Free cash flow remains deeply inconsistent, highlighted by a $9.0 million working capital drain in 2026Q2 that underscores the firm's struggle to maintain self-sustaining liquidity.
| 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 | 810K | -5.54M | 1.12M | -2.52M | 2.85M | 50.08M | 49.87M | 57.68M | 59.3M | 72.28M | 79.19M | 74.48M | 82.08M | 89.52M | 80.7M | 102.6M | 106.57M | 74.05M | 127.87M | 168.13M | 202.68M | 160.45M | 129.89M | 145.24M | 115.3M | 544.07M | 126.89M | 97.9M | 100.7M | 97.5M | 87.5M |
| Operating CF Margin % | - | -0.99% | 0.18% | -0.37% | 0.37% | 6.3% | 8.07% | 11.31% | 10.9% | 12.75% | 12.89% | 11.48% | 12.5% | 13.27% | 11.36% | 13.57% | 13.65% | 8.79% | 12.43% | 14.91% | 17.96% | 18.64% | 19.01% | 22.12% | 21.92% | 125.51% | 30.06% | 18.25% | 19.47% | 22.21% | 20.81% |
| Operating CF Growth % | -2278.41% | -596.06% | 144.26% | -188.47% | -94.3% | 0.42% | -13.54% | -2.73% | -17.96% | -8.72% | 6.33% | -9.26% | -8.31% | 10.93% | -21.35% | -3.72% | 43.91% | -42.09% | -23.95% | -17.04% | 26.32% | 23.53% | -10.57% | 25.96% | -78.81% | 328.78% | 29.61% | -2.78% | 3.28% | 11.43% | 20.52% |
| Net Income | -16.09M | -35.75M | -23.57M | -2.73M | 97K | 24.83M | -1.26M | 15.91M | 47.05M | 28.61M | 36.02M | 24.32M | 7.67M | -76.48M | -13.77M | -146.68M | 46.18M | -180.24M | -880.19M | 81M | 70.83M | 76.88M | 86.07M | 78.04M | 81.97M | 314.23M | 83.66M | 68M | 62.2M | 64.2M | 45.5M |
| Depreciation & Amortization | 14.5M | 18.84M | 27.62M | 30.62M | 36.54M | 42.84M | 36.13M | 29.33M | 31.77M | 41.28M | 43.44M | 45.56M | 47.17M | 55.64M | 65.92M | 71.33M | 73.18M | 79.6M | 91.08M | 93.59M | 88.88M | 58.44M | 48.03M | 46.62M | 35.05M | 32.16M | 41.26M | 39.7M | 37.6M | 29.6M | 32.1M |
| Stock-Based Compensation | 1.3M | 1.76M | 1.75M | 1.81M | 1.34M | 854K | 1.29M | 1.64M | 1.86M | 2.09M | 2.31M | 1.97M | 1.48M | 1.26M | 1.08M | 1.29M | 1.97M | 3.01M | 0 | 0 | 0 | 0 | 5.87M | 3.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -6.65M | -6.91M | -10.54M | -4.54M | -4.38M | 5.12M | -3.56M | -2M | -17.38M | 10.36M | 20.67M | 12.76M | 6.42M | -54.81M | -779K | -25.91M | 18.94M | -78.5M | -253.31M | -6.31M | -29.18M | 0 | 740K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 18.56M | 27.17M | 19.82M | 3.98M | 10.77M | -3.29M | 1.59M | 9M | 4.23M | 4.21M | -27.73M | 7.52M | 29.67M | 170.9M | 42.71M | 209.62M | -34.98M | 278.95M | 1.17B | -386K | 14.06M | 14.03M | 9.28M | 8.89M | -1.95M | 187.82M | -21.33M | -2.9M | -1.9M | -2.7M | 13.7M |
| Working Capital Changes | -12.12M | -10.65M | -13.97M | -31.66M | -41.52M | -20.28M | 15.67M | 3.8M | -8.23M | -14.27M | 4.49M | -17.66M | -10.34M | -7M | -14.46M | -7.04M | 1.28M | -28.77M | 1.41M | -331K | 52.74M | 11.1M | -18.16M | 11.7M | 221K | 9.87M | 23.29M | -6.9M | 2.8M | 6.4M | -3.8M |
| Change in Receivables | 3.58M | -9.23M | -5.49M | -6.39M | -2.61M | -12.47M | 26.91M | 1.7M | 4.42M | 2.85M | 6.93M | 3.44M | 872K | 4.71M | 1.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 830K | 538K | 901K | 977K | -3.09M | 1.24M | 2.72M | 2.76M | -1.93M | 687K | 617K | 3.12M | 217K | 904K | 1.98M | 5.05M | 3.03M | 3.87M | -4.88M | 5.47M | 2.86M | 5.72M | -1.98M | 2.34M | -6.56M | 113K | 1.42M | -700K | 1.4M | 1.6M | 800K |
| Change in Payables | -7.49M | 4.21M | -5.03M | -26.16M | -14.64M | 4.73M | -8.34M | -3.68M | -8.59M | -6.39M | -8.33M | -9.59M | -5.32M | -2.28M | 423K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 3.48M | 7.71M | 3.73M | 7.98M | 6.91M | -2.28M | -118.18M | -10.93M | -72K | -9.46M | 34.51M | -208K | -9.28M | 13.45M | 2.73M | 665K | -7.69M | 108.98M | 8.95M | -15.84M | -9.65M | -1.27B | -27.09M | -12.79M | -547.47M | -223.3M | -94.4M | -51.2M | -39.6M | -152.1M | -20.7M |
| Capital Expenditures | 45K | -1.54M | -9.21M | -5.11M | -7.54M | -7.48M | -8.1M | -5.9M | -6.03M | -4.08M | -7.09M | -9.71M | -13.66M | -9.74M | -8.04M | -7.75M | -9.46M | -11.55M | -20.61M | -34.57M | -32.54M | -24.74M | -19.21M | -16.13M | -13.52M | -9.9M | -32.49M | -47.8M | -38.7M | -16.3M | -18.8M |
| CapEx % of Revenue | 0.01% | 0.27% | 1.51% | 0.74% | 0.97% | 0.94% | 1.31% | 1.16% | 1.11% | 0.72% | 1.15% | 1.5% | 2.08% | 1.44% | 1.13% | 1.02% | 1.21% | 1.37% | 2% | 3.07% | 2.88% | 2.87% | 2.81% | 2.46% | 2.57% | 2.28% | 7.7% | 8.91% | 7.48% | 3.71% | 4.47% |
| Acquisitions | 1.05M | 0 | 0 | 0 | 14.84M | 4.62M | -130.99M | -6.54M | 6.62M | -7.45M | 9.88M | 0 | 0 | 0 | 0 | 0 | 0 | 1.42M | -1.62M | -1.06M | -4.25M | -1.3B | -8.91M | -1.07M | -753.09M | -4.52M | -71.61M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 2.38M | 9.25M | 12.94M | 13.09M | -386K | 585K | 20.91M | 1.51M | 5.95M | 2.07M | 41.6M | 9.5M | 4.38M | 23.18M | 10.78M | 8.41M | 1.77M | 790K | 58.86M | 31.78M | 29.51M | -2.64M | 1.03M | 4.41M | 407K | -3M | 9.7M | -3.4M | -900K | -190.6M | -2.1M |
| Cash from Financing | 43.57M | -1.78M | -9.8M | -7.09M | -19.69M | -55.42M | 93.39M | -43.48M | -64.47M | -69.19M | -107.85M | -79.84M | -73.65M | -99.32M | -93.07M | -99.14M | -87.36M | -198.59M | -113.36M | -160.93M | -191.93M | 1.11B | -105.85M | -135.76M | 174.38M | -78.03M | -13.6M | -53M | -58.3M | 49.4M | -58.3M |
| Debt Issued (Net) | -1.78M | -1.78M | -9.8M | -6.81M | -20.06M | -55.67M | 94.66M | -41.23M | -63.96M | -69.16M | -107.88M | -79.61M | -74.34M | -99.42M | -93.07M | -98.93M | -87.2M | -190.1M | -63.25M | -129.38M | -163M | 1.17B | -91.6M | -104.1M | 235.9M | -49.54M | 30.5M | -19M | 15M | 108.8M | -26.2M |
| Equity Issued (Net) | 45.35M | 0 | 0 | -279K | 369K | 253K | -584K | -473K | -502K | -34K | 29K | -227K | 688K | 103K | 0 | -205K | -166K | 49K | -17.54M | 1.48M | 6.55M | 4.85M | 12.13M | 6.13M | 6.25M | -10.05M | -20.02M | -11.8M | -51.4M | -41.1M | -11.9M |
| Dividends Paid | 0 | 0 | 0 | -657K | -576K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8.54M | -32.57M | -33.04M | -32.67M | -32.36M | -26.38M | -37.79M | -22.54M | -29.8M | -28.29M | -26.6M | -25.2M | -24.2M | -22.6M |
| Share Repurchases | 0 | 0 | 0 | -279K | 0 | 0 | -584K | -473K | -502K | -34K | 0 | -227K | 0 | 0 | 0 | -205K | -166K | -56K | -19.48M | -1.1M | -1.26M | -548K | -956K | -272K | -341K | -10.05M | -20.02M | -11.8M | -51.4M | -41.1M | -11.9M |
| Other Financing | 0 | 0 | 0 | 657K | 576K | 0 | -684K | -1.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.81M | -28.86M | 0 | 0 | -2.44M | 11.36M | 4.21M | 4.4M | 3.3M | 5.9M | 2.4M |
| Net Change in Cash | 48.61M | 391K | -4.95M | -1.64M | -9.93M | -7.62M | 25.09M | 3.27M | -5.24M | -6.36M | 5.85M | -5.57M | -858K | 3.64M | -9.63M | 4.13M | 11.52M | -15.55M | -113.36M | -160.93M | 1.09M | -467K | -3.05M | -3.32M | -257.79M | 242.74M | 18.89M | -6.4M | -58.3M | 49.4M | -58.3M |
| Free Cash Flow | 855K | -7.08M | -8.09M | -7.63M | -4.11M | 42.6M | 41.77M | 51.77M | 53.27M | 68.2M | 72.1M | 64.77M | 68.41M | 79.78M | 72.66M | 94.86M | 97.11M | 62.5M | 107.27M | 133.56M | 170.13M | 135.71M | 110.67M | 129.11M | 101.78M | 534.17M | 94.39M | 50.1M | 62M | 81.2M | 68.7M |
| FCF Margin % | 0.16% | -1.26% | -1.32% | -1.1% | -0.53% | 5.36% | 6.76% | 10.15% | 9.79% | 12.03% | 11.74% | 9.99% | 10.42% | 11.82% | 10.23% | 12.55% | 12.44% | 7.42% | 10.43% | 11.84% | 15.07% | 15.76% | 16.2% | 19.66% | 19.35% | 123.22% | 22.36% | 9.34% | 11.99% | 18.5% | 16.34% |
| FCF Growth % | 104.4% | 12.45% | -6.03% | -85.8% | -109.64% | 1.98% | -19.32% | -2.81% | -21.89% | -5.4% | 11.32% | -5.33% | -14.24% | 9.8% | -23.4% | -2.32% | 55.39% | -41.74% | -19.69% | -21.49% | 25.36% | 22.62% | -14.28% | 26.85% | -80.95% | 465.89% | 88.41% | -19.19% | -23.65% | 18.2% | 405.15% |
| FCF per Share | 0.14 | -1.16 | -1.36 | -1.30 | -0.71 | 7.31 | 7.38 | 9.10 | 9.52 | 12.31 | 13.30 | 12.01 | 12.73 | 15.39 | 14.75 | 21.15 | 21.60 | 14.06 | 23.94 | 29.16 | 37.35 | 30.01 | 24.54 | 28.95 | 22.95 | 121.20 | 20.87 | 10.90 | 13.63 | 17.20 | 14.34 |
| FCF Conversion (FCF/Net Income) | -0.05x | 0.15x | -0.04x | 0.48x | -1.41x | 2.20x | -25.25x | 4.04x | 1.30x | 2.63x | 2.27x | 3.19x | 12.08x | -1.14x | -3.79x | -0.70x | 2.31x | -0.41x | -0.15x | 2.08x | 2.86x | 2.09x | 1.51x | 1.86x | 1.41x | 1.73x | 1.52x | 1.44x | 1.62x | 1.52x | 1.92x |
| Interest Paid | 0 | 0 | 41.23M | 41.47M | 41.77M | 45.21M | 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 | 7.37M | 3.72M | 5.31M | 7.6M | 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 |
Liquidity and structural insolvency
According to quarterly cash flow statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios frequently swinging into extreme territory, such as the 2.91x observed in 2026Q2, which suggests that GAAP earnings are failing to capture the underlying cash burn.
The persistent divergence between net income and operating cash flow indicates that non-cash charges and working capital volatility are masking the true economic cost of operations. Investors should monitor this disconnect, as it suggests that the company's reported losses may actually understate the severity of the cash outflow required to sustain the business.
As reported in recent financial filings, Lee Enterprises' free cash flow trajectory remains deeply inconsistent, with margins fluctuating between a positive 5.9% in 2025Q3 and a negative 6.1% in 2025Q1, reflecting a business model that lacks the scale to generate reliable, self-sustaining cash flow.
The inability to maintain positive free cash flow suggests that the company is perpetually reliant on external financing or asset management to cover its operational requirements. This volatility warrants further investigation into whether the digital transformation efforts are actually improving cash generation or merely shifting the timing of cash outflows.
Based on the provided data, working capital changes have frequently acted as a significant drag on cash flow, including a notable $9.0 million outflow in 2026Q2, which highlights the company's struggle to manage its cash conversion cycle amidst a declining revenue environment.
The recurring negative impact of working capital changes suggests that the company may be facing difficulty in collecting receivables or is forced to manage inventory and payables in a way that consumes rather than preserves cash. This trend appears to exacerbate the company's liquidity constraints, leaving little margin for operational error.
As indicated by the company's historical filings, capital expenditures have remained relatively low, with CapEx/Revenue ratios generally hovering around 1%, which may suggest that the firm is under-investing in the digital infrastructure necessary to pivot away from its legacy print-based business model.
While low capital intensity might appear to preserve cash, it may also indicate a lack of meaningful reinvestment in the digital platforms required to compete with modern media peers. This strategy appears to prioritize short-term cash preservation at the potential expense of long-term operational relevance.
Quick answers to the most common questions about buying LEE stock.
Lee Enterprises, Incorporated (LEE) generated $-5.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Lee Enterprises, Incorporated (LEE) reported negative free cash flow of $7.1M in 2025, indicating capital requirements exceeded cash from operations.
Lee Enterprises, Incorporated (LEE) spent $1.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.