Studio City International Holdings (MSC) Cash Flow: Operating & Free Cash Flow

Studio City International 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 Studio City International Holdings Limited (MSC) - 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	-64.30	-105.83	-146.08	-361.31	-302.00	-406.53	43.63	-20.75	-76.44
Depreciation & Amortization	212.02	205.06	169.40	126.96	127.63	160.56	171.94	167.89	176.33
Deferred Income Tax	0.00	0.00	0.00	-0.36	20.97	-0.79	0.00	0.00	0.00
Stock Based Compensation	0.00	0.00	0.00	0.36	0.44	0.79	0.00	0.00	0.00
Change in Working Capital	57.41	85.30	-43.41	53.56	5.64	36.32	-6.32	-19.32	-60.20
Change in Accounts Receivable	-0.34	41.14	-42.68	15.44	-5.84	1.25	0.32	0.24	0.44
Change in Inventory	17.11	8.43	-0.34	4.07	-1.79	2.13	3.62	-9.39	-7.22
Change in Accounts Payable	0.75	13.63	40.66	10.88	8.18	11.61	9.52	-4.81	5.82
Change in Other Working Capital	39.89	22.09	-41.06	23.17	1.47	21.33	-19.78	-5.37	-59.23
Other Operating Activities	5.19	5.37	1.21	2.02	1.47	28.02	19.25	11.69	28.62
Net Cash from Operating Activities	210.32	189.90	-18.89	-178.78	-136.84	-181.63	228.50	139.52	68.31
Investing Activities
Capital Expenditures	-61.97	-86.76	-156.82	-452.13	-404.48	-188.54	-78.59	-153.25	-43.80
Acquisitions	-30.73	-31.31	0.00	0.01	-2.42	2.64	-13.71	-13.36	-2.84
Purchases of Investments	0.00	0.00	0.00	-1.28	-278.70	-9.62	-60.15	-24.82	-9.88
Sales/Maturities of Investments	0.00	0.00	0.00	1.27	278.70	6.98	60.15	34.68	3.91
Other Investing Activities	-30.73	-31.31	-5.53	-1.28	-4.45	-6.98	1.38	9.24	-2.73
Net Cash from Investing Activities	-85.15	-108.46	-161.54	-453.40	-407.24	-195.51	-90.92	-147.52	-55.35
Financing Activities
Debt Repayment	-313.44	-175.38	-100.37	350.00	-252.94	150.00	-184.91	-400.00	0.00
Common Stock Issued	0.00	0.00	0.00	299.16	-0.45	499.22	0.00	405.15	0.00
Common Stock Repurchased	0.00	0.00	0.00	0.00	0.00	0.00	-5.06	0.00	0.00
Other Financing Activities	0.00	-7.89	-0.53	-6.05	-33.30	-25.33	0.00	0.00	-1.29
Net Cash from Financing Activities	-143.11	-183.26	-100.90	643.11	471.51	623.89	-189.98	5.15	-1.29
Summary
Effect of Forex Changes on Cash	-0.29	1.42	-0.15	-0.71	-3.37	1.52	2.06	-2.52	0.00
Net Change in Cash	-18.23	-100.41	-281.48	10.23	-72.57	248.27	-50.33	-5.36	11.68
Cash at Beginning of Period	127.76	228.17	509.52	499.42	575.36	325.12	377.57	382.93	371.25
Cash at End of Period	109.53	127.76	228.04	509.65	499.42	573.39	327.23	377.57	382.93
Free Cash Flow	148.35	103.14	-175.72	-630.90	-541.32	-370.16	149.92	-13.73	24.52
Supplemental Disclosures
Interest Paid	127.74	134.95	113.42	87.89	84.14	-	-	-	-

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

Frequently Asked Questions About Studio City International Holdings Cash Flow

What is Studio City International Holdings's free cash flow?

Studio City International Holdings generated free cash flow of $148.35M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $210.32M minus $61.97M of capital expenditures. That was up 43.8% from $103.14M a year earlier. Free cash flow equaled 21.4% of revenue.

How much does Studio City International Holdings spend on capital expenditures?

Studio City International Holdings spent $61.97M on capital expenditures in fiscal 2025, compared with $86.76M a year earlier. That equals 29.5% of operating cash flow.

Does Studio City International Holdings pay dividends or buy back shares?

Studio City International Holdings's cash flow statement for fiscal 2025 shows no dividend payments or share repurchases.

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