The ONE Group Hospitality, Inc. (STKS) Cash Flow Statement
Where STKS’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $30.3M −31.4% vs 2024
- Capital expenditures
- $57.6M 7.1% of revenue
- Free cash flow
- −$27.3M −3.4% margin
- Returned to shareholders
- $1.1M
- Change in cash
- −$23.4M cash at year-end $4.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
STKS operating cash flow, capex and free cash flow
STKS cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.1M2016 | $30.3M2025 | +34.5%/yr | |
| Capital expenditures | $10.6M2016 | $57.6M2025 | +20.7%/yr | |
| Free cash flow | −$8.5M2016 | −$27.3M2025 | — | |
| Free cash flow margin | −11.7%2016 | −3.4%2025 | +8.4 pts | |
| Operating cash flow / net income | 1.652018 | 6.522023 | +4.87 | |
| Stock-based compensation | $837,9952016 | $5.4M2025 | +23.1%/yr | |
| Dividends paid | $02016 | $12023 | — | |
| Share buybacks (net) | $02016 | $1.1M2025 | — | |
| Capex / revenue | 14.7%2016 | 7.1%2025 | −7.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
STKS cash flow by activity
STKS 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).
STKS cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$92.2M | −$16.7M | $4.7M | $13.3M | $31.9M | −$13.6M | $21.1M | $3.9M | −$4.0M | −$16.5M |
| Depreciation & amortization | $43.2M | $34.1M | $15.7M | $12.1M | $10.8M | $10.1M | $5.4M | $2.8M | $3.1M | $2.6M |
| Stock-based compensation | $5.4M | $6.0M | $5.0M | $4.0M | $3.2M | $1.8M | $1.3M | $1.3M | $1.1M | $837,995 |
| Change in working capital | −$4.1M | $24.3M | $7.7M | −$4.5M | $1.6M | $7.2M | −$538,000 | −$1.7M | $4.5M | $3.8M |
| Other non-cash items | $78.0M | −$3.6M | −$2.4M | $363,000 | −$16.6M | −$5.0M | −$18.9M | $64,000 | $1.4M | $11.3M |
| Cash from operating activities | $30.3M | $44.2M | $30.8M | $25.3M | $31.0M | $431,000 | $8.4M | $6.4M | $6.0M | $2.1M |
| Investing activities | ||||||||||
| Capital expenditures | −$57.6M | −$71.6M | −$53.5M | −$32.6M | −$11.5M | −$5.8M | −$4.4M | −$4.1M | −$4.6M | −$10.6M |
| Investments (net) | — | −$441.4M | −$49.7M | −$32.6M | −$11.5M | −$5.8M | −$30.4M | $640,000 | −$4.3M | −$10.1M |
| Acquisitions & other investing | $0 | $71.6M | $49.7M | $32.6M | $11.5M | $5.8M | $4.4M | $0 | $4.6M | $10.6M |
| Cash from investing activities | −$57.6M | −$441.4M | −$53.5M | −$32.6M | −$11.5M | −$5.8M | −$30.4M | −$3.5M | −$4.3M | −$10.1M |
| Financing activities | ||||||||||
| Dividends paid | — | — | −$1 | −$138,000 | −$3.6M | −$88,000 | −$4,000 | −$163,000 | −$409,000 | $0 |
| Share repurchases & issuance (net) | −$1.1M | −$3.2M | −$7.9M | −$7.1M | −$37,000 | −$126,000 | −$88,000 | $1.2M | $2.6M | $3.9M |
| Net borrowing (repayment) | $5.6M | $258.4M | −$1.0M | $48.1M | −$23.6M | $17.6M | $33.4M | −$2.8M | −$3.1M | $4.7M |
| Shares issued | $0 | $138.9M | $0 | $0 | $0 | $0 | $0 | $1.2M | $0 | $0 |
| Other financing | −$603,000 | $10.2M | −$2.3M | −$1.7M | $7.0M | $76,000 | −$156,000 | −$1.6M | $0 | −$547,308 |
| Cash from financing activities | $3.9M | $404.3M | −$11.2M | $39.1M | −$20.3M | $17.4M | $33.1M | −$2.2M | −$938,000 | $8.0M |
| Summary | ||||||||||
| Net change in cash | −$23.4M | $7.0M | −$34.1M | $31.5M | −$771,000 | $12.0M | $10.8M | $44,000 | $630,000 | −$244,090 |
| Cash at end of period | $4.7M | $28.1M | $21.0M | $55.1M | $23.6M | $24.4M | $12.3M | $1.6M | $1.5M | $1.6M |
| Free cash flow | −$27.3M | −$27.4M | −$22.8M | −$7.4M | $19.5M | −$5.4M | $4.0M | $2.3M | $1.4M | −$8.5M |
| Free cash flow margin | −3.4% | −4.1% | −6.8% | −2.3% | 7.0% | −3.8% | 3.3% | 2.7% | 1.7% | −11.7% |
| Capex / revenue | 7.1% | 10.6% | 16.1% | 10.3% | 4.1% | 4.1% | 3.6% | 4.8% | 5.8% | 14.7% |
| Operating cash flow / net income | — | — | 6.52 | 1.90 | 0.97 | — | 0.40 | 1.65 | — | — |
| 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 | −$2.4M | $3.2M | −$6.4M | −$77.5M | −$10.1M | $622,000 | $1.9M | −$9.1M | −$6.9M | −$2.1M | $4.6M | −$3.3M |
| Depreciation & amortization | $11.0M | $10.4M | $11.0M | $11.5M | $10.9M | $9.8M | $11.4M | $9.4M | $8.0M | $5.3M | $4.8M | $3.7M |
| Stock-based compensation | $1.1M | $1.1M | $1.1M | $1.2M | $1.5M | $1.6M | $1.6M | $1.6M | $1.5M | $1.4M | $1.2M | $1.2M |
| Change in working capital | $593,000 | $5.9M | −$2.8M | $7.7M | −$4.3M | −$4.7M | $2.5M | $21.0M | −$5.3M | $6.1M | $6.3M | $1.2M |
| Other non-cash items | $898,000 | $1.0M | $10.2M | $63.0M | $4.9M | $1.1M | $1.1M | −$3.8M | −$1.1M | −$297,000 | −$1.4M | −$823,000 |
| Cash from operating activities | $11.3M | $21.7M | $13.1M | $5.9M | $2.8M | $8.5M | $18.5M | $19.1M | −$3.8M | $10.4M | $15.6M | $2.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$13.1M | −$9.9M | −$13.4M | −$12.0M | −$17.8M | −$14.3M | −$17.8M | −$18.8M | −$19.1M | −$15.8M | −$15.1M | −$14.5M |
| Investments (net) | — | — | — | −$12.0M | −$17.8M | −$14.3M | −$17.8M | −$20.1M | −$387.8M | −$15.8M | −$15.1M | −$14.5M |
| Acquisitions & other investing | −$424,000 | −$194,000 | $0 | $12.0M | $17.8M | $14.3M | $17.8M | $18.8M | $19.1M | $15.8M | $15.1M | $14.5M |
| Cash from investing activities | −$13.5M | −$10.1M | −$13.4M | −$12.0M | −$17.8M | −$14.3M | −$17.8M | −$20.1M | −$387.8M | −$15.8M | −$15.1M | −$14.5M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | −$75,000 |
| Share repurchases & issuance (net) | −$100,000 | −$209,000 | −$34,000 | −$201,000 | −$598,000 | −$307,000 | −$332,000 | −$2.3M | −$888,000 | −$124,000 | −$193,000 | −$3.5M |
| Net borrowing (repayment) | $2.6M | −$9.4M | −$920,000 | $7.5M | −$1.1M | $90,000 | −$897,000 | −$962,000 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $0 | $0 | −$273,000 | −$167,000 | −$129,000 | $0 | −$15,000 | $409.9M | −$68,000 | −$1.4M | $94,000 |
| Cash from financing activities | $2.5M | −$9.6M | −$954,000 | $7.0M | −$1.9M | −$346,000 | −$1.2M | −$3.2M | $409.0M | −$192,000 | −$1.6M | −$3.5M |
| Summary | ||||||||||||
| Net change in cash | $242,000 | $2.0M | −$1.4M | $886,000 | −$16.8M | −$6.2M | −$609,000 | −$4.1M | $17.4M | −$5.7M | −$1.1M | −$16.0M |
| Cash at end of period | $6.9M | $6.6M | $4.7M | $6.0M | $5.2M | $21.9M | $28.1M | $28.7M | $32.8M | $15.4M | $21.0M | $22.1M |
| Free cash flow | −$1.8M | $11.7M | −$329,000 | −$6.1M | −$15.0M | −$5.8M | $733,000 | $287,000 | −$23.0M | −$5.4M | $414,000 | −$12.4M |
| Free cash flow margin | −0.9% | 5.5% | −0.2% | −3.4% | −7.2% | −2.7% | 0.3% | 0.1% | −13.3% | −6.4% | 0.5% | −16.2% |
| Capex / revenue | 6.5% | 4.7% | 6.5% | 6.7% | 8.6% | 6.8% | 8.0% | 9.7% | 11.1% | 18.6% | 16.8% | 18.9% |
| Operating cash flow / net income | — | 6.77 | — | — | — | 13.73 | 9.63 | — | — | — | 3.35 | — |
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.
STKS cash generation
In fiscal 2025 (ended December 31, 2025), ONE Group Hospitality generated $30.3 million of cash from operations (down 31.4%) and spent $57.6 million on capital expenditures, leaving free cash flow of -$27.3 million, −3.4% of revenue. It returned $1.1 million to shareholders through dividends ($0) and net share buybacks ($1.1 million). Cash and equivalents fell by $23.4 million over the year.
Related: STKS income statement, STKS balance sheet. See the STKS stock overview for the latest quote and news.
STKS cash flow FAQ
What is ONE Group Hospitality's free cash flow?
ONE Group Hospitality's free cash flow was -$27.3 million in fiscal 2025: $30.3 million of operating cash flow minus $57.6 million of capital expenditures It was -$27.4 million a year earlier..
How much cash does ONE Group Hospitality generate from operations?
ONE Group Hospitality generated $30.3 million of cash from operating activities in fiscal 2025.
How much does ONE Group Hospitality spend on capital expenditures?
ONE Group Hospitality spent $57.6 million on capital expenditures in fiscal 2025, 7.1% of revenue, compared with $71.6 million the year before.
How much stock does ONE Group Hospitality buy back?
ONE Group Hospitality spent $1.1 million on net share repurchases in fiscal 2025.