Free cash flow generation remains highly inconsistent, evidenced by a volatile FCF margin that swung from -133.3% in 2025Q3 to 14.1% in 2026Q1.
Cable One, Inc. (CABO) cash flow statement — 13-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 |
|---|
| Cash from Operations | 477.25M | 563.33M | 664.13M | 663.17M | 738.04M | 704.34M | 574.37M | 491.74M | 407.77M | 324.49M | 251.83M | 246.41M | 205.83M | 236.65M |
| Operating CF Growth % | -68.99% | -15.18% | 0.14% | -10.14% | 4.78% | 22.63% | 16.8% | 20.59% | 25.67% | 28.85% | 2.2% | 19.71% | -13.02% | - |
| Operating CF / Revenue % | 34.14% | 37.52% | 42.05% | 39.52% | 43.26% | 43.86% | 43.34% | 42.1% | 38.03% | 33.8% | 30.73% | 30.52% | 25.26% | 28.66% |
| Net Income | -1.57B | -356.46M | 14.48M | 224.62M | 234.12M | 291.82M | 304.39M | 178.58M | 164.76M | 234.03M | 98.94M | 89.03M | 147.31M | 104.51M |
| Depreciation & Amortization | 328.9M | 338.55M | 341.75M | 342.89M | 350.46M | 339.02M | 265.66M | 216.69M | 197.73M | 181.62M | 147.84M | 140.63M | 134.17M | 125.71M |
| Deferred Taxes | -180.91M | -134.1M | -40.42M | -5.39M | 68.38M | 28.99M | 87.18M | 50.01M | 34.97M | -86.36M | -403K | -11.28M | 4.28M | -2.65M |
| Other Non-Cash Items | 1.88B | 703.01M | 294.21M | 100.64M | 60.2M | 33.27M | -57.03M | 16.04M | 18.44M | 4.36M | -6.11M | 602K | -74.39M | 3.29M |
| Working Capital Changes | -9.87M | -30.26M | 22.39M | -29.02M | 2.37M | -8.82M | -40.43M | 18.12M | -18.62M | -19.91M | -731K | 18.21M | -7.53M | 3.42M |
| Capital Expenditures | -300.33M | -288.96M | -564.45M | -370.45M | -410.74M | -2.47B | -954.91M | -1.13B | -215.76M | -891.17M | -144.4M | -156.14M | -177.4M | -141.95M |
| CapEx / Revenue % | 21.49% | 19.25% | 35.73% | 22.08% | 24.08% | 153.91% | 72.06% | 97.11% | 20.12% | 92.83% | 17.62% | 19.34% | 21.77% | 17.19% |
| CapEx / D&A | 0.91x | 0.85x | 1.65x | 1.08x | 1.17x | 7.29x | 3.59x | 5.23x | 1.09x | 4.91x | 0.98x | 1.11x | 1.32x | 1.13x |
| CapEx Coverage (OCF/CapEx) | 1.59x | 1.95x | 1.18x | 1.79x | 1.80x | 0.28x | 0.60x | 0.43x | 1.89x | 0.36x | 1.74x | 1.58x | 1.16x | 1.67x |
| Cash from Investing | -248.46M | -154.18M | -564.45M | -341.9M | -448.27M | -2.47B | -954.91M | -1.13B | -214.29M | -891.17M | -136.32M | -155.22M | -78.4M | -140.18M |
| Acquisitions | 1.14M | 133.97M | 0 | 56.73M | -41.16M | -2.16B | -650.42M | -883.44M | 1.47M | -727.95M | 8.08M | 911K | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | -29.41M | -50.38M | -95.8M | -612.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 50.38M | 5.33M | 612.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 50.73M | 813K | -278.09M | 1.23M | 3.63M | 159.89M | -558K | 7.04M | 1.47M | 11.98M | 8.08M | 911K | 99M | 1.77M |
| Cash from Financing | 279.31M | -410.01M | -136.34M | -346.13M | -463.43M | 1.58B | 830.18M | 503.66M | -91.11M | 590.39M | -96.67M | 21.6M | -127.26M | -97.53M |
| Dividends Paid | 0 | -17.23M | -67.9M | -66.3M | -66.25M | -63.45M | -56.57M | -48.53M | -42.85M | -37.22M | -34.45M | -458.78M | 0 | 0 |
| Dividend Payout Ratio % | - | - | 312.25% | 29.52% | 31.1% | 21.74% | 18.59% | 27.17% | 26.01% | 15.9% | 34.81% | 515.29% | - | - |
| Debt Issuance (Net) | -3M | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 488.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -2.88M | -99.61M | -353.29M | -8.52M | 0 | -5.07M | -26.58M | -528K | -56.37M | -16.37M | 0 | 0 |
| Other Financing | 486.26M | -2.63M | -1.59M | -10.58M | -5.04M | -12.26M | -39.97M | -14.86M | -7.29M | -21.22M | -2.09M | -43.11M | -127.26M | -97.53M |
| Net Change in Cash | 508.1M | -862K | -36.66M | -24.86M | -173.65M | -186.11M | 449.64M | -138.84M | 102.36M | 23.71M | 18.84M | 112.79M | 172K | -1.06M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 166.19M | 153.63M | 190.29M | 215.15M | 388.8M | 574.91M | 125.27M | 264.11M | 161.75M | 138.04M | 119.2M | 6.41M | 6.24M | 7.3M |
| Cash at End | 674.75M | 152.77M | 153.63M | 190.29M | 215.15M | 388.8M | 574.91M | 125.27M | 264.11M | 161.75M | 138.04M | 119.2M | 6.41M | 6.24M |
| Free Cash Flow | 176.92M | 274.37M | 99.68M | 292.72M | 327.3M | -1.77B | -380.54M | -642.5M | 192.01M | -566.68M | 107.44M | 90.28M | 28.43M | 94.7M |
| FCF Growth % | 253.24% | 175.24% | -65.95% | -10.57% | 118.52% | -364.4% | 40.77% | -434.62% | 133.88% | -627.46% | 19.01% | 217.51% | -69.98% | - |
| FCF Margin % | 12.66% | 18.27% | 6.31% | 17.44% | 19.18% | -110.05% | -28.72% | -55.01% | 17.91% | -59.03% | 13.11% | 11.18% | 3.49% | 11.47% |
| FCF / Net Income % | -11.28% | -76.97% | 688.42% | 130.31% | 153.62% | -605.58% | -125.02% | -359.78% | 116.54% | -242.14% | 108.59% | 101.4% | 19.3% | 90.61% |
Quick answers to the most common questions about buying CABO stock.
Cable One, Inc. (CABO) generated $563.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cable One, Inc. (CABO) generated $274.4M 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.
Cable One, Inc. (CABO) spent $289.0M 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, Cable One, Inc. (CABO) returned $17.2M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Fixed Wireless Access competition
Metrics are mathematically derived from official filings.
Earnings and Cash Flow Disconnect
As reported in recent financial statements, Cable One's cash conversion quality appears highly erratic, with the OCF/NI ratio swinging from -19.09 in 2025Q4 to 1.20 in 2026Q1, suggesting that headline net income is frequently decoupled from the actual cash-generating capacity of the underlying telecommunications operations.
The extreme volatility in the relationship between net income and operating cash flow indicates that non-cash charges, likely related to asset impairments, are obscuring the core operational performance. Investors should monitor whether this divergence persists, as it complicates the assessment of the company's true underlying profitability and cash-generating efficiency.
Free Cash Flow Margin Instability
Based on the company's quarterly filings, FCF margins have exhibited extreme volatility, ranging from a negative 133.3% in 2025Q3 to a positive 64.3% in 2024Q3, which suggests that the firm's ability to generate sustainable free cash flow is currently compromised by inconsistent operational and capital expenditure cycles.
The erratic nature of these margins implies that the company is struggling to maintain a predictable cash flow profile amidst a contracting revenue environment. This instability warrants further investigation into whether the current capital expenditure requirements are effectively supporting long-term growth or merely attempting to defend a deteriorating subscriber base.
Capital Intensity Remains Elevated
According to recent SEC filings, Cable One's capital expenditure as a percentage of revenue has remained consistently high, peaking at 83.3% in 2024Q4, which indicates that the firm is forced to commit significant resources to maintain its aging infrastructure against competitive pressures in its rural markets.
The persistent high capital intensity suggests that the company's network requires continuous, heavy investment to remain relevant, which limits the amount of free cash flow available for debt reduction or shareholder returns. This high level of spending appears necessary to mitigate the threat of technological bypass, yet it simultaneously pressures the company's overall liquidity position.
Working Capital Fluctuations Impact Liquidity
As indicated by the quarterly data, working capital changes have been inconsistent, with a notable outflow of $26.8M in 2025Q1 followed by varying shifts, suggesting that the company's management of receivables and payables is not currently providing a reliable buffer for its broader cash flow requirements.
The lack of a stable working capital trend may reflect difficulties in managing cash cycles within a business model that is experiencing subscriber attrition. Investors should monitor these fluctuations closely, as they may indicate underlying operational inefficiencies or a tightening of credit terms with vendors that could further strain the company's cash position.