Free cash flow generation is erratic, swinging from a negative $189.7M in 2025Q4 to a positive $265.0M in 2026Q1, largely driven by working capital fluctuations rather than consistent operational profitability.
| Metric | TTM | Dec'25 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | 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 | 24.8M | 24.8M | -106.8M | 488.9M | 346.1M | -435M | -232.4M | 166.43M | 155.2M | -29.51M | 2.96M | -141.94M | 144.61M | -88.71M | -2.3M | 385K | -4.81M | 353K | 1.81M | 2.93M | 16.68M | 13.9M |
| Operating CF Margin % | - | 0.94% | -3.34% | 16.37% | 11.22% | -16.01% | -12.15% | 931.19% | 114.75% | -22.9% | 2.93% | -156.94% | 172.99% | -110.23% | - | - | - | - | - | - | - | 17817.95% |
| Operating CF Growth % | 85.16% | 123.22% | -121.84% | 41.26% | 179.56% | -87.18% | -239.64% | 7.24% | 625.96% | -1098.58% | 102.08% | -198.15% | 263.01% | -3757.13% | -697.4% | 108.01% | -1461.76% | -80.5% | -38.23% | -82.43% | 20% | - |
| Net Income | -198.4M | -241M | -128.5M | -93.5M | -8.9M | -6.1M | -35.2M | 43.82M | 39.8M | 38.77M | 39.13M | 30.04M | 27.64M | 25.33M | 11.4M | 10.13M | -3.85M | -12.24M | 6.63M | 10.37M | 10.33M | 78K |
| Depreciation & Amortization | 17.6M | 606.6M | 17.8M | 1.43B | 1.67B | 1.6B | 830.5M | 7.11M | 9.71M | 8.36M | 6.64M | 13.57M | 11.02M | 8.11M | 0 | 0 | 0 | 0 | 0 | 0 | 1.98M | 0 |
| Stock-Based Compensation | 77.9M | 61.9M | 57.9M | 62.5M | 73.4M | 70.2M | 58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 3.2M | -7.7M | -2.4M | -4.4M | 1.6M | 1.2M | 1.9M | 3.59M | 2.23M | 8.01M | 6.54M | 15.94M | 3.34M | -3.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.2B | 880.6M | 1.73B | -7.9M | 233.1M | 51.6M | 46.5M | -243.03M | -280.24M | -464.47M | -395.19M | -2.43B | 97.62M | -248.04M | -1.21M | 104.36M | -123.88M | -40.25M | 24.06M | 9.67M | 17.57M | 4.36M |
| Working Capital Changes | -1.08B | -1.28B | -1.78B | -902.3M | -1.62B | -2.15B | -1.13B | 346.83M | 379.09M | 376.28M | 344.36M | 2.23B | 3.72M | 128.72M | -12.48M | -114.11M | 122.92M | 52.84M | -28.88M | -17.11M | -13.19M | 9.46M |
| Change in Receivables | 28.7M | -97.5M | 3.5M | 84.9M | -167.5M | -78.1M | 152.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.5M | -336K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -72.5M | -58.8M | -102.5M | -38.8M | 57.4M | -40.6M | -64.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -3.7M | -12.2M | -35.4M | -331.8M | 31.3M | -180.7M | -300K | -236.15M | -257.32M | -205.08M | -229.48M | -214.76M | -140.6M | 10.57M | 0 | 0 | 0 | -52M | -5.62M | -6M | -156.22M | -142.98M |
| Capital Expenditures | -13.4M | -13.3M | -13.5M | -9.9M | -6.5M | -6.1M | -10.2M | -9.64M | -5.3M | -6.53M | -12.16M | -13.41M | -10.35M | -8.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 0.51% | 0.51% | 0.42% | 0.33% | 0.21% | 0.22% | 0.53% | 53.94% | 3.92% | 5.07% | 12.06% | 14.82% | 12.38% | 10.77% | - | - | - | - | - | - | - | - |
| Acquisitions | -29.4M | -29.4M | 0 | -331.1M | -17.5M | -12.5M | 4.9M | 3.59M | 2.23M | 8.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 2.1M | -3.6M | -23.5M | 4M | 9M | -162.1M | 5M | -94.2M | -275.11M | -235.84M | -236.93M | -223.69M | -111.72M | -106.43M | 0 | 0 | 0 | -52M | -5.62M | -6M | -174.28M | -157.96M |
| Cash from Financing | 110.9M | 114.3M | 84.5M | -74.9M | -394.5M | 525.5M | 365M | 95.71M | 138.71M | 298.17M | 241.05M | 311.74M | 63.52M | 69.88M | 12.06M | -13K | -1.9M | 47.24M | 18.47M | -2.34M | 171.16M | 122.8M |
| Debt Issued (Net) | 198.5M | 37.7M | -60.5M | 411.5M | 405.4M | 675.2M | 274.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 400K | 100K | 0 | 0 | -621.3M | -119.7M | 116.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.47M | -1.67M | -6.66M | -4.01M | -4.96M | -10.27M | -15.29M | 0 | 0 | 0 | 0 | 0 | 0 | 48.62M | 0 |
| Other Financing | -88M | 76.5M | 145M | -486.4M | -178.6M | -30M | -25.7M | 95.71M | 138.71M | 298.17M | 241.05M | 311.74M | 63.52M | 69.88M | 12.06M | -13K | -1.9M | 47.24M | 18.47M | -2.34M | 171.16M | 122.8M |
| Net Change in Cash | 49.9M | 139.4M | -60.8M | 83M | -18.9M | -91M | 136.5M | 25.99M | 36.59M | 63.58M | 14.53M | -44.95M | 67.54M | -8.26M | 9.76M | 372K | -6.7M | -4.4M | 14.66M | -5.41M | 31.62M | -6.28M |
| Free Cash Flow | -66.4M | 11.4M | -120.3M | 479M | 339.6M | -441.1M | -242.6M | 156.79M | 149.9M | -36.04M | -9.21M | -155.34M | 134.27M | -97.38M | -2.3M | 385K | -4.81M | 353K | 1.81M | 2.93M | 16.68M | 13.9M |
| FCF Margin % | -2.52% | 0.43% | -3.76% | 16.04% | 11.01% | -16.24% | -12.68% | 877.25% | 110.83% | -27.97% | -9.13% | -171.76% | 160.62% | -121% | - | - | - | - | - | - | - | 17817.95% |
| FCF Growth % | 44.8% | 109.48% | -125.11% | 41.05% | 176.99% | -81.82% | -254.73% | 4.6% | 515.95% | -291.49% | 94.07% | -215.7% | 237.88% | -4134.04% | -697.4% | 108.01% | -1461.76% | -80.5% | -38.23% | -82.43% | 20% | - |
| FCF per Share | -0.22 | 0.04 | -0.42 | 1.89 | 1.18 | -27.53 | -11.15 | 5.75 | 5.61 | -1.40 | -0.42 | -7.29 | 7.20 | -5.93 | -0.14 | 0.04 | -0.48 | 0.04 | 0.19 | 0.32 | 1.82 | 1.51 |
| FCF Conversion (FCF/Net Income) | 0.33x | -0.13x | 0.83x | -5.23x | -1153.67x | -39.19x | 11.86x | 3.80x | 3.90x | -0.76x | 0.08x | -4.73x | 5.23x | -3.50x | -0.20x | 0.04x | 1.25x | -0.03x | 0.27x | 0.28x | 1.62x | 92.65x |
| Interest Paid | 0 | 0 | 0 | 0 | 137.7M | 85M | 82.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 14.3M | 13.9M | 4.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Content delivery timing volatility
As reported in financial statements, LION's operating cash flow frequently diverges from net income, with the OCF/NI ratio reaching an extreme 11.69 in 2025Q1, suggesting that non-cash amortization and working capital swings are the primary drivers of cash flow rather than core operational profitability.
The significant gap between net income and operating cash flow indicates that traditional earnings metrics are poor proxies for the company's actual liquidity generation. Investors should monitor whether this volatility is a structural feature of the studio's accounting for film costs or a sign of underlying earnings quality issues.
Based on the provided quarterly data, LION consistently records negative working capital changes, with outflows peaking at $531.5M in 2024Q2, which indicates that the studio's production cycle requires massive upfront cash commitments that are not immediately recovered through the current revenue recognition model.
This persistent drain on cash suggests that the company is effectively financing its production slate through aggressive working capital management. The timing of these outflows relative to theatrical releases warrants further investigation, as it creates significant quarterly liquidity pressure that may not be captured by headline income figures.
According to recent SEC filings, LION's free cash flow trajectory is highly erratic, swinging from a positive $265.0M in 2026Q1 to a negative $189.7M in 2025Q4, illustrating the extreme sensitivity of the studio's cash generation to the timing of major theatrical and television content deliveries.
The lack of a stable free cash flow trend suggests that the company's business model remains tethered to the success and timing of individual projects. This volatility makes it difficult to rely on FCF as a consistent indicator of long-term value creation without adjusting for the lumpy nature of content investment.
As indicated by the reported figures, LION maintains a low capital expenditure profile, with CapEx/Revenue ratios consistently below 1% across the last ten quarters, which appears to reflect the company's reliance on capitalized film production costs rather than traditional property, plant, and equipment investments.
While the low CapEx might appear favorable, it is misleading because the true capital intensity of the business is hidden within the amortization of film and television assets. Analysts should focus on the total investment in content rather than traditional CapEx to understand the company's actual capital requirements.
Quick answers to the most common questions about buying LION stock.
Lionsgate Studios Corp. (LION) generated $24.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Lionsgate Studios Corp. (LION) generated $11.4M 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.
Lionsgate Studios Corp. (LION) spent $13.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.