Persistent capital intensity is reflected in a 52.8% CapEx-to-revenue ratio, which has resulted in a sustained negative free cash flow of $315 million for the 2025Q3 period.
| Metric | TTM | 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 |
|---|
| Cash from Operations | 1.79B | 1.62B | 1.34B | 1.4B | 797M | 1.99B | 1.51B | 1.81B | 1.85B | 1.67B | 1.3B | 1.27B | 1.5B | 1.55B | 1.57B | 1.22B | 742.72M | 739.27M | 821.68M | 829.18M | 819.17M | 717.08M |
| Operating CF Growth % | 63.34% | 20.61% | -4.07% | 75.78% | -59.93% | 31.9% | -16.78% | -2.05% | 11.04% | 28.06% | 2.44% | -15.11% | -3.64% | -1.28% | 28.68% | 64.55% | 0.47% | -10.03% | -0.9% | 1.22% | 14.24% | - |
| Operating CF / Revenue % | 29.38% | 27.3% | 23.37% | 24.21% | 12.43% | 27.8% | 18.6% | 21.04% | 20.27% | 18.73% | 23.33% | 26.61% | 31.42% | 30.98% | 27825.21% | 21623.85% | - | 33.05% | 35.91% | 40.94% | 40.61% | 32.7% |
| Net Income | -381M | -322M | 29M | 441M | 4.96B | -402M | -5.91B | -643M | -1.81B | -376M | -199M | 133M | 113M | 133.74M | 145.87M | 149.6M | 118.53M | 182.66M | 214.65M | 254.01M | 187.94M | 72.15M |
| Depreciation & Amortization | 1.78B | 1.63B | 1.42B | 1.18B | 1.24B | 1.6B | 1.78B | 1.95B | 2.18B | 2.03B | 1.32B | 1.14B | 1.17B | 1.23B | 1.4B | 893.72M | 476.39M | 561.8M | 545.86M | 476.49M | 520.2M | 572.71M |
| Deferred Taxes | -53M | -27M | 78M | 164M | -67M | -91M | -619M | -67M | -1.39B | -206M | -167M | 0 | 0 | 80.5M | 87.41M | 85.43M | 61.22M | 33.97M | 81.01M | 0 | 100.64M | 13.38M |
| Other Non-Cash Items | 70.99M | 41M | 22M | 97M | -5.48B | 507M | 6.32B | 669.98M | 2.86B | 172.98M | 332.97M | -13M | 225M | 185.12M | 21.81M | 70.71M | 96.23M | 7.03M | 13.71M | -43.46M | 33.55M | 98.25M |
| Working Capital Changes | 328M | 236M | -308M | -565M | 136M | 374M | -79M | -102M | 0 | 44M | 14M | -14M | -30M | -93.69M | -85.58M | 22.72M | -9.65M | -46.2M | -33.54M | 142.15M | -23.16M | -39.41M |
| Capital Expenditures | -3.21B | -2.78B | -3.21B | -4.47B | -1.71B | -1.18B | -1.23B | -1.19B | -1.19B | -11.26B | -863M | -2.68B | -635M | -802.5M | -824.84M | -577.88M | -255.97M | -288.26M | -1.03B | -268.81M | -259.45M | -276.35M |
| CapEx / Revenue % | 52.62% | 46.88% | 55.83% | 77.21% | 26.59% | 16.51% | 15.12% | 13.84% | 13.01% | 126.56% | 15.48% | 56.07% | 13.33% | 16.01% | 14593.75% | 10224.33% | - | 12.89% | 45.22% | 13.27% | 12.86% | 12.6% |
| CapEx / D&A | 1.80x | 1.71x | 2.27x | 3.78x | 1.38x | 0.74x | 0.69x | 0.61x | 0.54x | 5.54x | 0.65x | 2.35x | 0.54x | 0.65x | 0.59x | 0.65x | 0.54x | 0.51x | 1.90x | 0.56x | 0.50x | 0.48x |
| CapEx Coverage (OCF/CapEx) | 0.56x | 0.58x | 0.42x | 0.31x | 0.47x | 1.68x | 1.23x | 1.52x | 1.56x | 0.15x | 1.51x | 0.47x | 2.36x | 1.93x | 1.91x | 2.11x | 2.90x | 2.56x | 0.79x | 3.08x | 3.16x | 2.59x |
| Cash from Investing | -3.2B | -1.68B | -2.56B | -4.47B | -1.68B | -19M | -1.13B | -1.18B | -1.05B | -11.26B | -878M | -2.68B | -543M | -634.94M | -762.67M | -773.96M | -255.29M | -282.77M | -1.03B | 64.79M | -174.74M | -246.99M |
| Acquisitions | 3M | 0 | 0 | 13M | 0 | 1.13B | 88M | 11M | 110M | -9.86B | 5M | -2.02B | 0 | 0 | 0 | -82.56M | 0 | 0 | -725.55M | 0 | 24.2M | 30.96M |
| Purchase of Investments | 0 | 0 | -2.34B | -4.35B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 0 | 1.07B | 2.95B | 2.6B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.11M | 26.51M |
| Other Investing | 12M | 27M | 42M | 7M | 22M | 31M | 4M | 5M | 24M | 5M | -20M | 30.16M | 92M | 167.56M | 62.17M | -113.52M | 673K | 5.49M | 6.63M | 333.6M | 59.4M | -28.11M |
| Cash from Financing | 351M | -268M | 2.13B | 1.21B | 1.18B | -893M | 32M | -608M | -942M | 735M | 8.28B | 1.21B | -1.4B | 82.9M | -735.18M | -555.65M | -292.36M | -519.33M | -601.61M | -116.61M | -548.77M | -886.3M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -107M | -480M | -707M | -576M | -401M | -400M | -399.39M | -746.39M | -529.39M | -312.37M | -318.44M | -336.02M | -323.67M | -338.36M | -832.77M |
| Dividend Payout Ratio % | - | - | - | - | - | - | - | - | - | - | - | 301.5% | 363.64% | 298.64% | - | 353.87% | 263.52% | 174.33% | 156.54% | 93.94% | 167.2% | 1154.22% |
| Debt Issuance (Net) | 2M | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 0 | 1000K | 0 | 0 | 0 | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 751K | 1.4M | 13.81M | 27.2M | 47.55M | 544.56M |
| Share Repurchases | -27M | -65M | -9M | -8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -200M | -250M | -135.24M | -250M | 0 |
| Other Financing | -100M | -510M | -77M | -18M | 7M | -123M | -49M | -22M | -94M | 1.44B | 0 | 1.61B | -1B | 482.29M | -5.95M | -19.03M | -68.61M | 6.05M | -942K | -264K | -1.66M | -84.07M |
| Net Change in Cash | -900M | -361M | 845M | -1.82B | 257M | 1.13B | 406M | -22M | -146M | -8.86B | 8.7B | -209.32M | -450.49M | 1.34B | 0 | 0 | 0 | -226.47M | -814.64M | 777.36M | 263.75M | 0 |
| Exchange Rate Effect | 153M | -33M | -72M | 34M | -34M | 50M | 0 | -50M | 0 | 0 | -134K | -11.41M | -4M | 341.5M | -74.83M | 107.43M | -195.07M | -163.63M | 0 | 0 | 168.09M | 0 |
| Cash at Beginning | 505M | 1.17B | 322M | 2.14B | 1.89B | 760M | 354M | 376M | 522M | 9.38B | 682.13M | 891.45M | 1.34B | 0 | 0 | 0 | 0 | 226.47M | 1.04B | 263.75M | 0 | 0 |
| Cash at End | 420M | 806M | 1.17B | 322M | 2.14B | 1.89B | 760M | 354M | 376M | 522M | 9.38B | 682.13M | 891.45M | 1.34B | 0 | 0 | 0 | 0 | 226.47M | 1.04B | 263.75M | 167.46M |
| Free Cash Flow | -1.42B | -1.16B | -1.87B | -3.07B | -908M | 808M | 282M | 620M | 662M | -9.59B | 438M | -1.41B | 861M | 749.97M | 747.84M | 644.3M | 486.75M | 451M | -213.03M | 560.38M | 559.72M | 440.73M |
| FCF Growth % | -103.59% | 37.76% | 39.13% | -237.78% | -212.38% | 186.52% | -54.52% | -6.34% | 106.9% | -2290.18% | 131.16% | -263.27% | 14.8% | 0.28% | 16.07% | 32.37% | 7.93% | 311.71% | -138.02% | 0.12% | 27% | - |
| FCF Margin % | -23.24% | -19.57% | -32.46% | -53% | -14.16% | 11.29% | 3.48% | 7.2% | 7.25% | -107.83% | 7.86% | -29.46% | 18.08% | 14.96% | 13231.46% | 11399.52% | - | 20.16% | -9.31% | 27.67% | 27.75% | 20.1% |
| FCF / Net Income % | 372.44% | 360.87% | -6437.93% | -695.46% | -18.32% | -201% | -4.77% | -96.42% | -36.7% | 2571.85% | -223.47% | -1056.93% | 782.73% | 560.79% | - | 430.68% | 410.64% | 246.91% | -99.24% | 162.64% | 276.58% | 610.85% |
Capital Intensive Fiber Buildout
As reported in recent financial filings, FYBR consistently generates positive operating cash flow despite recurring net losses, with the 2025Q3 operating cash flow of $504 million contrasting sharply against a net loss of $76 million, highlighting a significant disconnect between accounting profitability and cash generation.
The persistent gap between net income and operating cash flow suggests that non-cash charges, primarily depreciation and amortization, are masking the underlying cash burn required to maintain the legacy network. Investors should monitor whether this cash conversion quality improves as the fiber-to-the-home footprint matures and depreciation begins to align more closely with actual maintenance requirements.
Based on quarterly cash flow statements, FYBR remains in a state of sustained negative free cash flow, with the most recent 2025Q3 period showing a deficit of $315 million, reflecting the heavy capital intensity required to fund the company's ongoing fiber-optic network expansion strategy.
The negative free cash flow trajectory appears to be a deliberate, albeit high-risk, strategy to capture market share in the fiber broadband segment. This trend warrants further investigation into whether the company can reach a cash-flow-positive inflection point before the exhaustion of available liquidity or the completion of the proposed acquisition.
According to the provided data, FYBR maintains an aggressive capital expenditure profile, with CapEx-to-revenue ratios consistently exceeding 50% in recent quarters, including a 52.8% mark in 2025Q3, which underscores the massive financial commitment required to replace legacy copper infrastructure with modern fiber-optic technology.
The elevated capital intensity suggests that the company is prioritizing long-term asset modernization over short-term cash preservation. This level of spending may indicate that the company is still in the heavy investment phase of its lifecycle, where the return on invested capital remains highly sensitive to subscriber penetration rates.
As indicated by historical cash flow statements, working capital changes have been highly erratic, swinging from a $361 million outflow in 2023Q4 to a $272 million inflow in 2024Q3, suggesting that the company's cash position is frequently impacted by the timing of large-scale vendor payments and collections.
This volatility in working capital may imply that the company lacks a stable cash conversion cycle, potentially due to the complexities of managing both legacy copper and new fiber customer bases. Analysts should monitor these fluctuations as they may obscure the true underlying operational cash flow efficiency of the business.
Quick answers to the most common questions about buying FYBR stock.
Frontier Communications Parent, Inc. (FYBR) generated $1.62B in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Frontier Communications Parent, Inc. (FYBR) reported negative free cash flow of $1.16B in 2024, indicating capital requirements exceeded cash from operations.
Frontier Communications Parent, Inc. (FYBR) spent $2.78B on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2024, Frontier Communications Parent, Inc. (FYBR) spent $65.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.