Cash flow generation is increasingly erratic, evidenced by a negative 2.8% free cash flow margin in 2025Q4 and an OCF/NI ratio of -1.20.
| Metric | Dec'25 | 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 |
|---|
| Cash from Operations | 83.06M | 92.34M | 119.2M | 150.2M | 295.77M | 36.73M | 113.91M | 97.95M | 22.1M | 37.4M | 9.34M | 1.28M | 3.53M | 12.16M | 14.62M | 7.83M | 11.83M | -48.43M | -16.28M | -16.84M | -13.01M | 7.41M | -7.34M | 1.16M | 34.95M | 35.11M | 36.5M | 85.8M |
| Operating CF Margin % | 13.08% | 13.85% | 11.32% | 13.39% | 26.97% | 5.29% | 11.7% | 11.5% | 4.34% | 9.27% | 5.28% | 2.33% | 9.1% | 111% | 41.1% | 31.81% | 45.11% | -199.07% | -57.23% | -56.37% | -71.4% | 42.18% | -171.98% | 77.16% | 100.26% | 59.47% | 66.73% | 92.96% |
| Operating CF Growth % | -10.05% | -22.53% | -20.64% | -49.22% | 705.16% | -67.75% | 16.29% | 343.17% | -40.9% | 300.29% | 627% | -63.6% | -70.96% | -16.84% | 86.82% | -33.84% | 124.42% | -197.45% | 3.31% | -29.43% | -275.68% | 200.9% | -733.3% | -96.68% | -0.48% | -3.8% | -57.46% | - |
| Net Income | -12.22M | 50.73M | 255.76M | 82.35M | 161.78M | -136.61M | -39.55M | -20.91M | 2.17M | 16.3M | 24.52M | -24.84M | 18.65M | 3.16M | -1.88M | -13.84M | 3.7M | -86.32M | -13.6M | 20.95M | -11.87M | -4.04M | -3.96M | -11.54M | -321K | 15.68M | 28.8M | 61.2M |
| Depreciation & Amortization | 90.28M | 90.03M | 88.93M | 100.12M | 106.69M | 124.43M | 116.59M | 94.46M | 40.79M | 27.51M | 10.8M | 3.51M | 2.99M | 1.73M | 11.98M | 11.4M | 10.7M | 7.19M | 4M | 2.05M | 469K | 598K | 547K | 481K | 1.33M | 2.91M | 1.9M | 1.8M |
| Stock-Based Compensation | 8.91M | 10.04M | 13.48M | 12.88M | 13.84M | 9.53M | 10.04M | 9.64M | 8.75M | 3.88M | 809K | 270K | 478K | 386K | 610K | 505K | 445K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -9.24M | 50.42M | -17.74M | -13.63M | 341K | 432K | -1.5M | 10.38M | -7.83M | -4.33M | -10.22M | 21.27M | -15.54M | -386K | 22.3M | 1.91M | -1.91M | 4.88M | 1.37M | 604K | -2.44M | -555K | -732K | -2.23M | 9.19M | -9.48M | -300K | 1M |
| Other Non-Cash Items | 18M | -60.62M | -285.56M | 7.54M | 7.97M | 40.23M | 18.77M | 6.61M | 1.84M | -3.76M | -20.99M | 503K | -6.91M | 1.69M | -3.04M | 17.51M | -973K | 24.52M | 7.53M | -37.19M | -5.4M | 9.69M | 1.24M | 8.59M | 30.55M | 26.36M | 200K | 2.5M |
| Working Capital Changes | -12.66M | -48.27M | 64.34M | -39.06M | 5.15M | -1.27M | 9.55M | -2.23M | -23.63M | -2.21M | 4.42M | 578K | 3.87M | 5.57M | -15.36M | -9.66M | -139K | -4.29M | -3.55M | 3.99M | 6.22M | 1.71M | -4.44M | 5.86M | -5.8M | -360K | 4.3M | 19.3M |
| Change in Receivables | -1.18M | 4.17M | -128K | -4.88M | -5.64M | 1.6M | -1.85M | 1.91M | -1.59M | -3.15M | 1.03M | 0 | 3.98M | 0 | -1.24M | -239K | 950K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | -14.39M | 9M | -1.5M | -1.03M | -568K | -1.78M | 371K | 0 | -4.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -9.27M | -75.23M | 53.5M | -4.49M | 14.39M | -13.74M | 11.57M | -4.92M | -22.61M | 2.77M | 900K | 517K | 221K | 1.77M | 0 | -206K | 30K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -47.37M | 147.23M | 266.92M | -51.27M | -28.89M | -35.85M | -256.05M | -69.21M | -756.19M | -71.12M | 90.05M | -2.15M | -11.05M | -15.37M | -18.95M | 58.89M | -18.77M | 18.88M | -4.29M | -69.68M | -15.94M | -40.02M | 17.7M | -22.65M | -2.24M | -49.46M | -69.3M | -10.3M |
| Capital Expenditures | -47.48M | -49.9M | -85.88M | -51.42M | -29.26M | -36.5M | -107.27M | -69.31M | -29.46M | -30.63M | -7.95M | -4.52M | -20.7M | -3.79M | -257K | -23K | -22K | -142K | -19.75M | -5.28M | -7.68M | -886K | -77K | -1.14M | -1.32M | -4.25M | -23.1M | -11.2M |
| CapEx % of Revenue | 7.48% | 7.48% | 8.15% | 4.58% | 2.67% | 5.26% | 11.02% | 8.14% | 5.78% | 7.6% | 4.49% | 8.19% | 53.35% | 34.65% | 0.72% | 0.09% | 0.08% | 0.58% | 69.4% | 17.66% | 42.15% | 5.05% | 1.8% | 76.1% | 3.78% | 7.21% | 42.23% | 12.13% |
| Acquisitions | 115K | 197.11M | 352.4M | 152K | 374K | 648K | -148.95M | 103K | -724.47M | -41.27M | 25.54M | 258K | -836K | -6.83M | -12.21M | -223K | 0 | 20.77M | 9.41M | 0 | 5M | 5.61M | 0 | 0 | 0 | 0 | 0 | 500K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 16K | 401K | 0 | 0 | 0 | 170K | 103K | -2.25M | 787K | 26.24M | 67K | 59.63M | -649K | 406K | 0 | 0 | -5.55M | 3.87M | -38.71M | -15.43M | -15.81M | 17.78M | -23.64M | -31.84M | -40.49M | -10.3M | -3.6M |
| Cash from Financing | -38.09M | -379.44M | -330.56M | -177.44M | -149.91M | -9M | 137.75M | -3.25M | 777.77M | 11.45M | -65.63M | -1.62M | 12.94M | -2.87M | -2.35M | -25.24M | 4.52M | 30.32M | 20.06M | 86.37M | 10.15M | 35.99M | 874K | -7.04M | -535K | 429K | 500K | -51.9M |
| Debt Issued (Net) | 18.19M | -262.4M | -246.8M | -115.59M | -132.57M | -7.61M | 149.44M | -9.54M | 785.8M | 33.68M | -59.56M | -1.75M | 13.5M | 0 | -2.73M | -18.35M | 3.28M | 20.15M | -105M | 74.86M | 10M | 0 | 0 | -7.04M | -535K | 350K | 0 | 0 |
| Equity Issued (Net) | -22.25M | -91.53M | -9.13M | -51.2M | -10.61M | -947K | 57K | -19.6M | 169K | 0 | 168K | 134K | 773K | 0 | 0 | 0 | 345K | 7.13M | 10.1M | 3.69M | 150K | 35.99M | 874K | 0 | 0 | 79K | 500K | 0 |
| Dividends Paid | -26.35M | -21.31M | -57.73M | 0 | 0 | 0 | 0 | 0 | 0 | -23.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -51.9M |
| Share Repurchases | -22.25M | -91.54M | -9.13M | -51.2M | -10.62M | -950K | 0 | -19.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -7.69M | -4.21M | -16.9M | -10.65M | -6.73M | -449K | -11.75M | 25.89M | -8.2M | 1.29M | -6.24M | 0 | -1.33M | -2.87M | 386K | -6.89M | 895K | 3.04M | 114.96M | 7.82M | 0 | 0 | 0 | 0 | 0 | -350K | 0 | 0 |
| Net Change in Cash | -2.4M | -139.88M | 55.57M | -78.51M | 116.98M | -8.12M | -4.39M | 25.49M | 43.68M | -22.28M | 33.76M | -2.48M | 5.42M | -6.08M | -6.68M | 41.48M | -2.42M | 774K | -511K | -153K | -18.8M | 3.38M | 11.23M | -28.53M | 32.17M | -13.92M | -32.4M | -51.9M |
| Free Cash Flow | 35.58M | 42.44M | 33.33M | 98.78M | 266.52M | 233K | 6.64M | 28.64M | -7.36M | 6.76M | 1.4M | -3.23M | -17.16M | 8.36M | 14.36M | 7.8M | 11.8M | -48.58M | -36.03M | -22.12M | -20.69M | 6.52M | -7.42M | 16K | 33.63M | 30.86M | 13.4M | 74.6M |
| FCF Margin % | 5.6% | 6.37% | 3.16% | 8.81% | 24.31% | 0.03% | 0.68% | 3.36% | -1.44% | 1.68% | 0.79% | -5.86% | -44.25% | 76.35% | 40.37% | 31.71% | 45.02% | -199.65% | -126.63% | -74.04% | -113.55% | 37.14% | -173.78% | 1.07% | 96.49% | 52.26% | 24.5% | 80.82% |
| FCF Growth % | -16.17% | 27.36% | -66.26% | -62.94% | 114284.55% | -96.49% | -76.82% | 489.09% | -208.87% | 384.31% | 143.21% | 81.18% | -305.27% | -41.78% | 84.08% | -33.91% | 124.3% | -34.83% | -62.9% | -6.89% | -417.35% | 187.91% | -46456.25% | -99.95% | 8.98% | 130.28% | -82.04% | - |
| FCF per Share | 1.35 | 1.43 | 1.08 | 3.13 | 8.30 | 0.01 | 0.24 | 1.04 | -0.30 | 0.30 | 0.08 | -0.24 | -1.29 | 0.63 | 1.09 | 0.59 | 0.89 | -3.86 | -3.01 | -1.79 | -1.86 | 0.59 | -0.35 | 0.00 | 3.15 | 2.90 | 1.24 | 6.96 |
| FCF Conversion (FCF/Net Income) | -13.75x | 1.82x | 0.47x | 1.82x | 1.83x | -0.27x | -2.88x | -4.68x | 10.18x | 2.29x | 0.38x | -0.05x | 0.19x | 3.77x | -7.92x | -0.57x | 3.19x | 0.56x | 1.08x | -0.80x | 1.10x | -1.83x | 1.85x | -0.10x | -108.86x | 2.24x | 1.27x | 1.40x |
| Interest Paid | 0 | 42.5M | 66.9M | 58.9M | 0 | 0 | 0 | 0 | 14.14M | 5.72M | 2.32M | 0 | 0 | 0 | 0 | 200K | 1.95M | 1.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 9.22M | 38.68M | 19.71M | 0 | 0 | 0 | 0 | 84K | 260K | 170K | 0 | 0 | 18K | 7.06M | 8.66M | 1.61M | 1.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent revenue contraction
As reported in recent financial statements, the relationship between net income and operating cash flow has become increasingly erratic, with the OCF/NI ratio reaching -1.20 in 2025Q4, signaling a significant disconnect between accounting profitability and the actual cash generated by core gaming operations.
The frequent divergence between net income and operating cash flow suggests that non-cash charges and working capital volatility are masking the underlying cash-generating capacity of the business. Investors should monitor whether this trend reflects structural accounting adjustments or a fundamental inability to convert reported earnings into tangible liquidity.
Based on quarterly filings, GDEN's free cash flow trajectory has been highly inconsistent, swinging from a peak margin of 12.5% in 2025Q3 to a negative 2.8% in 2025Q4, reflecting the company's difficulty in maintaining steady cash generation amidst a contracting revenue environment.
The volatility in FCF margins indicates that the company's cash flow is highly sensitive to lumpy capital expenditures and fluctuating operational performance. This inconsistency complicates the assessment of the company's long-term ability to self-fund its operations without relying on external financing or asset divestitures.
According to SEC filings, the company's capital intensity, measured by CapEx as a percentage of revenue, reached 9.4% in 2025Q4, suggesting that significant reinvestment is required to maintain the competitive relevance of its resort and distributed gaming assets in a challenging market.
The persistent level of capital expenditure relative to revenue suggests that the company is locked into a high-maintenance cycle to preserve its gaming infrastructure. This capital intensity may continue to weigh on free cash flow, particularly if revenue growth remains elusive and operational margins stay compressed.
As indicated by recent financial data, working capital changes have been a significant source of cash flow volatility, with a $5.2 million outflow in 2025Q4 following periods of erratic swings, which warrants further investigation into the company's collection and inventory management practices.
The lack of stability in working capital suggests potential inefficiencies in managing receivables or inventory within the distributed gaming and resort segments. Such fluctuations often obscure the true operational cash flow, making it difficult to discern whether the business is becoming more or less efficient over time.
Based on reported figures, the company has utilized cash for dividends and share repurchases despite recent net losses, with $6.5 million paid in dividends during 2025Q4, raising questions about the sustainability of these payouts in the absence of consistent positive free cash flow.
The decision to continue returning capital to shareholders while facing negative net income and volatile cash flows may indicate management's confidence in long-term stability, though it risks depleting the balance sheet. Investors should monitor whether this capital allocation strategy remains prudent if the current revenue contraction persists.
Quick answers to the most common questions about buying GDEN stock.
Golden Entertainment, Inc. (GDEN) generated $83.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Golden Entertainment, Inc. (GDEN) generated $35.6M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Golden Entertainment, Inc. (GDEN) spent $47.5M 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, Golden Entertainment, Inc. (GDEN) returned $26.4M to shareholders via cash dividends and spent $22.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.