Liquidity remains under severe pressure as capital expenditures reached 74.8% of revenue in 2026Q1, contributing to a persistent negative free cash flow margin of -24.3%.
| Cash from Operations | -198.04M | -91.2M | 114M | 188.61M | 270.97M | 82.75M | 19.5M | 94.1M | 109.24M | 107.83M | 70.69M |
| Operating CF Margin % | - | -3.43% | 4.65% | 7.7% | 12.01% | 6.26% | 5.23% | 17.97% | 24.97% | 25.61% | 17.04% |
| Operating CF Growth % | -737.67% | -180% | -39.56% | -30.39% | 227.44% | 324.34% | -79.28% | -13.86% | 1.31% | 52.54% | - |
| Net Income | -846.5M | -701.1M | -567.75M | -187.5M | -425.55M | -71.8M | -5.49M | 55.13M | 71.44M | 62.25M | 44.84M |
| Depreciation & Amortization | 343.08M | 315.46M | 379.54M | 350.41M | 300.56M | 144.79M | 37.84M | 32.39M | 22.33M | 22.2M | 25.07M |
| Stock-Based Compensation | 0 | 0 | 14.75M | 24.07M | 27.91M | 20.14M | 17.71M | 3.83M | -1.47M | 17.79M | 6.33M |
| Deferred Taxes | 88.95M | 1.66M | 23.95M | -23.92M | -88.13M | -5.22M | 1.19M | 8.99M | 5.88M | -5.13M | 4.36M |
| Other Non-Cash Items | 386.35M | 381.47M | 283.11M | 12.45M | 419.06M | 56.42M | 23.28M | 5.9M | 9.99M | 3.34M | 6.87M |
| Working Capital Changes | -169.92M | -88.69M | -19.6M | 13.11M | 37.11M | -61.58M | -55.03M | -12.14M | 1.07M | 7.38M | -16.77M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 11.62M | 5.21M | -4.86M | -870K | -4.02M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 125K | -89K | 842K | -461K | -621K |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | -4.98M | -3.86M | -4.08M | 1.16M | 3.29M |
| Cash from Investing | 1.98B | 1.82B | 97.83M | -207.79M | -302.92M | -2.3B | -444.85M | -38.92M | -117.6M | -47.48M | -12.18M |
| Capital Expenditures | -730.23M | -225.08M | -199.83M | -502.17M | -505.16M | -162.73M | -15.28M | -28.24M | -128.89M | -47.85M | -10.02M |
| CapEx % of Revenue | 25.87% | 8.47% | 8.15% | 20.5% | 22.39% | 12.31% | 4.1% | 5.39% | 29.46% | 11.37% | 2.42% |
| Acquisitions | 2.85B | 2.19B | -788K | 317.1M | 203.68M | -2.27B | -429.06M | -9.61M | 7.12M | 6K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -8.98M | -9.05M | 298.45M | -22.72M | 1.73M | -91K | -500K | -1.08M | 11.29M | 368K | -2.15M |
| Cash from Financing | -1.4B | -1.04B | -287.84M | 65.75M | 43.24M | 2.4B | 366.4M | 48.9M | -3.43M | -28.93M | -85.87M |
| Debt Issued (Net) | -1.25B | -580.99M | -354.45M | 167.93M | 232.55M | 1.91B | 414.31M | 284.28M | 473K | -26.94M | -3.57M |
| Equity Issued (Net) | -2.73M | -398.05M | 0 | -99.08M | -153.37M | 580.85M | -33.29M | -223.07M | -7.96M | -2.27M | -20M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -3.2M | -7.54M | -640K | 0 | 0 |
| Share Repurchases | -20.86M | -416.18M | 0 | -99.08M | -153.37M | -87.02M | -33.29M | -223.07M | -7.96M | -2.27M | -20M |
| Other Financing | -147.9M | -64.17M | 66.61M | -3.09M | -35.95M | -86.23M | -11.41M | -4.77M | 4.7M | 279K | -62.3M |
| Net Change in Cash | 388.7M | 675.43M | -84.01M | 50.08M | -9.66M | 148.28M | -58.95M | 104.07M | -11.79M | 31.41M | -27.35M |
| Free Cash Flow | -374.31M | -275.49M | -85.83M | -122.87M | -141.28M | -79.98M | 4.22M | 65.86M | -19.65M | 59.98M | 60.67M |
| FCF Margin % | -13.26% | -10.37% | -3.5% | -5.02% | -6.26% | -6.05% | 1.13% | 12.58% | -4.49% | 14.24% | 14.63% |
| FCF Growth % | -122.15% | -220.98% | 30.15% | 13.03% | -76.65% | -1995.66% | -93.59% | 435.25% | -132.75% | -1.14% | - |
| FCF per Share | -6.21 | -4.54 | -1.77 | -2.30 | -2.43 | -1.61 | 0.13 | 1.74 | -0.51 | 1.56 | 1.55 |
| FCF Conversion (FCF/Net Income) | 0.44x | 0.13x | -0.20x | -1.01x | -0.64x | -0.72x | -3.55x | 1.71x | 1.53x | 1.73x | 1.58x |
| Interest Paid | 0 | 0 | 314.25M | 0 | 0 | 65.93M | 57.23M | 35.04M | 23.18M | 20.07M | 22.92M |
| Taxes Paid | 0 | 0 | 2.23M | 0 | 0 | 42.29M | 3.83M | 16.52M | 22.22M | 41.03M | 39.05M |
Capital intensive project execution
As reported in recent financial filings, Bally's exhibits a persistent disconnect between net losses and operating cash flow, with the 2026Q1 OCF/NI ratio of 0.90 highlighting that cash generation is failing to track with the company's significant accounting losses and ongoing operational volatility.
The recurring gap between net income and operating cash flow suggests that non-cash charges and working capital fluctuations are masking the underlying cash-generative capacity of the business. Investors should monitor whether this conversion quality improves as the company attempts to stabilize its interactive and land-based segments.
Based on the company's reported figures, free cash flow has remained consistently negative over the last ten quarters, culminating in a 2026Q1 FCF margin of -24.3%, which underscores the substantial cash burn required to sustain current operations and fund aggressive development projects.
The persistent negative FCF trajectory indicates that the company is currently unable to self-fund its growth initiatives through internal operations. This reliance on external financing or asset divestitures to cover capital requirements warrants further investigation into the long-term sustainability of the current business model.
According to recent SEC filings, Bally's capital expenditure reached a staggering 74.8% of revenue in 2026Q1, reflecting the heavy investment burden associated with the Chicago permanent casino project and the ongoing maintenance of its fragmented physical asset footprint across the United States.
This extreme level of capital intensity suggests that a significant portion of the company's resources is being diverted toward long-term development rather than immediate operational efficiency. The high ratio of CapEx to revenue may indicate that the company is prioritizing future capacity over current cash flow stability.
As evidenced by the quarterly data, working capital changes have been highly erratic, including a significant $151.5 million outflow in 2026Q1, which suggests that the company is struggling to manage its cash conversion cycle effectively amidst its complex multi-segment operational structure.
The inconsistency in working capital movements may indicate challenges in managing payables and receivables across the diverse international and domestic gaming segments. This volatility complicates the assessment of core operational health and suggests that liquidity management remains a primary concern for the management team.
Quick answers to the most common questions about buying BALY stock.
Bally's Corporation (BALY) generated $-91.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Bally's Corporation (BALY) reported negative free cash flow of $275.5M in 2025, indicating capital requirements exceeded cash from operations.
Bally's Corporation (BALY) spent $225.1M 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, Bally's Corporation (BALY) spent $416.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.