Cash generation is highly seasonal and volatile, with FCF margins ranging from -39.2% to +19.0% across quarters, and the OCF/NI ratio of 3.41 in 2026Q2 indicates significant non-cash adjustments distort the relationship between net income and cash flow.
The Marcus Corporation (MCS) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | May'15 | May'14 | May'13 | May'12 | May'11 | May'10 | May'09 | May'08 | May'07 | May'06 | May'05 | May'04 | May'03 | May'02 | May'01 | May'00 | May'99 | May'98 | May'97 |
|---|
| Cash from Operations | 126.63M | 84.2M | 103.94M | 102.63M | 93.21M | 46.25M | -68.55M | 141.48M | 137.39M | 109.04M | 82.66M | 67.31M | 80.45M | 66.44M | 63.2M | 69.03M | 61.5M | 52.74M | 69.44M | 57.77M | 64.86M | 39.57M | -12.99M | 91.86M | 71.57M | 73.07M | 52.83M | 67.33M | 60M | 71.7M | 61.1M |
| Operating CF Margin % | - | 11.1% | 14.13% | 14.07% | 13.76% | 10.09% | -28.84% | 17.24% | 19.43% | 17.51% | 15.2% | 13.79% | 16.48% | 14.83% | 15.31% | 16.68% | 16.31% | 13.91% | 18.11% | 15.57% | 19.8% | 13.68% | -4.76% | 22.45% | 18.03% | 18.74% | 13.93% | 21.35% | 18.03% | 21.35% | 21.67% |
| Operating CF Growth % | 148.48% | -18.99% | 1.28% | 10.11% | 101.53% | 167.47% | -148.46% | 2.98% | 26% | 31.92% | 22.81% | -16.34% | 21.09% | 5.12% | -8.44% | 12.24% | 16.61% | -24.05% | 20.2% | -10.93% | 63.89% | 404.6% | -114.14% | 28.35% | -2.06% | 38.32% | -21.53% | 12.21% | -16.32% | 17.35% | 46.17% |
| Net Income | 22.68M | 12.69M | -7.79M | 14.79M | -9.1M | -43.29M | -124.87M | 42.12M | 53.47M | 64.48M | 37.54M | 39.53M | 23.64M | 20.9M | 23.33M | 22.73M | 13.56M | 16.11M | 17.2M | 20.49M | 33.3M | 28.27M | 99.22M | 24.61M | 20.56M | 22.46M | 21.78M | 22.62M | 23.1M | 28.4M | 30.9M |
| Depreciation & Amortization | 34.75M | 70.19M | 67.96M | 67.3M | 67.07M | 72.13M | 75.05M | 72.28M | 61.68M | 52.05M | 42.17M | 39.95M | 39.14M | 34.18M | 34.16M | 34.86M | 33.52M | 32.31M | 32.69M | 31.6M | 26.92M | 27.25M | 28.94M | 46.81M | 46.54M | 45.22M | 44.3M | 41.48M | 38.3M | 32.9M | 28.9M |
| Stock-Based Compensation | 7.5M | 7.5M | 8.21M | 6.39M | 8.17M | 9.32M | 4.38M | 3.52M | 2.69M | 2.41M | 1.9M | 1.67M | 2.56M | 1.77M | 2.61M | 2.75M | 1.79M | 1.61M | 1.22M | 1.22M | 1.33M | 120K | 107K | 1.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -4.27M | -4.27M | -3.98M | 5.56M | 7.03M | -15.84M | -38.84M | 9.11M | 3.25M | -6.44M | 3.02M | -1.08M | 5.61M | -451K | -1.15M | 1.15M | 5.09M | 7.81M | -3.03M | 2.26M | 7.41M | -3.6M | -15.16M | 1.25M | 460K | 5.98M | 176K | 1.2M | 4.9M | 4.1M | 2.4M |
| Other Non-Cash Items | 41.09M | 1.87M | 30.94M | 3.3M | -3.19M | 7.59M | 31.88M | 5.97M | 6.56M | -1.41M | 2.89M | 49.04M | 9.15M | 3M | -2.77M | 3M | 755K | 4.13M | 3.94M | 3.34M | -10.35M | -9.86M | -121.97M | -431K | 3.73M | 1.73M | -8.39M | -2.06M | 100K | 900K | 1.1M |
| Working Capital Changes | 25.37M | -3.79M | 8.6M | 5.28M | 23.23M | 16.35M | -16.17M | 8.48M | 9.75M | -2.07M | -4.86M | 17.46M | 1.4M | 7.04M | 7.86M | 5.28M | 6.78M | -9.87M | 13.17M | -1.13M | 6.26M | -2.62M | -4.13M | 18.2M | 281K | -2.32M | -5.03M | 4.09M | -5.8M | 5.4M | -2.2M |
| Change in Receivables | 3.73M | 2.47M | -1.75M | 1.89M | 6.84M | -22.05M | 23.11M | -3.78M | 1.55M | -8.85M | -1.49M | 2.97M | 2.97M | -877K | -42K | -42K | -185K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -377K | -5.07M | 3.78M | 0 | 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 | 10.22M | -3.46M | 10.43M | 4.23M | -3.26M | 21.5M | -32.13M | 9.73M | -4.23M | 15.02M | -1.98M | -665K | 2.35M | 748K | 5.73M | -2.89M | 871K | -2.22M | 3.82M | -7.3M | 4.71M | 4.39M | -1.32M | -3.21M | -3.21M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -56.3M | -71.37M | -81.9M | -36.75M | -346K | 10.88M | -12.07M | -93.95M | -59.27M | -100.24M | -128.59M | -32.08M | -78.17M | -57.71M | -22.56M | -35.95M | -32.86M | -21.39M | -35.4M | -60.19M | -72.28M | -20.46M | 302.44M | -46.3M | -19.72M | -52.67M | -70.13M | -84.01M | -106.7M | -106.1M | -104.5M |
| Capital Expenditures | -59.95M | -83.21M | -79.21M | -38.77M | -36.84M | -17.08M | -21.36M | -64.09M | -58.66M | -114.8M | -83.61M | -44.45M | -74.99M | -56.67M | -22.64M | -38.02M | -25.19M | -25.08M | -36.81M | -24.44M | -111.1M | -35.7M | -63.43M | -50.91M | -26M | -48.9M | -96.75M | -99.49M | -111.8M | -115.9M | -107.5M |
| CapEx % of Revenue | 7.59% | 10.97% | 10.77% | 5.31% | 5.44% | 3.73% | 8.99% | 7.81% | 8.3% | 18.44% | 15.37% | 9.11% | 15.36% | 12.65% | 5.48% | 9.19% | 6.68% | 6.62% | 9.6% | 6.59% | 33.91% | 12.34% | 23.26% | 12.44% | 6.55% | 12.54% | 25.52% | 31.55% | 33.6% | 34.51% | 38.13% |
| Acquisitions | 0 | 0 | 0 | 0 | 31.1M | -2.43M | -28K | -30.08M | -294K | 6.62M | -62.67M | 0 | -1.9M | -1.37M | -1.3M | 4.19M | 0 | -893K | 0 | -40.5M | -75.65M | -17.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -4.54M | 11.84M | -617K | 2.82M | 5.52M | 33.09M | 4.93M | 221K | -313K | 7.95M | 17.68M | 13.98M | -1.29M | 331K | 1.37M | -2.85M | -6.64M | 4.59M | 1.41M | 4.75M | 114.47M | 32.47M | 365.87M | 4.61M | 6.28M | -3.77M | 26.62M | 15.48M | 5.1M | 9.8M | 3M |
| Cash from Financing | -56.04M | -30.82M | -37.3M | -30.55M | -92.41M | -47.17M | 69.1M | -43.84M | -76.94M | 4.21M | 42.5M | -26.02M | -2.33M | -12.11M | -36.5M | -30.64M | -34.19M | -29.02M | -40.68M | 3.84M | -15.08M | -243.65M | -40.02M | -41.96M | -51.42M | -16.29M | 15.87M | 16.13M | 45.5M | 31.1M | 35.9M |
| Debt Issued (Net) | -8.12M | -3.13M | -37.37M | -15.29M | -85.95M | -47.34M | 98.86M | -25.16M | -64.99M | 16.71M | 57.66M | -7.18M | 6.82M | -2.19M | 22.59M | -11.03M | -21.44M | -18.94M | -31.23M | 27.67M | 178K | -21.76M | -40.2M | -38.49M | -46.36M | -8.56M | 25.79M | 27.58M | 58M | 38.2M | 41.3M |
| Equity Issued (Net) | -10.88M | -18.53M | -9.99M | -281K | -1.47M | -417K | -534K | -702K | -2.52M | -421K | -6.09M | -773K | -3.89M | -3.89M | -24.13M | -11.19M | -3.99M | -532K | -98K | -14.15M | -5.78M | 416K | 6.63M | 2.87M | 1.21M | 1.3M | -3.75M | -5.14M | -6.2M | -800K | 400K |
| Dividends Paid | -7.24M | -9.16M | -8.78M | -7.45M | -3.08M | 0 | -5.14M | -19.31M | -16.41M | -13.5M | -12.04M | -5.63M | -9.2M | -35.61M | -35.61M | -9.71M | -9.81M | -9.88M | -9.94M | -9.94M | -9.48M | -222.31M | -6.45M | -6.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -10.94M | -18.55M | -9.99M | -503K | -1.47M | -417K | -534K | -702K | -2.52M | -421K | -6.09M | -773K | -773K | -3.89M | -24.13M | -11.19M | -3.99M | -532K | -98K | -14.15M | -7.85M | -6.07M | -98K | -264K | -136K | 0 | -3.89M | -5.25M | -6.8M | -2.2M | 0 |
| Other Financing | -29.8M | 0 | 18.84M | -7.52M | -1.92M | 594K | -24.09M | 1.33M | 6.98M | 1.42M | 2.96M | -12.44M | 5.12M | 3.17M | 655K | 1.28M | 1.05M | 340K | 484K | 258K | 0 | 0 | 0 | 0 | -6.28M | -2.79M | 0 | 0 | 100K | 0 | -100K |
| Net Change in Cash | 14.29M | -18M | -15.26M | 35.33M | 452K | 9.97M | -11.53M | 3.69M | 1.18M | 13.01M | -3.43M | 17.91M | -57K | -3.38M | 4.14M | 2.44M | -5.55M | 2.34M | -6.64M | 1.42M | -22.51M | -224.53M | 249.43M | 3.59M | 425K | 4.12M | -1.44M | -564K | -1.2M | -3.3M | -7.5M |
| Free Cash Flow | 66.69M | 989K | 24.73M | 63.85M | 56.37M | 29.17M | -89.92M | 77.39M | 78.73M | -5.77M | -951K | 22.85M | 5.46M | 9.77M | 40.57M | 31.01M | 36.32M | 27.66M | 32.63M | 33.33M | -46.25M | 3.87M | -76.42M | 40.94M | 45.56M | 24.17M | -43.92M | -32.17M | -51.8M | -44.2M | -46.4M |
| FCF Margin % | 8.44% | 0.13% | 3.36% | 8.75% | 8.32% | 6.37% | -37.83% | 9.43% | 11.13% | -0.93% | -0.17% | 4.68% | 1.12% | 2.18% | 9.83% | 7.49% | 9.63% | 7.3% | 8.51% | 8.98% | -14.12% | 1.34% | -28.02% | 10.01% | 11.48% | 6.2% | -11.58% | -10.2% | -15.57% | -13.16% | -16.46% |
| FCF Growth % | 1592.52% | -96% | -61.27% | 13.29% | 93.24% | 132.44% | -216.18% | -1.7% | 1464.93% | -506.52% | -104.16% | 318.25% | -44.06% | -75.92% | 30.81% | -14.61% | 31.3% | -15.24% | -2.1% | 172.08% | -1294.37% | 105.07% | -286.66% | -10.14% | 88.51% | 155.03% | -36.54% | 37.9% | -17.19% | 4.74% | -10.74% |
| FCF per Share | 2.15 | 0.03 | 0.78 | 1.56 | 1.79 | 0.93 | -2.90 | 2.48 | 2.74 | -0.20 | -0.03 | 0.82 | 0.20 | 0.36 | 1.46 | 1.06 | 1.22 | 0.92 | 1.09 | 1.09 | -1.50 | 0.13 | -2.50 | 1.37 | 1.54 | 0.82 | -1.49 | -1.08 | -1.72 | -1.46 | -1.57 |
| FCF Conversion (FCF/Net Income) | 2.94x | 6.63x | -13.35x | 6.94x | -7.79x | -1.07x | 0.55x | 3.37x | 2.57x | 1.68x | 2.18x | 2.80x | 3.35x | 2.66x | 3.61x | 3.04x | 4.54x | 3.27x | 4.04x | 2.82x | 1.95x | 1.40x | -0.13x | 3.73x | 3.48x | 3.25x | 2.43x | 2.98x | 2.59x | 2.52x | 1.98x |
| Interest Paid | 5.36M | 10.72M | 8.68M | 9.74M | 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 | 0 | 0 |
| Taxes Paid | 119K | 244K | 1.43M | 1.78M | 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 | 0 | 0 |
Quick answers to the most common questions about buying MCS stock.
The Marcus Corporation (MCS) generated $84.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
The Marcus Corporation (MCS) generated $1.0M 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.
The Marcus Corporation (MCS) spent $83.2M 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, The Marcus Corporation (MCS) returned $9.2M to shareholders via cash dividends and spent $18.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
High cash flow volatility and seasonal losses
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Cash Flow Volatility
The OCF/NI ratio swings from 3.41 in 2026Q2 to a negative 1.78 in 2024Q2, indicating that net income is a highly unreliable indicator of underlying cash generation due to massive non-cash charges and working capital shifts.
The relationship between net income and operating cash flow is inconsistent and lacks predictive power. In quarters like 2024Q4, a minimal net income of $0.986 million translated to $52.6 million in operating cash flow, while a $23.3 million net income in 2024Q3 produced only $30.5 million. This pattern suggests that non-cash items, likely tied to the volatile Cost of Goods Sold identified in the income statement, dominate the earnings profile and obscure operational cash generation.
FCF Trajectory is Seasonally Driven
Free cash flow exhibits extreme seasonality, ranging from a -39.2% FCF margin in the first quarter of 2025 to 19.0% in the second quarter of 2026, reflecting a business with highly concentrated cash generation windows and heavy capital requirements in off-peak periods.
The FCF margin trend confirms the cyclical nature of the business, with negative FCF in every Q1 period shown. The positive FCF in Q2 and Q3 quarters appears sufficient to offset these deficits, but the magnitude is inconsistent, swinging from $14.7M in 2025Q2 to $44.0M in 2026Q2. This volatility makes any reliable forward projection of annual free cash flow highly speculative without modeling the seasonal drivers in detail.
Working Capital Swings Dominate Cash Flow
Working capital changes are a primary source of cash flow volatility, with swings from a $31.2 million source in 2024Q4 to a $31.3 million use in 2025Q1, indicating that collections and payables timing significantly distort the relationship between profitability and cash generation.
The scale of working capital adjustments is material relative to operating income, often exceeding net income in absolute terms. For instance, the $18.2 million working capital source in 2026Q2 was a major component of that quarter's operating cash flow. This suggests that management's ability to manage receivables and payables is a critical, yet potentially unstable, lever for cash flow, and that reported profitability figures may not reflect the true timing of economic benefits.
Capital Intensity Varies with Investment Cycle
CapEx as a percentage of revenue varies significantly from 4.3% in 2026Q2 to 15.5% in 2025Q1, suggesting that investment is lumpy and project-based rather than a steady maintenance spend, which creates additional cash flow timing risks.
The fluctuation in CapEx intensity implies that the company undergoes periodic growth or renovation investment cycles. The high CapEx in 2025Q1 ($23.0M) contributed to the severe negative FCF that quarter. This pattern indicates that the business requires substantial periodic capital injections that are not correlated with near-term earnings, potentially pressuring liquidity during peak investment quarters.
What the Cash Statement Obscures
The cash flow statement may overstate underlying cash generation by treating stock-based compensation as a non-cash add-back, while the true cost of maintaining and growing the business is masked by the volatility in working capital and CapEx timing.
Stock-based compensation, ranging from $1.0M to $6.2M quarterly, is added back to calculate operating cash flow but represents a real economic cost to shareholders through dilution. Furthermore, the large swings in working capital and the non-linear CapEx pattern make it difficult to discern the company's sustainable, maintenance-level cash generation from its cash flow statement alone.