Operating cash flow exceeded net income (OCF/NI of 2.90 in 2026Q2), but FCF is volatile (ranging from -$67.3M in 2024Q3 to $97.7M in 2024Q4), and capital expenditures average 4.5% of revenue, limiting flexibility.
Bloomin' Brands, Inc. (BLMN) cash flow statement — 15-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 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Cash from Operations | 292.41M | 276.69M | 228.13M | 532.42M | 390.92M | 402.45M | 138.85M | 317.6M | 288.07M | 409M | 340.58M | 397.43M | 352.01M | 377.26M | 340.09M | 322.45M |
| Operating CF Margin % | - | 6.99% | 5.77% | 12.77% | 9.75% | 9.76% | 4.38% | 7.67% | 6.98% | 9.71% | 8.01% | 9.08% | 7.92% | 9.14% | 8.53% | 8.39% |
| Operating CF Growth % | 5.54% | 21.29% | -57.15% | 36.2% | -2.87% | 189.85% | -56.28% | 10.25% | -29.57% | 20.09% | -14.3% | 12.9% | -6.69% | 10.93% | 5.47% | - |
| Net Income | 71.34M | 13.77M | -52.04M | 205.76M | 101.91M | 215.56M | -158.72M | 130.57M | 107.1M | 101.29M | 41.75M | 127.33M | 91.09M | 208.37M | 49.97M | 100M |
| Depreciation & Amortization | 180.41M | 177.68M | 175.58M | 169.27M | 252.87M | 241.66M | 254.7M | 270.17M | 201.59M | 192.28M | 193.84M | 190.4M | 190.91M | 164.09M | 155.48M | 153.69M |
| Stock-Based Compensation | 14.62M | 7.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -40.45M | -38.16M | -30.34M | -8.41M | 13.75M | -3.35M | -88.26M | -25.89M | -29.49M | -28.05M | -75.35M | 4M | -13.62M | -83.6M | -7.44M | -189K |
| Other Non-Cash Items | -21.18M | 110.16M | 231.4M | 153.38M | 197M | 83.31M | 135.84M | 52.64M | 88.55M | 89.18M | 184.61M | 97.87M | 117.69M | 40.39M | 106.22M | 59.23M |
| Working Capital Changes | 79.2M | 5.48M | -96.47M | 12.43M | -174.61M | -134.72M | -4.72M | -109.89M | -79.67M | 54.3M | -4.26M | -22.17M | -34.07M | 48.02M | 35.86M | 9.71M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 6.44M | -7.48M | 2.8M | 1.04M | -18.21M | 19.86M | -15.39M | -24.71M | 11.06M | 15.05M | -3.83M | -3.13M | 3.77M | -8.58M | -10.53M |
| Change in Payables | 0 | -3.03M | -30.93M | 13.74M | -40.68M | 25.62M | -61.64M | -23.5M | -39.87M | 53.88M | 0 | -9.14M | 32.18M | 10.19M | 0 | 32.18M |
| Cash from Investing | -56.7M | 2.11M | -236.32M | -315.21M | -204.76M | -103.4M | -76.19M | -129.94M | -175.26M | -122.24M | 310.02M | -177.01M | -240.34M | -346.14M | 19.94M | -113.14M |
| Capital Expenditures | -170.65M | -179.92M | -220.74M | -282.23M | -219.69M | -122.83M | -87.84M | -161.93M | -208.22M | -260.59M | -260.58M | -210.26M | -237.87M | -237.21M | -178.72M | -120.91M |
| CapEx % of Revenue | 4.27% | 4.55% | 5.59% | 6.77% | 5.48% | 2.98% | 2.77% | 3.91% | 5.05% | 6.18% | 6.13% | 4.8% | 5.35% | 5.74% | 4.48% | 3.15% |
| Acquisitions | -96.64M | 0 | 8.44M | 4.41M | -1.99M | 10.67M | 2.63M | 26.73M | 32.24M | 139.93M | 561.78M | 16.85M | 2.68M | -97.1M | 7.47M | 11.31M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 201.91M | 207.74M | -24.02M | -37.39M | 16.92M | 8.76M | 9.03M | 5.26M | 727K | -1.58M | -5.22M | 10.19M | -5.16M | -11.83M | 186.44M | -3.54M |
| Cash from Financing | -211.16M | -289.09M | -26.21M | -189.02M | -191.88M | -318.77M | -17.22M | -190.71M | -166.39M | -294.38M | -658.72M | -244.64M | -148.73M | -87.13M | -586.22M | -89.3M |
| Debt Issued (Net) | -18.64M | -243.73M | 324.89M | -50.81M | 87.3M | -303.71M | -22.98M | -27.76M | -26.72M | 21.62M | -280.31M | -3.09M | -114.28M | -93.32M | -650.46M | -70.26M |
| Equity Issued (Net) | 89K | -399K | -149.23M | -45.52M | -96.2M | 9.85M | 45.21M | -104.28M | -77.36M | -262.48M | -310.33M | -164.75M | 8.61M | 27.35M | 143.13M | 0 |
| Dividends Paid | 38.27M | -38.27M | -82.57M | -83.74M | -49.74M | 0 | -17.48M | -35.73M | -33.31M | -30.99M | -31.38M | -29.33M | 0 | 0 | 0 | 0 |
| Share Repurchases | 317K | 0 | -267.42M | -70.85M | -109.15M | 0 | -1.48M | -106.99M | -113.97M | -272.92M | -310.33M | -170.77M | -930K | -436K | 0 | 0 |
| Other Financing | -230.88M | -6.69M | -119.3M | -8.95M | -133.24M | -24.9M | -21.97M | -22.93M | -29M | -22.53M | -36.69M | -47.47M | -43.06M | -21.15M | -78.88M | -19.04M |
| Net Change in Cash | 24.26M | -10.6M | -44.32M | 29.64M | -4.32M | -21.35M | 43.26M | -4.68M | -57.72M | -6.64M | -5.16M | -33.41M | -44.13M | -51.82M | -220.39M | 116.55M |
| Free Cash Flow | 121.76M | 96.77M | 7.39M | 250.19M | 171.23M | 279.63M | 51.01M | 155.68M | 79.85M | 148.41M | 80M | 187.17M | 114.14M | 140.05M | 161.37M | 201.54M |
| FCF Margin % | 3.05% | 2.45% | 0.19% | 6% | 4.27% | 6.78% | 1.61% | 3.76% | 1.94% | 3.52% | 1.88% | 4.28% | 2.57% | 3.39% | 4.05% | 5.25% |
| FCF Growth % | -6.9% | 1208.59% | -97.04% | 46.11% | -38.76% | 448.21% | -67.24% | 94.96% | -46.2% | 85.51% | -57.26% | 63.98% | -18.5% | -13.21% | -19.93% | - |
| FCF per Share | 1.42 | 1.13 | 0.09 | 2.59 | 1.74 | 2.59 | 0.58 | 1.73 | 0.85 | 1.49 | 0.70 | 1.49 | 0.89 | 1.09 | 1.41 | 1.88 |
| FCF Conversion (FCF/Net Income) | 1.71x | 33.59x | -1.78x | 2.15x | 3.84x | 1.87x | -0.87x | 2.43x | 2.69x | 4.08x | 8.16x | 3.12x | 3.86x | 1.81x | 6.81x | 3.22x |
| Interest Paid | -17.01M | 58.56M | 59.99M | 50.93M | 39.13M | 47.04M | 52.63M | 47.89M | 41.68M | 40.48M | 41.65M | 53.97M | 57.24M | 71.4M | 78.22M | 72.1M |
| Taxes Paid | -21.97M | 0 | 21.08M | 27.75M | 35.45M | 36.34M | 8.41M | 24M | 15.84M | 33.39M | 88.82M | 31.55M | 56.22M | 33.67M | 24.28M | 27.7M |
Quick answers to the most common questions about buying BLMN stock.
Bloomin' Brands, Inc. (BLMN) generated $276.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Bloomin' Brands, Inc. (BLMN) generated $96.8M 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.
Bloomin' Brands, Inc. (BLMN) spent $179.9M 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, Bloomin' Brands, Inc. (BLMN) returned $38.3M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
High leverage and thin margins
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Working Capital Swings
Operating cash flow exceeded net income in most quarters, with OCF/NI reaching 2.90 in 2026Q2, but the gap is driven by volatile working capital changes, as reported in financial statements.
The conversion ratio of net income to operating cash flow has been erratic, swinging from -8.84 in 2025Q4 to 2.90 in 2026Q2, indicating that earnings quality is heavily influenced by timing of working capital items. In 2025Q4, a $79.2M positive working capital change inflated OCF despite a net loss, while in 2026Q1 a -$46.2M change compressed OCF relative to net income. This suggests that reported earnings may not reliably translate to cash, and investors should monitor the sustainability of these swings.
Free Cash Flow Volatility Reflects Operational Strain
Free cash flow swung from -$67.3M in 2024Q3 to $97.7M in 2024Q4, with 2026Q2 FCF margin at 4.6%, based on reported figures, indicating inconsistent cash generation.
FCF has been highly volatile, with negative quarters in 2024Q3 and 2025Q3, and positive but modest margins in others. The 2026Q2 FCF of $46.9M is an improvement, but the trailing pattern suggests that the company's cash generation is not stable, likely due to fluctuating working capital and capex needs. Compared to peers like Darden (FCF margin 8.5%) and Texas Roadhouse (9.4%), BLMN's FCF margin is significantly lower, indicating weaker cash conversion efficiency.
Capital Expenditures Remain Elevated Relative to Cash Flow
CapEx averaged around 4.5% of revenue over the past ten quarters, with 2026Q2 at 4.3%, as per SEC filings, suggesting ongoing investment but limited flexibility given thin FCF.
Capital intensity is moderate, with CapEx/Revenue ranging from 2.4% to 5.7%, but the absolute levels are substantial relative to FCF, especially in quarters like 2024Q3 when CapEx of $59.5M exceeded FCF. This indicates that the company is investing in maintenance and possibly growth, but the thin FCF margins leave little room for error. The elevated CapEx may be necessary to keep brands competitive, but it also constrains free cash flow available for debt reduction or shareholder returns.
Working Capital Swings Distort Cash Flow Trends
Working capital changes have been highly volatile, with a $135.1M positive swing in 2024Q4 and a -$56.8M in 2024Q2, as reported in financial statements, indicating significant timing effects.
The working capital line is the primary driver of the gap between net income and operating cash flow. For instance, in 2024Q4, a $135.1M positive change boosted OCF to $119.8M despite a net loss, while in 2026Q1, a -$46.2M change reduced OCF. This volatility suggests that the company may be managing payables and receivables aggressively, but it also makes cash flow trends difficult to interpret. Investors should focus on normalized working capital to assess underlying cash generation.
Capital Deployment Shifts from Buybacks to Debt Reduction
Share repurchases were significant in 2024Q1 at $232.9M but have since tapered to negligible amounts, while dividends were suspended in 2026, based on reported cash flow data.
The company has drastically reduced buybacks and eliminated dividends in 2026, likely to preserve cash and address high leverage. In 2024Q1, buybacks were $232.9M, but by 2026Q2 they were only $10K, and dividends were zero in 2026Q1 and Q2. This shift suggests a strategic pivot toward deleveraging, but it also signals reduced shareholder returns. The $96.6M acquisition outflow in 2025Q4 indicates continued investment in the business, but the overall deployment is now focused on balance sheet repair.
Cumulative Earnings vs Cash: A Persistent Gap
Over the past ten quarters, cumulative net income is approximately $33.1M while cumulative operating cash flow is $671.1M, as per reported figures, indicating a large positive divergence.
The cumulative gap between net income and operating cash flow is substantial, with OCF exceeding net income by over $600M. This divergence is largely due to non-cash charges like D&A (averaging ~$44M per quarter) and significant working capital swings. While this may indicate conservative accounting, it also suggests that earnings are not a reliable indicator of cash generation. The gap may also reflect the impact of lease accounting and other non-cash items, but the magnitude warrants scrutiny.
What the Cash Flow Statement Obscures
Stock-based compensation is minimal, but lease accounting and acquisition timing may distort cash flow, as reported in financial statements, potentially masking true operational cash generation.
The cash flow statement shows minimal SBC (only $3.6M in 2026Q2), which is unusual for a company of this size and may indicate that management is not using equity compensation heavily, or that it is being capitalized. The capitalization of operating leases under ASC 842 likely inflates the debt-to-equity ratio and may also affect operating cash flow, as lease payments are split between interest and principal. Additionally, the $96.6M acquisition outflow in 2025Q4 and the $232.9M buyback in 2024Q1 suggest that capital deployment decisions can significantly impact reported cash flow, potentially obscuring the underlying operational performance.