Free cash flow has been negative in seven of the last ten quarters, with capital expenditures consuming 23.9% of revenue in 2026Q2, while share repurchases of $4.8 million were funded despite operational losses.
Boston Omaha Corporation (BOC) cash flow statement — 14-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 |
|---|
| Cash from Operations | 18.48M | 17.86M | 21.24M | 16.06M | -5.17M | 7.77M | 5.17M | 9.61M | 38.33K | -3.25M | -1.48M | -813.36K | -49.85K | -68.5K | -99.34K |
| Operating CF Margin % | - | 15.61% | 19.62% | 16.68% | -6.36% | 13.64% | 11.31% | 23.23% | 0.19% | -36.01% | -38.56% | -112.51% | -113.62% | -204.19% | - |
| Operating CF Growth % | -5.16% | -15.93% | 32.27% | 410.91% | -166.49% | 50.13% | -46.18% | 24984.28% | 101.18% | -118.98% | -82.25% | -1531.57% | 27.23% | 31.04% | - |
| Net Income | -13.2M | -12.43M | 3.37M | -6.17M | 10.23M | 55.48M | -2.43M | -1.48M | -9.16M | -6.48M | -3.17M | -1.05M | -66.78K | -69.56K | -95.28K |
| Depreciation & Amortization | 31.52M | 30.66M | 27.89M | 25.27M | 20.64M | 14.69M | 11.81M | 17.33M | 8.13M | 3.35M | 1.64M | 457.8K | 0 | 0 | 0 |
| Stock-Based Compensation | 360K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 72K | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -245.36K | -136.67K | -290.43K | -3.08M | -2.82M | 17.69M | 0 | 0 | 0 | -72K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 4.13M | 7.66M | -12.04M | 2.36M | -13.89M | -94.41M | 1.84M | -6.26M | -54.16K | 303.8K | 315.05K | -72.45K | 9.68K | -5.62K | -4.05K |
| Working Capital Changes | -5.25M | -7.9M | 2.31M | -2.33M | -19.34M | 14.32M | -6.05M | 24.49K | 1.12M | -424.2K | -261.12K | -151.28K | 7.25K | 6.68K | 0 |
| Change in Receivables | 1.06M | 458.6K | -508.99K | -6.55M | -1.58M | 191.45K | 146.39K | -25.98K | -2.07M | -96.26K | 8.94K | -286.26K | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.99M | -946.94K | -161.21K | -283.9K | -50.25K | 0 | 0 | 0 |
| Change in Payables | 1.21M | -1.81M | 0 | 0 | -12.28M | 0 | 0 | 1.99M | 711.44K | -265.82K | 92.66K | 155.02K | -6.13B | 0 | 0 |
| Cash from Investing | 5.57M | -13.55M | 28.1M | -64.25M | -27.41M | -45.67M | -169.4M | -60.63M | -164.76M | -110.91M | -23.9M | -10.72M | 0 | 0 | 0 |
| Capital Expenditures | -25.52M | -27.9M | -32.2M | -51.87M | -40.06M | -21.01M | -8.57M | -2.81M | -3.12M | -2.27M | -710.97K | -124.91K | 0 | 0 | 0 |
| CapEx % of Revenue | 23.44% | 24.39% | 29.74% | 53.89% | 49.31% | 36.87% | 18.74% | 6.79% | 15.59% | 25.16% | 18.5% | 17.28% | - | - | - |
| Acquisitions | 82.3K | -14.51K | -517.9K | -17.98M | -167.83M | -96.76M | -39.62M | -9.7M | -135.57M | -12.3M | -22.98M | -10.59M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 3.85M | 0 | 0 | -248.27K | 0 | 20M | -20M | 44.27K | 41.94K | -258.74K | -262.58K | 78.15K | 0 | 0 | 0 |
| Cash from Financing | -29.45M | 1.21M | -47.56M | 32.94M | 5.54M | 64.64M | 202.81M | 49.24M | 175.63M | 91.43M | 41.76M | 24.72M | 23.5K | 90K | 105K |
| Debt Issued (Net) | 1.81M | 9.21M | 12.23M | -1.16M | -1.5M | 6.94M | 5M | 18.06M | 0 | 0 | 0 | 215.5K | 0 | 0 | 0 |
| Equity Issued (Net) | -16.24M | -5.23M | -18.35M | 37.53M | -37.48K | 62.85M | 195.54M | 31.18M | 177.25M | 92.39M | 41.76M | 24.5M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -16.24M | -5.75M | -18.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -15.02M | -2.77M | -41.43M | -3.42M | 7.08M | -5.15M | 2.27M | 0 | -1.61M | -961.95K | 0 | 5.16K | 23.5B | 90K | 105K |
| Net Change in Cash | -29.43M | 5.52M | 1.78M | -15.25M | -38.87M | 26.74M | 38.58M | -1.77M | 10.91M | -22.73M | 16.38M | 13.19M | -26.35K | -6.31B | -652.99M |
| Free Cash Flow | -7.03M | -10.04M | -10.96M | -35.81M | -45.22M | -13.24M | -3.4M | 6.8M | -3.08M | -5.51M | -2.19M | -938.26K | -49.85K | -68.5K | -99.34K |
| FCF Margin % | -6.46% | -8.78% | -10.12% | -37.2% | -55.67% | -23.23% | -7.43% | 16.43% | -15.4% | -61.17% | -57.06% | -129.79% | -113.62% | -204.19% | - |
| FCF Growth % | 8.11% | 8.38% | 69.39% | 20.82% | -241.63% | -289.47% | -149.97% | 320.63% | 44.09% | -151.4% | -133.76% | -1782.13% | 27.23% | 31.04% | - |
| FCF per Share | -0.23 | -0.32 | -0.35 | -1.15 | -1.52 | -0.46 | -0.13 | 0.30 | -0.15 | -0.51 | -0.36 | -0.89 | -0.19 | -0.26 | -0.36 |
| FCF Conversion (FCF/Net Income) | 0.53x | -1.44x | -16.44x | -2.29x | -0.50x | 0.15x | -105.41x | -6.47x | -0.00x | 0.50x | 0.47x | 0.78x | 0.75x | 0.98x | 1.04x |
| Interest Paid | 0 | 0 | 1.53M | 1.13M | 0 | 923.38K | 823.72K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 99.65K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying BOC stock.
Boston Omaha Corporation (BOC) generated $17.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Boston Omaha Corporation (BOC) reported negative free cash flow of $10.0M in 2025, indicating capital requirements exceeded cash from operations.
Boston Omaha Corporation (BOC) spent $27.9M 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, Boston Omaha Corporation (BOC) spent $5.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Chronic Free Cash Flow Deficits
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Non-Cash Add-Backs
According to reported financial statements, BOC's operating cash flow of $6.3 million in 2026Q2 sharply contrasts with a net loss of $1.6 million, driven by $5.0 million in depreciation and amortization, indicating that cash generation is heavily reliant on non-cash accounting adjustments.
The divergence between net losses and positive operating cash flow is primarily due to substantial depreciation and amortization add-backs, which have averaged over $6 million per quarter. This suggests that while BOC reports accounting losses, it generates sufficient cash to cover day-to-day operations, though the quality of earnings is questionable as it relies on non-cash expenses.
Persistent Negative Free Cash Flow Trends
Based on the quarterly data, Boston Omaha's free cash flow has been negative in seven of the last ten quarters, with only 2026Q2 showing a positive margin of 4.4%, suggesting that sustaining positive cash generation remains challenging.
The FCF trajectory has been overwhelmingly negative, with only two quarters showing positive generation over the past two and a half years. Even the most recent quarter's positive FCF of $973,000 appears fragile given the preceding trend of deep deficits, indicating that the company has not yet achieved sustainable cash flow positivity.
Capital Intensity Constraining Cash Retention
As reported in financial statements, BOC's capital expenditures consumed 23.9% of revenue in 2026Q2, consistent with a high-intensity investment profile that has consistently outpaced operating cash flow, leading to cumulative negative free cash flow over the past two years.
Capital expenditures have consistently consumed a large portion of revenue, with CapEx/Rev ratios often exceeding 25%, reflecting a capital-intensive business model. This high investment level, coupled with operating losses, has resulted in negative free cash flow, raising questions about the returns on these investments and the company's ability to self-fund growth.
Share Repurchases Despite Negative FCF
According to recent SEC filings, BOC spent $4.8 million on share repurchases in 2026Q2 while generating only $973,000 in free cash flow, indicating a capital allocation strategy that prioritizes shareholder returns over cash accumulation during periods of operational losses.
BOC's decision to repurchase shares during periods of negative free cash flow and operational losses is noteworthy. For instance, in 2026Q2, the $4.8 million spent on buybacks exceeded the $973,000 in FCF, suggesting that management is using cash reserves or external financing to return capital to shareholders, which may not be sustainable.
Cash Flow Drivers Mask Operational Weakness
Based on Boston Omaha's reported figures, BOC's positive operating cash flow is largely driven by $54.6 million in cumulative depreciation and amortization over ten quarters, which may overstate underlying cash generation and obscure the need for sustainable operating profitability.
The cash flow statement obscures the fact that BOC's operating cash flow is heavily dependent on non-cash depreciation and amortization, which do not represent actual cash inflows. Additionally, volatile working capital changes, such as the $4.3 million drag in 2025Q1, can significantly impact quarterly cash flows, making it difficult to assess underlying operational cash generation.