USBC, Inc. (USBC) Cash Flow Statement
Where USBC’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- −$7.6M
- Capital expenditures
- $2
- Free cash flow
- −$7.6M
- Returned to shareholders
- $2.23B
- Change in cash
- $5.7M cash at year-end $8.8M
Drawn to scale: where the cash came from and how it was used. Hover for values.
USBC operating cash flow, capex and free cash flow
USBC cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$3.4MFY2016 | −$7.6MFY2025 | — | |
| Capital expenditures | $23,436FY2016 | $2FY2025 | −64.7%/yr | |
| Free cash flow | −$3.4MFY2016 | −$7.6MFY2025 | — | |
| Free cash flow margin | −56.4%FY2016 | −178.3%FY2022 | −121.9 pts | |
| Stock-based compensation | $1.0MFY2021 | $7.41BFY2025 | +821.2%/yr | |
| Share buybacks (net) | $505,000FY2016 | $514,067FY2025 | +0.2%/yr | |
| Capex / revenue | 0.4%FY2016 | 19.6%FY2022 | +19.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
USBC cash flow by activity
USBC 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).
USBC cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$22.12B | −$16.6M | −$15.3M | −$20.1M | −$25.4M | −$13.6M | −$7.6M | −$3.3M | −$3.9M | −$1.7M |
| Depreciation & amortization | $150,595 | $270,167 | $313,019 | $320,995 | $200,807 | $242,987 | $259,347 | $132,615 | $81,283 | $178,762 |
| Stock-based compensation | $7.41B | $3.0M | $3.0M | $4.4M | $1.0M | — | — | — | — | — |
| Change in working capital | $1.9M | −$1.2M | $167,367 | $987,018 | $808,750 | $283,191 | $189,245 | $205,371 | $239,807 | −$671,436 |
| Other non-cash items | $14.71B | $1.7M | $1.5M | $7.4M | $16.5M | $9.1M | $4.1M | $1.8M | $2.3M | −$1.1M |
| Cash from operating activities | −$7.6M | −$12.8M | −$10.4M | −$6.9M | −$6.9M | −$3.9M | −$3.1M | −$1.1M | −$1.3M | −$3.4M |
| Investing activities | ||||||||||
| Capital expenditures | −$2 | −$66,350 | −$80,799 | −$855,472 | −$299,521 | −$70,137 | −$79,935 | −$97,249 | −$1.3M | −$23,436 |
| Investments (net) | — | −$66,352 | −$80,797 | −$855,468 | −$299,525 | — | — | — | — | — |
| Acquisitions & other investing | — | $66,350 | $80,799 | $855,472 | $299,521 | $3 | $3 | −$2 | $1.3M | $6,584 |
| Cash from investing activities | — | −$66,352 | −$80,797 | −$855,468 | −$299,525 | −$70,134 | −$79,932 | −$97,251 | $33,875 | −$16,852 |
| Financing activities | ||||||||||
| Dividends paid | −$2.23B | — | — | — | — | — | — | — | — | — |
| Share repurchases & issuance (net) | −$514,067 | $0 | — | — | — | — | — | — | — | −$505,000 |
| Net borrowing (repayment) | −$2.8M | $2.8M | $0 | −$179,103 | $14.4M | — | — | — | — | — |
| Shares issued | $16.6M | $5.2M | $5.5M | $8.3M | $1.3M | $0 | $0 | $0 | $0 | $0 |
| Other financing | $2.23B | $7,800 | $392,021 | $9,852 | −$640,917 | $6.4M | $4.2M | $2.0M | $1.1M | $4.0M |
| Cash from financing activities | $13.3M | $8.0M | $5.9M | $8.1M | $15.1M | $6.4M | $4.2M | $2.0M | $1.1M | $3.5M |
| Summary | ||||||||||
| Net change in cash | $5.7M | −$4.9M | −$4.6M | $335,474 | $8.0M | $2.4M | $966,429 | $831,226 | −$85,128 | $106,043 |
| Cash at end of period | $8.8M | $3.1M | $8.0M | $12.6M | $12.3M | $4.3M | $1.9M | $934,407 | $103,181 | $188,309 |
| Free cash flow | −$7.6M | −$12.9M | −$10.4M | −$7.8M | −$7.2M | −$4.0M | −$3.2M | −$1.2M | −$2.5M | −$3.4M |
| Free cash flow margin | — | — | — | −178.3% | — | −3,267.2% | −176.4% | −28.2% | −51.9% | −56.4% |
| Capex / revenue | — | — | — | 19.6% | — | 57.5% | 4.4% | 2.3% | 25.9% | 0.4% |
| 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 | −$20.79B | −$25.6M | −$27.5M | −$22.11B | −$1.5M | −$3.6M | −$4.7M | −$3.6M | −$4.1M | −$5.4M | −$3.4M | −$2.9M |
| Depreciation & amortization | $32,463 | $38,196 | $38,457 | $41,986 | $35,208 | $34,826 | $38,575 | $48,511 | $47,374 | $108,035 | $18,724 | $53,478 |
| Stock-based compensation | $7.29B | $3.93B | $11.9M | $7.41B | $0 | $593,681 | $550,703 | $626,043 | $1.0M | — | — | — |
| Change in working capital | −$646.5M | $626,749 | $552,306 | $1.3M | −$29,582 | $304,345 | $315,601 | −$751,420 | $238,223 | $72,725 | −$737,766 | $244,232 |
| Other non-cash items | −$1.72B | −$3.91B | $10.4M | $14.70B | $231,647 | $1.3M | $1.9M | $455,090 | $275,830 | $1.6M | $773,019 | $1.3M |
| Cash from operating activities | −$15.86B | −$7.1M | −$4.6M | −$3.1M | −$1.3M | −$1.3M | −$1.9M | −$3.3M | −$2.5M | −$3.7M | −$3.4M | −$1.4M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | −$1 | −$4 | −$3 | −$2 | −$1 | −$4 | −$4 | −$53,656 | −$3 | −$12,693 | $0 |
| Investments (net) | — | — | — | — | $0 | $0 | $0 | $0 | −$53,656 | — | — | — |
| Acquisitions & other investing | −$225.0M | — | — | — | — | — | — | — | $53,656 | — | −$4 | — |
| Cash from investing activities | −$225.0M | — | — | — | — | — | — | — | −$53,656 | — | −$12,697 | — |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | −$2.23B | — | — | — | — | — | — | — | — |
| Share repurchases & issuance (net) | — | — | $0 | −$514,067 | — | — | $0 | — | — | — | — | — |
| Net borrowing (repayment) | $10.0M | $5.0M | −$99,497 | −$2.7M | $246,000 | $200,000 | −$480,000 | −$761,570 | $0 | — | — | — |
| Shares issued | $0 | $330 | $0 | $15.0M | $773,918 | $510,705 | $300,000 | $5.0M | $0 | $0 | $0 | $0 |
| Other financing | $14.99B | $0 | $0 | $2.23B | $0 | $0 | $0 | $7,800 | $0 | $3.5M | $203,105 | $5.5M |
| Cash from financing activities | $15.00B | $5.0M | −$99,497 | $11.8M | $1.0M | $710,705 | −$180,000 | $4.2M | $0 | $3.5M | $203,105 | $5.5M |
| Summary | ||||||||||||
| Net change in cash | −$1.09B | −$2.1M | −$4.7M | $8.6M | −$271,410 | −$588,416 | −$2.1M | $980,801 | −$2.6M | −$111,787 | −$3.2M | $4.1M |
| Cash at end of period | $940.5M | $2.0M | $4.1M | $8.8M | $172,503 | $443,913 | $1.0M | $3.1M | $2.1M | $4.7M | $4.8M | $8.0M |
| Free cash flow | −$15.86B | −$7.1M | −$4.6M | −$3.1M | −$1.3M | −$1.3M | −$1.9M | −$3.3M | −$2.6M | −$3.7M | −$3.4M | −$1.4M |
| Free cash flow margin | — | — | — | −1,430.3% | — | — | — | — | — | — | — | — |
| Capex / revenue | — | — | — | 0.0% | — | — | — | — | — | — | — | — |
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.
USBC cash generation
In fiscal 2025 (ended September 30, 2025), USBC generated -$7.6 million of cash from operations and spent $0.0 million on capital expenditures, leaving free cash flow of -$7.6 million. It returned $2.2 billion to shareholders through dividends ($2.2 billion) and net share buybacks ($0.5 million). Cash and equivalents rose by $5.7 million over the year.
Related: USBC income statement, USBC balance sheet. See the USBC stock overview for the latest quote and news.
USBC cash flow FAQ
What is USBC's free cash flow?
USBC's free cash flow was -$7.6 million in fiscal 2025: -$7.6 million of operating cash flow minus $0.0 million of capital expenditures It was -$12.9 million a year earlier..
How much cash does USBC generate from operations?
USBC generated -$7.6 million of cash from operating activities in fiscal 2025.
How much does USBC spend on capital expenditures?
USBC spent $0.0 million on capital expenditures in fiscal 2025, compared with $0.1 million the year before.
How much stock does USBC buy back?
USBC spent $0.5 million on net share repurchases in fiscal 2025.
How much does USBC pay in dividends?
USBC paid $2.2 billion in dividends in fiscal 2025.