Free cash flow generation is highly dependent on the third quarter, which produced $86.8M in 2025Q3, while the company simultaneously maintains aggressive capital allocation strategies, including a $25.2M share repurchase in 2026Q1 despite seasonal liquidity constraints.
| 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 | 69.18M | 74.27M | 49.67M | 104.68M | 73.43M | -37.85M | -80.25M | 108.14M | 90.59M | 112.22M | 100.32M | 60.28M | 58.09M | 6.05M | 69.19M | 34.74M | 43.28M | -6.25M | 65.61M | 82.22M | 76.44M | 49.86M | 35.65M | 20.7M | 63.44M | 1.99B | 513.89M | 699M | 858.4M | 521.3M | 368.3M |
| Operating CF Margin % | - | 16.42% | 13.55% | 29.88% | 24.53% | -7.46% | -19.32% | 8.3% | 7.32% | 8.59% | 8.33% | 5.53% | 5.45% | 0.64% | 6.87% | 3.69% | 5.12% | -0.78% | 5.85% | 8.19% | 8.93% | 6.03% | 4.54% | 2.69% | 7.51% | 120.02% | 29.76% | 44.21% | 53.22% | 35.07% | 16.27% |
| Operating CF Growth % | -12.14% | 49.51% | -52.55% | 42.55% | 294% | 52.83% | -174.21% | 19.37% | -19.27% | 11.87% | 66.43% | 3.76% | 859.37% | -91.25% | 99.18% | -19.75% | 792.86% | -109.52% | -20.2% | 7.56% | 53.29% | 39.89% | 72.19% | -67.37% | -96.81% | 287.55% | -26.48% | -18.57% | 64.67% | 41.54% | 17.63% |
| Net Income | 53.79M | 36.31M | -51.76M | 14.35M | 18.71M | -92.73M | -376.95M | 23.52M | 49.4M | 58.18M | 42.8M | 27.05M | 55.57M | 21.69M | 6.58M | 9.74M | 1.08M | -104.81M | 43.54M | 44.6M | 63.55M | 37.75M | -56M | 21.09M | -29.34M | 51.13M | 144.49M | 347.6M | 150.6M | 97.8M | 28.4M |
| Depreciation & Amortization | 44.78M | 46.07M | 42.96M | 37.93M | 36.14M | 53.75M | 56.56M | 58.96M | 56.84M | 55.11M | 42.74M | 35.23M | 30.79M | 27.97M | 30.13M | 29.13M | 28.25M | 28.27M | 28.05M | 22.89M | 19.8M | 22.11M | 23.37M | 22.5M | 24.79M | 69.1M | 68.6M | 63M | 57.6M | 48.7M | 74.4M |
| Stock-Based Compensation | 3.39M | 7.45M | 11.17M | 8.98M | 7.79M | 7.73M | 2.65M | 7.19M | 4.87M | 10.97M | 8.04M | 3.85M | 2.93M | 5.22M | 7.23M | 4.41M | 3.52M | 3.09M | 6.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -2.62M | 0 | -3.25M | -298K | 1.64M | 6.01M | 15.1M | -10.4M | 5.35M | 26.05M | 7.67M | 469K | -9.73M | 2.3M | 11.27M | -924K | 744K | -8.35M | 6.27M | -4.15M | 4.59M | 11.81M | 1.75M | 20.81M | -4.97M | -36.48M | 12.71M | 2.7M | 1.6M | 1.4M | 8.7M |
| Other Non-Cash Items | -9.29M | -10.43M | 55.66M | 20.91M | 21.5M | 1.51M | 211.95M | 40.32M | 4.85M | -21.38M | 12.1M | 7.73M | -7.55M | 3.88M | 11.57M | 7.89M | 8.86M | 137.61M | 16.43M | 12.88M | 7.85M | 10.86M | 99.48M | 6.45M | 69.19M | 1.87B | -8.76M | -218.8M | -93M | -49.8M | 45.1M |
| Working Capital Changes | -12.57M | -5.13M | -5.11M | 22.81M | -12.34M | -14.12M | 10.44M | -11.46M | -30.71M | -16.72M | -13.03M | -14.05M | -13.91M | -55M | 2.39M | -15.52M | 830K | -62.06M | -34.92M | 6M | -19.37M | -32.67M | -32.95M | -50.16M | 3.77M | 38.34M | 296.85M | 504.5M | 741.6M | 423.2M | 211.7M |
| Change in Receivables | -16.44M | -1.02M | -2.13M | -953K | -39.4M | -75.45M | 106.08M | -16.96M | -6.2M | -2.34M | -9.36M | -16.66M | -10.44M | 1.25M | 142K | -18.09M | -3.04M | 5.83M | -420K | -921K | 14.52M | -6.56M | -17.2M | 519K | 11.89M | 49.09M | -64.9M | 49M | -31.1M | -5.8M | 10.4M |
| Change in Inventory | -558K | -1.82M | -853K | 51K | -2.59M | 129K | 8.64M | -328K | -1.57M | 121K | 149K | 4.87M | -2.56M | 7.66M | 195K | 3.73M | 6.15M | 7.49M | 1.38M | -6.11M | -5.67M | -1.46M | -624K | 6.07M | 10.98M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -328K | -5.07M | 13.96M | 2.36M | 7.76M | 46.69M | -88.25M | 9.73M | -1.65M | 7.55M | 1.77M | -2.62M | 18.13M | -15.44M | 4.31M | 4.37M | 4.64M | -15.62M | -10.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -177.7M | -166.05M | 350.77M | -74.86M | -63.27M | -51.8M | -6.77M | -165.56M | -87.05M | -25.61M | -244.64M | -28.73M | -120.53M | -21.96M | -49.47M | -62.2M | -2.29M | -21.24M | -58.12M | -67.72M | -4.05M | -11.24M | -15.49M | -14.18M | -10.49M | -1.89B | -393.95M | -318.7M | -920.4M | -362.9M | -274.2M |
| Capital Expenditures | -81.99M | -75.02M | -56.23M | -62.44M | -67.17M | -57.94M | -53.57M | -76.15M | -83.34M | -56.62M | -49.81M | -29.84M | -29.39M | -36.12M | -27.68M | -21.54M | -17.04M | -21.32M | -39.05M | -33.26M | -20.14M | -20.04M | -15.37M | -15.54M | -13.38M | -49.78M | -45.21M | -91.5M | -398.6M | -103.6M | -103.9M |
| CapEx % of Revenue | 17.58% | 16.58% | 15.34% | 17.83% | 22.44% | 11.42% | 12.89% | 5.85% | 6.74% | 4.33% | 4.13% | 2.74% | 2.76% | 3.79% | 2.75% | 2.29% | 2.02% | 2.65% | 3.48% | 3.31% | 2.35% | 2.43% | 1.96% | 2.02% | 1.58% | 3% | 2.62% | 5.79% | 24.71% | 6.97% | 4.59% |
| Acquisitions | -121.05M | -107.92M | 412.68M | -41K | 3.9M | -8.23M | 0 | -90.99M | -4.63M | -1.5M | -195.99M | -430K | -120.25M | -647K | -23.55M | -41.1M | 0 | 0 | -23.33M | -34.29M | 0 | 0 | -2.71M | -98.14M | 0 | -865K | -28.87M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 25.35M | 16.88M | -5.68M | -12.37M | 0 | 14.36M | 46.79M | 1.58M | 925K | 32.52M | 1.17M | 1.54M | 29.11M | 14.8M | 1.36M | 440K | 14.75M | 76K | 281K | 3.54M | 16.09M | 8.8M | 2.59M | -366.37M | 880.9M | 1.04M | 54.86M | 707.9M | 234.1M | 205.8M | 95.2M |
| Cash from Financing | 112.14M | 65.82M | -401.08M | -36.16M | -6.13M | 107.89M | 66.29M | 73.47M | -9.91M | -56.08M | 111.58M | -25.26M | 76.94M | -50.41M | -8.25M | -16.5M | -14.46M | -8.52M | -19.21M | -30.05M | -46.25M | -1.98M | 32.64M | 10.82M | -43.51M | -100.22M | -110.75M | -362.7M | 60.4M | -147.2M | -107.6M |
| Debt Issued (Net) | 155.5M | 80.02M | -382.04M | -22.13M | 3.67M | 116.03M | -49.91M | 84.77M | 18.37M | -45.8M | 120.79M | -12.97M | 128.05M | 8.64M | -2.69M | -7.38M | -4.9M | -3.71M | -2.68M | -2.42M | -3.51M | -4.13M | -3.43M | -16.72M | -7.38M | -50.03M | 57.56M | -145.9M | 121.3M | -109.9M | -90.5M |
| Equity Issued (Net) | -33.65M | -7.37M | 0 | 0 | 0 | 0 | 122.98M | 0 | -17.17M | 0 | -722K | -4.82M | -12.32M | -1.33M | -1.66M | -5.23M | -6.91M | -1.23M | -17.35M | -25.85M | -43.66M | 5.69M | 1.37M | 2.77M | -17.94M | -18.2M | -135.22M | -183.2M | -12.3M | 12.5M | 40M |
| Dividends Paid | 0 | 0 | -7.8M | -7.8M | -7.8M | -3.9M | -4.06M | -8.09M | -8.15M | -8.16M | -8.11M | -8.04M | -38.39M | -58.91M | -4.45M | -3.24M | -3.27M | -3.29M | -3.3M | -3.33M | -3.45M | -3.54M | -871K | -39.72M | -32.15M | -32M | -33.09M | -33.7M | -31.5M | -30.3M | -43.9M |
| Share Repurchases | -35.39M | -10.21M | 0 | 0 | 0 | 0 | -2.79M | 0 | -17.17M | 0 | -722K | -4.82M | -12.32M | -1.33M | -1.66M | -5.23M | -6.91M | -1.23M | -17.35M | -28.19M | -49.42M | 0 | 0 | -976K | -28.31M | -34.62M | -147.16M | -204.1M | -23M | 0 | 0 |
| Other Financing | -9.72M | -6.83M | -11.24M | -6.23M | -2M | -4.24M | -2.72M | -3.2M | -2.95M | -2.12M | -371K | 563K | -402K | 1.2M | 541K | -651K | 620K | -277K | 4.12M | 1.53M | 4.37M | 0 | 35.56M | 64.49M | 13.96M | 0 | 0 | 100K | -17.1M | -19.5M | -13.2M |
| Net Change in Cash | 8.08M | -24.36M | 25.71M | -34.22M | 261K | 22.33M | -20.03M | 17.11M | -8.83M | 32.82M | -35.63M | -459K | 11.17M | -68.35M | 13.79M | -45.47M | 29.5M | -31.7M | -17.03M | -13M | 25.47M | 37.55M | 53.76M | 21.14M | 9.46M | 4.29M | 9.19M | 17.5M | -1.5M | 11.1M | -17.9M |
| Free Cash Flow | -12.81M | -750K | -6.56M | 42.23M | 6.26M | -95.79M | -133.81M | 31.99M | 7.25M | 55.6M | 50.5M | 30.44M | 28.7M | -30.06M | 41.51M | 13.2M | 26.24M | -27.56M | 26.56M | 48.96M | 56.3M | 29.83M | 20.27M | 5.17M | 50.06M | 1.94B | 468.69M | 607.5M | 459.8M | 417.7M | 264.4M |
| FCF Margin % | -2.75% | -0.17% | -1.79% | 12.06% | 2.09% | -18.88% | -32.21% | 2.46% | 0.59% | 4.25% | 4.19% | 2.79% | 2.7% | -3.15% | 4.12% | 1.4% | 3.11% | -3.42% | 2.37% | 4.88% | 6.58% | 3.61% | 2.58% | 0.67% | 5.93% | 117.02% | 27.14% | 38.42% | 28.51% | 28.1% | 11.68% |
| FCF Growth % | -1.69% | 88.56% | -115.53% | 574.57% | 106.54% | 28.42% | -518.28% | 341.27% | -86.96% | 10.1% | 65.92% | 6.05% | 195.47% | -172.42% | 214.52% | -49.71% | 195.21% | -203.77% | -45.75% | -13.04% | 88.76% | 47.13% | 292.41% | -89.68% | -97.42% | 314.31% | -22.85% | 32.12% | 10.08% | 57.98% | 4.3% |
| FCF per Share | -0.46 | -0.03 | -0.31 | 2.03 | 0.30 | -4.69 | -6.60 | 1.58 | 0.36 | 2.72 | 2.50 | 1.52 | 1.43 | -1.48 | 2.08 | 0.66 | 1.29 | -1.38 | 1.30 | 2.34 | 2.58 | 1.34 | 0.93 | 0.24 | 2.22 | 89.98 | 20.62 | 25.21 | 18.70 | 17.81 | 11.62 |
| FCF Conversion (FCF/Net Income) | -0.24x | 3.28x | 0.13x | 6.54x | 3.16x | 0.41x | 0.21x | 4.91x | 1.84x | 1.94x | 2.37x | 2.27x | 1.11x | 0.28x | 11.73x | 3.77x | 97.70x | 0.06x | 1.51x | 1.84x | 1.20x | 1.32x | -0.64x | 0.98x | -2.16x | 38.95x | 3.56x | 2.01x | 5.70x | 5.84x | 12.97x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.7M | 5.5M | 4.2M | 1.7M | 1.01M | 1.1M | 1.09M | 1.13M | 1.31M | 1.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.6M | 14.1M | 10.1M | 8.4M | 8.5M | 8.39M | 10.21M | 7.93M | 10.16M | 18.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Extreme Seasonal Cash Volatility
According to reported financial statements, PRSU's OCF/NI ratio exhibits extreme volatility, ranging from a negative 0.26 in 2024Q4 to an anomalous 327.7 in 2026Q1, which underscores the difficulty of reconciling accrual-based net income with the company's highly seasonal cash generation profile during off-peak periods.
The wide variance in the conversion of net income to operating cash flow suggests that accounting accruals are heavily influenced by the timing of seasonal bookings and deferred revenue recognition. Investors should interpret these fluctuations as a reflection of the business's inability to generate consistent cash flow outside of the peak summer window.
As reported in recent filings, PRSU's free cash flow trajectory remains tethered to the third quarter, with 2025Q3 generating $86.8M in FCF, while the remaining quarters consistently report negative figures, highlighting a structural reliance on a single, short window of peak operational performance for annual liquidity.
The persistent negative FCF during the first and fourth quarters indicates that the company must maintain a significant cash buffer to fund operations during the off-season. This pattern suggests that any disruption to the peak summer season could have a disproportionate impact on the company's overall liquidity position.
Based on the provided data, PRSU's capital intensity is significant, with CapEx/Revenue ratios peaking at 54.2% in 2025Q4, indicating that the company must continuously reinvest in its specialized infrastructure to maintain the competitive moat of its remote, high-barrier-to-entry attractions and hospitality assets.
The high level of capital expenditure relative to revenue suggests that the company's assets require substantial ongoing maintenance to remain operational in harsh environments. This capital-intensive nature may limit the company's ability to generate meaningful free cash flow even during periods of strong top-line growth.
As evidenced by recent financial disclosures, PRSU has utilized cash for both acquisitions and share repurchases, including a $25.2M buyback in 2026Q1, despite the company's inherent reliance on seasonal cash inflows to sustain its operations throughout the remainder of the fiscal year.
The decision to prioritize share repurchases during periods of negative operating cash flow warrants further investigation into management's liquidity management strategy. Such capital allocation choices may indicate a high degree of confidence in future seasonal performance, yet they simultaneously reduce the margin of safety for the business.
Quick answers to the most common questions about buying PRSU stock.
Pursuit Attractions and Hospitality, Inc. (PRSU) generated $74.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Pursuit Attractions and Hospitality, Inc. (PRSU) reported negative free cash flow of $0.8M in 2025, indicating capital requirements exceeded cash from operations.
Pursuit Attractions and Hospitality, Inc. (PRSU) spent $75.0M 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, Pursuit Attractions and Hospitality, Inc. (PRSU) spent $10.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.