Global Ship Lease (GSL) Cash Flow: Operating & Free Cash Flow

Global Ship Lease (GSL) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Global Ship Lease generated $528.30M of operating cash flow and spent $168.94M on capital expenditures. That left free cash flow of $359.36M, up 91.5% from $187.65M a year earlier, or 47.7% of revenue. It returned $85.93M to shareholders through $85.60M in dividends and $332.00K in share buybacks.

Global Ship Lease 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 Global Ship Lease, Inc. (GSL) - 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	416.46	353.63	304.50	292.93	171.50	41.56	39.84	-57.36	-74.27
Depreciation & Amortization	121.96	99.99	91.73	81.30	61.56	46.98	45.85	34.15	36.17
Deferred Income Tax	0.00	0.00	0.00	0.00	0.00	0.00	0.00	71.83	87.62
Stock Based Compensation	13.96	8.70	10.19	10.10	3.51	2.00	1.72	0.05	0.27
Change in Working Capital	23.40	-2.48	-19.20	-6.16	68.17	-1.66	1.73	-6.76	-2.28
Change in Accounts Receivable	-29.74	4.54	-0.67	-26.02	-33.21	3.13	-1.39	5.02	-0.44
Change in Inventory	4.31	-3.14	-3.53	-0.83	-5.09	-0.72	0.17	-2.25	-0.19
Change in Accounts Payable	38.75	16.24	-5.89	11.84	10.42	-2.22	2.28	-9.12	-3.03
Change in Other Working Capital	10.08	-20.11	-9.11	-43.22	-49.01	-1.86	0.67	-0.42	1.38
Other Operating Activities	-47.48	-29.70	-12.21	-20.59	-49.01	15.55	4.25	5.84	10.30
Net Cash from Operating Activities	528.30	430.15	375.01	327.48	247.95	104.43	93.38	47.74	57.82
Investing Activities
Capital Expenditures	-168.94	-242.49	-152.47	-9.23	-471.64	-46.45	-99.10	-14.31	-4.89
Acquisitions	88.57	0.00	0.00	0.00	0.00	0.00	-0.83	24.04	0.00
Purchases of Investments	0.00	-12.15	-5.45	-0.65	-7.90	0.00	0.00	0.00	0.00
Sales/Maturities of Investments	0.00	0.00	0.00	0.00	16.51	0.00	0.00	0.00	0.00
Other Investing Activities	-271.53	-12.84	-13.65	0.00	-463.75	2.76	-9.53	14.50	-0.01
Net Cash from Investing Activities	-351.90	-254.64	-151.98	-9.88	-463.02	-39.59	-99.93	24.23	-4.90
Financing Activities
Debt Repayment	3.44	-132.95	-126.35	-563.60	-507.55	-133.59	23.33	-52.10	-39.89
Common Stock Issued	0.00	0.45	0.00	0.00	67.55	-0.07	50.71	0.00	0.00
Common Stock Repurchased	-0.33	-4.99	-21.97	-20.01	-10.00	-0.07	0.00	0.00	0.00
Dividends Paid	-85.60	-67.97	-62.79	-50.50	-36.20	-4.00	-3.08	-3.06	-3.06
Other Financing Activities	-2.19	-3.12	-1.14	-9.67	-13.79	17.45	-6.85	0.00	0.00
Net Cash from Financing Activities	-84.68	-208.59	-212.24	-243.31	318.45	-120.21	64.11	-55.17	-33.90
Summary
Effect of Forex Changes on Cash	35.72	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Change in Cash	127.44	-33.09	10.78	74.29	103.38	-55.37	57.56	16.81	19.02
Cash at Beginning of Period	196.96	280.71	269.93	195.64	92.26	147.64	90.07	73.27	54.24
Cash at End of Period	324.40	247.62	280.71	269.93	195.64	92.26	147.64	90.07	73.27
Free Cash Flow	359.36	187.65	222.54	318.25	-223.68	57.98	-5.72	33.43	52.93
Supplemental Disclosures
Interest Paid	-	55.42	68.00	51.49	49.53	59.77	-	-	-

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

Frequently Asked Questions About Global Ship Lease Cash Flow

What is Global Ship Lease's free cash flow?

Global Ship Lease generated free cash flow of $359.36M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $528.30M minus $168.94M of capital expenditures. That was up 91.5% from $187.65M a year earlier. Free cash flow equaled 47.7% of revenue.

How much does Global Ship Lease spend on capital expenditures?

Global Ship Lease spent $168.94M on capital expenditures in fiscal 2025, compared with $242.49M a year earlier. That equals 32.0% of operating cash flow.

Does Global Ship Lease pay dividends or buy back shares?

Yes. In fiscal 2025 Global Ship Lease returned $85.60M in dividends and $332.00K 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