Cash generation is severely impaired, with operating cash flow negative in 8 of the last 10 quarters and a cumulative shortfall where the company has generated $29.0M in net income against negative operating cash flow of $37.6M over the last ten periods.
Falcon's Beyond Global, Inc. Class A Common Stock (FBYD) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | -17.99M | -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 % | -736.09% | -96.01% | 46.41% | -21.42% | -155.16% | -1296.43% | 127.79% | - |
| Net Income | -844K | 6.31M | 149.48M | -430.93M | -17.43M | -9.47M | 89.12K | -6.15K |
| Depreciation & Amortization | 569K | 349K | 6K | 1.58M | 737K | 584K | 14.39K | 150.9K |
| Stock-Based Compensation | 1.71M | 1.66M | 1.5M | 68K | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | -26K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 2.55M | -20.5M | -167.22M | 381.41M | -1.19M | 2.8M | 314.1K | 287.04K |
| Working Capital Changes | -23.85M | -12.42M | 3.69M | 24.48M | -1.41M | -1.48M | 214.26K | -154.39K |
| Change in Receivables | -6.16M | -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 | -7.38M | -1.49M | 7.2M | 3.79M | 4.3M | -70K | 0 | 0 |
| Cash from Investing | -157K | 24.19M | -9K | 282K | -26.26M | -8.31M | -488.25K | -967.07K |
| Capital Expenditures | -75K | -153K | -11K | -308K | -320K | -115K | -563.4K | -95.79K |
| CapEx % of Revenue | 0.35% | 1.03% | 0.16% | 1.69% | 2.01% | 1.89% | 2622.08% | 22.84% |
| Acquisitions | 0 | -1.63M | 0 | 586K | -25.79M | -8.19M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -82K | 25.97M | 2K | 4K | -151K | 222.34M | 75.16K | -871.28K |
| Cash from Financing | -2.53M | 3.71M | 12.85M | 15.13M | 50.88M | 17.86M | -428.19K | 946.07K |
| Debt Issued (Net) | -3.86M | -5.81M | 11.65M | 9.17M | 12.67M | 17.28M | 0 | 0 |
| Equity Issued (Net) | 11.79M | 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 | -10.46M | -2.32M | 1.2M | 4.17M | 0 | 0 | -428.19K | 946.07K |
| Net Change in Cash | -22.97M | 1.04M | 153K | -7.69M | 5.28M | 1.93M | -293.48K | 316.94K |
| Free Cash Flow | -18.07M | -24.76M | -12.56M | -23.73M | -19.61M | -7.67M | 68.48K | 181.61K |
| FCF Margin % | -83.51% | -166.19% | -186.26% | -130.07% | -122.95% | -126.42% | 318.68% | 43.31% |
| FCF Growth % | -36.62% | -97.05% | 47.06% | -21.01% | -155.5% | -11308.33% | -62.29% | - |
| FCF per Share | -0.37 | -0.63 | -0.99 | -2.79 | -2.05 | -0.28 | 0.00 | 0.00 |
| FCF Conversion (FCF/Net Income) | 21.41x | -7.26x | -0.57x | 0.49x | 1.11x | 0.80x | -4.17x | -2.26x |
| Interest Paid | 0 | 0 | 518K | 1.34M | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
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.
Key Metrics
Top Statement Risk
Chronic cash burn risk
Metrics are mathematically derived from official filings.
Earnings-Quality Mismatch with Operating Cash
As reported in the cash flow statements, FBYD's operating cash flow has been negative for eight of the last ten quarters, while net income occasionally turns positive, such as the $11.4M in 2025Q2, indicating a significant disconnect between accounting profits and actual cash generation.
This persistent negative operating cash flow despite periodic net income gains implies that FBYD's earnings are heavily influenced by non-cash items or one-time events. Investors should be cautious about the sustainability of reported profits, as they do not translate into operational cash inflows.
Free Cash Flow Persistently Negative
According to the cash flow data, FBYD's free cash flow has been negative in nine of the last ten quarters, with only 2026Q2 showing positive FCF of $2.4M, suggesting a persistent inability to generate cash after capital expenditures.
The consistently negative free cash flow, despite CapEx being minimal, points to underlying operational cash burn driven by working capital dynamics or other non-investment factors. This trajectory raises concerns about the company's long-term viability without external financing.
Working Capital Swings Draining Cash
Based on the provided data, FBYD's working capital changes have been large and volatile, with significant negative outflows such as -$11.6M in 2026Q1 and -$11.8M in 2025Q3, directly impacting operating cash flow.
These large negative working capital swings suggest that FBYD may be facing challenges in collecting receivables or managing inventory levels, which is consuming cash. Investors should monitor the composition of working capital for signs of operational stress.
Cumulative Earnings vs. Cash Shortfall
As per the reported cash flow data, over the last ten quarters, FBYD has accumulated net income of $29.0M while operating cash flow totals negative $37.6M, indicating that earnings are not backed by cash inflows.
This divergence implies that FBYD's profitability metrics may be overstated due to accrual accounting, with cash being consumed by working capital or other non-operational factors. The gap warrants investigation into the quality of earnings and the drivers of cash consumption.
Cash Flow Adjustments Mask Operational Reality
Based on the provided figures, FBYD's stock-based compensation, such as the $720K in 2026Q1, is added back to net income to derive operating cash flow, which may present a more favorable view of cash generation than the actual operational cash usage.
This adjustment indicates that a portion of reported operating cash flow is non-cash in nature, and investors should adjust for SBC to assess true cash generation. Additionally, the minimal depreciation and amortization suggest low asset intensity, but the negative cash flow persists despite this.