FirstCash Holdings (FCFS) Cash Flow: Operating & Free Cash Flow

FirstCash Holdings (FCFS) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), FirstCash Holdings generated $585.94M of operating cash flow and spent $54.91M on capital expenditures. That left free cash flow of $531.04M, up 12.6% from $471.71M a year earlier, or 14.5% of revenue. It returned $186.72M to shareholders through $70.88M in dividends and $115.85M in share buybacks.

FirstCash 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 FirstCash Holdings, Inc. (FCFS) - 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	330.38	258.82	219.30	253.50	124.91	106.58	164.62	153.21	143.89
Depreciation & Amortization	430.93	538.25	520.62	457.33	58.73	42.11	41.90	42.70	55.23
Deferred Income Tax	18.65	-7.42	-13.10	42.49	10.72	14.48	7.01	7.43	-14.50
Stock Based Compensation	20.25	14.79	13.67	10.85	5.15	2.91	8.68	5.79	3.07
Change in Working Capital	-434.14	-538.95	-608.53	-492.38	-16.48	33.14	5.56	21.47	4.96
Change in Accounts Receivable	-5.55	-3.41	-8.66	-1.22	-2.49	5.47	0.11	-0.43	-1.41
Change in Inventory	-21.29	-9.72	1.81	-3.14	-27.01	29.17	5.84	3.32	16.19
Change in Accounts Payable	5.37	17.91	22.42	19.99	26.18	10.02	-3.38	3.08	-35.14
Change in Other Working Capital	-412.67	-553.45	2.80	-106.59	-13.17	-11.53	2.99	15.50	25.31
Other Operating Activities	219.88	-40.16	2.80	-106.59	40.28	23.05	3.83	12.84	27.70
Net Cash from Operating Activities	585.94	539.96	416.14	469.31	223.30	222.26	231.60	243.43	220.36
Investing Activities
Capital Expenditures	-54.91	-68.25	-60.15	-35.59	-42.02	-37.54	-44.31	-35.68	-25.97
Acquisitions	-475.06	-75.96	-181.31	-96.79	-543.92	-44.32	-52.49	-113.70	-2.20
Other Investing Activities	-298.08	-297.38	-220.87	-204.07	-158.69	61.51	-40.26	-9.87	29.57
Net Cash from Investing Activities	-828.05	-441.59	-462.33	-336.44	-744.64	-20.35	-137.05	-159.25	1.40
Financing Activities
Debt Repayment	368.90	-815.00	-416.03	-206.00	686.00	-24.29	40.00	188.00	-63.90
Common Stock Repurchased	-115.85	-85.00	-114.38	-157.86	-49.61	-106.97	-116.11	-273.66	-91.74
Dividends Paid	-70.88	-65.76	-61.88	-59.57	-47.53	-44.75	-43.95	-40.85	-36.84
Other Financing Activities	-5.76	-10.43	-2.74	-1.84	-11.86	-10.49	-0.75	-0.55	-5.04
Net Cash from Financing Activities	176.41	-38.19	51.31	-139.27	576.99	-186.50	-120.81	-127.06	-197.51
Summary
Effect of Forex Changes on Cash	15.80	-12.10	4.57	3.70	-1.46	3.91	1.00	0.25	0.22
Net Change in Cash	-49.90	48.08	9.69	-2.72	54.20	19.32	-25.27	-42.63	24.47
Cash at Beginning of Period	175.10	127.02	117.33	120.05	65.85	46.53	71.79	114.42	89.96
Cash at End of Period	125.20	175.10	127.02	117.33	120.05	65.85	46.53	71.79	114.42
Free Cash Flow	531.04	471.71	355.99	433.72	181.28	184.72	187.29	207.75	194.39
Supplemental Disclosures
Interest Paid	134.45	91.18	90.28	52.89	29.46	-	-	-	-
Income Taxes Paid	72.72	85.42	102.16	30.07	24.56	-	-	-	-

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

Frequently Asked Questions About FirstCash Holdings Cash Flow

What is FirstCash Holdings's free cash flow?

FirstCash Holdings generated free cash flow of $531.04M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $585.94M minus $54.91M of capital expenditures. That was up 12.6% from $471.71M a year earlier. Free cash flow equaled 14.5% of revenue.

How much does FirstCash Holdings spend on capital expenditures?

FirstCash Holdings spent $54.91M on capital expenditures in fiscal 2025, compared with $68.25M a year earlier. That equals 9.4% of operating cash flow.

Does FirstCash Holdings pay dividends or buy back shares?

Yes. In fiscal 2025 FirstCash Holdings returned $70.88M in dividends and $115.85M 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