Free cash flow remains volatile, ranging from a negative 6.3% margin in 2023Q4 to 82.6% in 2025Q4, while capital expenditure intensity remains elevated at 23.1% of revenue as of 2026Q1.
| 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 |
|---|
| Cash from Operations | 623.12M | 609.51M | 548.26M | 494.34M | 542.22M | 609.96M | 212.79M | 316.63M | 346.01M | 289.06M | 346.21M | 349.44M | 269.79M | 250.69M |
| Operating CF Margin % | - | 30.3% | 28.28% | 28.67% | 32.59% | 37.7% | 18% | 17.05% | 20.58% | 17.89% | 23.84% | 25.84% | 20.89% | 19.96% |
| Operating CF Growth % | 55.98% | 11.17% | 10.91% | -8.83% | -11.11% | 186.65% | -32.8% | -8.49% | 19.7% | -16.51% | -0.92% | 29.52% | 7.62% | - |
| Net Income | 186.21M | 188.07M | 291.29M | 176M | 205.46M | 354.83M | -174.54M | -6.74M | 219.48M | 63.04M | 155.78M | 143.25M | 88.59M | -104.06M |
| Depreciation & Amortization | 203.18M | 204.54M | 187.11M | 132.54M | 128.37M | 157.79M | 231.39M | 222.21M | 180.25M | 178.22M | 156.67M | 137.87M | 132.04M | 134.05M |
| Stock-Based Compensation | 24.51M | 32.13M | 30.95M | 19.67M | 17.52M | 12.73M | 10.89M | 16.85M | 11.29M | 7.92M | -11.85M | 19.73M | 12.78M | 16.44M |
| Deferred Taxes | 27.9M | 25.1M | -9.16M | 35.86M | 11.95M | -74.16M | 114.07M | -1.74M | -66.78M | -3.17M | 6.96M | 19.53M | 69.64M | 171.39M |
| Other Non-Cash Items | 16.42M | 165.21M | 14.45M | 134.22M | 189.91M | 176.8M | 48.37M | 61.45M | 8.27M | 46.94M | 39.66M | 26.16M | -23.63M | 7.74M |
| Working Capital Changes | -2.7M | -5.53M | 33.63M | -3.96M | -10.98M | -18.02M | -17.38M | 24.59M | -6.51M | -3.88M | -1.01M | 2.91M | -9.62M | 25.13M |
| Change in Receivables | 605K | -9.52M | -2.45M | -18.3M | -4.21M | -1.31M | 16.43M | -1.07M | -2.05M | -4.61M | -3.49M | 178K | -6.7M | 2.23M |
| Change in Inventory | 882K | -5.38M | 1.99M | -7.97M | -6.27M | -14.41M | 10.34M | -397K | -17.75M | -7M | -510K | -2.39M | -73K | -1.61M |
| Change in Payables | 330K | 3.89M | -7.57M | 13.94M | -6.15M | 7.37M | -21.41M | 9.69M | 2.68M | -1.18M | 8.93M | 4.95M | 2.91M | -3.61M |
| Cash from Investing | -271.49M | -251.36M | -321.79M | -653.85M | -442.14M | 586.26M | -69.56M | -405.14M | -606.68M | -281.65M | -444.1M | -106.27M | -42.89M | -94.24M |
| Capital Expenditures | -24.83M | -355.17M | -14.97M | -701.62M | -561.35M | -65.94M | -58.5M | -57.35M | -615.39M | -248.43M | -162.38M | -129.93M | -102.75M | -86.73M |
| CapEx % of Revenue | 1.23% | 17.66% | 0.77% | 40.7% | 33.74% | 4.08% | 4.95% | 3.09% | 36.61% | 15.38% | 11.18% | 9.61% | 7.95% | 6.9% |
| Acquisitions | 0 | 105.34M | 0 | 0 | 121.55M | 678.41M | 580K | 0 | 4.7M | -23.44M | -305.89M | -327K | -6.82M | -5.37M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -246.66M | -1.53M | -306.82M | 47.77M | -2.35M | 652.2M | 2.37M | -358.81M | -1.13M | -11.41M | 24.17M | 23.98M | 66.68M | -2.14M |
| Cash from Financing | -368.24M | -380.07M | -199.67M | 179.81M | -290.05M | -1.01B | -150.44M | 103.16M | 144.19M | 90.28M | 115.04M | -249.86M | -241.67M | -148.54M |
| Debt Issued (Net) | 161.68M | -15.79M | 89.75M | 337.72M | 124.72M | -58.69M | -123.67M | 147.39M | 216.43M | 195.76M | 278.76M | -8.48M | -73.02M | -11.69M |
| Equity Issued (Net) | -33.94M | -79.03M | -17.76M | -14.72M | -146.03M | -500.89M | -169K | -376K | 0 | 0 | 531.95M | 0 | 9.97M | 0 |
| Dividends Paid | -59.36M | -120.8M | -118.4M | -58.59M | -116.67M | -203.83M | -7.31M | -27.9M | -27.7M | -26.98M | -10.64M | -211.25M | -153.32M | -69.23M |
| Share Repurchases | -33.94M | -79.03M | -17.76M | -14.72M | -141.51M | -500.17M | -169K | -376K | 0 | -4.48M | 0 | 0 | 0 | 0 |
| Other Financing | -436.62M | -164.44M | -153.26M | -84.6M | -152.06M | -251.26M | -19.3M | -15.95M | -44.55M | -78.5M | -685.03M | -30.13M | -25.3M | -67.61M |
| Net Change in Cash | -16.61M | -21.91M | 26.8M | 20.3M | -189.97M | 181.55M | -7.21M | 14.66M | -116.49M | 97.69M | 17.15M | -6.69M | -14.76M | 7.92M |
| Free Cash Flow | 598.29M | 288.87M | 249.42M | -207.29M | -19.12M | 544.02M | 154.29M | -93.99M | -269.39M | 40.63M | 183.83M | 219.51M | 167.04M | 163.96M |
| FCF Margin % | 29.6% | 14.36% | 12.86% | -12.02% | -1.15% | 33.63% | 13.05% | -5.06% | -16.03% | 2.51% | 12.66% | 16.23% | 12.93% | 13.05% |
| FCF Growth % | 145.32% | 15.81% | 220.33% | -983.97% | -103.52% | 252.59% | 264.16% | 65.11% | -763.01% | -77.9% | -16.26% | 31.41% | 1.88% | - |
| FCF per Share | 5.89 | 2.82 | 2.41 | -2.01 | -0.18 | 4.67 | 1.31 | -0.80 | -2.31 | 0.35 | 5.36 | 5.63 | 4.29 | 4.21 |
| FCF Conversion (FCF/Net Income) | 3.21x | 3.24x | 3.56x | 2.81x | 2.64x | 2.52x | -1.41x | -94.49x | 2.20x | 8.22x | 3.76x | 2.54x | 2.68x | -2.64x |
| Interest Paid | 134.94M | 198.11M | 209.74M | 170.51M | 120.19M | 97.96M | 0 | 143.13M | 124.42M | 118.52M | 116.31M | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 30.29M | 21.1M | 31.36M | 4.14M | 0 | 0 | 176K | 9.16M | 9.5M | 0 | 0 | 0 |
Regional Economic Concentration
Based on reported financial statements, RRR consistently generates operating cash flow significantly higher than net income, with the OCF/NI ratio averaging roughly 3.3x over the last ten quarters, suggesting that non-cash depreciation charges are the primary driver of the company's reported cash generation profile.
The persistent gap between net income and operating cash flow indicates that the company's accounting earnings are heavily influenced by substantial non-cash depreciation and amortization expenses. Investors should monitor whether this cash-generative capacity remains resilient if maintenance capital requirements increase to keep aging properties competitive in the Las Vegas locals market.
As indicated by recent quarterly filings, free cash flow margins have exhibited extreme volatility, ranging from a negative 6.3% in 2023Q4 to a peak of 82.6% in 2025Q4, reflecting the lumpy nature of capital expenditures associated with the company's ongoing property development and refresh cycles.
The erratic FCF trajectory suggests that the company's ability to return capital to shareholders is highly dependent on the timing of major growth projects rather than steady-state operational performance. This inconsistency complicates the assessment of the company's underlying cash-generating power during periods of heavy reinvestment.
According to the provided data, RRR's capital expenditure as a percentage of revenue has frequently exceeded 20%, peaking at 52% in 2025Q4, which highlights the significant ongoing investment required to maintain the company's competitive moat through property refreshes and new development projects like Durango.
The high capital intensity suggests that the company must continuously reinvest a large portion of its operating cash flow to sustain its market position. This heavy reliance on growth-oriented CapEx may limit the company's financial flexibility if regional gaming demand experiences a sustained downturn.
Based on reported figures, the company has maintained a consistent pattern of dividend payments and share repurchases, even during periods of significant capital expenditure, which may indicate a management priority to support equity valuation despite the cyclical nature of the regional gaming industry.
The simultaneous pursuit of major development projects and shareholder returns warrants further investigation into the sustainability of the current payout policy. Investors should consider whether this capital allocation strategy could lead to liquidity constraints if the expected returns from recent property expansions fail to materialize as projected.
Quick answers to the most common questions about buying RRR stock.
Red Rock Resorts, Inc. (RRR) generated $609.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Red Rock Resorts, Inc. (RRR) generated $288.9M 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.
Red Rock Resorts, Inc. (RRR) spent $355.2M 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, Red Rock Resorts, Inc. (RRR) returned $120.8M to shareholders via cash dividends and spent $79.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.