Choice Hotels International (CHH) Cash Flow: Operating & Free Cash Flow

Choice Hotels International (CHH) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Choice Hotels International generated $270.45M of operating cash flow and spent $145.79M on capital expenditures. That left free cash flow of $124.65M, down 28.2% from $173.55M a year earlier, or 7.8% of revenue. It returned $191.78M to shareholders through $53.47M in dividends and $138.30M in share buybacks.

Choice Hotels International 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 Choice Hotels International, Inc. (CHH) - 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	369.95	299.67	258.51	332.15	288.96	75.39	222.88	216.36	114.89
Depreciation & Amortization	91.68	70.86	75.74	63.91	50.49	48.46	36.12	33.93	12.43
Deferred Income Tax	19.76	-19.03	-1.34	-19.64	-1.01	-44.83	9.81	-3.51	39.32
Stock Based Compensation	38.25	43.25	46.81	42.97	35.73	9.69	17.62	15.99	23.34
Change in Working Capital	-97.98	17.40	6.13	-5.08	23.24	11.48	-21.82	-2.03	58.09
Change in Accounts Receivable	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-23.13
Change in Inventory	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-22.14
Change in Accounts Payable	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	12.46
Change in Other Working Capital	-181.42	-90.74	-87.04	-31.50	23.24	11.48	-21.82	-2.03	90.90
Other Operating Activities	-67.57	-90.74	-87.04	-31.50	-13.72	14.86	5.96	-17.83	9.30
Net Cash from Operating Activities	270.45	319.40	296.55	367.06	383.70	115.05	270.56	242.90	257.37
Investing Activities
Capital Expenditures	-145.80	-145.85	-116.28	-89.95	-77.87	-39.95	-64.04	-49.48	-25.95
Acquisitions	-73.40	-52.77	-38.93	-553.58	12.78	1.98	-29.67	-240.92	-50.55
Purchases of Investments	-49.06	71.23	-112.42	-3.15	-1.71	-2.56	-3.18	-2.90	-2.45
Sales/Maturities of Investments	0.00	108.15	1.61	44.71	2.61	2.48	2.22	2.83	2.25
Other Investing Activities	-95.69	-62.72	-34.34	-13.32	-14.74	8.59	-156.49	-30.79	-13.41
Net Cash from Investing Activities	-218.26	-84.57	-265.63	-442.43	-78.93	-29.47	-251.17	-321.25	-90.12
Financing Activities
Debt Repayment	134.83	-500.00	-131.50	-272.55	0.00	190.54	93.17	29.03	-115.66
Common Stock Issued	6.84	17.53	0.00	3.81	0.00	0.00	0.00	0.00	0.00
Common Stock Repurchased	-138.30	-380.74	-362.77	-434.77	-13.37	-55.45	-50.64	-148.68	-9.81
Dividends Paid	-53.47	-55.50	-56.46	-52.55	-25.04	-25.27	-48.09	-48.72	-48.65
Other Financing Activities	6.84	-8.07	-1.55	1.90	10.69	5.58	-6.94	38.94	38.34
Net Cash from Financing Activities	-50.10	-221.71	-45.94	-394.15	-27.72	115.40	-12.50	-129.42	-135.78
Summary
Effect of Forex Changes on Cash	2.74	0.30	0.20	-0.52	-0.22	0.03	0.23	-0.92	1.39
Net Change in Cash	4.82	13.12	-15.01	-469.52	276.83	201.01	7.12	-208.69	32.87
Cash at Beginning of Period	40.18	26.75	41.57	511.61	234.78	33.77	26.64	235.34	202.46
Cash at End of Period	45.00	40.18	26.75	41.57	511.61	234.78	33.77	26.64	235.34
Free Cash Flow	124.65	173.55	180.28	277.11	305.83	75.10	206.52	193.42	231.42
Supplemental Disclosures
Interest Paid	90.31	67.18	60.77	46.91	43.94	-	-	-	-
Income Taxes Paid	84.71	108.17	94.34	115.97	106.54	-	-	-	-

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

Frequently Asked Questions About Choice Hotels International Cash Flow

What is Choice Hotels International's free cash flow?

Choice Hotels International generated free cash flow of $124.65M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $270.45M minus $145.79M of capital expenditures. That was down 28.2% from $173.55M a year earlier. Free cash flow equaled 7.8% of revenue.

How much does Choice Hotels International spend on capital expenditures?

Choice Hotels International spent $145.79M on capital expenditures in fiscal 2025, compared with $145.85M a year earlier. That equals 53.9% of operating cash flow.

Does Choice Hotels International pay dividends or buy back shares?

Yes. In fiscal 2025 Choice Hotels International returned $53.47M in dividends and $138.30M in share buybacks 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