Liquidity remains strained as evidenced by a deteriorating free cash flow margin of -10.4% in 2026Q2 and an erratic OCF/NI ratio that swung to -7.59 in 2026Q1.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Cash from Operations | 96.87M | 162.36M | 68.82M | 215.01M | 162.88M | 201.12M | 143.53M | 168.41M | 108.88M | 171.84M | 134.18M | 226.88M | 201.02M | 198.87M | 136.73M | 124.26M | 61.87M | 148.75M | 172.38M | 179.81M | 205.84M | 154.21M | 199.65M | 147.81M | 158.99M | 173.35M | 142.06M | 156.7M | 150.5M | 99.5M | 84.1M |
| Operating CF Margin % | - | 11.08% | 4.38% | 12.7% | 11.09% | 17.59% | 14.05% | 17.72% | 12.52% | 15.66% | 11.54% | 14.73% | 13.54% | 13.35% | 9.06% | 7.61% | 2.69% | 6.02% | 6.79% | 7.15% | 8.64% | 6.22% | 8.6% | 7.18% | 8.09% | 9.45% | 8.7% | 10.76% | 12.3% | 9.28% | 7.91% |
| Operating CF Growth % | 22.25% | 135.93% | -67.99% | 32% | -19.01% | 40.13% | -14.77% | 54.67% | -36.64% | 28.06% | -40.86% | 12.86% | 1.08% | 45.45% | 10.04% | 100.85% | -58.41% | -13.71% | -4.13% | -12.65% | 33.48% | -22.76% | 35.07% | -7.03% | -8.28% | 22.02% | -9.34% | 4.12% | 51.26% | 18.31% | 151.04% |
| Net Income | 35.61M | -80.72M | -36.7M | 130.83M | 115.78M | 165.75M | 89.39M | 91.75M | 104.34M | 135.33M | 124.07M | 108.81M | 88.95M | 51.15M | 57.65M | 80.6M | 70.21M | 131.05M | 119.28M | 126.3M | 108.03M | 91.54M | 74.68M | 73.62M | 83.05M | 82.2M | 100.26M | 76.5M | 71.1M | 35.3M | 20.1M |
| Depreciation & Amortization | 55.09M | 58.31M | 69.6M | 71.97M | 66.04M | 55.55M | 61.45M | 60.28M | 63.09M | 71.01M | 75.53M | 91.78M | 93.56M | 98.5M | 97.96M | 96.15M | 101.51M | 100.83M | 102.43M | 95.75M | 89.43M | 88.53M | 86.49M | 70.78M | 70.27M | 64.19M | 56.77M | 47.7M | 42.1M | 40M | 39M |
| Stock-Based Compensation | 3.55M | 8.24M | 13.47M | 11.21M | 7.12M | 4.05M | 4.39M | 8.07M | 9.15M | 10.64M | 11.33M | 12.42M | 10.36M | 11.39M | 6.88M | 8.06M | 10.61M | 9.34M | 10.57M | 12.64M | 9.29M | 584K | 584K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 11.9M | -57.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -12.83M | -27.55M | -15.33M | 6.64M | -14.24M | -11.19M | -3.24M | 4.02M | 15.98M | 7.65M | 5.75M | 4.41M | 5.7M | 600K | -7M | -2.3M |
| Other Non-Cash Items | -16.62M | 222.63M | 129.84M | -33.94M | 18.7M | -16.32M | 31.11M | 28.95M | -25.99M | -14.57M | 64.63M | 12.28M | 10.02M | 2.38M | -18.88M | -25.04M | -8.32M | -43.31M | -23.82M | -11.94M | -4.73M | -34.09M | -5.52M | -23.52M | 13.71M | 11.46M | 1.66M | -100K | -100K | -100K | -100K |
| Working Capital Changes | -11.81M | 11.6M | -107.41M | 34.94M | -44.77M | -7.91M | -43.2M | -23.35M | -58.74M | -21.32M | -128.2M | 1.59M | -1.87M | 35.45M | 7.83M | -22.68M | -84.59M | -33.83M | -42.71M | -28.71M | 15.02M | 10.88M | 39.4M | 10.95M | -15.68M | 9.74M | -21.05M | 26.9M | 36.8M | 31.3M | 27.4M |
| Change in Receivables | 200K | -4.19M | 19.91M | -4.05M | -18.14M | 5.07M | -27.86M | 4.13M | 24.22M | -1.87M | -9.72M | -82K | 19.59M | 33.99M | 3.5M | -26.12M | -8.17M | 3.52M | -2.09M | -16.2M | -15.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -187K | -37K | -25K | 1.37M | 304K | -269K | 41K | 82K | 1.59M | 1.77M | -713K | 105K | -300K | 27.41M | 4.33M | -1.54M | 284K | 7.6M | -4.79M | -5.73M | -1.2M | -5.96M | -2.34M | -1.57M | -620K | -3.27M | -5.83M | -2.2M | 400K | 2.6M | 1.5M |
| Change in Payables | 19.44M | -1.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.5M | -2.22M | -14.97M | 4.17M | 13.07M | 5M | 2.69M | 2.69M | 0 | 4.2M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 62.42M | -74.69M | -69.37M | 42.22M | -578.59M | -20.93M | 29.12M | -13.82M | 331.79M | 33.34M | -104.4M | -84.47M | -42.98M | -33.94M | -81.52M | -35.8M | 19.17M | -40.96M | -134.37M | -131.34M | -64.53M | -110.84M | -77.24M | -133.25M | -99.39M | -178.27M | -123.45M | -143.2M | -120.8M | -63.3M | -30.7M |
| Capital Expenditures | -74.98M | -97.05M | -115.47M | -74.95M | -46.48M | -41.01M | -19.53M | -47.65M | -32.34M | -67.45M | -96.61M | -86.23M | -60.52M | -84.69M | -80.2M | -129.31M | -95.61M | -153.5M | -180.57M | -154.18M | -150.03M | -123.11M | -120.06M | -111.87M | -142.59M | -166.52M | -127.36M | -134.3M | -111.1M | -59.7M | -33.2M |
| CapEx % of Revenue | 5.94% | 6.62% | 7.35% | 4.43% | 3.17% | 3.59% | 1.91% | 5.02% | 3.72% | 6.15% | 8.31% | 5.6% | 4.08% | 5.68% | 5.31% | 7.92% | 4.16% | 6.21% | 7.11% | 6.13% | 6.3% | 4.96% | 5.17% | 5.44% | 7.25% | 9.08% | 7.8% | 9.22% | 9.08% | 5.57% | 3.12% |
| Acquisitions | 11.83M | 19.06M | 0 | 0 | -580.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.75M | -12.06M | 0 | -31.08M | -8.12M | -6.76M | 57.12M | 44.3M | 54.39M | 0 | 0 | -42.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 125.57M | 3.3M | 46.1M | 117.17M | 48.68M | 20.08M | 48.65M | 33.83M | 369.63M | 72.31M | -51.64M | 12.15M | 22.1M | 88.87M | 34.61M | 124.59M | 122.9M | 30.55M | -6.06M | -16.56M | 36.54M | 22.68M | 42.82M | 21.23M | 43.2M | -11.74M | 3.91M | -8.9M | -9.7M | -3.6M | 2.5M |
| Cash from Financing | -135.52M | -60.03M | -131.19M | -207.36M | 478.18M | -343.55M | -87.29M | -5.73M | -445.61M | -214.54M | -30.45M | -135.21M | -157.12M | -163.76M | -58.17M | -87.64M | -123.43M | -102.67M | -5.83M | -266.67M | -11.11M | -71.36M | -13.07M | 2.18M | -60.31M | 4.41M | -22.7M | -12.6M | -48.3M | -49.7M | -47.3M |
| Debt Issued (Net) | -134.28M | -35.86M | -23.89M | -80.11M | 561.94M | -108.7M | 97.34M | 232.43M | -71.21M | 157.33M | 278.89M | 190.6M | 137.6M | -50.95M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -24K | -4.99M | -73.32M | -91.62M | -26.22M | -204.17M | -161.52M | -140.54M | -333.35M | -343.6M | -297.83M | -320.16M | -323.87M | -132.83M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Dividends Paid | 0 | -16.61M | -33.97M | -35.89M | -36.99M | -37.32M | -27.54M | -41.18M | -45.41M | -48.92M | -40.3M | -37.39M | -15.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -26K | -5M | -73.32M | -91.62M | -26.22M | -204.17M | -161.52M | -140.54M | -333.35M | -343.6M | -297.83M | -320.16M | -323.87M | -132.83M | -30.01M | -193.1M | -97M | 0 | -100M | -463.4M | -50M | -92.86M | -7.14M | -50.16M | -33.29M | -759K | -5.8M | 0 | -20M | 0 | 0 |
| Other Financing | -1.22M | -2.56M | 2K | 263K | -20.55M | 6.65M | 4.43M | -56.44M | 4.37M | 11.41M | 15.6M | 31.74M | 44.96M | 20.02M | -58.17M | 1.44B | 2.02B | 527.09M | 85.53M | 168.92M | 4.02M | -8.55M | -14.88M | 51.98M | -33.26M | -3.03M | -20.95M | -17M | -30.7M | -52.1M | -47.4M |
| Net Change in Cash | 23.77M | 27.65M | -131.74M | 49.87M | 62.47M | -163.35M | 85.36M | 148.86M | -4.94M | -9.39M | -713K | 7.17M | 934K | 1.18M | -2.96M | 817K | -42.4M | 5.12M | 32.18M | -218.2M | 130.2M | -27.99M | 109.34M | 16.74M | -708K | -508K | -4.09M | 1M | -48.3M | -49.7M | -47.3M |
| Free Cash Flow | 21.89M | 74.14M | -46.66M | 140.05M | 116.41M | 160.11M | 124M | 120.76M | 76.53M | 104.38M | 37.57M | 140.65M | 140.5M | 114.18M | 56.53M | -5.05M | -33.74M | -4.75M | -8.19M | 25.63M | 55.81M | 31.1M | 79.59M | 35.94M | 16.4M | 6.83M | 14.7M | 22.4M | 39.4M | 39.8M | 50.9M |
| FCF Margin % | 1.73% | 5.06% | -2.97% | 8.28% | 7.93% | 14% | 12.14% | 12.71% | 8.8% | 9.51% | 3.23% | 9.13% | 9.47% | 7.66% | 3.75% | -0.31% | -1.47% | -0.19% | -0.32% | 1.02% | 2.34% | 1.25% | 3.43% | 1.75% | 0.83% | 0.37% | 0.9% | 1.54% | 3.22% | 3.71% | 4.79% |
| FCF Growth % | -33.12% | 258.89% | -133.31% | 20.31% | -27.3% | 29.13% | 2.68% | 57.78% | -26.68% | 177.86% | -73.29% | 0.11% | 23.05% | 101.98% | 1218.96% | 85.03% | -610.4% | 41.97% | -131.94% | -54.08% | 79.46% | -60.93% | 121.44% | 119.17% | 140.26% | -53.57% | -34.38% | -43.15% | -1% | -21.81% | 683.08% |
| FCF per Share | 1.13 | 3.87 | -2.35 | 6.74 | 5.48 | 7.12 | 5.33 | 4.63 | 2.66 | 3.38 | 1.10 | 3.68 | 3.35 | 2.54 | 1.26 | -0.10 | -0.60 | -0.08 | -0.14 | 0.24 | 0.39 | 0.42 | 1.08 | 0.49 | 0.11 | 0.09 | 0.09 | 0.29 | 0.49 | 0.51 | 0.66 |
| FCF Conversion (FCF/Net Income) | 0.61x | -2.01x | -1.88x | 1.64x | 1.41x | 1.21x | 1.60x | 1.78x | 0.90x | 1.27x | 1.08x | 2.09x | 2.26x | 3.89x | 2.37x | 1.54x | 0.88x | 1.26x | 1.45x | 1.43x | 1.92x | 1.68x | 2.67x | 2.11x | 1.98x | 2.11x | 1.42x | 2.05x | 2.26x | 2.93x | 4.18x |
| Interest Paid | 0 | 75.42M | 76.54M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Taxes Paid | 0 | 36.39M | 102.51M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operational cash flow volatility
As reported in recent financial statements, the relationship between net income and operating cash flow remains highly erratic, with the OCF/NI ratio swinging from -7.59 in 2026Q1 to 5.82 in 2025Q4, indicating significant non-cash distortions and working capital volatility that complicate core earnings assessment.
The extreme variance in the OCF/NI ratio suggests that reported net income is a poor proxy for the company's actual cash-generating capacity. Investors should monitor whether these recurring disconnects stem from persistent impairment charges or aggressive accrual accounting that fails to translate into tangible liquidity.
Based on the provided cash flow data, FCF margins have exhibited severe volatility, plummeting to -10.4% in 2026Q2 from a peak of 15.0% in 2025Q1, which reflects a deteriorating ability to sustain positive cash generation after accounting for necessary capital expenditures.
The inability to maintain consistent positive free cash flow suggests that the current business model may be struggling to cover both operational costs and capital reinvestment requirements. This trajectory warrants caution, as it implies that the company may be forced to rely on external financing to bridge funding gaps.
According to the quarterly cash flow tables, working capital changes have frequently acted as a significant drag on liquidity, notably reaching a $67.9 million outflow in 2024Q1, which highlights the company's struggle to manage cash conversion cycles effectively amidst its ongoing operational restructuring.
The recurring negative working capital swings suggest potential inefficiencies in inventory management or delayed collections from the franchise base. Such volatility in cash flow often indicates that the underlying restaurant operations are not yet optimized to support the company's current debt-heavy capital structure.
As evidenced by the historical cash flow filings, capital expenditures have remained a persistent burden, with CapEx/Revenue ratios peaking at 8.5% in 2024Q4, suggesting that the company is forced to commit significant capital to maintain its aging asset base despite declining top-line performance.
High capital intensity relative to revenue may indicate that the company is struggling to balance necessary maintenance spending with the need to preserve cash. This capital-heavy requirement limits the flexibility of the firm to pivot toward more profitable growth initiatives without further straining the balance sheet.
Quick answers to the most common questions about buying JACK stock.
Jack in the Box Inc. (JACK) generated $162.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Jack in the Box Inc. (JACK) generated $74.1M 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.
Jack in the Box Inc. (JACK) spent $97.0M 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, Jack in the Box Inc. (JACK) returned $16.6M to shareholders via cash dividends and spent $5.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.