GrabAGun Digital Holdings Inc. (PEW) Cash Flow Statement
Where PEW’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$417,000
- Capital expenditures
- $8.5M 8.8% of revenue
- Free cash flow
- −$8.9M −9.2% margin
- Returned to shareholders
- $8.8M
- Change in cash
- $102.5M cash at year-end $110.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
PEW operating cash flow, capex and free cash flow
PEW cash flow trends, 2023–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$680,8732023 | −$417,0002025 | — | |
| Capital expenditures | $32023 | $8.5M2025 | +167,957.5%/yr | |
| Free cash flow | −$680,8702023 | −$8.9M2025 | — | |
| Free cash flow margin | −2.5%2024 | −9.2%2025 | −6.7 pts | |
| Operating cash flow / net income | −1.642023 | −0.402024 | +1.24 | |
| Stock-based compensation | $02024 | $3.8M2025 | — | |
| Share buybacks (net) | $02024 | $8.8M2025 | — | |
| Capex / revenue | 0.2%2024 | 8.8%2025 | +8.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PEW cash flow by activity
PEW 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).
PEW cash flow statement
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Operating activities | |||
| Net income | −$2.5M | $5.8M | $414,496 |
| Depreciation & amortization | $19,000 | $309,000 | — |
| Stock-based compensation | $3.8M | $0 | — |
| Change in working capital | −$2.1M | $717,643 | −$323,641 |
| Other non-cash items | $432,000 | −$9.1M | −$771,728 |
| Cash from operating activities | −$417,000 | −$2.3M | −$680,873 |
| Investing activities | |||
| Capital expenditures | −$8.5M | −$150,000 | −$3 |
| Acquisitions & other investing | −$509,000 | $2.1M | −$170.0M |
| Cash from investing activities | −$9.0M | $2.0M | −$170.0M |
| Financing activities | |||
| Share repurchases & issuance (net) | −$8.8M | $0 | — |
| Net borrowing (repayment) | $6.9M | $0 | — |
| Shares issued | $0 | $0 | $0 |
| Other financing | $113.8M | −$85,716 | $172.0M |
| Cash from financing activities | $111.9M | −$85,716 | $172.0M |
| Summary | |||
| Net change in cash | $102.5M | −$387,867 | $1.3M |
| Cash at end of period | $110.4M | $905,040 | $1.3M |
| Free cash flow | −$8.9M | −$2.3M | −$680,870 |
| Free cash flow margin | −9.2% | −2.5% | — |
| Capex / revenue | 8.8% | 0.2% | — |
| Operating cash flow / net income | — | −0.40 | −1.64 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$1.8M | −$1.8M | −$1,000 | −$3.3M | −$21,320 | −$38,904 | — | $1.7M | $1.7M | $427,855 |
| Depreciation & amortization | $76,000 | $75,000 | $59,000 | $106,000 | $105,500 | $105,500 | −$107,000 | — | — | — |
| Stock-based compensation | $486,000 | $503,000 | $3.8M | $3.2M | $0 | $0 | $0 | — | — | — |
| Change in working capital | −$5.4M | −$433,000 | $1.8M | −$4.0M | $21,320 | $38,904 | $354,000 | $81,107 | $59,492 | −$337,000 |
| Other non-cash items | −$14,000 | $30,000 | −$3.1M | $993,224 | $500 | $500 | — | −$2.2M | −$2.2M | −$771,728 |
| Cash from operating activities | −$6.7M | −$1.7M | $2.6M | −$3.0M | $106,000 | $106,000 | $2.8M | −$505,642 | −$509,127 | −$680,873 |
| Investing activities | ||||||||||
| Capital expenditures | −$1.7M | −$1.1M | −$8.4M | −$34,000 | −$4,500 | −$4,500 | −$37,000 | $0 | −$3 | −$3 |
| Acquisitions & other investing | −$209,000 | −$155,000 | −$243,000 | −$266,000 | −$74,500 | −$74,500 | — | $1.0M | — | −$170.0M |
| Cash from investing activities | −$1.9M | −$1.3M | −$8.7M | −$300,000 | −$79,000 | −$79,000 | — | $1.0M | — | −$170.0M |
| Financing activities | ||||||||||
| Share repurchases & issuance (net) | −$328,000 | −$2.0M | $87,000 | −$8.9M | −$1.0M | −$1.0M | $0 | — | — | — |
| Net borrowing (repayment) | −$8,000 | $979,000 | — | — | $0 | $0 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $0 | $6.9M | $113.8M | −$629,500 | −$629,500 | −$1.1M | −$85,000 | −$716 | $172.0M |
| Cash from financing activities | −$336,000 | −$1.1M | $7.0M | $104.9M | −$1.6M | −$1.6M | −$1.1M | −$85,000 | −$716 | $172.0M |
| Summary | ||||||||||
| Net change in cash | −$8.9M | −$4.0M | $849,000 | $109.5M | $469,000 | −$469,000 | $1.6M | $409,357 | −$509,843 | $1.3M |
| Cash at end of period | $97.5M | $106.4M | $110.4M | $109.5M | $4.6M | $7.4M | $7.9M | $1.2M | $783,064 | $1.3M |
| Free cash flow | −$8.4M | −$2.8M | −$5.9M | −$3.0M | $101,500 | $101,500 | $2.8M | −$505,640 | −$509,130 | −$680,870 |
| Free cash flow margin | −36.1% | −10.6% | −19.9% | −13.5% | 0.5% | 0.4% | — | — | — | — |
| Capex / revenue | 7.2% | 4.2% | 28.5% | 0.2% | 0.0% | 0.0% | — | — | — | — |
| Operating cash flow / net income | — | — | — | — | — | — | — | −0.31 | −0.31 | −1.59 |
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.
PEW cash generation
In fiscal 2025 (ended December 31, 2025), GrabAGun Digital generated -$0.4 million of cash from operations and spent $8.5 million on capital expenditures, leaving free cash flow of -$8.9 million, −9.2% of revenue. It returned $8.8 million to shareholders through dividends ($0) and net share buybacks ($8.8 million). Cash and equivalents rose by $102.5 million over the year.
Related: PEW income statement, PEW balance sheet. See the PEW stock overview for the latest quote and news.
PEW cash flow FAQ
What is GrabAGun Digital's free cash flow?
GrabAGun Digital's free cash flow was -$8.9 million in fiscal 2025: -$0.4 million of operating cash flow minus $8.5 million of capital expenditures It was -$2.3 million a year earlier..
How much cash does GrabAGun Digital generate from operations?
GrabAGun Digital generated -$0.4 million of cash from operating activities in fiscal 2025.
How much does GrabAGun Digital spend on capital expenditures?
GrabAGun Digital spent $8.5 million on capital expenditures in fiscal 2025, 8.8% of revenue, compared with $0.1 million the year before.
How much stock does GrabAGun Digital buy back?
GrabAGun Digital spent $8.8 million on net share repurchases in fiscal 2025.