Free cash flow exhibits significant instability, swinging from a negative $26.8 million in 2023Q4 to a positive $10.2 million in 2024Q4, largely driven by volatile working capital changes.
Usio, Inc. (USIO) cash flow statement — 27-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 |
|---|
| Cash from Operations | 656.03K | 1.51M | 2.9M | 3.51M | -17.04M | 29.78M | 6.29M | -3.73M | -2.76M | -110.28K | 848.44K | 2.09M | 28.45M | 23.18M | 475.06K | 2.4M | 446.31K | 462.17K | -748.61K | -806.05K | -821.73K | -891.79K | -940.86K | -2.18M | -5.63M | -8.98M | -11.04M | -4.37M |
| Operating CF Margin % | - | 1.77% | 3.49% | 4.25% | -24.54% | 48.08% | 19.52% | -13.24% | -11.02% | -0.76% | 7.03% | 14.53% | 212.41% | 447.41% | 6.47% | 49.96% | 17.04% | 14.36% | -24.94% | -26.55% | -32.57% | -75.53% | -263.13% | -1824.12% | -133.82% | -302.53% | -1803.53% | -7886.76% |
| Operating CF Growth % | -186.53% | -47.73% | -17.43% | 120.59% | -157.2% | 373.19% | 268.63% | -35.42% | -2399.56% | -113% | -59.4% | -92.65% | 22.76% | 4778.89% | -80.25% | 438.83% | -3.43% | 161.74% | 7.13% | 1.91% | 7.86% | 5.22% | 56.76% | 61.34% | 37.32% | 18.68% | -152.59% | - |
| Net Income | -1.51M | -2.51M | 3.31M | -475.1K | -5.48M | -321.63K | -2.91M | -5.12M | -3.78M | -3.01M | -1.2M | 1.02M | 3.84M | -789.04K | 1.28M | 351.85K | -464.17K | -803.53K | -944.62K | -1.72M | -1.4M | -1.2M | -1.51M | -1.77M | -10.95M | -10.41M | -19.96M | -5.47M |
| Depreciation & Amortization | 1.5M | 1.95M | 2.26M | 2.08M | 2.74M | 2.64M | 1.52M | 2.02M | 1.88M | 1.26M | 901.6K | 496.37K | 40.95K | 31.65K | 6.86K | 3.72K | 23.51K | 36.52K | 58.22K | 132.92K | 147.77K | 226.21K | 123.36K | 130.67K | 1.9M | 1.56M | 940.96K | 270.91K |
| Stock-Based Compensation | 1.74T | 1.74M | 2.09M | 2.19M | 2.07M | 1.49M | 1.48M | 1.29M | 1.25M | 968.14K | 1.31M | 1.28M | 291.98K | 293.08K | 251.83K | 348.77K | 348.77K | 348.77K | 402.12K | 421.08K | 240.91K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 54.21B | 54.21K | -3.08M | 0 | 0 | -110K | 0 | 0 | 45.23K | 227K | 5.78K | 0 | -1.62M | 0 | 63.32K | -675.69K | -448.77K | -348.77K | -1.15M | -421.08K | -240.91K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 714.23B | -32.05K | 18.34K | -123.56K | 20.96K | 187.89K | 35.94K | 144.69K | 7.91K | 111.87K | 209.71K | -163.94K | -10.96K | 4.02K | -20K | 745.62K | 798.76K | 367.2K | 918.11K | 756.08K | 441K | -117.65K | 245.38K | -128.04K | 2.84M | -43.75K | 7.49M | 491.43K |
| Working Capital Changes | -810.6K | 313.81K | -1.71M | -165.55K | -16.38M | 25.9M | 6.17M | -2.08M | -2.16M | 333.37K | -386.79K | -533.69K | 25.91M | 23.64M | -1.1M | 1.63M | 188.21K | 861.98K | -31.27K | 26.57K | -14.16K | 195.34K | 204.93K | -404.45K | 590.61K | -87.24K | 483.36K | 338.35K |
| Change in Receivables | -1.49M | 1.19M | -984.11K | -1.19M | 607.85K | -2.27M | -905.9K | -59.65K | -244.68K | -133.59K | 227.63K | -98.17K | -452.17K | -181.73K | -27.23K | -238.11K | -63.4K | 47.76K | -73.06K | 3.34K | -85.6K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -11.65K | -57.88K | 19.01K | 84.55K | -72.82K | -258.07K | -8.33K | 0 | 0 | -34.92K | 7.09K | -19.86K | 26.42M | 23.57M | -1.41M | 2.42M | 1.27M | 1.49M | 70.25K | 607.52K | 687.37K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 1.41M | -304.53K | -208.68K | 252.69K | 853.97K | 1.41M | 534.89K | 619.5K | 389.38K | 458.63K | -623.55K | -416.92K | -5.62K | 251.19K | 333.08K | -546.26K | -35.62K | 700.43K | 217.7K | -70.22K | 133.54K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.8M | -1.54M | -944.38K | -834.96K | -812.24K | -1.27M | -6.76M | -647.38K | -698.11K | -1.82M | -355.55K | -785.57K | -36.77K | -62.38K | -93.96K | -4.88K | -33.21K | 0 | 730.58K | -29.99K | -75.17K | 849.99K | 2.1K | 4.13M | -142.53K | 1.53M | -6.42M | -1.46M |
| Capital Expenditures | -435.02B | -435.01K | -991.88K | -834.96K | -812.24K | -1.27M | -855.39K | -647.38K | -703.11K | -372.34K | -155.55K | -785.57K | -36.77K | -62.38K | -93.96K | -4.88K | -993 | 0 | -19.42K | -29.99K | -75.17K | -106.91K | -4.6K | -66.39K | -401.9K | -722.75K | -3.65M | -1.13M |
| CapEx % of Revenue | 469941.6% | 0.51% | 1.2% | 1.01% | 1.17% | 2.06% | 2.65% | 2.3% | 2.81% | 2.56% | 1.29% | 5.46% | 0.27% | 1.2% | 1.28% | 0.1% | 0.04% | - | 0.65% | 0.99% | 2.98% | 9.05% | 1.29% | 55.66% | 9.55% | 24.35% | 596.52% | 2033.73% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | -5.91M | 0 | 0 | -900K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 435.01B | -1.1M | 47.5K | 0 | 0 | 0 | 0 | 0 | 5K | -550K | -200K | 0 | 0 | 0 | 0 | 0 | -32.5K | 0 | 750K | 0 | 0 | 950K | 0 | 4.19M | 259.38K | 221.22K | 5.1M | -56.92K |
| Cash from Financing | 13.13M | 28.72M | -5.14M | 6.06M | -1.4M | 887.46K | 9.98M | 1.72M | -982.49K | 2.61M | -431.75K | -48.24K | 0 | -301.25K | -300K | 300K | 432K | 0 | 5.86K | 752.88K | 717.56K | 265.93K | 564.61K | -1.71M | 1.88M | 7.47M | 16.57M | 12.57M |
| Debt Issued (Net) | 639.94K | 644.59K | -106.81K | -56.99K | -54.77K | 126.19K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -300K | 300K | 0 | 0 | 0 | -416.67K | 291.67K | -404K | 236K | -1.8M | 1.35M | -1.5M | 987.77K | -135.29K |
| Equity Issued (Net) | -643.47K | -975.94K | -1.31M | -456.96K | -1.34M | 761.26K | 9.98M | 1.72M | -982.49K | 2.61M | -431.75K | -48.24K | 0 | -301.25K | 0 | 0 | 0 | 0 | 5.86K | 1.17M | 475.89K | 689.93K | 328.61K | 56.86K | 63.23K | 9.16M | 15.58M | 12.71M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -729.22K | -1.07M | -1.41M | -456.96K | -1.34M | -238.74K | -280.27K | -71.91K | -982.49K | -112.91K | -431.75K | -48.24K | 0 | -301.25K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 13.13M | 29.05M | -3.73M | 6.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -50K | -20K | 0 | 33.85K | 469.32K | -1.2M | 0 | 0 |
| Net Change in Cash | 3.07M | 28.7M | -3.19M | 8.73M | -19.25M | 29.4M | 9.51M | -2.66M | -4.44M | 679.82K | 61.13K | 1.26M | 28.42M | 22.81M | 81.1K | 2.7M | 413.1K | 462.17K | -12.17K | -83.16K | -179.34K | 224.13K | -374.15K | 242.01K | -3.89M | 20.73K | -897.6K | 6.74M |
| Free Cash Flow | -1.34M | 1.08M | 1.9M | 2.67M | -17.85M | 28.51M | 5.44M | -4.38M | -3.46M | -482.61K | 692.89K | 1.3M | 28.42M | 23.12M | 381.1K | 2.4M | 445.32K | 462.17K | -768.03K | -836.04K | -896.9K | -998.7K | -945.46K | -2.24M | -6.03M | -9.7M | -14.7M | -5.5M |
| FCF Margin % | -1.45% | 1.26% | 2.3% | 3.24% | -25.71% | 46.03% | 16.86% | -15.53% | -13.82% | -3.31% | 5.74% | 9.07% | 212.14% | 446.21% | 5.19% | 49.86% | 17% | 14.36% | -25.59% | -27.53% | -35.55% | -84.58% | -264.41% | -1879.77% | -143.38% | -326.87% | -2400.05% | -9920.49% |
| FCF Growth % | -120.74% | -43.35% | -28.75% | 114.97% | -162.6% | 424.21% | 224.18% | -26.61% | -616.84% | -169.65% | -46.88% | -95.41% | 22.93% | 5965.35% | -84.12% | 438.93% | -3.65% | 160.18% | 8.14% | 6.79% | 10.19% | -5.63% | 57.84% | 62.82% | 37.85% | 33.97% | -167.22% | - |
| FCF per Share | -0.05 | 0.04 | 0.07 | 0.13 | -0.88 | 1.42 | 0.35 | -0.34 | -0.29 | -0.05 | 0.09 | 0.11 | 3.07 | 3.58 | 0.04 | 0.26 | 0.05 | 0.06 | -0.12 | -0.18 | -0.32 | -0.51 | -0.65 | -1.61 | -4.39 | -8.08 | -14.90 | -7.59 |
| FCF Conversion (FCF/Net Income) | 0.89x | -0.60x | 0.88x | -7.38x | 3.11x | -92.61x | -2.17x | 0.73x | 0.73x | 0.04x | -0.71x | 2.06x | 7.41x | -29.37x | 0.37x | 6.83x | -0.96x | -0.58x | 0.79x | 0.47x | 0.59x | 0.75x | 0.62x | -4.49x | 0.51x | 0.86x | 0.55x | 0.80x |
| Interest Paid | 22.93K | 0 | 53.8K | 5.2K | 4.05K | 4.31K | 0 | 0 | 0 | 0 | 0 | 0 | 151 | 710 | 2.24K | 395 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 12K | 0 | 290.14K | 116.2K | 269.5K | 116.2K | 93.53K | 82.21K | 49K | 45K | 48.16K | 32.37K | 44.94K | 41.41K | 13.49K | 18.37K | 13.23K | 13.79K | 3.6K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying USIO stock.
Usio, Inc. (USIO) generated $1.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Usio, Inc. (USIO) generated $1.1M 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.
Usio, Inc. (USIO) spent $0.4M 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, Usio, Inc. (USIO) spent $1.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Volatile Operating Cash Flow
Metrics are mathematically derived from official filings.
Earnings Quality Remains Highly Disconnected
As reported in financial statements, USIO's operating cash flow frequently diverges from net income, evidenced by a 2024Q4 OCF/NI ratio of 16.72, which suggests that core cash generation is often driven by working capital fluctuations rather than consistent, high-quality earnings from the underlying payment processing business.
The extreme volatility in the relationship between net income and operating cash flow indicates that reported earnings are not a reliable proxy for cash generation. Investors should monitor whether this disconnect stems from recurring timing differences in payment settlements or more structural issues regarding the recognition of revenue versus actual cash collection.
Free Cash Flow Lacks Predictable Momentum
Based on USIO's reported figures, free cash flow has exhibited significant instability, swinging from a negative $26.8 million in 2023Q4 to a positive $10.2 million in 2024Q4, highlighting the difficulty the company faces in maintaining a consistent cash-generative trajectory amidst its current operational transition.
The erratic nature of free cash flow suggests that the company's business model is highly sensitive to quarterly operational lulls and potential capital expenditure spikes. This lack of consistency makes it difficult to forecast the company's ability to self-fund its growth initiatives without relying on external financing or cash reserves.
Working Capital Swings Obscure Performance
According to recent SEC filings, USIO's operating cash flow is heavily influenced by working capital changes, such as the $8.6 million inflow in 2024Q4 followed by significant outflows in other periods, indicating that the company's cash position is highly susceptible to the timing of client payment cycles.
The reliance on working capital movements to bolster cash flow suggests that the company's core operations are not yet generating sufficient organic cash to offset its fixed cost base. This dependency warrants further investigation into the credit terms offered to clients and the efficiency of the company's accounts receivable collection processes.
Capital Allocation Prioritizes Share Repurchases
As evidenced by the provided data, USIO has consistently utilized cash for share repurchases, such as the $356.7K spent in 2025Q2, despite the company's struggle to achieve sustained GAAP profitability, which may indicate a management focus on supporting the stock price over reinvesting in core operational scale.
The decision to allocate capital toward buybacks while operating cash flow remains inconsistent appears questionable given the company's need for scale. Investors should consider whether these funds would be more effectively deployed toward enhancing the proprietary technology platform or expanding the sales force to drive organic revenue growth.