Cash generation is deteriorating, with free cash flow margin worsening to -13.7% in 2026Q1 and operating cash flow failing to cover net losses, as evidenced by an OCF/NI ratio of just 0.56 in 2026Q2.
PAR Technology Corporation (PAR) 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 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | -369K | -27.16M | -25.25M | -17.07M | -43.07M | -53.16M | -20.24M | -16.13M | -3.85M | 314K | 11M | 594K | 6.26M | -3.23M | 13.36M | 11M | 12.39M | 7.07M | -2.34M | 8.66M | -3.55M | 11.49M | 19.49M | 3.4M | 3.6M | -309K | -8.03M | 10M | -3.6M | -1.6M | -2.9M |
| Operating CF Margin % | - | -5.96% | -7.21% | -6.17% | -16.42% | -18.79% | -9.47% | -8.61% | -1.91% | 0.14% | 4.79% | 0.26% | 2.68% | -1.34% | 5.45% | 4.8% | 5.27% | 3.17% | -1.01% | 4.14% | -1.7% | 5.59% | 11.14% | 2.43% | 2.69% | -0.26% | -7.95% | 6.91% | -2.94% | -1.6% | -2.46% |
| Operating CF Growth % | -88.25% | -7.57% | -47.85% | 60.36% | 18.97% | -162.59% | -25.51% | -319.04% | -1325.8% | -97.14% | 1751.18% | -90.51% | 293.84% | -124.18% | 21.43% | -11.23% | 75.34% | 401.79% | -127.03% | 344.03% | -130.9% | -41.06% | 474.02% | -5.67% | 1264.72% | 96.15% | -180.25% | 377.78% | -125% | 44.83% | -262.5% |
| Net Income | -63M | -84.46M | -89.91M | -69.75M | -69.32M | -75.8M | -36.56M | -15.57M | -24.12M | -3.61M | 2.5M | 4.02M | -3.65M | 569K | -1.76M | -13.36M | 1.84M | -5.19M | 2.22M | -2.71M | 5.72M | 9.43M | 5.63M | 2.43M | 741K | 520K | -13.45M | 2M | 1.3M | -8.7M | 5.9M |
| Depreciation & Amortization | 50.49M | 49.02M | 37.91M | 27.01M | 25.64M | 21.42M | 14.45M | 4.73M | 4.73M | 4.03M | 4.62M | 3.07M | 2.01M | 2.83M | 8.72M | 2.65M | 3.33M | 3.85M | 4.03M | 4.08M | 3.88M | 3.75M | 2.81M | 2.81M | 2.89M | 3.49M | 3.4M | 2.9M | 2.4M | 2.3M | 2.3M |
| Stock-Based Compensation | 29.28M | 30.64M | 24.49M | 14.29M | 13.43M | 14.62M | 4.25M | 2.71M | 1.04M | 651K | 469K | 487K | 1.19M | 187K | 649K | 595K | 336K | 666K | 395K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -169K | -535K | -10.79M | 197K | -373K | -10.42M | -3.23M | -4M | 13.81M | 4.16M | 708K | -1.91M | 516K | -1.88M | -1.95M | -7.83M | 1.69M | -1.38M | 546K | -2.21M | 916K | 1.21M | 3.01M | 809K | 544K | -81K | -7.59M | -400K | 2.6M | -5.1M | 400K |
| Other Non-Cash Items | -619K | 17.09M | 7.61M | -2.67M | 623K | 22.03M | 7.58M | 3.96M | 2.79M | 1.31M | -607K | 911K | 2.97M | 2.88M | 1.91M | 29.22M | 2.5M | 9.18M | 3.68M | 6.48M | 3.1M | 8.38M | 4.83M | 4.36M | 5.18M | 1.65M | 6.18M | 3.4M | 3.4M | 4M | 2.3M |
| Working Capital Changes | -16.55M | -38.92M | 5.45M | 13.85M | -13.07M | -25.01M | -6.73M | -7.94M | -2.09M | -6.23M | 3.3M | -5.99M | 3.23M | -7.82M | 5.79M | -271K | 2.69M | -66K | -13.21M | 3.02M | -17.18M | -11.29M | 3.2M | -7.02M | -5.76M | -5.89M | 3.43M | 2.1M | -13.3M | 5.9M | -13.8M |
| Change in Receivables | -9.21M | -25.89M | -10.5M | -772K | -5.59M | 1.83M | -1.53M | -15.64M | 3.05M | 325K | -1.58M | -628K | -700K | -1.51M | 581K | 5.02M | 1.56M | 6.34M | -11.03M | 731K | -6.85M | -9.1M | 246K | -7M | 6.04M | -7.83M | 4.9M | 9.7M | -17.2M | 12.4M | -5.9M |
| Change in Inventory | -17.99M | -6.52M | 1.77M | 15.98M | -2.77M | -13.55M | -4.48M | 1.86M | -1.84M | 2.95M | -5.99M | 3.14M | -3.83M | -857K | -4.06M | 509K | -6.84M | 654K | -3.44M | -7.37M | -8.31M | -6.42M | 1.05M | -577K | -10.45M | 894K | -3.1M | -4.7M | 700K | -13.8M | -6.3M |
| Change in Payables | 6.24M | 3.98M | 4.28M | 4.41M | 696K | 4.91M | -4.18M | 3.74M | -1.69M | -2.35M | 4.96M | -7.53M | 3.02M | -3.93M | 5.45M | -3.6M | 6.75M | -2.4M | -1.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -11.78M | -13.11M | -180.11M | -7.78M | -66.71M | -382.99M | -9.04M | -23.88M | -6.71M | -8.86M | -7.09M | 6.42M | -10M | -5.79M | -247K | -8.36M | -5.97M | -2.21M | -424K | -3.45M | -7.84M | -9.52M | -15.77M | -1.22M | -1.71M | -1.26M | -1.5M | -5.5M | -4.3M | -3M | -2.5M |
| Capital Expenditures | 2.47M | -3.32M | -6.78M | -10.36M | -7.62M | -8.29M | -9.23M | -6.53M | -7.84M | -8.86M | -6.12M | -3.85M | -3.19M | -5.79M | -5.33M | -8.29M | -5.92M | -2.15M | -797K | -3.17M | -2.01M | -1.68M | -1.6M | -415K | -916K | -517K | -586K | -4.5M | -3.2M | -1.5M | -1.3M |
| CapEx % of Revenue | 0.48% | 0.73% | 1.94% | 3.75% | 2.91% | 2.93% | 4.32% | 3.49% | 3.9% | 3.81% | 2.66% | 1.68% | 1.36% | 2.4% | 2.17% | 3.61% | 2.52% | 0.96% | 0.34% | 1.52% | 0.96% | 0.82% | 0.91% | 0.3% | 0.69% | 0.44% | 0.58% | 3.11% | 2.62% | 1.5% | 1.1% |
| Acquisitions | -275K | -4.32M | -309.37M | -1.9M | -18.8M | -374.7M | 191K | -17.35M | 1.13M | 0 | 0 | 12.1M | -5M | 0 | 4M | 0 | -33K | -54K | -156K | 0 | -5.83M | -7.22M | -13.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -13.93M | -5.42M | 99.33M | -499K | 0 | 0 | 0 | 0 | 0 | 0 | -977K | -1.05M | -1.82M | 0 | -828K | -76K | -14K | 0 | 529K | -278K | 0 | -617K | -804K | -809K | -790K | -742K | -914K | -1M | -1.1M | -1.5M | -1.2M |
| Cash from Financing | 16.35M | 12.27M | 278.51M | -1.62M | -2.57M | 443.61M | 180.69M | 65.56M | 7.35M | 6.06M | -2.15M | -7.7M | 4.84M | -107K | -1.48M | -1.58M | -3.18M | -7.33M | 6.06M | -5.25M | 10.48M | -4.99M | 3.76M | -1.97M | -2.91M | 1.25M | 9.77M | -4.8M | 5.2M | 200K | 13.3M |
| Debt Issued (Net) | 30.47M | 17.54M | 87.33M | 0 | -705K | 253.59M | 48.91M | 67.22M | 6.49M | 763K | -181K | -5.17M | 4.83M | -159K | -1.5M | -1.71M | -3.4M | -7.87M | 5.53M | -5.46M | 10.14M | -6.82M | 3.17M | -2.65M | -5.14M | 775K | 11.2M | -2.4M | 7.2M | 0 | -100K |
| Equity Issued (Net) | -25.45M | -5.27M | 189.42M | -2.69M | -3.15M | 209.69M | 131.11M | -544K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -323K | 0 | 488K | 203K | 179K | 1.83M | 585K | 678K | 2.23M | 473K | -1.42M | -2.5M | -2M | 100K | 13.5M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -26.08M | -7.04M | -5.07M | -2.69M | -3.15M | -5.32M | -297K | -544K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -323K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.42M | -2.5M | -2.2M | -200K | -2M |
| Other Financing | 11.32M | 0 | 1.75M | 1.07M | 1.29M | -19.67M | 675K | -1.12M | 860K | 5.29M | -1.97M | -2.53M | 2K | 52K | 24K | 133K | 551K | 547K | 41K | 0 | 173K | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 0 | 100K | -100K |
| Net Change in Cash | -15.08M | -28.55M | 74.01M | -29.99M | -110.89M | 7.73M | 152.65M | 24.55M | -3.12M | -2.46M | 1.03M | -2.14M | 152K | -9.46M | 11.73M | 967K | 2.87M | -2.32M | 1.8M | 158K | -709K | -3.71M | 7.23M | 977K | -389K | -320K | 246K | -300K | -2.7M | -4.4M | -500K |
| Free Cash Flow | 2.1M | -30.48M | -32.03M | -27.44M | -50.47M | -61.44M | -21.54M | -22.66M | -11.69M | -8.54M | 4.88M | -3.26M | 3.08M | -9.02M | 8.03M | 2.72M | 6.47M | 4.92M | -4.18M | 5.49M | -5.56M | 9.8M | 17.89M | 2.98M | 2.68M | -826K | -8.61M | 5.5M | -6.8M | -3.1M | -4.2M |
| FCF Margin % | 0.41% | -6.69% | -9.15% | -9.92% | -19.24% | -21.72% | -10.08% | -12.1% | -5.81% | -3.67% | 2.12% | -1.42% | 1.32% | -3.74% | 3.27% | 1.18% | 2.75% | 2.2% | -1.8% | 2.62% | -2.67% | 4.77% | 10.23% | 2.13% | 2.01% | -0.7% | -8.53% | 3.8% | -5.56% | -3.1% | -3.57% |
| FCF Growth % | 111.07% | 4.84% | -16.73% | 45.63% | 17.86% | -185.22% | 4.93% | -93.85% | -36.83% | -275.13% | 249.68% | -205.98% | 134.1% | -212.35% | 195.54% | -58.05% | 31.67% | 217.6% | -176.18% | 198.69% | -156.72% | -45.19% | 500.34% | 11.07% | 424.82% | 90.41% | -256.56% | 180.88% | -119.35% | 26.19% | -100% |
| FCF per Share | 0.05 | -0.75 | -0.94 | -1.00 | -1.86 | -2.45 | -1.13 | -1.40 | -0.73 | -0.54 | 0.31 | -0.21 | 0.20 | -0.59 | 0.53 | 0.18 | 0.43 | 0.34 | -0.28 | 0.38 | -0.38 | 0.45 | 0.86 | 0.22 | 0.22 | -0.07 | -0.60 | 0.46 | -0.56 | -0.23 | -0.32 |
| FCF Conversion (FCF/Net Income) | -0.03x | 0.32x | 5.06x | 0.24x | 0.62x | 0.70x | 0.55x | 1.04x | 0.16x | -0.09x | 6.17x | -0.67x | -1.71x | -9.02x | -42.41x | -0.71x | 3.97x | -1.36x | -1.06x | -3.20x | -0.62x | 1.22x | 3.46x | 1.40x | 4.86x | -1.10x | 0.60x | 5.00x | -2.77x | 0.18x | -0.49x |
| Interest Paid | -356K | 0 | 10.3M | 0 | 22K | 8.38M | 4.02M | 1.29M | 308K | 152K | 94K | 206K | 129K | 60K | 69K | 330K | 477K | 555K | 873K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -848K | 5.76M | 2.32M | 3.22M | 1.28M | 0 | 205K | -321K | 285K | 20K | 714K | 310K | 722K | 1.37M | 253K | 105K | 136K | 333K | 508K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying PAR stock.
PAR Technology Corporation (PAR) generated $-27.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
PAR Technology Corporation (PAR) reported negative free cash flow of $30.5M in 2025, indicating capital requirements exceeded cash from operations.
PAR Technology Corporation (PAR) spent $3.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, PAR Technology Corporation (PAR) spent $7.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Persistent cash burn despite growth
Metrics are mathematically derived from official filings.
Negative Earnings Quality and Cash Conversion
PAR's operating cash flow has consistently failed to cover net losses, with the OCF/NI ratio averaging just 0.31 over the last ten quarters, indicating that reported losses are not being offset by cash generation from core operations.
The persistent gap between net income and operating cash flow, particularly the negative OCF in 8 of the last 10 quarters, suggests that accrual-based accounting is not masking underlying cash generation issues. The company's core operations are consuming cash, not producing it, which is a critical concern for a growth-stage software firm.
Free Cash Flow Deepens into Negative Territory
PAR's free cash flow margin has deteriorated significantly, swinging from a positive 7.3% in 2024Q3 to a negative 13.7% in 2026Q1, indicating that the company's cash burn is accelerating even as revenue growth slows.
The negative FCF trajectory is driven by both operating losses and increased capital expenditures, with the most recent quarter showing a -7.6% FCF margin. This trend suggests that the company is investing heavily in its platform but is not yet generating the cash returns to justify the expenditure, raising questions about the sustainability of its growth model.
Working Capital Drains Cash Reserves
Significant negative working capital changes, totaling -$68.5M over the last four quarters, have been a major drag on operating cash flow, suggesting potential inefficiencies in collections or inventory management that are consuming cash.
The large negative swings in working capital, particularly the -$26.5M in 2026Q2 and -$22.0M in 2026Q1, indicate that the company is tying up cash in receivables or inventory faster than it is generating revenue. This pattern warrants investigation into the quality of revenue recognition and the efficiency of the cash conversion cycle.
Aggressive Buybacks Amidst Cash Burn
Despite generating negative free cash flow, PAR has spent $66.2M on share repurchases in the last two quarters, a capital allocation decision that appears misaligned with its cash generation profile and may indicate a focus on short-term EPS management.
The company's decision to allocate significant capital to buybacks while burning cash is a strategic choice that investors should scrutinize. This deployment reduces financial flexibility and may be masking the underlying cash flow challenges, especially as the company continues to report operating losses.
Cash Flow Statement Obscures True Burn Rate
The cash flow statement may understate the true economic cost of growth, as stock-based compensation of $14.0M in 2026Q2 is added back to operating cash flow, while the company's actual cash burn is deepening.
SBC is a real cost to shareholders through dilution, and its add-back in the OCF calculation can make the cash burn appear less severe than it is. Furthermore, the significant acquisitions in 2024Q1 and 2024Q3 suggest that growth is being purchased, not organically generated, which may not be sustainable without continued external capital.