Top Ships Inc. (TOPS) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q4'25 | Q2'25 | Q4'23 | Q2'23 | Q4'22 | Q2'22 | Q4'21 | Q2'21 | Q4'20 | Q2'20 | Q4'19 | Q2'19 | Q4'18 | Q2'18 | Q4'17 | Q2'17 | Q4'16 | Q2'16 | Q4'15 | Q2'15 |
|---|
| Cash from Operations | 7.21M | 19.23M | 14.24M | 13.02M | 19.37M | 10.48M | 3.36M | 4.67M | 2.11M | -1.43M | 2.02M | 4.95M | 119K | 597K | 1.9M | -1.21M | 4.77M | 1.94M | -80K | -1.31M |
| Operating CF Margin % | 19.69% | 43.88% | 34.07% | 31.65% | 92.68% | 53.95% | 21.62% | 36.93% | 15.3% | -8.79% | 11.13% | 33.26% | 0.56% | 3.03% | 9.33% | -6.35% | 56.72% | 33.34% | -0.95% | -27.83% |
| Operating CF Growth % | - | - | -26.49% | 24.28% | 477.12% | 124.22% | 58.87% | 426.13% | 4.6% | -128.93% | 1597.48% | 729.73% | -93.74% | 149.5% | -60.11% | -162.23% | 6057.5% | 248.28% | -116.22% | 52.75% |
| Net Income | -4.48M | 7.56M | 292K | 5.77M | 10.34M | 8.61M | 3.47M | 841K | -9.97M | -2.87M | -14.14M | -314K | -4.51M | -6.62M | -7.56M | -5.85M | 731.5K | 290K | -3.15M | -5.36M |
| Depreciation & Amortization | 15.07M | 6.87M | 7.17M | 7.17M | 7.17M | 6.11M | 6.14M | 1.67M | 6M | 7.17M | 7.09M | 2.65M | 3.76M | 3M | 3.07M | 2.79M | 2.36M | 1.23M | 611K | 184K |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | -8.5K | -8.5K | -8.5K | 0 | 0 | -8.5K | -17K | -17K | -25K | 0 | 223K | 16K | 69K | 62K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 76.5K | 0 | 344.5K | 0 | -130K | 0 | 108K | -104K |
| Other Non-Cash Items | -3.38M | 4.79M | 6.78M | 74K | 1.86M | -4.24M | -85.5K | 2.17M | 6.24M | -5.74M | 9.08M | 2.62M | -1.42M | 3.64M | 6.1M | 3.06M | 2M | 404K | 1.54M | 4.23M |
| Working Capital Changes | 0 | 0 | 0 | 0 | 0 | 0 | -6.16M | 0 | -147K | 0 | 0 | 0 | 2.23M | 597K | -32K | -1.21M | -414K | 0 | 734K | -321K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | -38K | 0 | 321K | 0 | 0 | 0 | -194K | -17K | -602K | 100K | 88K | 0 | -107K | 50K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | -78.5K | 0 | 167K | 0 | 0 | 0 | 58K | 75K | -62K | 300K | -181K | 0 | -70K | -8K |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -624K | 0 | 2.2M | 0 | 0 | 0 | 0 |
| Cash from Investing | 2.17M | -3.48M | 1.18M | 1.34M | 394K | -143.05M | 7.09M | -45.41M | 173.52M | 11.29M | -49.45M | -75M | -42.83M | -25.6M | -4.11M | -54.95M | -22.14M | -51.21M | -20.69M | 21.43M |
| Capital Expenditures | -5.83M | -3.48M | 0 | 0 | -155K | -216.56M | -8.63M | -49.13M | -26.42M | -90.93M | -49.45M | -75M | -42.96M | -20.59M | 2.33M | -43.76M | -24.63M | -48.75M | -21.44M | -31.98M |
| CapEx % of Revenue | 15.92% | 7.95% | - | - | 0.74% | 1114.96% | 55.56% | 388.21% | 191.27% | 557.94% | 272.44% | 503.6% | 201.1% | 104.61% | 11.42% | 230.51% | 293.11% | 838.62% | 255.91% | 680.78% |
| Acquisitions | 0 | 0 | 2.52M | 0 | -306K | 72.06M | 0 | 0 | 200.39M | 109.66M | 0 | 0 | 0 | -1.19M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 8M | 0 | -2.52M | 0 | -2 | 0 | 15.72M | 3.71M | 0 | 0 | 0 | 0 | 139K | -3.82M | -6.44M | -11.2M | 2.49M | -2.46M | 746K | 53.41M |
| Cash from Financing | 2.56M | -17.07M | 10.9M | -25.28M | -13.49M | 144.47M | -13.46M | 35.27M | -163.91M | -11.51M | 47.95M | 72.6M | 43.05M | 1.71M | 24.87M | 58.52M | 20.66M | 47.16M | 24.82M | -19.92M |
| Debt Issued (Net) | 17.21M | -7.9M | 13.43M | -7.81M | -7.81M | 95.12M | 0 | 0 | -178.4M | -31.02M | 44.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -37K | -8K | 1K | -13.98M | 754K | 56.27M | 0 | 0 | 14.49M | 20.89M | 3.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | -2.52M | -3.48M | -6.44M | -6.92M | -889.5K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -26.29M | -16.19M | 0 | 0 | 0 | 1K | -24.57M | -14.3M | 0 | 8.11M | 0 | 10.78M | 8.01M | 0 | 0 | 0 | 0 |
| Other Financing | -14.62M | -9.16M | 0 | 0 | 0 | 0 | -12.57M | 35.27M | 0 | -1.38M | -204K | 72.6M | 43.05M | 1.71M | 24.87M | 58.52M | 20.66M | 47.16M | 24.82M | -19.92M |
| Net Change in Cash | 13.4M | -1.66M | 26.33M | -10.91M | 6.28M | 11.9M | -12.39M | -23.33M | 13.72M | 340K | 1.71M | -7.66M | 7.08M | -16.76M | 23.56M | 1.18M | 5.59M | 554K | 2.82M | 101K |
| Free Cash Flow | 1.38M | 15.74M | 14.24M | 13.02M | 19.22M | -206.08M | -5.27M | -44.45M | -24.31M | -92.36M | -47.43M | -70.05M | -42.84M | -19.99M | 4.23M | -44.96M | -19.86M | -46.81M | -21.52M | -33.28M |
| FCF Margin % | 3.76% | 35.94% | 34.07% | 31.65% | 91.93% | -1061.01% | -33.94% | -351.28% | -175.97% | -566.73% | -261.31% | -470.34% | -200.54% | -101.58% | 20.74% | -236.86% | -236.39% | -805.28% | -256.86% | -708.6% |
| FCF Growth % | - | - | -25.9% | 106.32% | 464.62% | -363.57% | 78.32% | 51.87% | 48.75% | -31.85% | -10.7% | -250.35% | -1113.36% | 55.53% | 121.28% | 3.96% | 7.7% | -40.66% | -75.8% | 8.75% |
| FCF per Share | 0.30 | 3.40 | 7.92 | 4.72 | 58.60 | -1159.82 | -31.76 | -267.86 | -146.84 | -3035.36 | -5.45 | - | -999999.00 | -999999.00 | 0.47 | - | -3.49 | - | -10.36 | - |
| FCF Conversion (FCF/Net Income) | -1.61x | 2.54x | 48.77x | 2.26x | 9.86x | -1.60x | 1.45x | 12.19x | -0.20x | 0.36x | -0.26x | -0.65x | -0.03x | -0.09x | -0.25x | 0.21x | -14.87x | 13.37x | 0.03x | 0.24x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |