Free cash flow generation remains highly volatile, fluctuating from a 15.1% margin in 2025Q3 to a low of 0.3% in 2024Q2, largely driven by aggressive working capital adjustments.
BRP Inc. (DOO) cash flow statement — 15-year operating, investing & financing cash flows
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 |
|---|
| Cash from Operations | 1.49B | 1.21B | 740.1M | 1.66B | 649.5M | 770M | 862.78M | 479.65M | 508.79M | 522.35M | 458.04M | 505.9M | 360.1M | 374.8M | 214.8M | 444.8M |
| Operating CF Margin % | - | 14.36% | 9.45% | 16.64% | 6.47% | 10.07% | 14.48% | 7.93% | 9.69% | 11.65% | 10.98% | 12.13% | 9.4% | 10.63% | 6.72% | 15.36% |
| Operating CF Growth % | 318.03% | 63.83% | -55.36% | 155.29% | -15.65% | -10.75% | 79.88% | -5.73% | -2.6% | 14.04% | - | 40.49% | -3.92% | 74.49% | -51.71% | - |
| Net Income | 111.22M | 289.3M | -213M | 744.5M | 865.4M | 794.6M | 363.69M | 371.13M | 227.22M | 240.58M | 257.22M | 257M | 51.6M | 70.1M | 59.7M | 119.2M |
| Depreciation & Amortization | 457.25M | 453.8M | 427.6M | 391.7M | 310.4M | 273.6M | 261.01M | 233.93M | 177.47M | 150.25M | 134.31M | 133.1M | 126.2M | 113.2M | 95.1M | 85.1M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.5M | 6.5M | 5.8M | 7.3M | 700K |
| Deferred Taxes | 78.2M | 9.2M | -1M | 209.6M | 300.5M | 282.1M | -27.32M | -12.09M | -13.71M | 35.04M | -7.5M | 70.1M | 48.8M | 54.4M | 57.4M | 32.4M |
| Other Non-Cash Items | 327.55M | 230.7M | 464.3M | 84.1M | -137.5M | -62M | 61.05M | 34.28M | 135.03M | 11.18M | -31.3M | 65.3M | 66M | 40.4M | 66M | 57.5M |
| Working Capital Changes | 516.02M | 229.5M | 62.2M | 228.2M | -689.3M | -518.3M | 204.36M | -147.59M | -17.22M | 85.3M | 105.31M | 105.3M | -83.8M | -4.5M | -119M | 159.6M |
| Change in Receivables | 170.29M | 57.4M | 17.6M | 3.7M | -166.3M | -168.9M | 90.37M | -17.09M | -50.25M | 7.96M | -33.5M | -33.5M | 1.8M | -37.4M | -36M | -4.3M |
| Change in Inventory | -99.72M | 14.7M | 268.8M | 122.6M | -513.9M | -647.8M | 101.28M | -225.44M | -178.37M | -42.5M | -38.2M | -38.2M | -28.3M | -96.4M | -48.4M | -77M |
| Change in Payables | -65.42M | 0 | 0 | 0 | 0 | 0 | 199.16M | 84.44M | 180.88M | 75.53M | 95.61M | 95.6M | -42.4M | 0 | 0 | 0 |
| Cash from Investing | -326.26M | -318.4M | -425.5M | -574.9M | -853.4M | -687.7M | -260.51M | -442.98M | -470.96M | -232.83M | -184.52M | -184.5M | -199M | -166.6M | -147.3M | -150.2M |
| Capital Expenditures | -298.27M | -297.7M | -396.6M | -548.4M | -601M | -628.9M | -280.12M | -330.46M | -298.89M | -232.02M | -186.82M | -186.8M | -210.6M | -172M | -153.3M | -154.8M |
| CapEx % of Revenue | 3.19% | 3.53% | 5.07% | 5.5% | 5.99% | 8.22% | 4.7% | 5.46% | 5.69% | 5.17% | 4.48% | 4.48% | 5.5% | 4.88% | 4.8% | 5.34% |
| Acquisitions | 5.5M | 23.7M | 0 | 0 | -208.2M | 0 | 19.32M | -113.12M | -172.87M | 0 | 0 | 0 | 10.5M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -33.5M | -44.4M | -28.9M | -26.5M | -44.2M | -58.8M | 300.24K | 599.57K | 800.77K | -805.63K | 2.3M | 2.3M | 11.6M | 5.4M | 6M | 4.6M |
| Cash from Financing | -788.61M | -662.5M | -553.1M | -796.8M | 190.3M | -1.14B | 676.44M | -102.13M | -160.46M | -364.95M | -223.02M | -270.9M | -150.2M | -42.6M | -554.5M | 221.6M |
| Debt Issued (Net) | -375.3M | -396M | -108.5M | -132.5M | 662.6M | -404.8M | 869.99M | 431.49M | 120.12M | 111.58M | -151.21M | -130.2M | -14.2M | -3.1M | -249M | 344.9M |
| Equity Issued (Net) | -197.86M | -26.3M | -200.9M | -428M | -294.7M | -617.7M | -149.72M | -463.17M | -242.64M | -449.44M | -71.71M | -71.7M | -94M | 500K | 300.2M | -100K |
| Dividends Paid | -68.2M | -62.9M | -61.9M | -55.6M | -50.8M | -43.1M | -9.61M | -37.17M | -35.33M | -25.48M | 0 | 0 | 0 | 0 | -483M | 0 |
| Share Repurchases | -247.27M | -50.3M | -215.1M | -446.2M | -305.5M | -682.7M | -172.24M | -475.16M | -248.84M | -457.9M | -72.91M | -72.9M | -95.6M | 0 | -1.7M | -1.1M |
| Other Financing | -147.24M | -177.3M | -181.8M | -180.7M | -126.8M | -77.1M | -34.23M | -33.28M | -2.6M | -1.61M | -100.01K | -69M | -42M | -40M | -122.7M | -123.2M |
| Net Change in Cash | 353.83M | 247.8M | -311.8M | 289.5M | -63.5M | -1.06B | 1.29B | -58.16M | -142.06M | -55.37M | 80.89M | 63.6M | 3M | 156.6M | -467M | 515.5M |
| Free Cash Flow | 1.16B | 871.3M | 313.7M | 1.07B | -9.9M | 72.3M | 609.28M | 199.16M | 230.42M | 305.54M | 283.72M | 319.1M | 149.5M | 202.8M | 61.5M | 290M |
| FCF Margin % | 12.39% | 10.32% | 4.01% | 10.76% | -0.1% | 0.95% | 10.23% | 3.29% | 4.39% | 6.81% | 6.8% | 7.65% | 3.9% | 5.75% | 1.93% | 10.01% |
| FCF Growth % | 146.12% | 177.75% | -70.75% | 10931.31% | -113.69% | -88.13% | 205.93% | -13.57% | -24.58% | 7.69% | - | 113.44% | -26.28% | 229.76% | -78.79% | - |
| FCF per Share | 15.94 | 11.79 | 4.21 | 13.66 | -0.12 | 0.85 | 6.88 | 2.12 | 2.31 | 2.83 | 2.51 | 2.82 | 1.27 | 1.71 | 0.54 | 2.45 |
| FCF Conversion (FCF/Net Income) | 10.43x | 4.16x | -3.47x | 2.23x | 0.75x | 0.97x | 2.37x | 1.29x | 2.24x | 2.17x | 1.78x | 1.97x | 6.98x | 5.34x | 3.59x | 3.73x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying DOO stock.
BRP Inc. (DOO) generated $1.21B in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
BRP Inc. (DOO) generated $871.3M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
BRP Inc. (DOO) spent $297.7M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, BRP Inc. (DOO) returned $62.9M to shareholders via cash dividends and spent $50.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Cyclical demand and leverage
Earnings Quality Masked by Volatility
According to the provided cash flow data, the OCF/NI ratio has exhibited extreme volatility, ranging from -12.86 to 25.34, which suggests that reported net income is a poor proxy for the company's actual ability to generate cash during periods of significant inventory and working capital adjustments.
The wide divergence between net income and operating cash flow indicates that non-cash charges and working capital swings are the primary drivers of cash generation rather than core operational profitability. Investors should monitor this disconnect, as it suggests that earnings quality remains low and highly sensitive to the timing of wholesale shipments.
FCF Volatility Reflects Cyclical Exposure
As reported in financial statements, free cash flow margins have fluctuated significantly from a high of 15.1% in 2025Q3 to a low of 0.3% in 2024Q2, highlighting the company's struggle to maintain consistent cash generation amidst a challenging and highly cyclical powersports demand environment.
The erratic FCF trajectory appears to be a direct consequence of the company's inability to align production levels with retail demand, leading to periodic cash outflows for inventory management. This inconsistency warrants further investigation into whether the firm can sustain positive cash flow if wholesale demand remains depressed.
Capital Intensity Remains Structurally Elevated
Based on BRP's reported figures, capital expenditures as a percentage of revenue have remained elevated, peaking at 8.4% in 2023Q4, which suggests that the company is forced to maintain significant investment in manufacturing infrastructure despite the recent downturn in wholesale shipment volumes and overall market demand.
The persistent level of CapEx relative to revenue indicates that the company's manufacturing footprint requires constant reinvestment to support its Rotax engine platform and seasonal product lines. This capital intensity may limit the firm's ability to preserve cash during cyclical troughs, potentially constraining future financial flexibility.
Inventory Swings Drive Cash Flow
Data from recent filings reveals that working capital changes have been a major source of cash flow volatility, with a significant $245.0 million outflow in 2025Q3, suggesting that the company is actively managing dealer inventory levels through aggressive wholesale shipment adjustments and potential promotional support.
The recurring, large-scale swings in working capital appear to reflect the company's reliance on wholesale channel stuffing to meet quarterly targets, which creates subsequent cash flow air pockets. Analysts should monitor these fluctuations as they may indicate underlying weakness in retail sell-through rates.