Free cash flow remains highly volatile, swinging from a low of -$14.5M in 2023Q4 to a peak of $18.9M in 2025Q3, largely driven by capital intensity that saw CapEx/Revenue ratios reach 20.7% in 2024Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 127.81M | 133.94M | 127.92M | 111.63M | 102.91M | 80.55M | 86.28M | 87.9M | 115.86M | 145.72M | 111.66M | 139.24M | 81.98M | -112M | 187.47M | 132.6M | 102.8M | 92.23M | 68.28M | 69.14M | 51.25M | 30.69M | 41.61M | 26.52M | 29.16M | 28.45M | 27.81M | 22.9M | 40.7M | 25.2M | 45.2M |
| Operating CF Margin % | - | 18.4% | 17.54% | 14.65% | 14.18% | 13.36% | 18.95% | 20.04% | 25.68% | 30.28% | 24.43% | 39.18% | 24.37% | -38.31% | 25.29% | 17.47% | 16.6% | 38.16% | 32.93% | 37.02% | 32.99% | 30.01% | 49.56% | 33.62% | 41.18% | 34% | 36.32% | 27.26% | 43.02% | 21.43% | 21.94% |
| Operating CF Growth % | -33.24% | 4.71% | 14.59% | 8.47% | 27.76% | -6.65% | -1.84% | -24.13% | -20.49% | 30.51% | -19.81% | 69.84% | 173.2% | -159.74% | 41.38% | 28.99% | 11.47% | 35.07% | -1.24% | 34.91% | 66.96% | -26.23% | 56.91% | -9.06% | 2.5% | 2.29% | 21.45% | -43.73% | 61.51% | -44.25% | 45.34% |
| Net Income | -9.45M | -14.91M | -31.85M | -14.54M | -7.58M | -20.81M | -708K | 1.97M | 34.87M | 48.89M | 24.76M | 32.06M | 58.02M | 36.95M | 53.17M | 21.9M | 37.58M | 36.58M | 34.8M | 37.94M | 23.5M | 13.6M | 12.12M | 12.24M | 9.49M | 9.19M | 12.32M | 9.7M | 15.9M | 7.9M | 18M |
| Depreciation & Amortization | 133.78M | 137.88M | 146.24M | 154.26M | 148.15M | 110.51M | 88.31M | 89.13M | 85.72M | 86.93M | 75.98M | 56.89M | 51.23M | 48.74M | 105.49M | 104.1M | 76.74M | 38.89M | 31.75M | 26.69M | 25.33M | 17.53M | 14.71M | 12.47M | 10.76M | 9.4M | 8.11M | 5.7M | 4.3M | 5.3M | 19.3M |
| Stock-Based Compensation | 6.64M | 8.54M | 8.24M | 8.54M | 7.41M | 6.58M | 5.91M | 6.38M | 6.42M | 6.98M | 6.41M | 4.97M | 4.32M | 4.45M | 3.54M | 3.25M | 2.04M | 1.36M | 1.01M | 1.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -7.24M | -8.52M | -12.78M | -16.76M | -7.45M | -6.61M | -7.32M | -2.19M | -23.24M | -14.22M | -5.14M | 17.87M | -113K | 53.71M | 7.36M | 27.58M | -348K | 1.62M | 8.41M | 584K | 3.05M | 1.08M | -1.04M | 3.13M | 2.51M | 650K | 2.4M | 2.5M | -2.9M | 3M | 5.5M |
| Other Non-Cash Items | 22.36M | 9.53M | 30.94M | 1.09M | 9.16M | 29.48M | 30.9M | 17.52M | -18.88M | 6.55M | -14.82M | 19.19M | -8.93M | 19.27M | -10.9M | 13.74M | -8.46M | 921K | 7.33M | 3.08M | 255K | 3.38M | 5.24M | 1.45M | 592K | 9.89M | 2.08M | 2.2M | 2.5M | -100K | -100K |
| Working Capital Changes | -12.79M | 1.41M | -12.88M | -20.97M | -46.78M | -38.59M | -30.81M | -24.9M | 30.97M | 10.58M | 24.46M | 8.25M | -22.55M | -275.13M | 28.82M | -37.96M | -4.75M | 12.85M | -15.02M | -158K | -5.29M | -4.9M | 10.58M | -2.79M | 5.82M | -677K | 2.89M | 2.8M | 20.9M | 7.7M | 300K |
| Change in Receivables | 2.64M | -1M | 12.98M | -20.2M | -8.71M | -32.95M | -17.77M | -3.51M | -1.68M | -4.07M | 2.6M | 11.74M | -15.26M | 2.23M | -15.47M | -23.2M | -15.55M | -1.45M | 0 | 0 | -11.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 8.09M | 14.1M | -1.91M | 7.67M | -15.53M | -5.3M | -18.62M | -1.61M | 5.92M | 1M | -8.41M | -1.09M | -4.82M | -17.12M | -6.56M | 11.09M | -26.28M | -791K | 2.83M | 1.11M | -3.6M | 1.07M | -1.35M | 766K | -1.57M | 1.13M | 1.45M | -2.3M | -1.3M | -900K | -500K |
| Change in Payables | 295K | 2.86M | 1.78M | 2.43M | -125K | 11.68M | 12.6M | -2.54M | -7.04M | 4.65M | 6.52M | -2.38M | 7.63M | 10.47M | -1.44M | -23.22M | 41.84M | 16.81M | 0 | 0 | 10.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -82.66M | -86.83M | -103.75M | -165.11M | -167.25M | -426.58M | -70.2M | -88.26M | -87.32M | -166.79M | -308.69M | -31.97M | -82.47M | 643.12M | -62.26M | -95.65M | -356.46M | -61.66M | -69.71M | -47.34M | -49.95M | -76.97M | -34.15M | -16.06M | -9.21M | -35.13M | -22.08M | -18.5M | -16.7M | 7.8M | -47.2M |
| Capital Expenditures | -90.21M | -90.02M | -110.95M | -163.3M | -161.18M | -426.58M | -80.75M | -72.72M | -185.92M | -179.2M | -308.69M | -64.75M | -58.3M | 643.12M | -77.42M | -101.4M | -356.46M | -59.72M | -47.35M | -48.89M | -35.47M | -76.97M | -25.32M | -16.16M | -15.47M | -35.13M | -18.3M | -15.7M | -16.7M | -7.6M | -47.2M |
| CapEx % of Revenue | 12.34% | 12.37% | 15.22% | 21.42% | 22.21% | 70.78% | 17.73% | 16.58% | 41.21% | 37.24% | 67.55% | 18.22% | 17.33% | 220% | 10.44% | 13.36% | 57.57% | 24.71% | 22.84% | 26.18% | 22.83% | 75.26% | 30.15% | 20.49% | 21.85% | 41.99% | 23.9% | 18.69% | 17.65% | 6.46% | 22.91% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 7.18M | 2.39M | 5.89M | -422K | -2.85M | -2.18M | 1.35M | 3.14M | 46.91M | 24.81M | -145.83M | 44.75M | 30.19M | 712.43M | 15.16M | 1.67M | 4.72M | 57.75M | 4.83M | -4.83M | 2.05M | 341K | -750K | 96K | 0 | -7.38M | -2.76M | -2.8M | -5.9M | 15.4M | 0 |
| Cash from Financing | -18.92M | -19.2M | 2.91M | 55.92M | 43.36M | 321.73M | -73.37M | -29.91M | -55.23M | -40.92M | 75.33M | -41.44M | -33.9M | -310.47M | -37.3M | -25.55M | 200.74M | -19.98M | 9.92M | -11.17M | 32.76M | 32.87M | 119K | -8.79M | -6.83M | -275K | -12.7M | -8M | -4.6M | -25.3M | -5.3M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -1.9M | -770K | -10M | -16.47M | -942K | -11.88M | -6.59M | -1.81M | -6.13M | -11.82M | -4.11M | 105K | -1.67M | -1.47M | 1.11M | -218K | -44K | 241K | -582K | 99K | 46.92M | -716K | -331K | -145K | -275K | -67K | -529K | -1.8M | -600K | -17.4M | 0 |
| Dividends Paid | -16.24M | -15.67M | -14.67M | -13.18M | -10.71M | -10.81M | -10.89M | -10.88M | -10.87M | -19.23M | -20.96M | -19.07M | -17.49M | -12.1M | -18.49M | -13.7M | -14.44M | -19.4M | -10.03M | -8.84M | -6.63M | -9.37M | -8.37M | -6.64M | -4.16M | -3.99M | -4.99M | -2.8M | -700K | 0 | 0 |
| Share Repurchases | -1.9M | -770K | -10M | -16.47M | -942K | -12.26M | -6.59M | -1.81M | -6.2M | -12.86M | -4.11M | -1.89M | -1.67M | -1.47M | -344K | -218K | -44K | -134K | -1.16M | -110K | -85K | -876K | -331K | -315K | -300K | -67K | -529K | -1.8M | -600K | -17.4M | 0 |
| Other Financing | -1.37M | -1.17M | -12.93M | -10.81M | -12.16M | 44.19M | -42.14M | -12.52M | -28.44M | -8.76M | 8.18M | -16.46M | -14.75M | -24.77M | -5.97M | -2.34M | -1.08M | 74K | -2.47M | -2.43M | -1.78M | -3.65M | -3.25M | 0 | 0 | 0 | 0 | 0 | 100K | 0 | 0 |
| Net Change in Cash | 26.23M | 27.91M | 27.08M | 2.44M | -20.97M | -24.3M | -57.36M | -30.55M | -26.98M | -61.77M | -122.32M | 65.83M | -34.39M | 219.96M | 87.91M | 11.4M | -52.92M | 10.58M | 8.49M | 10.63M | 34.05M | -13.41M | 7.58M | 1.67M | 13.12M | -6.96M | -6.97M | -3.6M | -15.8M | -8.2M | -18.8M |
| Free Cash Flow | 37.6M | 43.91M | 16.97M | -51.66M | -58.27M | -346.03M | 5.53M | 15.18M | -70.06M | -33.48M | -197.03M | 74.48M | 23.68M | 531.12M | 110.05M | 31.2M | -253.66M | 32.51M | 20.93M | 20.25M | 15.78M | -46.28M | 16.29M | 10.36M | 13.69M | -6.68M | 9.52M | 7.2M | 24M | 17.6M | -2M |
| FCF Margin % | 5.14% | 6.03% | 2.33% | -6.78% | -8.03% | -57.41% | 1.21% | 3.46% | -15.53% | -6.96% | -43.11% | 20.96% | 7.04% | 181.68% | 14.84% | 4.11% | -40.97% | 13.45% | 10.09% | 10.84% | 10.16% | -45.25% | 19.4% | 13.14% | 19.33% | -7.99% | 12.43% | 8.57% | 25.37% | 14.97% | -0.97% |
| FCF Growth % | 14.77% | 158.8% | 132.84% | 11.34% | 83.16% | -6357.34% | -63.57% | 121.67% | -109.26% | 83.01% | -364.53% | 214.55% | -95.54% | 382.61% | 252.7% | 112.3% | -880.32% | 55.32% | 3.37% | 28.28% | 134.1% | -384.06% | 57.24% | -24.29% | 304.74% | -170.25% | 32.15% | -70% | 36.36% | 980% | -123.26% |
| FCF per Share | 2.46 | 2.88 | 1.11 | -3.31 | -3.70 | -21.81 | 0.35 | 0.95 | -4.37 | -2.07 | -12.14 | 4.61 | 1.48 | 33.58 | 7.05 | 2.01 | -16.38 | 2.12 | 1.37 | 1.32 | 1.15 | -3.68 | 1.30 | 0.82 | 1.08 | -0.53 | 0.77 | 0.61 | 1.95 | 1.43 | -0.07 |
| FCF Conversion (FCF/Net Income) | -3.98x | -8.99x | -4.84x | -7.68x | -18.23x | -3.64x | -6.11x | -8.13x | 5.85x | 4.63x | 8.90x | 8.22x | 1.70x | -0.36x | 3.83x | 6.08x | 2.67x | 2.60x | 1.96x | 1.82x | 2.18x | 2.26x | 3.43x | 2.17x | 3.07x | 3.10x | 2.26x | 2.36x | 2.56x | 3.19x | 2.51x |
| Interest Paid | 45.32M | 45.32M | 48.05M | 39.25M | 19.92M | 8.23M | 4.83M | 0 | 7.24M | 7.41M | 4.45M | 2.72M | 2.93M | 4.86M | 14.39M | 18.17M | 11.52M | 3.81M | 3.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 2.83M | 3.89M | 7.29M | 2.9M | 3.24M | 3.97M | 6.12M | 0 | 12.49M | 13.69M | 8.24M | 9.64M | 48.35M | 256.82M | 8.84M | 3.9M | 24.97M | 27.03M | 34.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Infrastructure investment intensity
Based on reported quarterly filings, ATNI consistently generates positive operating cash flow despite frequent net losses, with OCF/NI ratios often reaching extreme negative values, such as -8.57 in 2026Q1, indicating that non-cash depreciation charges are the primary driver of the company's reported cash generation capabilities.
The persistent gap between net income and operating cash flow suggests that the company's accounting profitability is heavily suppressed by high depreciation and amortization expenses related to its capital-intensive network assets. Investors should interpret this as a signal that the business is cash-generative on an operational basis, even if it fails to produce GAAP net income.
As reported in financial statements, ATNI's free cash flow trajectory remains highly inconsistent, swinging from a low of -$14.5M in 2023Q4 to a peak of $18.9M in 2025Q3, reflecting the lumpy nature of capital expenditures required to support the ongoing transition to fiber-to-the-home services.
The inability to maintain positive free cash flow across all periods suggests that the company's strategic pivot is currently consuming significant liquidity. This volatility may indicate that management is prioritizing long-term infrastructure positioning over short-term cash flow stability, which warrants close monitoring of future capital allocation efficiency.
According to recent SEC filings, ATNI's capital intensity remains elevated, with CapEx/Revenue ratios frequently exceeding 15%, such as the 20.7% observed in 2024Q4, underscoring the heavy financial burden of maintaining and upgrading legacy network infrastructure across geographically isolated and challenging operating environments.
The high level of capital expenditure relative to revenue suggests that a significant portion of cash flow is being reinvested into the business just to maintain competitive parity. This level of spending may imply that the company is trapped in a cycle of continuous reinvestment, limiting the potential for meaningful free cash flow generation in the near term.
Based on the provided cash flow data, working capital changes have been a significant source of volatility, with a notable $14.4M outflow in 2024Q4 followed by a $9.9M inflow in 2024Q3, suggesting that the company's cash position is sensitive to the timing of collections and payables.
These fluctuations in working capital may indicate potential inefficiencies in the company's cash conversion cycle or the impact of project-based revenue recognition in its renewable energy and telecom segments. Investors should monitor whether these swings represent structural issues in receivables management or merely the timing of large-scale infrastructure project payments.
Quick answers to the most common questions about buying ATNI stock.
ATN International, Inc. (ATNI) generated $133.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
ATN International, Inc. (ATNI) generated $43.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
ATN International, Inc. (ATNI) spent $90.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, ATN International, Inc. (ATNI) returned $15.7M to shareholders via cash dividends and spent $0.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.