| Net change in cash | −$5.1M | $9.7M | −$5.6M | $2.7M | −$13.0M | $10.6M | −$10.7M | $2.2M | $12.1M | −$17.3M | $14.8M | −$6.3M |
| Cash at end of period | $9.5M | $14.6M | $4.9M | $10.5M | $7.8M | $20.8M | $10.2M | $20.9M | $18.7M | $6.6M | $23.8M | $9.1M |
| Free cash flow | −$37.9M | $44.0M | $9.1M | $26.6M | −$9.3M | $23.2M | $7.9M | $57.6M | $16.8M | −$11.9M | $29.0M | $18.6M |
| Free cash flow margin | −13.2% | 16.1% | 3.1% | 9.2% | −3.1% | 7.9% | 2.6% | 19.1% | 5.7% | −3.8% | 9.1% | 5.8% |
| Capex / revenue | 2.6% | 8.0% | 3.0% | 2.0% | 2.5% | 1.9% | 2.2% | 1.6% | 3.0% | 2.1% | 1.0% | 2.5% |
| Operating cash flow / net income | — | — | 1.60 | 5.71 | — | — | 3.23 | 11.08 | 4.37 | −1.42 | 2.64 | 2.06 |
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.
MNRO cash generation
In fiscal 2026 (ended March 31, 2026), Monro generated $70.4 million of cash from operations (down 46.6%) and spent $31.7 million on capital expenditures, leaving free cash flow of $38.8 million, 3.4% of revenue. It returned $35.0 million to shareholders through dividends ($35.0 million) and net share buybacks ($0). Cash and equivalents fell by $6.1 million over the year.
Related: MNRO income statement, MNRO balance sheet, MNRO dividend history. See the MNRO stock overview for the latest quote and news.
MNRO cash flow FAQ
What is Monro's free cash flow?
Monro's free cash flow was $38.8 million in fiscal 2026: $70.4 million of operating cash flow minus $31.7 million of capital expenditures It was $105.5 million a year earlier..
How much cash does Monro generate from operations?
Monro generated $70.4 million of cash from operating activities in fiscal 2026, 32.42 times its net income of $2.2 million.
How much does Monro spend on capital expenditures?
Monro spent $31.7 million on capital expenditures in fiscal 2026, 2.7% of revenue, compared with $26.4 million the year before.
How much does Monro pay in dividends?
Monro paid $35.0 million in dividends in fiscal 2026, 90.1% of free cash flow.