Cash flow volatility remains extreme, highlighted by a $60.6 million free cash flow outflow in 2025Q1, which underscores the difficulty in managing working capital and operational liquidity.
Fossil Group, Inc. (FOSL) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Jan'26 | 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 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | -37.92M | -57.9M | 46.68M | -59.46M | -110.86M | 50.03M | 101.24M | -14.21M | 248.14M | 179.54M | 210.13M | 360.77M | 387.88M | 411.68M | 451.6M | 251.27M | 209.18M | 265.99M | 108.95M | 131.96M | 148.46M | 33.79M | 81.7M | 73.63M | 81.05M | 48.91M | 40.29M | 61.6M | 41M | 23.1M | 10.9M |
| Operating CF Margin % | - | -5.76% | 4.08% | -4.21% | -6.59% | 2.68% | 6.28% | -0.64% | 9.76% | 6.44% | 6.91% | 11.17% | 11.05% | 12.63% | 15.8% | 9.79% | 10.3% | 17.18% | 6.88% | 9.21% | 12.23% | 3.24% | 8.53% | 9.43% | 12.22% | 8.96% | 7.99% | 14.71% | 13.46% | 9.44% | 5.29% |
| Operating CF Growth % | -180.95% | -224.03% | 178.51% | 46.36% | -321.58% | -50.58% | 812.49% | -105.73% | 38.21% | -14.56% | -41.76% | -6.99% | -5.78% | -8.84% | 79.73% | 20.12% | -21.36% | 144.13% | -17.44% | -11.11% | 339.38% | -58.65% | 10.97% | -9.16% | 65.72% | 21.39% | -34.6% | 50.24% | 77.49% | 111.93% | -7.63% |
| Net Income | -69.88M | -77.84M | -106.28M | -157.09M | -43.53M | 26.62M | -95.94M | -50.01M | -938K | -473.56M | 85.6M | 229.9M | 386.61M | 388.05M | 354.26M | 307.4M | 264.89M | 144.29M | 138.1M | 123.26M | 77.58M | 78.06M | 90.57M | 68.33M | 58.91M | 43.68M | 55.88M | 51.8M | 32.2M | 18.9M | 13.6M |
| Depreciation & Amortization | 15M | 13.05M | 16M | 19.1M | 23.33M | 29.61M | 43.13M | 54.79M | 67.58M | 80.97M | 94.59M | 87.66M | 95.93M | 81.94M | 65.54M | 46.5M | 40.43M | 45.57M | 37.64M | 32.8M | 32.05M | 29.03M | 24.66M | 19.85M | 14.51M | 9.63M | 6.44M | 5.9M | 4.4M | 3M | 3.1M |
| Stock-Based Compensation | 4.14M | 2.32M | 2.9M | 5.69M | 8.06M | 9.5M | 11.14M | 15.85M | 23.04M | 30.4M | 31.03M | 18.63M | 18.82M | 15.34M | 18.57M | 14.62M | 10.55M | 6.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 66.51M | 0 | 0 | 0 | 0 | 13.66M | 69K | -6.42M | 6.43M | -43.49M | -18.56M | 929K | 2.71M | 12.4M | 10.59M | 29.7M | 11.21M | 3.23M | 1.11M | -3.95M | -15.48M | -16.89M | -14.69M | 13.28M | 13.67M | 7.54M | -1.01M | -1.1M | -1.2M | -800K | -400K |
| Other Non-Cash Items | 21.63M | 55.13M | 81.23M | 72.07M | 97.69M | 109.11M | 126.22M | 148.87M | 11.7M | 430.08M | 119K | 23.6M | 13.66M | -14.14M | -15.46M | 556K | 19.48M | 2.04M | 23.1M | -7.84M | 6.01M | 6.92M | 8.24M | 6.22M | 5.94M | 9.53M | 5.32M | 4.8M | -100K | 200K | 100K |
| Working Capital Changes | -54.31M | -50.56M | 52.83M | 775K | -196.41M | -138.47M | 16.61M | -177.29M | 140.31M | 155.14M | 17.34M | 47K | -129.85M | -71.9M | 18.11M | -147.5M | -137.39M | 64.06M | -95.31M | -15.02M | 44.53M | -63.33M | -27.07M | -34.07M | -11.99M | -21.48M | -26.34M | 200K | 400K | 300K | -6.6M |
| Change in Receivables | 6.32M | 22.31M | 11.74M | 19.95M | 41.62M | -35.45M | 60.75M | 30.94M | 68.31M | 14.37M | -12.9M | 42.91M | -8.49M | -77.45M | -42.85M | -44.06M | -85.89M | -4.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -3.62M | 34.74M | 58.64M | 125.77M | -46.03M | -62.26M | 168.6M | -78.14M | 153.44M | 6.83M | 64.83M | -43.08M | -60.75M | -52.92M | 10.68M | -122.65M | -115.92M | 44.57M | -45.56M | -20.06M | 17.78M | -58.61M | -44.2M | -4.19M | -14.78M | -15.78M | -15.99M | -3M | -4.6M | -700K | -6.4M |
| Change in Payables | 2.13M | -36.33M | 14.38M | -42.89M | -35.42M | 53.93M | 3.5M | 4.86M | -38.37M | 34.86M | -43.02M | 41.84M | 2.48M | 15.35M | -7.02M | 12.66M | 18.19M | 6.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 3.1M | 22.08M | 4.04M | -9.87M | -8.55M | 7.11M | -10.62M | 18.68M | -15.62M | -24.72M | -12.4M | -293.83M | -103.16M | -123.17M | -345.15M | -110.07M | -47.53M | -38.3M | -81.53M | -52.54M | -61.39M | -60.44M | -76.28M | -30.7M | -30.53M | -67.38M | -23.8M | -29.6M | -6.1M | -7.5M | -5.2M |
| Capital Expenditures | -5.08M | -2.56M | -6.75M | -8.53M | -13.26M | -10.29M | -10.69M | -24.15M | -17.96M | -27.02M | -65.67M | -83.5M | -104.18M | -110.05M | -122.8M | -131.5M | -46.81M | -38.07M | -87.6M | -47.08M | -54.03M | -53.2M | -28.41M | -28.93M | -26.86M | -55.61M | -20.34M | -13.3M | -6.3M | -7.8M | -4.2M |
| CapEx % of Revenue | 0.52% | 0.26% | 0.59% | 0.6% | 0.79% | 0.55% | 0.66% | 1.09% | 0.71% | 0.97% | 2.16% | 2.59% | 2.97% | 3.38% | 4.3% | 5.12% | 2.31% | 2.46% | 5.53% | 3.29% | 4.45% | 5.1% | 2.97% | 3.7% | 4.05% | 10.19% | 4.03% | 3.18% | 2.07% | 3.19% | 2.04% |
| Acquisitions | 23K | 0 | 0 | 0 | 2.99M | 11.37M | 78K | 42.26M | 717K | 1.75M | 3.5M | -220.19M | 0 | -15.52M | -229.15M | -256K | -855K | 385K | 0 | -1.58M | -7.23M | -4.44M | -47.86M | -104K | -4.37M | -15.79M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 8.15M | 24.64M | 10.8M | -1.34M | 1.72M | 6.03M | 0 | 562K | 2.34M | 548K | 3.34M | 9.7M | 612K | 15.19M | 6.8M | 13.65M | 448K | -309K | 791K | 1.98M | 151K | -2.03M | -929K | -1.36M | 917K | -1.93M | -3.01M | -5.4M | 200K | 300K | -1M |
| Cash from Financing | -973K | -5.01M | -50.21M | -13.63M | 52.99M | -112.57M | 10.75M | -208.49M | -62.66M | -201.71M | -198.49M | -64.03M | -325.18M | -148.25M | -219.59M | -249.86M | -170.58M | 285K | -112.8M | 29.73M | -20.13M | -95.77M | 23.79M | -7.49M | -8.94M | 6.87M | -27.66M | 2.5M | 1.1M | -5.9M | 300K |
| Debt Issued (Net) | 8.08M | -1.4M | -43.79M | -10.78M | 71.87M | -99.67M | 21.48M | -185.22M | -46.47M | -190.06M | -171.37M | 180.24M | 122.32M | 430.62M | 56.18M | 4.04M | 854K | -1.94M | -5.75M | 1.36M | 2.03M | -18.16M | 23.63M | 300K | -14M | 8.9M | 64K | 500K | -3.3M | -7M | -200K |
| Equity Issued (Net) | -935K | 930K | -536K | -530K | -12.45M | -2.42M | -727K | -4.2M | -2.86M | -1.22M | -7.24M | -231.28M | -437.91M | -582.25M | -271.29M | -263.05M | -175.81M | 0 | -100.96M | 12.85M | -20.81M | -69.61M | 3.56M | -6.14M | 6.38M | 2.63M | -27.24M | 2.8M | 4.5M | 1.6M | 500K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.59M | -2.69M | 0 | 0 | 0 | -8.01M | -3.4M | -1.65M | -1.32M | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -935K | -164K | -536K | -530K | -12.45M | -2.42M | -727K | -4.2M | -4.8M | -1.22M | -15.89M | -231.28M | -437.91M | -582.25M | -271.29M | -270.88M | -199.22M | 0 | -105.87M | -16.21M | -25.93M | -75.26M | -6.92M | -14.35M | -59K | 0 | -28.07M | -2M | -2M | 0 | 0 |
| Other Financing | -8.12M | -4.54M | -5.88M | -2.32M | -6.43M | -10.48M | -10M | -19.07M | -13.33M | -10.43M | -19.89M | -12.99M | -9.59M | 3.38M | -4.48M | 9.15M | 11.96M | 4.92M | -6.09M | 15.52M | -1.34M | 0 | 0 | 0 | 0 | -4.66M | -492K | -800K | -100K | -500K | 0 |
| Net Change in Cash | -28.76M | -27.17M | 5.01M | -82.49M | -60.5M | -59.67M | 116.5M | -203.13M | 179.23M | -66.09M | 8.05M | 13.01M | -44.22M | 143.24M | -110.26M | -105.3M | -12.38M | 233.16M | -83.23M | 121.94M | 75.08M | -127.97M | 27.37M | 45.71M | 44.86M | -12.01M | -11.41M | 33.6M | 36.1M | 9.1M | 300K |
| Free Cash Flow | -41.21M | -60.46M | 39.93M | -69.35M | -124.12M | 39.74M | 90.54M | -38.35M | 230.18M | 152.52M | 144.45M | 277.27M | 283.7M | 301.63M | 328.8M | 119.77M | 162.37M | 227.92M | 21.36M | 84.88M | 94.43M | -19.41M | 53.3M | 44.7M | 54.19M | -6.7M | 19.95M | 48.3M | 34.7M | 15.3M | 6.7M |
| FCF Margin % | -4.18% | -6.02% | 3.49% | -4.91% | -7.38% | 2.12% | 5.61% | -1.73% | 9.06% | 5.47% | 4.75% | 8.59% | 8.08% | 9.25% | 11.51% | 4.67% | 8% | 14.72% | 1.35% | 5.92% | 7.78% | -1.86% | 5.57% | 5.72% | 8.17% | -1.23% | 3.96% | 11.53% | 11.39% | 6.25% | 3.25% |
| FCF Growth % | 13.52% | -251.43% | 157.57% | 44.12% | -412.36% | -56.11% | 336.07% | -116.66% | 50.91% | 5.59% | -47.9% | -2.27% | -5.94% | -8.26% | 174.52% | -26.23% | -28.76% | 967.22% | -74.84% | -10.11% | 586.4% | -136.43% | 19.23% | -17.51% | 908.31% | -133.61% | -58.7% | 39.19% | 126.8% | 128.36% | 19.64% |
| FCF per Share | -0.70 | -1.12 | 0.75 | -1.33 | -2.39 | 0.75 | 1.77 | -0.76 | 4.68 | 3.15 | 2.99 | 5.67 | 5.34 | 5.23 | 5.35 | 1.87 | 2.40 | 3.39 | 0.31 | 1.21 | 1.37 | -0.27 | 0.73 | 0.62 | 0.76 | -0.10 | 0.27 | 0.64 | 0.47 | 0.22 | 0.10 |
| FCF Conversion (FCF/Net Income) | 0.59x | 0.74x | -0.45x | 0.38x | 2.51x | 1.97x | -1.05x | 0.27x | -71.35x | -0.38x | 2.66x | 1.64x | 1.03x | 1.09x | 1.32x | 0.85x | 0.82x | 1.91x | 0.79x | 1.07x | 1.91x | 0.45x | 0.91x | 1.08x | 1.38x | 1.12x | 0.72x | 1.19x | 1.27x | 1.22x | 0.80x |
| Interest Paid | 0 | 0 | 0 | 27.3M | 17.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 20.16M | 5.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 FOSL stock.
Fossil Group, Inc. (FOSL) generated $-57.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Fossil Group, Inc. (FOSL) reported negative free cash flow of $60.5M in 2025, indicating capital requirements exceeded cash from operations.
Fossil Group, Inc. (FOSL) spent $2.6M 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, Fossil Group, Inc. (FOSL) spent $0.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Liquidity and operational insolvency
Metrics are mathematically derived from official filings.
Earnings Quality and Cash Disconnect
As reported in recent financial filings, the persistent divergence between net losses and operating cash flow, highlighted by the 2025Q1 operating cash outflow of $60.4 million, suggests that accounting earnings fail to capture the true cash-burning nature of the company's current operational model.
The frequent disconnect between net income and operating cash flow indicates that the company is struggling to convert its business activities into sustainable liquidity. Investors should monitor whether this volatility is driven by structural working capital requirements or an inability to manage cash-based expenses effectively.
Free Cash Flow Volatility Trends
Based on the provided quarterly data, FOSL's free cash flow trajectory remains highly erratic, swinging from a $47.0 million inflow in 2023Q4 to a $60.6 million outflow in 2025Q1, which underscores the extreme sensitivity of the company's cash position to seasonal and operational fluctuations.
The lack of a consistent positive free cash flow trend suggests that the business model is currently unable to self-fund its operations. This instability warrants further investigation into whether the company can maintain its current liquidity levels without external financing or further asset divestitures.
Working Capital Efficiency and Pressure
According to the cash flow statements, working capital changes have been a primary driver of cash volatility, with a significant $56.5 million outflow in 2025Q1 alone, indicating that inventory and receivables management remains a major hurdle for the company's cash preservation efforts.
The sharp swings in working capital suggest that the company may be struggling to align its inventory levels with actual consumer demand. This pattern appears to indicate that the business is frequently forced to tie up cash in unsold goods, further straining its already limited liquidity.
Capital Expenditure and Asset Maintenance
As indicated by the reported figures, capital intensity remains low, with CapEx/Revenue ratios consistently below 1.0%, suggesting that the company is aggressively deferring non-essential investments to preserve cash in the face of declining top-line performance.
While the low capital expenditure profile helps conserve cash in the short term, it may imply a lack of investment in the infrastructure needed to modernize the brand. Analysts should consider whether this austerity is sustainable or if it risks further eroding the company's competitive positioning.
Obscured Cash Flow Realities
Based on the provided data, the cash flow statement appears to mask the impact of recurring restructuring costs and licensing obligations, as evidenced by the persistent gap between operational performance and the company's reported cash position over the last ten quarters.
The reliance on non-cash adjustments and working capital swings to bridge the gap between net income and cash flow suggests that the underlying operational health is weaker than the headline figures might imply. Investors should be cautious of the potential for hidden cash outflows related to minimum royalty guarantees.