Free cash flow has demonstrated significant instability, swinging from a $201.0 million surplus in 2023Q4 to a $178.7 million deficit in 2025Q3, reflecting the heavy burden of capital expenditures that reached 17.9% of revenue in 2025Q2.
| Metric | 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 |
|---|
| Cash from Operations | 1.23B | 1.58B | 1.83B | 2.37B | 2.85B | 2.98B | 2.98B | 2.51B | 2.02B | 1.18B | 1.26B | 1.38B | 1.37B | 1.49B |
| Operating CF Margin % | 14.3% | 17.67% | 19.77% | 24.53% | 28.28% | 30.12% | 30.53% | 26.22% | 21.69% | 19.68% | 19.32% | 21.31% | 21.92% | 24.29% |
| Operating CF Growth % | -22.37% | -13.36% | -22.84% | -17.07% | -4.23% | 0% | 18.81% | 24.28% | 70.39% | -5.82% | -8.68% | 0.82% | -8.28% | - |
| Net Income | -71.2M | -78.28M | 53.2M | 220.89M | 1.01B | 443.48M | 443.48M | 20.59M | 1.49B | -831.48M | 175.45M | 311.44M | 465.66M | 233.52M |
| Depreciation & Amortization | 0 | 1.64B | 1.69B | 1.77B | 1.79B | 2.08B | 2.08B | 2.38B | 2.93B | 1.7B | 865.25M | 860.25M | 860.69M | 892.48M |
| Stock-Based Compensation | 0 | 67.16M | 47.93M | 159.99M | 98.3M | 125.09M | 99.08M | 59.81M | 57.43M | 14.37M | 65.29M | 43.98M | 52.72M | 60.7M |
| Deferred Taxes | 0 | -396.05M | -226.91M | 36.38M | 40.7M | 75.51M | 75.51M | -67.6M | -2.88B | -263.99M | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.3B | 169.49M | 300.82M | 447.87M | 263.48M | 345.86M | 371.87M | 249.5M | 716.33M | 127.14M | 135.27M | 196.75M | -11.22M | 363.23M |
| Working Capital Changes | 0 | 177.85M | -39.04M | -271.9M | -346.49M | -93.14M | -93.14M | -136.32M | -300.69M | 438.11M | 16.34M | -35.35M | -1.97M | -76.95M |
| Change in Receivables | 0 | -58.92M | -77.7M | -45.28M | -30.38M | -50.75M | -50.75M | -144.08M | -89.68M | -58.76M | -24.76M | -42.45M | -25.67M | -76.95M |
| Change in Inventory | 0 | 0 | 0 | -46.72M | 0 | 0 | 33.11M | -88.17M | -262.88M | 457.5M | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 3.88M | -39.26M | 46.72M | 0 | 0 | -33.11M | 12.46M | 73.89M | -11.81M | 0 | 0 | 0 | 0 |
| Cash from Investing | 0 | -1.46B | -1.71B | -1.92B | -1.57B | -1.22B | -1.22B | -1.15B | -1.09B | -9.6B | -827.83M | -881.98M | -302.47M | -1.08B |
| Capital Expenditures | 0 | -1.43B | -1.7B | -1.91B | -1.23B | -1.07B | -1.07B | -1.15B | -953.06M | -9.6B | -816.4M | -891.68M | -951.68M | -991.59M |
| CapEx % of Revenue | - | 16% | 18.46% | 19.84% | 12.21% | 10.85% | 11% | 12.06% | 10.24% | 159.53% | 12.54% | 13.8% | 15.27% | 16.17% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 16.03M | -1.71M | -5.17M | -1.44M | 3.5M | 3.5M | -1.14B | -943.31M | -619.76M | -11.44M | 9.7M | 649.21M | -85.16M |
| Cash from Financing | 0 | -171.98M | -122.59M | -335.91M | -1.36B | -2.18B | -2.18B | -1.39B | -1.1B | 131.42M | -276.9M | -346.9M | -693.79M | -669.19M |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | -804.93M | -4.82B | -1.69B | -500M | 349.07M | 0 | -19.14M | -6.61M | -12.91M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.5B | -919.32M | -365.56M | -125.17M | -160.54M | -159.71M | -163.87M |
| Share Repurchases | 0 | 0 | 0 | 0 | -804.93M | -4.82B | -1.69B | -500M | 0 | 0 | -19.14M | -6.61M | -12.91M | -208.43M |
| Other Financing | 0 | -36.15M | -24.19M | -8.4M | -11.54M | 853.57M | -1.58B | -53.33M | -7.8M | 1.04B | 14.97M | 40.4M | -47.84M | -505.32M |
| Net Change in Cash | 0 | -45.51M | -3.41M | 109.78M | -82.71M | -423.47M | -423.47M | -31.06M | -172.99M | -8.28B | 152.87M | 148.19M | 369.61M | -256.69M |
| Free Cash Flow | 1.23B | 149.39M | 121.59M | 452.62M | 1.62B | 1.91B | 1.91B | 1.35B | 1.07B | -8.41B | 441.21M | 485.39M | 414.2M | 497.65M |
| FCF Margin % | 14.3% | 1.67% | 1.32% | 4.69% | 16.08% | 19.27% | 19.53% | 14.15% | 11.45% | -139.85% | 6.78% | 7.51% | 6.65% | 8.12% |
| FCF Growth % | 722.33% | 22.87% | -73.14% | -72.1% | -14.89% | 0% | 40.77% | 27.13% | 112.66% | -2007.24% | -9.1% | 17.19% | -16.77% | - |
| FCF per Share | 2.63 | 0.32 | 0.27 | 1.00 | 3.51 | 3.27 | 2.88 | 1.85 | 1.53 | -11.42 | 1.60 | 1.79 | 1.56 | 1.86 |
| FCF Conversion (FCF/Net Income) | -0.66x | -15.38x | 34.33x | 12.17x | 2.88x | 6.83x | 21.45x | 133.19x | 1.35x | -1.42x | 6.69x | 4.46x | 10.73x | 20.06x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High leverage and subscriber churn
According to the provided financial data, ATUS consistently reports net losses while maintaining positive operating cash flow, with the 2025Q3 period showing a $1.6 billion net loss against $147.4 million in operating cash flow, suggesting a significant reliance on non-cash adjustments to sustain reported liquidity.
The persistent divergence between net income and operating cash flow suggests that the company's accounting earnings are heavily impacted by non-cash charges, likely depreciation and amortization. Investors should monitor whether this cash flow generation is sustainable as the company continues to face competitive pressures that may eventually erode the underlying cash-generating capacity of the business.
Based on reported quarterly figures, ATUS has struggled to maintain consistent free cash flow, with the metric swinging from a $201.0 million surplus in 2023Q4 to a $178.7 million deficit by 2025Q3, indicating that capital requirements are increasingly outpacing the company's ability to generate internal funding.
The erratic nature of free cash flow suggests that the company's capital allocation strategy is highly sensitive to operational fluctuations and the timing of network investments. This volatility may indicate that the business lacks the margin of safety required to comfortably service its debt obligations during periods of revenue contraction.
As reported in recent filings, ATUS maintains a high capital intensity, with CAPEX as a percentage of revenue consistently hovering between 12.8% and 17.9% over the last ten quarters, reflecting the heavy financial burden of ongoing fiber-to-the-home deployment and necessary infrastructure maintenance in competitive markets.
The sustained level of capital expenditure appears to be a defensive necessity rather than a discretionary growth lever, as the company attempts to defend its market share against fiber and fixed wireless competitors. This high level of spending may continue to constrain free cash flow, potentially limiting the company's flexibility to address its debt maturity profile.
Data from the cash flow statements reveals significant volatility in working capital, including a notable $332.7 million outflow in 2025Q3, which suggests that the company's ability to manage its short-term assets and liabilities is becoming increasingly erratic as operational performance faces ongoing headwinds.
The sharp swings in working capital changes may indicate difficulties in managing payables or collecting receivables in a tightening competitive environment. Such instability warrants further investigation, as it may signal underlying operational inefficiencies that are not immediately apparent in the headline revenue or EBITDA figures.
Quick answers to the most common questions about buying ATUS stock.
Altice USA, Inc. (ATUS) generated $1.23B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Altice USA, Inc. (ATUS) generated $1.23B 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.
Altice USA, Inc. (ATUS) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.