Free cash flow has been negative for nine consecutive quarters, with 2026Q2 FCF at -$156.0M and cumulative FCF of -$739M over the last year, driven by CapEx surging to $491.0M (62.0% of revenue) for the Chicago build.
Bally's Corporation (BALY) cash flow statement — 10-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Cash from Operations | -335.75M | -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 % | -1492.81% | -180% | -39.56% | -30.39% | 227.44% | 324.34% | -79.28% | -13.86% | 1.31% | 52.54% | - |
| Net Income | -764.14M | -701.1M | -567.75M | -187.5M | -425.55M | -71.8M | -5.49M | 55.13M | 71.44M | 62.25M | 44.84M |
| Depreciation & Amortization | 418.06M | 315.46M | 379.54M | 350.41M | 300.56M | 144.79M | 37.84M | 32.39M | 22.33M | 22.2M | 25.07M |
| Stock-Based Compensation | 4.36M | 0 | 14.75M | 24.07M | 27.91M | 20.14M | 17.71M | 3.83M | -1.47M | 17.79M | 6.33M |
| Deferred Taxes | -49.92M | 1.66M | 23.95M | -23.92M | -88.13M | -5.22M | 1.19M | 8.99M | 5.88M | -5.13M | 4.36M |
| Other Non-Cash Items | 177.92M | 381.47M | 283.11M | 12.45M | 419.06M | 56.42M | 23.28M | 5.9M | 9.99M | 3.34M | 6.87M |
| Working Capital Changes | -105.19M | -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 | 2.08B | 1.82B | 97.83M | -207.79M | -302.92M | -2.3B | -444.85M | -38.92M | -117.6M | -47.48M | -12.18M |
| Capital Expenditures | -178.34M | -225.08M | -199.83M | -502.17M | -505.16M | -162.73M | -15.28M | -28.24M | -128.89M | -47.85M | -10.02M |
| CapEx % of Revenue | 6.03% | 8.47% | 8.15% | 20.5% | 22.39% | 12.31% | 4.1% | 5.39% | 29.46% | 11.37% | 2.42% |
| Acquisitions | 2.17B | 2.19B | -788K | 317.1M | 203.68M | -2.27B | -429.06M | -9.61M | 7.12M | 6K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 137.1M | -9.05M | 298.45M | -22.72M | 1.73M | -91K | -500K | -1.08M | 11.29M | 368K | -2.15M |
| Cash from Financing | -1.49B | -1.04B | -287.84M | 65.75M | 43.24M | 2.4B | 366.4M | 48.9M | -3.43M | -28.93M | -85.87M |
| Debt Issued (Net) | -1.26B | -580.99M | -354.45M | 167.93M | 232.55M | 1.91B | 414.31M | 284.28M | 473K | -26.94M | -3.57M |
| Equity Issued (Net) | -6.23M | -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 | -24.36M | -416.18M | 0 | -99.08M | -153.37M | -87.02M | -33.29M | -223.07M | -7.96M | -2.27M | -20M |
| Other Financing | -225.79M | -64.17M | 66.61M | -3.09M | -35.95M | -86.23M | -11.41M | -4.77M | 4.7M | 279K | -62.3M |
| Net Change in Cash | 246.87M | 675.43M | -84.01M | 50.08M | -9.66M | 148.28M | -58.95M | 104.07M | -11.79M | 31.41M | -27.35M |
| Free Cash Flow | -498.15M | -275.49M | -85.83M | -122.87M | -141.28M | -79.98M | 4.22M | 65.86M | -19.65M | 59.98M | 60.67M |
| FCF Margin % | -16.84% | -10.37% | -3.5% | -5.02% | -6.26% | -6.05% | 1.13% | 12.58% | -4.49% | 14.24% | 14.63% |
| FCF Growth % | -146.76% | -220.98% | 30.15% | 13.03% | -76.65% | -1995.66% | -93.59% | 435.25% | -132.75% | -1.14% | - |
| FCF per Share | -8.22 | -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) | 0.65x | 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 |
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.
Key Metrics
Top Statement Risk
Persistent negative FCF and high leverage
Metrics are mathematically derived from official filings.
Cash Conversion Remains Deeply Negative
Bally's operating cash flow has been negative in five of the last ten quarters, with cumulative OCF of -$240M versus net losses of -$1.5B, per reported financials, indicating poor earnings quality.
The gap between net income and operating cash flow is stark: in 2026Q2, OCF was -$120.9M against a net loss of -$146.1M, implying that non-cash charges like D&A ($146.7M) are not fully offsetting cash outflows. The OCF/NI ratio of 0.83 in 2026Q2 suggests that losses are translating into cash burn, not just accounting adjustments. This pattern indicates that the company's reported losses are not merely paper losses but are consuming actual cash, which is a red flag for sustainability.
Free Cash Flow Burn Intensifies
Free cash flow has been negative for nine consecutive quarters, with 2026Q2 FCF at -$156.0M and a cumulative FCF of -$739M over the last year, based on reported figures, signaling accelerating cash consumption.
The FCF margin deteriorated to -19.7% in 2026Q2 from -2.5% in 2025Q4, reflecting both weak operating cash generation and elevated capital expenditures. The company's FCF trajectory is diverging sharply from its revenue growth, which suggests that expansion is not yet self-funding. Investors should monitor whether the Chicago development and other growth projects can eventually generate positive FCF, but current trends indicate a prolonged cash burn phase.
Capital Intensity Spikes on Chicago Build
Capital expenditures surged to $491.0M in 2026Q2, representing 62.0% of revenue, up from 6.4% in 2025Q4, as reported, indicating a massive shift toward growth-oriented investment.
The capex/revenue ratio of 62.0% in 2026Q2 is extraordinary compared to the 6-10% range seen in prior quarters, reflecting the heavy investment in the Chicago permanent casino. This suggests that the company is prioritizing long-term growth over near-term cash flow, but the scale of investment is straining liquidity. The elevated capital intensity may also signal that maintenance capex is being deferred, which could impact asset quality if not addressed.
Working Capital Swings Amplify Cash Volatility
Working capital changes swung from +$151.5M in 2026Q2 to -$151.5M in 2026Q1, as reported, indicating significant volatility in cash conversion cycles and potential strain on liquidity.
The large swings in working capital, particularly in 2026Q2 and 2026Q1, suggest that the company is experiencing timing mismatches in collections and payables, possibly due to the scale of its construction projects. The positive working capital change in 2026Q2 provided a temporary cash inflow, but this reversed in the prior quarter, indicating that the company may be relying on short-term financing or delaying payments. This volatility complicates cash flow forecasting and may indicate inefficiencies in managing receivables and payables.
Acquisitions and Buybacks Mask Cash Drain
Cash outflows for acquisitions reached $685.0M in 2026Q2, while buybacks totaled $20.9M, as reported, indicating aggressive capital deployment despite negative operating cash flow.
The $685.0M acquisition outflow in 2026Q2, likely related to the Queen Casino merger, represents a significant use of cash that is not generating immediate returns. The company also repurchased shares in 2026Q2, which appears counterintuitive given the cash burn. This deployment strategy suggests that management is prioritizing growth and consolidation over balance sheet stability, which may increase financial risk if the acquired assets do not generate expected synergies.
Cumulative Losses Outpace Cash Burn
Over the last ten quarters, cumulative net losses of -$1.5B exceed cumulative operating cash flow of -$240M, per reported financials, indicating that accounting losses are not fully reflected in cash outflows.
The divergence between cumulative net income and operating cash flow suggests that a significant portion of the reported losses are non-cash in nature, such as impairments and depreciation. However, the fact that operating cash flow is still negative indicates that the company is not generating enough cash to cover its operating expenses, even before capital expenditures. This gap may indicate that the company is relying on external financing to sustain operations, which is not sustainable in the long term.
What Could Invalidate the Base Case
The cash flow statement may obscure the impact of sale-leaseback transactions and equity-method investments, which could understate true cash obligations, as reported in financial disclosures.
The company's use of sale-leaseback transactions with GLPI converts debt into lease obligations that may not appear in traditional debt metrics, potentially understating cash commitments. Additionally, the investment in Intralot S.A. via the Queen merger introduces equity-method accounting that may not reflect actual cash flows from those operations. These factors could mean that the reported cash burn is understated, and the true liquidity position may be weaker than it appears, warranting further investigation into off-balance-sheet items.