Operating cash flow of $117.6M in 2026Q2 far exceeded net income, reflecting heavy non-cash D&A ($123.6M), while buybacks of $127.2M highlight a preference for shareholder returns despite FCF volatility.
Sportradar Group AG (SRAD) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | 472.39M | 403.01M | 353.01M | 258.64M | 168.08M | 132.22M | 151.26M | 145.97M |
| Operating CF Margin % | - | 32.53% | 31.9% | 29.47% | 23.02% | 23.56% | 37.35% | 38.37% |
| Operating CF Growth % | 71.81% | 14.16% | 36.48% | 53.88% | 27.12% | -12.59% | 3.63% | - |
| Net Income | 21.42M | 100.32M | 34.15M | 33.89M | 10.49M | 12.79M | 14.81M | 11.66M |
| Depreciation & Amortization | 417.88M | 337.11M | 284.73M | 206.36M | 184.81M | 129.38M | 132.41M | 112.04M |
| Stock-Based Compensation | 42.29M | 54.88M | 39.19M | 41.18M | 28.3M | 15.43M | 2.33M | 0 |
| Deferred Taxes | -4.17M | 18.44M | -11.06M | 12.55M | 7.3M | 11.04M | 7.32M | -21.91M |
| Other Non-Cash Items | -3.19M | -82.77M | 13.58M | -17.76M | -41.47M | -10.9M | -14.54M | 39.87M |
| Working Capital Changes | -1.99M | -24.97M | -7.58M | -17.58M | -21.36M | -25.51M | 8.94M | 4.3M |
| Change in Receivables | 3.58M | -319K | -48.53M | -16.1M | -53.52M | -69.9M | -11.72M | -6.82M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 26.53M | -8.32M | 0 |
| Change in Payables | 27.11M | 0 | 0 | 0 | 0 | 44.38M | 20.66M | 11.11M |
| Cash from Investing | -269.23M | -231.95M | -254.88M | -202.09M | -246.57M | -333.77M | -98.14M | -114.3M |
| Capital Expenditures | -141.71M | -4.9M | -5.37M | -14.79M | -162.55M | -130.75M | -93.95M | -6.69M |
| CapEx % of Revenue | 9.68% | 0.4% | 0.48% | 1.68% | 22.26% | 23.3% | 23.2% | 1.76% |
| Acquisitions | 14.87M | 7.92M | -27.06M | -12.84M | -84.12M | -198.48M | -2.06M | -11.4M |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -142.39M | -234.97M | -222.46M | -170.74M | 105K | 122.95M | -2.13M | -95.67M |
| Cash from Financing | -386.56M | -127.77M | -36.75M | -17.63M | -459.85M | 539.77M | 274.54M | -4.69M |
| Debt Issued (Net) | -7.81M | -7.55M | -8.03M | -8.6M | -426.67M | -9.49M | 287.12M | -25.26M |
| Equity Issued (Net) | -377.46M | -105.22M | -28.73M | -9.02M | -3.84M | 556.64M | -3.75M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -377.46M | -105.22M | -28.73M | -9.02M | -3.84M | 0 | -3.75M | 0 |
| Other Financing | -1.29M | -15M | 0 | -7K | -29.34M | -7.38M | -8.83M | 20.58M |
| Net Change in Cash | -172.71M | 16.94M | 71.18M | 33.42M | -499.02M | 357.23M | 328.52M | 27.01M |
| Free Cash Flow | 255.48M | 174.74M | 125.36M | 58.37M | 5.52M | 1.47M | 57.31M | 47.7M |
| FCF Margin % | 17.45% | 14.1% | 11.33% | 6.65% | 0.76% | 0.26% | 14.15% | 12.54% |
| FCF Growth % | 27.81% | 39.39% | 114.78% | 956.78% | 275.71% | -97.43% | 20.14% | - |
| FCF per Share | 0.86 | 0.55 | 0.39 | 0.18 | 0.02 | 0.01 | 0.19 | 0.16 |
| FCF Conversion (FCF/Net Income) | 11.93x | 4.18x | 10.34x | 7.46x | 15.43x | 10.52x | 9.92x | 12.44x |
| Interest Paid | 22.98M | 0 | 76.38M | 30.53M | 0 | 0 | 0 | 0 |
| Taxes Paid | 5.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying SRAD stock.
Sportradar Group AG (SRAD) generated $403.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Sportradar Group AG (SRAD) generated $174.7M 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.
Sportradar Group AG (SRAD) spent $4.9M 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, Sportradar Group AG (SRAD) spent $105.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Rights cost inflation pressure
Cash Conversion Decoupled from Net Income
Operating cash flow consistently exceeds net income, with OCF/NI ratios swinging from -32.9x to 20.3x, indicating that non-cash charges like D&A dominate reported earnings, as per quarterly filings.
The persistent gap between operating cash flow and net income, which turned negative in 2026Q2, suggests that earnings quality is heavily influenced by large non-cash items, particularly D&A of sports rights. This divergence implies that reported profitability may understate the company's cash-generating ability, but investors should monitor the sustainability of these adjustments.
FCF Volatility Masks Underlying Strength
Free cash flow swung from $114.5M in 2026Q2 to $19.7M in 2025Q4, with FCF margins ranging from 39.1% to -0.7%, reflecting seasonal and rights-timing effects, as reported in financial statements.
The erratic FCF pattern, despite stable operating cash flows, appears tied to the timing of rights payments and working capital swings. The 2026Q2 FCF margin of 29.8% is robust, but the negative FCF in 2024Q4 highlights the lumpiness that investors should expect, especially as rights amortization accelerates.
Minimal CapEx Signals Asset-Light Model
Capital expenditures average under 1% of revenue, with CapEx/Rev at 0.6% in 2026Q1, indicating that the business relies on intangible rights rather than physical assets, as per cash flow data.
The negligible CapEx relative to revenue suggests that Sportradar's growth is driven by acquiring data rights, which are expensed through amortization rather than capitalized as traditional capex. This implies that the company's cash flow profile is more akin to a content aggregator than a software firm, and investors should focus on rights renewal costs rather than maintenance capex.
Working Capital Swings Reflect Rights Timing
Working capital changes ranged from +$43.0M in 2024Q3 to -$30.4M in 2025Q4, indicating significant quarterly volatility likely tied to minimum guarantee payments, as disclosed in cash flow statements.
The erratic working capital movements appear to be driven by the timing of payments to sports leagues, which can create temporary cash flow mismatches. This suggests that operating cash flow may be overstated in some quarters and understated in others, warranting a longer-term view to assess the true cash generation.
Buybacks Outpace Dividends in Capital Return
Share repurchases totaled $127.2M in 2026Q2, while dividends remained zero, indicating a preference for buybacks as the primary capital return method, based on reported cash flow data.
The aggressive buyback activity, especially in 2026Q2, suggests management is confident in the company's cash generation despite negative net income. However, the lack of dividends and the reliance on buybacks may indicate a focus on per-share metrics, but investors should monitor the sustainability of this pace given the volatile FCF.
Cumulative Cash Generation Outpaces Earnings
Over the last ten quarters, cumulative operating cash flow of $982.9M far exceeds cumulative net income of $124.9M, highlighting a persistent gap driven by non-cash charges, as per financial statements.
The substantial cumulative divergence between operating cash flow and net income suggests that the company's earnings are heavily burdened by non-cash amortization of sports rights, which may not reflect the true cash profitability. This implies that cash-based valuation metrics may be more appropriate, but the sustainability of this gap depends on future rights renewals.
What Could Invalidate the Base Case
The cash flow statement obscures the true cost of rights renewals, as amortization of sports rights is a non-cash expense that will require real cash outlays upon renewal, potentially compressing future FCF.
While operating cash flow appears robust, the heavy reliance on non-cash amortization of sports rights suggests that future cash flows could be significantly impacted when rights agreements are renegotiated at higher costs. Additionally, the aggressive share buybacks may be funded by cash that could be needed for these renewals, and the lack of dividends may not be sustainable if cash generation slows. Investors should monitor the timing and magnitude of rights payments, as well as the company's ability to pass on cost increases to customers.