Arcos Dorados Holdings (ARCO) Cash Flow: Operating & Free Cash Flow

Arcos Dorados Holdings Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Arcos Dorados Holdings Inc. (ARCO) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	212.12	148.76	181.27	140.34	45.49	-149.45	79.90	36.85	129.17
Depreciation & Amortization	197.26	177.35	149.27	119.78	120.39	126.85	123.22	105.80	99.38
Deferred Income Tax	-4.85	-11.39	-4.31	-15.45	-16.07	0.47	-7.97	0.65	1.73
Stock Based Compensation	4.59	0.95	14.34	6.09	0.76	1.36	4.06	2.64	4.22
Change in Working Capital	18.06	-60.31	29.92	84.32	92.57	-6.78	26.09	21.44	65.08
Change in Accounts Receivable	-73.88	-11.34	-61.24	-56.79	-4.69	-13.21	5.14	12.53	19.42
Change in Inventory	-9.29	-4.25	4.83	-6.04	-38.66	-25.03	-21.80	-12.07	-53.47
Change in Accounts Payable	38.38	24.46	102.49	144.93	78.20	-23.99	39.43	16.56	102.66
Change in Other Working Capital	-141.62	-28.07	-9.26	3.07	57.71	55.45	3.32	4.41	-3.54
Other Operating Activities	-141.62	0.09	-9.26	3.07	14.91	43.52	-1.81	12.36	-44.40
Net Cash from Operating Activities	296.34	266.85	381.97	345.44	258.04	15.97	223.48	179.73	255.17
Investing Activities
Capital Expenditures	-281.35	-327.64	-360.10	-217.12	-115.00	-86.31	-265.24	-197.04	-174.77
Acquisitions	-7.06	-6.08	-2.08	-4.80	-0.19	-3.83	2.16	10.16	9.54
Purchases of Investments	-134.16	-30.00	-86.72	-41.08	0.00	0.00	0.00	2.89	-19.59
Sales/Maturities of Investments	88.67	76.11	66.74	0.00	0.00	0.00	0.00	19.59	61.98
Other Investing Activities	-3.69	-0.94	1.81	0.64	6.91	1.44	2.08	0.62	-1.65
Net Cash from Investing Activities	-335.03	-280.33	-380.35	-259.65	-108.28	-88.71	-260.99	-163.78	-124.48
Financing Activities
Debt Repayment	-58.82	-15.77	-1.10	-371.76	-37.17	140.61	13.16	0.00	46.60
Common Stock Issued	0.00	0.00	0.00	349.97	0.00	0.00	0.00	0.00	0.00
Common Stock Repurchased	0.00	0.00	0.00	-12.01	0.00	0.00	-13.97	-46.04	0.00
Dividends Paid	-50.56	-50.56	-40.02	-31.59	-0.02	-10.22	-22.43	-20.94	0.00
Other Financing Activities	-391.97	-5.00	-0.39	-6.96	19.26	-4.38	-6.40	-6.47	-49.96
Net Cash from Financing Activities	288.75	-37.16	-11.82	-59.98	-17.93	126.01	-29.63	-73.44	-3.35
Summary
Effect of Forex Changes on Cash	-11.70	-10.95	-60.07	-37.70	-19.00	-9.16	-8.26	-53.71	-13.65
Net Change in Cash	238.37	-61.60	-70.28	-11.89	112.84	44.11	-75.40	-111.21	113.69
Cash at Beginning of Period	135.06	196.66	266.94	278.83	165.99	121.88	197.28	308.49	194.80
Cash at End of Period	373.44	135.06	196.66	266.94	278.83	165.99	121.88	197.28	308.49
Free Cash Flow	14.99	-60.79	21.87	128.32	143.05	-70.35	-41.75	-17.31	80.40
Supplemental Disclosures
Interest Paid	-	52.00	47.51	56.37	52.58	57.07	-	-	-
Income Taxes Paid	-	120.85	72.77	78.94	34.54	22.50	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Arcos Dorados Holdings Cash Flow

What is Arcos Dorados Holdings's free cash flow?

Arcos Dorados Holdings generated free cash flow of $14.99M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $296.34M minus $281.35M of capital expenditures. Free cash flow equaled 0.3% of revenue.

How much does Arcos Dorados Holdings spend on capital expenditures?

Arcos Dorados Holdings spent $281.35M on capital expenditures in fiscal 2025, compared with $327.64M a year earlier. That equals 94.9% of operating cash flow.

Does Arcos Dorados Holdings pay dividends or buy back shares?

Yes. In fiscal 2025 Arcos Dorados Holdings returned $50.56M in dividends to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition