Free cash flow remains heavily dependent on holiday seasonality, evidenced by a sharp contraction to -14.0% in 2026Q1 from a peak of 18.7% in 2025Q4.
Zumiez Inc. (ZUMZ) cash flow statement — 23-year operating, investing & financing cash flows
| Metric | TTM | Jan'26 | Feb'25 | Feb'24 | Jan'23 | Jan'22 | Jan'21 | Feb'20 | Feb'19 | Feb'18 | Jan'17 | Jan'16 | Jan'15 | Feb'14 | Feb'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Feb'08 | Feb'07 | Jan'06 | Jan'05 | Jan'04 |
|---|
| Cash from Operations | 35.7M | 53.47M | 20.7M | 14.76M | -379K | 134.95M | 138.41M | 105.64M | 65.32M | 65.51M | 48.45M | 48.61M | 89.94M | 66.89M | 66.22M | 68.06M | 48.69M | 45.12M | 38.34M | 34.29M | 29.93M | 21.09M | 16.39M | 6.97M |
| Operating CF Margin % | - | 5.76% | 2.33% | 1.69% | -0.04% | 11.4% | 13.97% | 10.22% | 6.67% | 7.06% | 5.79% | 6.04% | 11.08% | 9.24% | 9.89% | 12.24% | 10.17% | 11.07% | 9.38% | 8.99% | 10.04% | 10.26% | 10.67% | 5.92% |
| Operating CF Growth % | 13.31% | 158.32% | 40.3% | 3993.14% | -100.28% | -2.5% | 31.02% | 61.73% | -0.3% | 35.21% | -0.31% | -45.95% | 34.45% | 1.01% | -2.7% | 39.79% | 7.93% | 17.68% | 11.82% | 14.55% | 41.95% | 28.68% | 134.94% | - |
| Net Income | 12.7M | 13.38M | -1.71M | -62.61M | 21.03M | 119.29M | 76.23M | 66.88M | 45.2M | 26.8M | 25.9M | 28.79M | 43.19M | 45.95M | 42.16M | 37.35M | 24.2M | 9.13M | 17.2M | 25.33M | 20.86M | 12.85M | 7.27M | 4.47M |
| Depreciation & Amortization | 20.05M | 21.12M | 22.16M | 22.76M | 21.63M | 22.93M | 24.06M | 25.45M | 27.32M | 27.29M | 27.92M | 30.41M | 29.17M | 26.6M | 22.96M | 19.74M | 17.92M | 22.09M | 19.47M | 14.76M | 10.5M | 7.54M | 5.86M | 4.18M |
| Stock-Based Compensation | 7.6M | 7.27M | 6.83M | 7.02M | 6.99M | 6.82M | 6.45M | 6.38M | 5.87M | 5.03M | 4.58M | 5M | 7.52M | 4.09M | 6M | 5.3M | 4.87M | 4.15M | 0 | 4.57M | 2.05M | 165K | 0 | 0 |
| Deferred Taxes | 2.73M | 2.61M | -609K | -1.05M | 2.48M | 2.37M | -3.89M | 899K | -1.81M | 3.28M | -2.56M | -2.7M | -610K | -978K | -1.63M | 3.44M | 537K | -4.89M | -1.22M | -1.83M | -1.31M | -56K | -16K | 804K |
| Other Non-Cash Items | 67.08M | 64.72M | 68.21M | 112.27M | 70.65M | 69.42M | 65.93M | 57.78M | 2.33M | 2.34M | 1.56M | 3.29M | -246K | 1.01M | -308K | -1.22M | -2.79M | 1.94M | 4.03M | -16.41M | -6.67M | 33K | 221K | 33K |
| Working Capital Changes | -74.46M | -55.63M | -74.18M | -63.64M | -123.17M | -85.88M | -30.36M | -51.75M | -13.59M | 766K | -8.95M | -16.18M | 10.91M | -9.78M | -2.95M | 3.44M | 3.95M | 12.69M | -1.38M | 7.87M | 4.5M | 558K | 3.06M | -2.52M |
| Change in Receivables | 1.2M | 2.25M | 1.53M | 6.86M | -1.72M | 2.88M | 928K | -2M | -2.57M | 413K | 413K | -1.18M | -739K | -739K | -2.57M | -671K | -92K | -319K | 0 | 448K | -1.31M | -1.83M | 0 | 0 |
| Change in Inventory | 863K | 5.09M | -21.69M | 5.81M | -5.28M | 2.59M | 3.95M | -6.83M | -6.22M | -14.85M | -7.98M | -5.95M | -10.85M | -9.97M | -2.99M | -8.83M | -5.39M | 1.06M | -3.25M | -6.56M | -198K | -6.31M | -1.46M | -1.96M |
| Change in Payables | -1.16M | -2.26M | 11.7M | -907K | -15.48M | -14.06M | 20.8M | 12.76M | -2.37M | 11.58M | 3.26M | -9.1M | 14.74M | 1.71M | -5.63M | 4.29M | -446K | 908K | 0 | -4.49M | -3.37M | 6.36M | 0 | 0 |
| Cash from Investing | -29.79M | -6.39M | 32.6M | -8.55M | 54.21M | 101.64M | -110.54M | -102.93M | -36.4M | -63.97M | -51.52M | 64.73M | -73.87M | -49.62M | -41.08M | -68.07M | -44.01M | -56.68M | -11.94M | -51.22M | -40.09M | -51.67M | -11.06M | -5.94M |
| Capital Expenditures | -2.16M | 815K | 109K | -20.35M | -25.63M | -15.75M | -9.06M | -18.82M | -21.03M | -24.06M | -20.4M | -34.83M | -35.76M | -35.97M | -41.07M | -25.51M | -29.36M | -16.55M | -28.35M | -30.72M | -17.9M | -13.39M | -11.06M | -5.94M |
| CapEx % of Revenue | 0.23% | 0.09% | 0.01% | 2.32% | 2.67% | 1.33% | 0.91% | 1.82% | 2.15% | 2.59% | 2.44% | 4.33% | 4.41% | 4.97% | 6.14% | 4.59% | 6.13% | 4.06% | 6.94% | 8.05% | 6% | 6.51% | 7.2% | 5.04% |
| Acquisitions | 0 | 0 | 0 | 0 | 27.06M | 16.73M | 9.29M | 22.83M | 22.83M | -5.39M | -5.39M | 36M | 37.46M | 37.46M | -70.71M | 28.59M | 29.36M | 16.51M | 0 | 30.72M | -16.54M | 13.39M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -8.47M | -11.88M | -15.11M | 0 | -27.06M | -16.73M | -9.29M | -22.83M | -22.83M | 5.39M | -25.72M | -36M | -37.46M | -37.46M | -9K | -28.59M | -29.36M | -16.51M | 0 | -30.72M | -17.91M | -13.39M | 0 | 0 |
| Cash from Financing | -33.78M | -37.34M | -24.6M | 704K | -87.26M | -191.41M | -9.69M | 2.01M | 120K | 1.27M | -20.07M | -90.76M | -13.93M | -15.23M | -22.52M | 3.42M | 5.11M | 1.46M | -5.28M | 20.72M | 13.58M | 34.3M | -4.88M | -942K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -552K | 766K | 650K | -82K | -2.07M | -306K | -258K | 0 | 0 | 0 | -7.38M | 0 | 5.35M | -429K | -4.88M | -942K |
| Equity Issued (Net) | -33.98M | -37.34M | -25.21M | 704K | -88.37M | -194.41M | -13.57M | 0 | 0 | 0 | -21.74M | -92.53M | -19.56M | -17.56M | -25.21M | 0 | 0 | 0 | 929K | 2.89M | 1.41M | 34.73M | 0 | 0 |
| 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 |
| Share Repurchases | -34.54M | -38.25M | -25.21M | 0 | -87.86M | -193.79M | -13.42M | -322K | -227K | -21.61M | -21.61M | -92.23M | -19.56M | -17.56M | -25.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 192K | 0 | 606K | 704K | 1.11M | 3M | 3.88M | 2.01M | 672K | 507K | 1.01M | 1.86M | 7.69M | 2.63M | 2.95M | 3.42M | 5.11M | 1.46M | 1.17M | 17.83M | 6.82M | 0 | 0 | 0 |
| Net Change in Cash | -28.25M | 12.58M | 27.25M | 5.83M | -35.6M | 43.36M | 21.7M | 4.29M | 28.38M | 3.79M | -22.92M | 22.3M | 1.23M | 2.06M | 2.8M | 3.42M | 9.79M | -10.11M | 21.11M | 3.78M | 3.42M | 3.71M | 448K | 96K |
| Free Cash Flow | 33.54M | 54.29M | 5.7M | -5.59M | -26.01M | 119.2M | 129.35M | 86.82M | 44.29M | 41.45M | 28.05M | 13.77M | 54.18M | 30.93M | 25.16M | 42.56M | 19.33M | 28.57M | 9.99M | 3.56M | 12.04M | 7.7M | 5.33M | 1.04M |
| FCF Margin % | 3.6% | 5.84% | 0.64% | -0.64% | -2.71% | 10.07% | 13.06% | 8.4% | 4.53% | 4.47% | 3.35% | 1.71% | 6.68% | 4.27% | 3.76% | 7.66% | 4.04% | 7.01% | 2.44% | 0.93% | 4.04% | 3.75% | 3.47% | 0.88% |
| FCF Growth % | 35.27% | 852.94% | 201.82% | 78.49% | -121.82% | -7.85% | 48.99% | 96.03% | 6.85% | 47.75% | 103.7% | -74.58% | 75.19% | 22.94% | -40.89% | 120.15% | -32.33% | 186.02% | 180.25% | -70.39% | 56.3% | 44.55% | 413.2% | - |
| FCF per Share | 2.14 | 3.15 | 0.30 | -0.29 | -1.34 | 4.85 | 5.09 | 3.40 | 1.76 | 1.67 | 1.13 | 0.50 | 1.85 | 1.02 | 0.80 | 1.37 | 0.63 | 0.95 | 0.34 | 0.12 | 0.42 | 0.28 | 0.21 | 0.05 |
| FCF Conversion (FCF/Net Income) | 2.64x | 4.00x | -12.08x | -0.24x | -0.02x | 1.13x | 1.82x | 1.58x | 1.44x | 2.44x | 1.87x | 1.69x | 2.08x | 1.46x | 1.57x | 1.82x | 2.01x | 4.94x | 2.23x | 1.35x | 1.44x | 1.64x | 2.25x | 1.56x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 54K | 10K | 11K | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 11.44M | 0 | 2.49M | 2.06M | 11.31M | 42.77M | 27.6M | 24.14M | 18.34M | 14.85M | 20.46M | 19.63M | 28.77M | 28.11M | 27.84M | 18.01M | 10.79M | 5.29M | 9.42M | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying ZUMZ stock.
Zumiez Inc. (ZUMZ) generated $53.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Zumiez Inc. (ZUMZ) generated $54.3M 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.
Zumiez Inc. (ZUMZ) spent $0.8M 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, Zumiez Inc. (ZUMZ) spent $38.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Seasonal liquidity and mall traffic
Metrics are mathematically derived from official filings.
Earnings Quality and Cash Divergence
Based on reported quarterly filings, the relationship between net income and operating cash flow is highly volatile, with OCF/NI ratios swinging from 3.71 in 2024Q4 to -12.56 in 2025Q2, indicating that accounting earnings are frequently decoupled from the actual cash generated by core retail operations.
The extreme variance in the OCF/NI ratio suggests that accruals and timing differences in inventory management significantly distort the company's reported profitability. Investors should monitor whether this disconnect reflects genuine operational friction or merely the inherent seasonality of the business model, as the lack of consistent cash conversion complicates the assessment of underlying earnings quality.
Seasonal Free Cash Flow Volatility
As reported in financial statements, Zumiez's free cash flow trajectory is heavily dependent on the fourth-quarter holiday cycle, with FCF margins peaking at 18.7% in 2025Q4 before contracting sharply to -14.0% in 2026Q1, highlighting the company's reliance on seasonal liquidity to fund its operations.
The recurring negative FCF in the first quarter of each fiscal year suggests that the company is structurally reliant on holiday-season cash inflows to bridge the gap during slower periods. This pattern warrants further investigation into whether the company's cash reserves are sufficient to sustain operations if a single holiday season fails to meet performance expectations.
Inventory and Working Capital Drag
According to recent SEC filings, working capital changes have been a significant headwind, with a $36.2 million outflow in 2026Q1 alone, suggesting that the company's inventory management and collection cycles are currently struggling to align with the broader shifts in consumer demand across its mall-based footprint.
The substantial negative working capital swings in multiple quarters indicate that the company may be over-investing in inventory ahead of anticipated demand that fails to materialize. This trend suggests that the 'brand incubator' model may be creating a buildup of slow-moving stock, which could necessitate future markdowns and further pressure cash flow.
Conservative Capital Allocation Strategy
Based on the company's reported figures, capital deployment has been characterized by a focus on share repurchases, such as the $25.2 million outflow in 2025Q1, despite the company's inconsistent ability to generate positive free cash flow during non-peak quarters, reflecting a potentially aggressive approach to capital returns.
While the company maintains a debt-free balance sheet, the decision to prioritize share buybacks during periods of negative cash flow may indicate a management preference for supporting the stock price over building a larger liquidity buffer. Investors should monitor whether this capital allocation strategy remains sustainable if the current operating margin compression persists.