Cash flow analysis is severely hampered by a complete absence of operating and free cash flow data for ten consecutive quarters, making it impossible to verify the quality of reported net income or assess the company's ability to generate cash after capital expenditures.
Melco Resorts & Entertainment Limited (MLCO) cash flow statement — 22-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 | 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 | 0 | 818.12M | 626.66M | 622.69M | -619.43M | -268.77M | -860.96M | 836.16M | 1.06B | 1.16B | 1.16B | 522.03M | 894.61M | 1.15B | 871.2M | 744.66M | 401.95M | -112.26M | -11.16M | 151.14M | -20.24M | 4.28M | 2.22M |
| Operating CF Margin % | - | 15.84% | 13.51% | 16.49% | -45.88% | -13.36% | -49.83% | 14.58% | 20.48% | 22% | 25.63% | 13.13% | 18.63% | 22.64% | 21.27% | 19.44% | 15.21% | -8.42% | -0.79% | 42.15% | -56.06% | 24.72% | 36.52% |
| Operating CF Growth % | 0% | 30.55% | 0.64% | 200.53% | -130.47% | 68.78% | -202.97% | -20.87% | -9.1% | 0.38% | 121.85% | -41.65% | -22.34% | 32.22% | 16.99% | 85.26% | 458.07% | -906.07% | -107.38% | 846.84% | -572.39% | 93.23% | - |
| Net Income | 160.43M | 145.46M | -27.96M | -326.92M | -1.1B | -956.46M | -1.45B | 394.23M | 353.85M | 315.29M | 66.92M | -60.81M | 527.39M | 578.01M | 481.86M | 288.84M | -10.53M | -308.46M | -2.46M | -178.15M | -73.48M | -3.26M | -1.01M |
| Depreciation & Amortization | 408.94M | 543.56M | 541.54M | 543.4M | 521.94M | 579.85M | 618.53M | 651.21M | 567.9M | 540.58M | 552.27M | 470.63M | 368.39M | 382.81M | 334.54M | 350.86M | 313.06M | 217.5M | 126.89M | 114.94M | 36.51M | 8.5M | 1.87M |
| Stock-Based Compensation | 20.99M | 29.27M | 27.37M | 35.47M | 71.81M | 67.96M | 54.39M | 31.8M | 25.14M | 17.3M | 18.49M | 20.83M | 20.4M | 14.99M | 8.97M | 8.62M | 6.04M | 11.38M | 6.86M | 278K | 0 | 0 | 0 |
| Deferred Taxes | 0 | 5.8M | 5.87M | 6.67M | 5.71M | 3.02M | 5.79M | 3.73M | 4.09M | 2.81M | 5.46M | 30.25M | 24.29M | 109.84M | 19.96M | 5.81M | 14.89M | 9.75M | 454K | -2.75M | -1.81M | 0 | 0 |
| Other Non-Cash Items | -590.06M | 87.68M | 14.72M | 121.54M | 11.12M | 73.21M | 390.88M | 121.07M | 26.1M | 111.61M | 145.76M | 97.77M | 38.76M | 35.05M | 10.22M | 74.04M | 35.17M | 16.76M | 5.38M | 13.48M | 7.92M | -343K | 1.28M |
| Working Capital Changes | 0 | 6.34M | 65.13M | 242.54M | -132.85M | -36.35M | -475.94M | -365.87M | 79.61M | 174.91M | 369.23M | -36.65M | -84.62M | 31.24M | 15.64M | 16.48M | 43.3M | -59.19M | -148.27M | 203.35M | 14.5M | -617K | 69K |
| Change in Receivables | 0 | 4.95M | -53.94M | -31.53M | -396K | 67.57M | 27.5M | -77.63M | -60.48M | 54.9M | -18.34M | -56.17M | -7.73M | -15.26M | -42.37M | -69.74M | -45.8M | -243.7M | -28.74M | -377K | 0 | 0 | 0 |
| Change in Inventory | 0 | 20.5M | 5.12M | 20.18M | 4.19M | 16.13M | -2.19M | -593K | -27.85M | -2.08M | -5.88M | -9.96M | -4.94M | -1.59M | -1.32M | -268K | -3.69M | -4.36M | -686K | -1.29M | -109K | -72K | -15K |
| Change in Payables | 0 | 0 | 0 | 212.38M | -121.29M | 0 | -470.57M | -341.76M | 161.54M | 181.66M | 448.34M | 1.16M | 4.6M | -3.92M | 1.72M | 3.14M | 64K | 6.22M | -3.67M | 2.36M | 0 | 0 | 0 |
| Cash from Investing | 0 | -341.77M | -300.81M | -48.51M | -806.11M | -674.55M | -53.31M | -1.03B | -609.7M | -410.23M | 280.6M | -469.66M | -1.61B | -1.21B | -344.56M | -585.39M | -190.31M | -1.14B | -913.6M | -972.62M | -38.65M | -181.26M | -5.47M |
| Capital Expenditures | 0 | -307.22M | -227.76M | -257.02M | -622.09M | -139.16M | -463.87M | -449.92M | -615.11M | -502.75M | -508.24M | -1.35B | -1.36B | -656.66M | -117.77M | -109.5M | -232.41M | -970.35M | -1.1B | -673.64M | -35.11M | -77.96M | -4.3M |
| CapEx % of Revenue | 0% | 5.95% | 4.91% | 6.81% | 46.08% | 6.92% | 26.85% | 7.84% | 11.92% | 9.51% | 11.25% | 34.01% | 28.42% | 12.91% | 2.88% | 2.86% | 8.8% | 72.8% | 77.4% | 187.85% | 97.27% | 449.9% | 70.91% |
| Acquisitions | 0 | 0 | 0 | 15.38M | 15.98M | 0 | 255.01M | -15.04M | 261.58M | -328.34M | -343.53M | -1.07B | -1.03B | 0 | -5.32M | -290.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -34.56M | -73.05M | -6.86M | -184.01M | -535.4M | -254.45M | 1.28M | -260.99M | 310.94M | 618.48M | 2.57B | 269.89M | 74.33M | -221.48M | -185.83M | 42.1M | -173.29M | 182.48M | -298.98M | -3.53M | -103.3M | -1.17M |
| Cash from Financing | 0 | -603.12M | -478.35M | -1.13B | 1.78B | 821.75M | 1.26B | 97.11M | -340.52M | -1.02B | -1.34B | -29.69M | 926.95M | -264.97M | 934.74M | 557.91M | 17.68M | 653.35M | 904.49M | 1.07B | 623.11M | 191.21M | 8.79M |
| Debt Issued (Net) | 0 | -432.72M | -328.02M | -950.55M | 1.85B | 913.03M | 1.25B | 341M | 503.03M | -193.77M | -124.33M | 77.95M | 1.37B | -668.01M | 865.25M | 589.48M | 40.62M | 270.69M | 912.13M | 398.56M | -500M | -107K | -46K |
| Equity Issued (Net) | 0 | -165.33M | -113.03M | -170.28M | -58.37M | -60.99M | 173.46M | 83.23M | -655.65M | 30.13M | -803.17M | 0 | -302.22M | 329.69M | 0 | 0 | 0 | 383.53M | 0 | 722.8M | 1.07B | 0 | 0 |
| Dividends Paid | 0 | -78K | -344K | -314K | -196K | 0 | -79.12M | -301M | -271.53M | -821.33M | -385.57M | -62.85M | -342.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -166.01M | -113.03M | -170.51M | -192.47M | -60.99M | -44.98M | 0 | -854.92M | 0 | -805.78M | 0 | -302.22M | -8.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | -4.99M | -36.95M | -7.98M | -7.99M | -30.3M | -83M | -26.13M | 83.63M | -26.52M | -26.64M | -44.78M | 202.16M | 73.35M | 69.49M | -31.57M | -22.94M | -870K | -7.64M | -48.45M | 55.64M | 191.31M | 8.84M |
| Net Change in Cash | 0 | -124.64M | -162.76M | -552.62M | 335.14M | -102.45M | 323.27M | -88.09M | 38.11M | -259.11M | -186.55M | 13.37M | 215.9M | -327.45M | 551.18M | 716.1M | 229.32M | -602.55M | -20.27M | 251.42M | 564.23M | 14.23M | 5.54M |
| Free Cash Flow | 0 | 476.13M | 325.48M | 358.8M | -1.24B | -948.17M | -1.32B | 386.25M | 385.84M | 646.11M | 649.9M | -834.35M | -471.61M | 495.27M | 668.22M | 635.16M | 169.54M | -1.08B | -1.14B | -522.5M | -55.35M | -73.67M | -2.09M |
| FCF Margin % | 0% | 9.22% | 7.02% | 9.5% | -91.97% | -47.12% | -76.67% | 6.73% | 7.48% | 12.23% | 14.38% | -20.99% | -9.82% | 9.74% | 16.32% | 16.58% | 6.42% | -81.22% | -80.64% | -145.7% | -153.32% | -425.17% | -34.39% |
| FCF Growth % | - | 46.29% | -9.29% | 128.9% | -30.94% | 28.43% | -443% | 0.11% | -40.28% | -0.58% | 177.89% | -76.91% | -195.22% | -25.88% | 5.2% | 274.63% | 115.66% | 5.2% | -118.55% | -843.97% | 24.87% | -3428.45% | - |
| FCF per Share | 0.00 | 1.19 | 0.75 | 0.82 | -2.68 | -1.98 | -2.78 | 0.80 | 0.76 | 1.30 | 1.28 | -1.54 | -0.85 | 0.89 | 1.21 | 1.18 | 0.32 | -2.22 | -2.59 | -1.28 | -0.12 | -0.14 | -0.00 |
| FCF Conversion (FCF/Net Income) | 0.00x | 4.42x | 14.39x | -1.90x | 0.67x | 0.33x | 0.68x | 2.24x | 3.01x | 3.35x | 6.58x | 4.94x | 1.47x | 1.81x | 1.81x | 2.53x | -38.19x | 0.36x | 4.53x | -0.85x | 0.28x | -1.31x | -2.20x |
| Interest Paid | 0 | 460.63M | 473.23M | 490.91M | 350.74M | 310.32M | 251.44M | 253.31M | 239.34M | 239.78M | 209.7M | 106.98M | 95.12M | 127.81M | 102.02M | 111.66M | 85.18M | 27.98M | 181K | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 13.75M | 10.14M | 1M | 2.99M | 4.52M | 5.36M | 3.89M | 275K | 6.54M | 3.41M | 7.01M | 7.15M | 333K | 1.13M | 827K | 726K | 2.46M | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying MLCO stock.
Melco Resorts & Entertainment Limited (MLCO) generated $818.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Melco Resorts & Entertainment Limited (MLCO) generated $476.1M 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.
Melco Resorts & Entertainment Limited (MLCO) spent $307.2M 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, Melco Resorts & Entertainment Limited (MLCO) returned $0.1M to shareholders via cash dividends and spent $166.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Cash flow data unavailable for analysis
Earnings Quality Unverifiable Due to Data Gap
The complete absence of operating cash flow data for the last ten quarters makes it impossible to assess the quality of Melco's reported net income, which has swung from a $20.3M loss to a $77.1M profit.
Without operating cash flow figures, the critical relationship between accrual-based net income and actual cash generation cannot be evaluated. This gap prevents any judgment on whether the reported earnings, which have been volatile, are backed by sustainable cash inflows or are driven by non-cash items and accounting adjustments.
Free Cash Flow Trajectory Cannot Be Assessed
Melco's free cash flow is reported as zero for all ten quarters, a data anomaly that completely obscures the company's ability to generate cash after capital expenditures.
The reported zero FCF across the entire period is inconsistent with a company generating net income and incurring capital expenditures. This suggests either a severe data reporting issue or that all operating cash flow is being consumed by unspecified uses, making it impossible to analyze the trajectory of cash returns to investors.
Capital Intensity Remains a Black Box
With capital expenditure reported as zero for ten consecutive quarters, the analysis of Melco's capital intensity and its impact on cash flow is rendered moot, despite known investments like Studio City Phase 2.
The zero CapEx figure directly contradicts the company's known expansion activities and the significant depreciation and amortization expense implied by its asset base. This data inconsistency prevents any assessment of maintenance versus growth spending or the true cash cost of maintaining and expanding its resort portfolio.
Cash Flow Statement Obscures Core Operations
The cash flow statement, as provided, is fundamentally incomplete, showing zero for all key metrics except net income and stock-based compensation, which obscures the true cash dynamics of the business.
The absence of operating cash flow, capital expenditures, and working capital changes means the statement fails to capture the most critical cash movements. This prevents analysis of how net income converts to cash, how capital is deployed, and the true cash cost of operations, leaving investors with an uninformative picture of financial health.