Rocky Brands (RCKY) Cash Flow: Operating & Free Cash Flow

Rocky Brands (RCKY) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Rocky Brands generated $16.30M of operating cash flow and spent $6.58M on capital expenditures. That left free cash flow of $9.72M, down 79.8% from $48.10M a year earlier, or 2.0% of revenue. It returned $4.83M to shareholders through $4.63M in dividends and $201.00K in share buybacks.

Rocky Brands 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 Rocky Brands, Inc. (RCKY) - 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	22.27	11.39	10.43	20.47	20.56	20.96	17.46	14.55	9.59
Depreciation & Amortization	9.85	10.25	10.94	12.32	11.34	5.24	5.04	5.38	6.51
Deferred Income Tax	2.34	2.57	-0.53	-2.21	2.02	0.16	0.33	0.62	-3.64
Stock Based Compensation	1.62	1.29	1.24	1.23	1.27	0.78	0.66	0.59	0.36
Change in Working Capital	-23.98	17.24	51.30	-16.00	-91.08	4.27	-5.51	-3.67	2.09
Change in Accounts Receivable	-9.98	3.50	17.22	29.28	-38.14	-2.70	-1.91	2.17	-6.07
Change in Inventory	-14.43	2.50	60.03	-4.99	-114.23	-0.85	-3.91	-7.20	4.05
Change in Accounts Payable	-5.97	7.75	-21.23	-45.92	78.63	4.46	0.46	0.06	1.36
Change in Other Working Capital	3.22	3.23	3.89	5.62	-9.94	3.35	-0.15	1.30	2.75
Other Operating Activities	3.22	3.23	-0.34	3.32	3.04	0.03	0.11	0.11	2.21
Net Cash from Operating Activities	16.30	52.76	73.58	19.12	-54.88	31.44	18.09	17.57	17.11
Investing Activities
Capital Expenditures	-6.58	-4.66	-3.92	-6.70	-21.06	-11.72	-7.72	-4.24	-4.31
Acquisitions	0.00	1.70	17.30	0.00	-212.41	0.00	0.02	0.02	2.40
Other Investing Activities	0.37	0.00	0.00	5.47	0.00	0.01	0.00	0.02	0.33
Net Cash from Investing Activities	-6.20	-2.96	13.38	-1.23	-233.46	-11.71	-7.70	-4.22	-1.58
Financing Activities
Debt Repayment	-60.36	-234.01	-38.40	-14.00	-2.44	0.00	0.00	-2.20	-12.39
Common Stock Issued	0.81	0.60	0.98	0.00	0.83	0.00	0.00	0.00	0.00
Common Stock Repurchased	-0.20	0.00	0.00	0.00	0.00	-2.94	-1.50	-1.31	-0.69
Dividends Paid	-4.63	-4.61	-4.57	-4.54	-4.30	-4.09	-3.99	-3.48	-3.27
Other Financing Activities	-0.27	-2.33	0.00	0.46	-4.27	0.14	0.44	0.14	0.01
Net Cash from Financing Activities	-10.91	-50.55	-88.21	-18.08	265.89	-6.90	-5.04	-6.86	-16.33
Summary
Effect of Forex Changes on Cash	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Change in Cash	-0.82	-0.75	-1.25	-0.19	-22.44	12.84	5.35	6.49	-0.80
Cash at Beginning of Period	3.72	4.47	5.72	5.91	28.35	15.52	10.17	3.68	4.48
Cash at End of Period	2.90	3.72	4.47	5.72	5.91	28.35	15.52	10.17	3.68
Free Cash Flow	9.72	48.10	69.66	12.42	-75.93	19.73	10.37	13.33	12.80
Supplemental Disclosures
Interest Paid	-	16.17	13.30	17.50	7.93	0.15	-	-	-
Income Taxes Paid	-	-1.91	6.66	1.93	8.64	4.67	-	-	-

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

Frequently Asked Questions About Rocky Brands Cash Flow

What is Rocky Brands's free cash flow?

Rocky Brands generated free cash flow of $9.72M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $16.30M minus $6.58M of capital expenditures. That was down 79.8% from $48.10M a year earlier. Free cash flow equaled 2.0% of revenue.

How much does Rocky Brands spend on capital expenditures?

Rocky Brands spent $6.58M on capital expenditures in fiscal 2025, compared with $4.66M a year earlier. That equals 40.3% of operating cash flow.

Does Rocky Brands pay dividends or buy back shares?

Yes. In fiscal 2025 Rocky Brands returned $4.63M in dividends and $201.00K 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