Toro Corp. (TORO) Cash Flow Statement
Where TORO’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$6.2M −142.9% vs 2024
- Capital expenditures
- $66.8M 316.7% of revenue
- Free cash flow
- −$73.0M −346.4% margin
- Returned to shareholders
- $1.7M
- Change in cash
- $50.2M cash at year-end $87.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
TORO operating cash flow, capex and free cash flow
TORO cash flow trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$4.4M2021 | −$6.2M2025 | — | |
| Capital expenditures | $111.3M2021 | $66.8M2025 | −12.0%/yr | |
| Free cash flow | −$115.7M2021 | −$73.0M2025 | — | |
| Free cash flow margin | −395.4%2021 | −346.4%2025 | +49.0 pts | |
| Operating cash flow / net income | 0.832022 | −1.112025 | −1.95 | |
| Stock-based compensation | $02021 | $3.6M2025 | — | |
| Dividends paid | $02021 | $1.4M2025 | — | |
| Share buybacks (net) | $02021 | $343,3822025 | — | |
| Capex / revenue | 380.3%2021 | 316.7%2025 | −63.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TORO cash flow by activity
TORO 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).
TORO cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | $5.6M | $5.5M | $140.6M | $49.9M | −$1.4M |
| Depreciation & amortization | $4.9M | $4.9M | $3.4M | $1.4M | $3.8M |
| Stock-based compensation | $3.6M | $5.3M | $1.3M | $0 | $0 |
| Change in working capital | −$15.9M | −$3.5M | $6.8M | −$12.8M | −$6.9M |
| Other non-cash items | −$4.5M | $2.4M | −$95.9M | $3.1M | $94,789 |
| Cash from operating activities | −$6.2M | $14.6M | $56.1M | $41.5M | −$4.4M |
| Investing activities | |||||
| Capital expenditures | −$66.8M | −$129,054 | −$72.2M | −$852,603 | −$111.3M |
| Investments (net) | $56.2M | −$122.6M | $3.2M | $11.8M | −$111.3M |
| Acquisitions & other investing | $78.4M | $129,054 | $119.8M | $852,603 | $111.3M |
| Cash from investing activities | $67.8M | −$122.6M | $50.7M | $11.8M | −$111.3M |
| Financing activities | |||||
| Dividends paid | −$1.4M | −$1.4M | −$851,667 | $0 | $0 |
| Share repurchases & issuance (net) | −$343,382 | −$3.7M | −$1.0M | −$13.5M | $0 |
| Net borrowing (repayment) | — | — | −$8.0M | −$3.0M | $16.3M |
| Shares issued | $0 | $0 | $19.5M | $0 | $0 |
| Other financing | −$9.6M | −$5.3M | −$3.3M | $0 | $105.1M |
| Cash from financing activities | −$11.3M | −$10.4M | $6.3M | −$16.5M | $121.4M |
| Summary | |||||
| Net change in cash | $50.2M | −$118.4M | $113.1M | $36.8M | $5.7M |
| Cash at end of period | $87.4M | $37.2M | $155.6M | $42.5M | $5.7M |
| Free cash flow | −$73.0M | $14.4M | −$16.1M | $40.7M | −$115.7M |
| Free cash flow margin | −346.4% | 64.5% | −72.2% | 260.2% | −395.4% |
| Capex / revenue | 316.7% | 0.6% | 323.9% | 5.5% | 380.3% |
| Operating cash flow / net income | −1.11 | 2.64 | 0.40 | 0.83 | — |
| Sep '26 | Mar '26 | Dec '25 | Sep '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $648,689 | $529,409 | $1.6M | $1.5M | $1.5M | $978,027 | −$18.7M | $1.0M | $2.4M | $27.3M | $105.8M | −$15.3M |
| Depreciation & amortization | $1.7M | $1.4M | $1.5M | $1.2M | $1.3M | $1.3M | $1.3M | $1.2M | $1.3M | $1.4M | $1.9M | $1.7M |
| Stock-based compensation | — | $1.7M | $1.2M | $648,273 | $927,842 | $948,461 | $1.7M | $1.4M | $1.2M | $1.2M | $40,190 | $40,190 |
| Change in working capital | −$209,774 | $363,481 | $465,714 | −$6.7M | $2.3M | −$5.7M | −$3.7M | $2.3M | $2.9M | $226,739 | $14.3M | −$11.6M |
| Other non-cash items | $1.8M | $224,393 | −$1.6M | −$227,289 | −$124,122 | −$53,398 | $22.7M | $202,681 | −$51,255 | −$23.9M | −$76.2M | $502,009 |
| Cash from operating activities | $4.0M | $4.2M | $3.1M | −$3.7M | $5.9M | −$2.5M | $3.2M | $6.1M | $7.7M | $6.2M | $45.8M | −$24.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$19,013 | −$11,407 | −$120,436 | −$77.9M | −$4 | −$4,697 | −$79,947 | −$305 | −$37,618 | −$800,790 | −$71.7M | −$297,690 |
| Investments (net) | — | −$382,384 | $59.1M | −$2.9M | $50.0M | −$2.1M | $99,107 | −$3.0M | $32.5M | $47.5M | $3.7M | −$297,690 |
| Acquisitions & other investing | −$20,689 | $0 | — | −$16.6M | $4 | — | $79,947 | $305 | $37,618 | $4.3M | $71.7M | $297,690 |
| Cash from investing activities | −$39,702 | −$393,791 | — | −$97.4M | $50.0M | — | $99,107 | −$3.0M | $32.5M | $51.0M | $3.7M | −$297,690 |
| Financing activities | ||||||||||||
| Dividends paid | −$4.8M | −$9.6M | −$350,000 | −$432,946 | −$350,000 | −$350,000 | −$350,000 | −$350,000 | −$350,000 | −$370,167 | −$501,667 | −$165,065 |
| Share repurchases & issuance (net) | $4 | −$210,749 | −$210,749 | −$154,988 | $118,746 | $0 | −$82,043 | $32,858 | −$3.7M | −$1.0M | $40 | −$767,765 |
| Net borrowing (repayment) | — | — | — | — | — | — | — | $0 | −$5.3M | — | — | −$6.6M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $817,764 | $18.6M | $40 |
| Other financing | −$802,270 | $210,190 | $786,001 | −$354,416 | −$118,746 | $0 | $82,043 | −$32,858 | $0 | −$1.4M | −$6.4M | $6.9M |
| Cash from financing activities | −$5.6M | −$9.6M | $225,252 | −$942,350 | −$350,000 | −$350,000 | −$350,000 | −$350,000 | −$9.3M | −$2.0M | $11.7M | −$660,523 |
| Summary | ||||||||||||
| Net change in cash | −$3.6M | −$5.8M | $62.3M | −$105.1M | $55.5M | −$154.9M | $2.9M | $2.8M | $30.8M | $62.3M | $98.0M | −$62.4M |
| Cash at end of period | $90.5M | $81.6M | $87.4M | $29.5M | $92.7M | $37.2M | $192.1M | $202.8M | $201.3M | $171.5M | $103.5M | $5.5M |
| Free cash flow | $4.0M | $4.2M | $3.0M | −$81.6M | $5.9M | −$2.5M | $3.1M | $6.1M | $8.3M | $7.0M | −$25.9M | −$24.9M |
| Free cash flow margin | 48.9% | 70.6% | 48.8% | −1,516.7% | 106.2% | −47.4% | 58.7% | 113.0% | 129.7% | 59.0% | −366.3% | −100.4% |
| Capex / revenue | 0.2% | 0.2% | 2.0% | 1,448.3% | 0.0% | 0.1% | 1.5% | 0.0% | 0.6% | 6.7% | 1,013.1% | 1.2% |
| Operating cash flow / net income | 6.12 | 7.97 | 1.90 | −2.47 | 3.97 | −2.53 | — | 5.89 | 3.21 | 0.23 | 0.43 | — |
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.
TORO cash generation
In fiscal 2025 (ended December 31, 2025), Toro generated -$6.2 million of cash from operations (down 142.9%) and spent $66.8 million on capital expenditures, leaving free cash flow of -$73.0 million, −346.4% of revenue. It returned $1.7 million to shareholders through dividends ($1.4 million) and net share buybacks ($0.3 million). Cash and equivalents rose by $50.2 million over the year.
Related: TORO income statement, TORO balance sheet. See the TORO stock overview for the latest quote and news.
TORO cash flow FAQ
What is Toro's free cash flow?
Toro's free cash flow was -$73.0 million in fiscal 2025: -$6.2 million of operating cash flow minus $66.8 million of capital expenditures It was $14.4 million a year earlier..
How much cash does Toro generate from operations?
Toro generated -$6.2 million of cash from operating activities in fiscal 2025, −1.11 times its net income of $5.6 million.
How much does Toro spend on capital expenditures?
Toro spent $66.8 million on capital expenditures in fiscal 2025, 316.7% of revenue, compared with $0.1 million the year before.
How much stock does Toro buy back?
Toro spent $0.3 million on net share repurchases in fiscal 2025.
How much does Toro pay in dividends?
Toro paid $1.4 million in dividends in fiscal 2025.