The Marcus (MCS) Cash Flow: Operating & Free Cash Flow

The Marcus (MCS) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), The Marcus generated $84.20M of operating cash flow and spent $83.21M on capital expenditures. That left free cash flow of $989.00K, down 96.0% from $24.73M a year earlier, or 0.1% of revenue. It returned $27.70M to shareholders through $9.16M in dividends and $18.55M in share buybacks.

The Marcus 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 The Marcus Corporation (MCS) - 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	12.69	-7.79	14.79	-9.10	-43.29	-124.87	42.12	53.47	64.49
Depreciation & Amortization	70.19	67.96	67.30	67.07	72.13	75.05	72.28	61.68	52.05
Deferred Income Tax	-4.27	-3.98	5.56	7.03	-15.84	-38.84	9.11	3.25	-6.44
Stock Based Compensation	7.50	8.21	6.39	8.17	9.32	4.39	3.52	2.69	2.41
Change in Working Capital	-3.79	13.21	5.28	23.23	16.35	-16.17	8.48	9.75	-2.07
Change in Accounts Receivable	2.47	-1.75	1.89	6.84	-22.06	23.11	-3.78	1.55	-8.85
Change in Inventory	0.00	0.00	0.00	0.00	-0.38	-5.07	3.78	0.00	0.00
Change in Accounts Payable	-3.46	10.43	4.23	-3.26	21.50	-32.13	9.73	-4.23	15.02
Change in Other Working Capital	-5.47	18.46	-0.84	2.36	17.28	-2.08	-1.25	13.98	-17.08
Other Operating Activities	-2.40	18.46	3.30	2.36	7.59	31.88	5.97	6.56	-1.41
Net Cash from Operating Activities	84.20	103.94	102.63	93.21	46.25	-68.55	141.48	137.39	109.04
Investing Activities
Capital Expenditures	-83.21	-79.21	-38.77	-36.84	-17.08	-21.36	-64.09	-58.66	-114.80
Acquisitions	0.00	-5.62	0.00	31.10	-2.43	-0.03	-30.08	-0.29	6.62
Purchases of Investments	0.00	-2.25	-0.84	-0.26	-3.08	-0.80	0.00	-0.29	-0.11
Sales/Maturities of Investments	8.19	0.18	0.04	0.14	0.38	5.18	0.00	0.00	6.73
Other Investing Activities	2.79	3.50	2.82	5.52	33.10	4.94	0.22	-0.31	7.95
Net Cash from Investing Activities	-71.37	-81.90	-36.75	-0.35	10.88	-12.07	-93.95	-59.27	-100.24
Financing Activities
Debt Repayment	-10.39	-256.37	-15.29	-185.91	-47.35	98.87	-25.16	-64.99	16.71
Common Stock Issued	0.02	1.67	0.22	0.00	0.00	0.00	0.00	0.00	0.00
Common Stock Repurchased	-18.55	0.00	-0.50	-1.47	-0.42	-0.53	-0.70	-2.52	-0.42
Dividends Paid	-9.16	-8.78	-7.45	-3.08	0.00	-5.15	-19.31	-16.41	-13.50
Other Financing Activities	-2.74	17.16	-7.52	-2.08	0.59	-24.09	1.34	6.98	1.42
Net Cash from Financing Activities	-30.82	-37.30	-30.55	-92.41	-47.17	69.10	-43.84	-76.94	4.21
Summary
Net Change in Cash	-18.00	-15.26	35.33	0.45	9.97	-11.53	3.69	1.18	13.01
Cash at Beginning of Period	44.58	59.84	24.51	24.05	14.09	25.62	21.93	20.75	3.24
Cash at End of Period	26.58	44.58	59.84	24.51	24.05	14.09	25.62	21.93	16.25
Free Cash Flow	0.99	24.73	63.86	56.37	29.17	-89.92	77.39	78.73	-5.77
Supplemental Disclosures
Interest Paid	-	8.68	9.74	13.44	14.12	10.89	-	-	-
Income Taxes Paid	-	1.43	1.78	-21.94	-8.32	-33.28	-	-	-

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

Frequently Asked Questions About The Marcus Cash Flow

What is The Marcus's free cash flow?

The Marcus generated free cash flow of $989.00K in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $84.20M minus $83.21M of capital expenditures. That was down 96.0% from $24.73M a year earlier. Free cash flow equaled 0.1% of revenue.

How much does The Marcus spend on capital expenditures?

The Marcus spent $83.21M on capital expenditures in fiscal 2025, compared with $79.21M a year earlier. That equals 98.8% of operating cash flow.

Does The Marcus pay dividends or buy back shares?

Yes. In fiscal 2025 The Marcus returned $9.16M in dividends and $18.55M 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