Operational cash flow remains structurally challenged, as evidenced by the 2026Q1 period where the company burned $2.8M in cash despite reporting a $3.7M net profit.
| Cash from Operations | -28.3M | -24.6M | -12.55M | -23.42M | -19.29M | -7.56M | 631.88K | 277.4K |
| Operating CF Margin % | - | -165.17% | -186.09% | -128.38% | -120.94% | -124.53% | 2940.76% | 66.15% |
| Operating CF Growth % | -1068.54% | -96.01% | 46.41% | -21.42% | -155.16% | -1296.43% | 127.79% | - |
| Net Income | 10.79M | 6.31M | 149.48M | -430.93M | -17.43M | -9.47M | 89.12K | -6.15K |
| Depreciation & Amortization | 479K | 349K | 6K | 1.58M | 737K | 584K | 14.39K | 150.9K |
| Stock-Based Compensation | 1.48M | 1.66M | 1.5M | 68K | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | -26K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -24.59M | -20.5M | -167.22M | 381.41M | -1.19M | 2.8M | 314.1K | 287.04K |
| Working Capital Changes | -32.14M | -12.42M | 3.69M | 24.48M | -1.41M | -1.48M | 214.26K | -154.39K |
| Change in Receivables | -6.79M | -5.36M | -1.06M | -3.36M | -986K | -1.53M | 15.85K | 88.2K |
| Change in Inventory | 0 | 0 | 0 | 0 | 203K | -389K | 0 | -281 |
| Change in Payables | -2.3M | -1.49M | 7.2M | 3.79M | 4.3M | -70K | 0 | 0 |
| Cash from Investing | 25.49M | 24.19M | -9K | 282K | -26.26M | -8.31M | -488.25K | -967.07K |
| Capital Expenditures | -73K | -153K | -11K | -308K | -320K | -115K | -563.4K | -95.79K |
| CapEx % of Revenue | 0.39% | 1.03% | 0.16% | 1.69% | 2.01% | 1.89% | 2622.08% | 22.84% |
| Acquisitions | -1.63M | -1.63M | 0 | 586K | -25.79M | -8.19M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 27.19M | 25.97M | 2K | 4K | -151K | 222.34M | 75.16K | -871.28K |
| Cash from Financing | 5.16M | 3.71M | 12.85M | 15.13M | 50.88M | 17.86M | -428.19K | 946.07K |
| Debt Issued (Net) | -4.23M | -5.81M | 11.65M | 9.17M | 12.67M | 17.28M | 0 | 0 |
| Equity Issued (Net) | 11.63M | 11.83M | 0 | 1.79M | 38.21M | 574K | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -2.25M | -2.32M | 1.2M | 4.17M | 0 | 0 | -428.19K | 946.07K |
| Net Change in Cash | 68K | 1.04M | 153K | -7.69M | 5.28M | 1.93M | -293.48K | 316.94K |
| Free Cash Flow | -28.37M | -24.76M | -12.56M | -23.73M | -19.61M | -7.67M | 68.48K | 181.61K |
| FCF Margin % | -152.84% | -166.19% | -186.26% | -130.07% | -122.95% | -126.42% | 318.68% | 43.31% |
| FCF Growth % | -257.43% | -97.05% | 47.06% | -21.01% | -155.5% | -11308.33% | -62.29% | - |
| FCF per Share | -0.58 | -0.63 | -0.99 | -2.79 | -2.05 | -0.28 | 0.00 | 0.00 |
| FCF Conversion (FCF/Net Income) | -2.63x | -7.26x | -0.57x | 0.49x | 1.11x | 0.80x | -4.17x | -2.26x |
| Interest Paid | 567K | 0 | 518K | 1.34M | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Severe liquidity and dilution
According to recent SEC filings, FBYD's operating cash flow consistently fails to track with reported net income, as evidenced by the 2026Q1 period where the company reported $3.7M in net income while simultaneously burning $2.8M in cash from operations, highlighting a significant quality of earnings concern.
The recurring divergence between positive net income figures and negative operating cash flow suggests that reported profitability is heavily influenced by non-cash accounting adjustments rather than operational efficiency. Investors should monitor this gap, as it implies that the company's accounting earnings may not be representative of its actual ability to generate liquidity from core business activities.
As reported in financial statements, FBYD's free cash flow remains deeply negative across nearly all observed quarters, with the company recording a $2.8M outflow in 2026Q1, underscoring the structural inability of the current business model to self-fund its ambitious theme park and resort development pipeline.
The consistent negative free cash flow trajectory indicates that the company is currently in a capital-intensive growth phase that requires external financing to sustain. Without a clear path to positive cash generation, the reliance on external capital markets appears to be a structural necessity rather than a temporary requirement.
Based on FBYD's reported figures, working capital changes have been highly erratic, swinging from a significant $11.6M outflow in 2026Q1 to an $8.1M inflow in 2025Q1, which suggests that the company's cash position is highly sensitive to the timing of project-based billings and vendor payment cycles.
This volatility in working capital suggests that the company lacks a stable cash conversion cycle, likely due to the lumpy nature of its creative services contracts. Such fluctuations complicate cash flow forecasting and may indicate that the company is struggling to manage its liquidity effectively during periods of project ramp-up.
Analysis of the company's cash flow statements reveals that stock-based compensation, such as the $720.0K recorded in 2026Q1, serves as a recurring non-cash add-back that masks the true extent of the company's operational cash burn, warranting further investigation into the long-term impact of equity-based incentives on shareholder dilution.
While stock-based compensation is a standard non-cash expense, its consistent presence in the cash flow statement suggests that the company is utilizing equity to preserve limited cash reserves. This practice effectively shifts the cost of operations onto shareholders through dilution, which may not be fully captured in traditional operating margin analysis.
Quick answers to the most common questions about buying FBYD stock.
Falcon's Beyond Global, Inc. Class A Common Stock (FBYD) generated $-24.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Falcon's Beyond Global, Inc. Class A Common Stock (FBYD) reported negative free cash flow of $24.8M in 2025, indicating capital requirements exceeded cash from operations.
Falcon's Beyond Global, Inc. Class A Common Stock (FBYD) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.