Studio City International Holdings Limited (MSC) Cash Flow Statement
Where MSC’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $210.3M +10.8% vs 2024
- Capital expenditures
- $62.0M 8.9% of revenue
- Free cash flow
- $148.3M 21.4% margin
- Returned to shareholders
- —
- Change in cash
- −$18.2M cash at year-end $109.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
MSC operating cash flow, capex and free cash flow
MSC cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $14.6M2016 | $210.3M2025 | +34.5%/yr | |
| Capital expenditures | $111.7M2016 | $62.0M2025 | −6.3%/yr | |
| Free cash flow | −$97.2M2016 | $148.3M2025 | — | |
| Free cash flow margin | −22.9%2016 | 21.4%2025 | +44.2 pts | |
| Stock-based compensation | $791,0002020 | $361,0002022 | −32.4%/yr | |
| Share buybacks (net) | $02018 | $02024 | — | |
| Capex / revenue | 26.3%2016 | 8.9%2025 | −17.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MSC cash flow by activity
MSC 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).
MSC cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$64.3M | −$105.8M | −$133.5M | −$361.3M | −$302.0M | −$406.5M | $43.6M | −$20.7M | −$76.4M | −$242.8M |
| Depreciation & amortization | $212.0M | $205.1M | $169.4M | $127.0M | $127.6M | $160.3M | $171.9M | $167.9M | $176.3M | $171.9M |
| Stock-based compensation | — | — | — | $361,000 | $438,000 | $791,000 | — | — | — | — |
| Change in working capital | $57.4M | $85.3M | −$43.4M | $53.6M | $5.6M | $36.3M | −$6.3M | −$19.3M | −$60.2M | $34.2M |
| Other non-cash items | $5.2M | $5.4M | −$11.4M | $1.7M | $31.5M | $27.5M | $19.2M | $11.7M | $28.6M | $51.3M |
| Cash from operating activities | $210.3M | $189.9M | −$18.9M | −$178.8M | −$136.8M | −$181.6M | $228.5M | $139.5M | $68.3M | $14.6M |
| Investing activities | ||||||||||
| Capital expenditures | −$62.0M | −$86.8M | −$156.8M | −$452.1M | −$404.5M | −$188.5M | −$78.6M | −$153.2M | −$43.8M | −$111.7M |
| Investments (net) | — | −$108.5M | −$222.2M | −$453.4M | −$407.2M | −$9.6M | −$90.9M | −$147.5M | −$12.7M | −$106.7M |
| Acquisitions & other investing | −$23.2M | $86.8M | $217.5M | $452.1M | $404.5M | $2.6M | $78.6M | $153.2M | $1.2M | $111.7M |
| Cash from investing activities | −$85.1M | −$108.5M | −$161.5M | −$453.4M | −$407.2M | −$195.5M | −$90.9M | −$147.5M | −$55.3M | −$106.7M |
| Financing activities | ||||||||||
| Share repurchases & issuance (net) | — | $0 | $0 | $299.2M | −$445,000 | $499.2M | −$5.1M | $405.2M | — | — |
| Net borrowing (repayment) | −$143.1M | −$175.4M | −$100.4M | $350.0M | $505.2M | $150.0M | −$175.0M | −$400.0M | −$400.0M | −$95.6M |
| Shares issued | $0 | $0 | $0 | $299.2M | $0 | $499.2M | $0 | $405.2M | $0 | $0 |
| Other financing | $0 | −$7.9M | −$530,000 | −$305.2M | −$33.3M | −$524.6M | −$9.9M | −$405.2M | $398.7M | −$27.2M |
| Cash from financing activities | −$143.1M | −$183.3M | −$100.9M | $643.1M | $471.5M | $623.9M | −$190.0M | $5.2M | −$1.3M | −$122.8M |
| Summary | ||||||||||
| Net change in cash | −$18.2M | −$100.4M | −$281.5M | $10.2M | −$75.9M | $248.3M | −$50.3M | −$5.4M | $11.7M | −$214.9M |
| Cash at end of period | $109.5M | $127.8M | $228.0M | $509.7M | $499.4M | $573.4M | $327.2M | $377.6M | $382.9M | $371.2M |
| Free cash flow | $148.3M | $103.1M | −$175.7M | −$630.9M | −$541.3M | −$370.2M | $149.9M | −$13.7M | $24.5M | −$97.2M |
| Free cash flow margin | 21.4% | 16.1% | −39.4% | −5,463.3% | −506.5% | −752.2% | 23.9% | −2.4% | 4.5% | −22.9% |
| Capex / revenue | 8.9% | 13.6% | 35.2% | 3,915.2% | 378.5% | 383.1% | 12.5% | 26.8% | 8.1% | 26.3% |
| Operating cash flow / net income | — | — | — | — | — | — | 5.24 | — | — | — |
| Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|
| Operating activities | |||
| Net income | −$14.6M | −$18.6M | −$28.4M |
| Depreciation & amortization | $50.1M | $50.7M | $45.4M |
| Change in working capital | — | −$84.1M | −$84.1M |
| Other non-cash items | −$27.2M | $117.5M | $157.8M |
| Cash from operating activities | $8.4M | $65.6M | $90.8M |
| Investing activities | |||
| Capital expenditures | −$17.2M | −$29.1M | −$29.1M |
| Investments (net) | — | −$32.7M | — |
| Acquisitions & other investing | −$1.0M | $29.1M | — |
| Cash from investing activities | −$18.2M | −$32.7M | — |
| Financing activities | |||
| Shares issued | $0 | $0 | $0 |
| Other financing | — | −$99.0M | −$99.0M |
| Cash from financing activities | — | −$99.0M | −$99.0M |
| Summary | |||
| Net change in cash | −$10.0M | −$64.9M | −$108.4M |
| Cash at end of period | $218.0M | $228.2M | $293.0M |
| Free cash flow | −$8.8M | $36.4M | $90.8M |
| Free cash flow margin | −5.9% | 25.8% | 66.0% |
| Capex / revenue | 11.5% | 20.6% | 21.2% |
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.
MSC cash generation
In fiscal 2025 (ended December 31, 2025), Studio City International generated $210.3 million of cash from operations (up 10.8%) and spent $62.0 million on capital expenditures, leaving free cash flow of $148.3 million, 21.4% of revenue. Cash and equivalents fell by $18.2 million over the year.
Related: MSC income statement, MSC balance sheet. See the MSC stock overview for the latest quote and news.
MSC cash flow FAQ
What is Studio City International's free cash flow?
Studio City International's free cash flow was $148.3 million in fiscal 2025: $210.3 million of operating cash flow minus $62.0 million of capital expenditures It was $103.1 million a year earlier..
How much cash does Studio City International generate from operations?
Studio City International generated $210.3 million of cash from operating activities in fiscal 2025.
How much does Studio City International spend on capital expenditures?
Studio City International spent $62.0 million on capital expenditures in fiscal 2025, 8.9% of revenue, compared with $86.8 million the year before.