Free cash flow generation is highly unstable, oscillating from a peak of $103.7M in 2023Q4 to a deficit of $67.3M in 2024Q3, while capital intensity remains elevated with CapEx/Revenue ratios frequently near 5%.
| 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 | 203.23M | 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 % | 457.39% | 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 | 21.74M | 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 | 180.03M | 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 | 7.78M | 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 | -5.26M | 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 | 34.84M | 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 | -37.18M | 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 | -134.15M | -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 | 3.38% | 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 | -96.44M | 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 | 193.41M | 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 | -164.29M | -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) | 110.64M | -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) | 0 | -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 | 12.75M | -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 | 0 | 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 | -287.67M | -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 | 13.61M | -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 | 69.08M | 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 % | 1.74% | 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 % | 50.09% | 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 | 0.81 | 1.14 | 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) | 3.18x | 51.43x | -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 | -10.54M | 0 | 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 | -15.8M | 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 |
High Debt Service Burden
As reported in financial statements, the relationship between net income and operating cash flow is frequently erratic, with OCF/NI ratios swinging from 3.67 in 2023Q4 to -8.84 in 2025Q4, indicating that reported earnings are often poor proxies for the actual cash generated by core restaurant operations.
The persistent divergence between net income and operating cash flow suggests that non-cash charges and significant working capital fluctuations are masking the underlying cash-generating capacity of the business. Investors should monitor this volatility, as it implies that the company's profitability metrics may be subject to accounting adjustments that do not translate into immediate liquidity.
Based on recent SEC filings, BLMN's free cash flow trajectory is characterized by extreme instability, oscillating between a peak of $103.7M in 2023Q4 and a deficit of $67.3M in 2024Q3, which underscores the difficulty in maintaining consistent cash generation amidst fluctuating operational performance and capital requirements.
The inability to sustain positive free cash flow margins suggests that the company's capital-intensive model is highly sensitive to even minor shifts in revenue or cost structures. This inconsistency warrants further investigation into whether the current cash flow profile is sufficient to support the company's high debt obligations without further eroding shareholder value.
According to historical data, BLMN maintains a consistent capital expenditure profile, with CapEx/Revenue ratios frequently hovering between 4% and 6%, suggesting that a significant portion of cash flow is perpetually committed to maintaining aging restaurant assets rather than funding high-growth initiatives or debt reduction.
The steady outflow for capital expenditures appears to be a structural necessity to keep the Outback and Fleming's brands competitive in a crowded market. This level of capital intensity limits the company's financial flexibility, particularly given the thin operating margins and the need to service a substantial debt load.
As indicated by the provided financial data, working capital changes are a primary driver of cash flow volatility, with quarterly swings ranging from a $135.1M inflow in 2024Q4 to a $56.8M outflow in 2024Q2, suggesting that the timing of payables and receivables is highly irregular.
These dramatic shifts in working capital may indicate aggressive management of vendor payments or seasonal inventory build-ups that distort the true cash position of the firm. Analysts should be cautious, as these fluctuations appear to be used to bridge gaps in operational cash flow rather than reflecting organic business efficiency.
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.