Twenty One Capital, Inc. (XXI) Cash Flow Statement
Where XXI’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$2.4M
- Capital expenditures
- $0
- Free cash flow
- −$2.4M
- Returned to shareholders
- —
- Change in cash
- $117.7M cash at year-end $117.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
XXI operating cash flow, capex and free cash flow
XXI cash flow trends, 2023–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$33,5072023 | −$2.4M2025 | — | |
| Capital expenditures | $02023 | $02025 | — | |
| Free cash flow | −$33,5072023 | −$2.4M2025 | — |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
XXI cash flow by activity
XXI 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).
XXI cash flow statement
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Operating activities | |||
| Net income | −$217.3M | $1.5M | −$252,866 |
| Change in working capital | $2.0M | $118,842 | $219,359 |
| Other non-cash items | $213.0M | −$1.8M | $0 |
| Cash from operating activities | −$2.4M | −$137,586 | −$33,507 |
| Investing activities | |||
| Capital expenditures | $0 | −$4 | $0 |
| Acquisitions & other investing | −$713.2M | −$100.0M | — |
| Cash from investing activities | −$713.2M | −$100.0M | — |
| Financing activities | |||
| Shares issued | $0 | $0 | $0 |
| Other financing | $833.3M | $100.2M | $33,507 |
| Cash from financing activities | $833.3M | $100.2M | $33,507 |
| Summary | |||
| Net change in cash | $117.7M | $25,000 | — |
| Cash at end of period | $117.7M | $25,000 | — |
| Free cash flow | −$2.4M | −$137,586 | −$33,507 |
| Operating cash flow / net income | — | −0.09 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Dec '24 | Sep '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||
| Net income | −$1.05B | −$859.7M | −$220.6M | $2.1M | $478,753 | $1.1M | $476,246 | −$227,905 | — |
| Depreciation & amortization | $217,125 | — | — | — | — | — | — | — | — |
| Stock-based compensation | $12.1M | $5.1M | — | — | $0 | — | — | — | — |
| Change in working capital | −$787,780 | −$266,579 | $787,780 | $377,045 | $476,734 | $526,535 | −$443,038 | $257,940 | −$30 |
| Other non-cash items | $1.03B | $851.2M | $217.4M | −$2.4M | −$955,583 | −$1.2M | −$669,013 | $0 | — |
| Cash from operating activities | −$9.2M | −$3.6M | −$2.4M | $0 | −$96 | $456,451 | −$635,805 | $30,035 | −$30 |
| Investing activities | |||||||||
| Capital expenditures | −$4 | $0 | −$4 | $0 | −$4 | −$1 | −$5 | −$5 | $0 |
| Acquisitions & other investing | $713.2M | — | −$713.2M | — | $100 | — | −$100.0M | — | — |
| Cash from investing activities | $713.2M | — | −$713.2M | — | $96 | — | −$100.0M | — | — |
| Financing activities | |||||||||
| Shares issued | $0 | $0 | $0 | $0 | $200,000 | $0 | $0 | $0 | $0 |
| Other financing | −$833.3M | — | $833.3M | — | $0 | −$700,464 | $100.9M | −$30,035 | $30 |
| Cash from financing activities | −$833.3M | — | $833.3M | — | $200,000 | −$700,464 | $100.9M | −$30,035 | $30 |
| Summary | |||||||||
| Net change in cash | −$11.6M | −$3.6M | $117.7M | −$200,000 | $200,000 | −$244,013 | $269,013 | — | — |
| Cash at end of period | $106.1M | $114.1M | $117.7M | $25,000 | $25,000 | $25,000 | $269,013 | — | — |
| Free cash flow | −$9.2M | −$3.6M | −$2.4M | $0 | −$100 | $456,450 | −$635,800 | $30,040 | −$30 |
| Operating cash flow / net income | — | — | — | 0.00 | −0.00 | 0.42 | −1.34 | — | — |
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.
XXI cash generation
In fiscal 2025 (ended December 31, 2025), Twenty One Capital generated -$2.4 million of cash from operations and spent $0 on capital expenditures, leaving free cash flow of -$2.4 million. Cash and equivalents rose by $117.7 million over the year.
Related: XXI income statement, XXI balance sheet. See the XXI stock overview for the latest quote and news.
XXI cash flow FAQ
What is Twenty One Capital's free cash flow?
Twenty One Capital's free cash flow was -$2.4 million in fiscal 2025: -$2.4 million of operating cash flow minus $0 of capital expenditures It was -$0.1 million a year earlier..
How much cash does Twenty One Capital generate from operations?
Twenty One Capital generated -$2.4 million of cash from operating activities in fiscal 2025.