Rocky Mountain Chocolate Factory, Inc. (RMCF) Cash Flow Statement
Where RMCF’s cash came from and went, FY2026
February 28, 2026 · U.S. dollars- Cash from operations
- −$1.8M
- Capital expenditures
- $569,000 2.1% of revenue
- Free cash flow
- −$2.4M −8.7% margin
- Returned to shareholders
- —
- Change in cash
- $498,000 cash at year-end $1.2M
Cash from operations
−$1.8M
Capital expenditures
−$569,000
Acquisitions & other
−$195,000
Net borrowing (repayment)
+$600,000
Shares issued
+$2.7M
Other financing
−$228,000
Change in cash
$498,000
Drawn to scale: where the cash came from and how it was used. Hover for values.
RMCF operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
RMCF cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $5.3MFY2017 | −$1.8MFY2026 | — | |
| Capital expenditures | $1.6MFY2017 | $569,000FY2026 | −10.5%/yr | |
| Free cash flow | $3.8MFY2017 | −$2.4MFY2026 | — | |
| Free cash flow margin | 9.8%FY2017 | −8.7%FY2026 | −18.5 pts | |
| Operating cash flow / net income | 1.54FY2017 | 4.25FY2020 | +2.71 | |
| Stock-based compensation | $584,893FY2017 | $332,000FY2026 | −6.1%/yr | |
| Dividends paid | $2.8MFY2017 | $0FY2024 | −100.0% | |
| Share buybacks (net) | $351,583FY2017 | $0FY2024 | −100.0% | |
| Capex / revenue | 4.1%FY2017 | 2.1%FY2026 | −2.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RMCF cash flow by activity
OperatingInvestingFinancingChange in cash
RMCF net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
RMCF cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$4.6M | −$6.1M | −$4.9M | −$5.5M | −$341,697 | −$899,777 | $1.0M | $2.2M | $3.0M | $3.5M |
| Depreciation & amortization | $1.4M | $950,000 | $887,000 | $765,263 | $1.2M | $1.3M | $1.5M | $1.7M | $1.3M | $1.3M |
| Stock-based compensation | $332,000 | $273,000 | $438,000 | $651,016 | $1.1M | $511,835 | $809,129 | $519,772 | $591,839 | $584,893 |
| Change in working capital | $1.3M | −$1.8M | $1.4M | −$100,343 | $950,193 | −$683,740 | $497,671 | −$959,340 | −$572,023 | −$540,238 |
| Other non-cash items | −$326,000 | $55,000 | −$289,000 | $2.1M | −$30,510 | −$197,154 | $562,361 | $505,990 | $454,633 | $537,534 |
| Cash from operating activities | −$1.8M | −$6.6M | −$2.4M | −$2.1M | $2.9M | $67,346 | $4.4M | $4.0M | $4.8M | $5.3M |
| Investing activities | ||||||||||
| Capital expenditures | −$569,000 | −$3.8M | −$3.0M | −$1.0M | −$947,690 | −$253,540 | −$1.1M | −$613,786 | −$553,464 | −$1.6M |
| Investments (net) | — | −$1.7M | −$1.5M | −$767,815 | −$604,998 | $85,345 | $146,455 | $102,256 | $216,344 | $185,017 |
| Acquisitions & other investing | −$195,000 | $3.8M | $3.0M | $1.0M | $947,690 | $97,201 | $1,077 | $5,358 | −$2,397 | $73,524 |
| Cash from investing activities | −$764,000 | −$1.7M | −$1.4M | −$767,815 | −$604,998 | −$70,994 | −$911,409 | −$506,172 | −$339,517 | −$1.3M |
| Financing activities | ||||||||||
| Dividends paid | — | — | $0 | $0 | −$61,276 | −$722,344 | −$2.9M | −$2.8M | −$2.8M | −$2.8M |
| Share repurchases & issuance (net) | — | — | $0 | $0 | −$237,785 | $0 | −$57,048 | $0 | −$351.6M | −$351,583 |
| Net borrowing (repayment) | $600,000 | $4.8M | $1.2M | $0 | $0 | $1.5M | −$1.2M | −$1.4M | −$1.3M | −$1.3M |
| Shares issued | $2.7M | $2.2M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$228,000 | −$50,000 | $0 | $0 | $0 | $0 | $57,048 | $0 | $351.6M | −$34,128 |
| Cash from financing activities | $3.1M | $6.9M | $1.2M | $0 | −$299,061 | $814,856 | −$4.0M | −$4.2M | −$4.1M | −$4.4M |
| Summary | ||||||||||
| Net change in cash | $498,000 | −$1.4M | −$2.6M | −$2.9M | $2.0M | $811,208 | −$561,956 | −$688,957 | $293,789 | −$415,753 |
| Cash at end of period | $1.2M | $720,000 | $2.1M | $4.7M | $7.6M | $5.6M | $4.8M | $5.4M | $6.1M | $5.8M |
| Free cash flow | −$2.4M | −$10.4M | −$5.5M | −$3.1M | $1.9M | −$186,194 | $3.3M | $3.4M | $4.2M | $3.8M |
| Free cash flow margin | −8.7% | −35.0% | −19.5% | −10.2% | 6.5% | −0.9% | 10.5% | 9.8% | 11.0% | 9.8% |
| Capex / revenue | 2.1% | 12.7% | 10.8% | 3.3% | 3.2% | 1.2% | 3.3% | 1.8% | 1.5% | 4.1% |
| Operating cash flow / net income | — | — | — | — | — | — | 4.25 | 1.79 | 1.61 | 1.54 |
| May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | Aug '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$1.2M | −$3.4M | −$155,000 | −$662,000 | −$324,000 | −$2.9M | −$847,000 | −$722,000 | −$1.7M | −$1.6M | −$756,000 | −$1.0M |
| Depreciation & amortization | $366,000 | $369,000 | $345,000 | $345,000 | $346,000 | $209,000 | $274,000 | $229,000 | $238,000 | $247,367 | $224,000 | $215,000 |
| Stock-based compensation | $83,000 | $160,000 | $35,000 | $56,000 | $81,000 | $36,000 | $156,000 | $41,000 | $40,000 | −$52,973 | $166,000 | $123,000 |
| Change in working capital | $387,000 | $2.7M | −$156,000 | −$87,000 | $243,000 | $3.4M | −$1.6M | −$2.8M | −$845,000 | $1.8M | −$1.2M | $115,000 |
| Other non-cash items | −$13,000 | −$211,000 | −$1.3M | −$140,000 | $4,000 | $405,000 | −$111,000 | −$307,000 | $68,000 | −$275,340 | $17,000 | $3,000 |
| Cash from operating activities | −$345,000 | −$432,000 | −$1.2M | −$488,000 | $350,000 | $1.2M | −$2.1M | −$3.5M | −$2.2M | $129,418 | −$1.6M | −$544,000 |
| Investing activities | ||||||||||||
| Capital expenditures | −$259,000 | −$307,000 | −$38,000 | −$56,000 | −$168,000 | −$1.6M | −$614,000 | −$1.1M | −$417,000 | −$400,447 | −$1.4M | −$702,000 |
| Investments (net) | — | — | — | −$188,000 | −$177,000 | −$1.5M | −$315,000 | $211,000 | −$38,000 | −$379,532 | −$1.3M | −$619,241 |
| Acquisitions & other investing | −$5,000 | $44,000 | −$98,000 | $56,000 | $168,000 | — | $614,000 | $1.1M | $417,000 | — | $1.4M | $702,241 |
| Cash from investing activities | −$264,000 | −$263,000 | −$136,000 | −$188,000 | −$177,000 | — | −$315,000 | $211,000 | −$38,000 | — | −$1.3M | −$619,000 |
| Financing activities | ||||||||||||
| Net borrowing (repayment) | — | −$1.2M | $0 | $1.8M | $0 | $0 | $2.5M | $1.4M | — | — | — | — |
| Shares issued | $0 | $2.7M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | — | −$228,000 | $0 | $0 | −$50,000 | −$50,000 | $0 | $2.2M | $750,000 | $250,000 | $1.0M | $0 |
| Cash from financing activities | — | $1.3M | $0 | $1.8M | −$50,000 | −$50,000 | $2.5M | $3.6M | $750,000 | $250,000 | $1.0M | $0 |
| Summary | ||||||||||||
| Net change in cash | −$609,000 | $577,000 | −$1.4M | $1.1M | $173,000 | −$369,000 | $116,000 | $336,000 | −$1.4M | −$114 | −$1.9M | −$1.2M |
| Cash at end of period | $609,000 | $1.2M | $641,000 | $2.0M | $893,000 | $720,000 | $1.1M | $973,000 | $637,000 | $2.1M | $2.1M | $4.0M |
| Free cash flow | −$604,000 | −$739,000 | −$1.3M | −$544,000 | $182,000 | −$420,000 | −$2.7M | −$4.6M | −$2.6M | −$271,029 | −$3.0M | −$1.2M |
| Free cash flow margin | −9.9% | −10.9% | −16.9% | −8.0% | 2.9% | −4.7% | −34.6% | −72.6% | −40.2% | −3.7% | −38.5% | −19.0% |
| Capex / revenue | 4.2% | 4.5% | 0.5% | 0.8% | 2.6% | 18.1% | 7.8% | 17.5% | 6.5% | 5.5% | 17.7% | 10.7% |
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.
RMCF cash generation
In fiscal 2026 (ended February 28, 2026), Rocky Mountain Chocolate Factory generated -$1.8 million of cash from operations and spent $0.6 million on capital expenditures, leaving free cash flow of -$2.4 million, −8.7% of revenue. Cash and equivalents rose by $0.5 million over the year.
Related: RMCF income statement, RMCF balance sheet. See the RMCF stock overview for the latest quote and news.
RMCF cash flow FAQ
What is Rocky Mountain Chocolate Factory's free cash flow?
Rocky Mountain Chocolate Factory's free cash flow was -$2.4 million in fiscal 2026: -$1.8 million of operating cash flow minus $0.6 million of capital expenditures It was -$10.4 million a year earlier..
How much cash does Rocky Mountain Chocolate Factory generate from operations?
Rocky Mountain Chocolate Factory generated -$1.8 million of cash from operating activities in fiscal 2026.
How much does Rocky Mountain Chocolate Factory spend on capital expenditures?
Rocky Mountain Chocolate Factory spent $0.6 million on capital expenditures in fiscal 2026, 2.1% of revenue, compared with $3.8 million the year before.