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Bally's cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$156M in Q2 2026

Operating cash flow−$121M
Capital spending−$35.1M
Free cash flow−$156M

Analysis

In Q2 2026, Bally's generated −$121M of operating cash flow and spent $35.1M on capital projects, leaving free cash flow of −$156M. That is $124M less than in Q2 2025 (−$32.2M).

Operating cash flow was −$121M against net income of −$164M. The largest differences: depreciation & amortization +$161M, deferred taxes −$35.2M, stock-based pay +$1.8M.

Free cash flow

Bally's: free cash flow by quarterBally's: free cash flow by quarter$11.8MQ2 2024−$55.8MQ3 2024−$6.2MQ4 2024−$32.2MQ2 2025−$139MQ3 2025−$18.9MQ4 2025−$184MQ1 2026−$156MQ2 2026
Operating cash flow less capital spending.
Bally's: operating cash flow against capital spendingBally's: operating cash flow against capital spendingOperating cash flowCapital spending$47.6M$35.7MQ2 2024$36.5M$92.3MQ3 2024$37.8M$44.1MQ4 2024$16.8M$49.0MQ2 2025−$88.6M$50.7MQ3 2025$18.8M$37.7MQ4 2025−$145M$38.9MQ1 2026−$121M$35.1MQ2 2026
Latest (Q2 2026): Operating cash flow −$121M, Capital spending $35.1M.

Capital allocation, year by year

Bally's: where the cash came from (up) and went (down), by fiscal yearBally's: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2020: Operating cash flow $19.5MFY2020: Net borrowing $449MFY2020: Capital spending −$15.3MFY2020: Acquisitions −$425MFY2020: Buybacks −$33.3MFY2020: Dividends −$3.2M$469MFY2020FY2021: Operating cash flow $82.8MFY2021: Net borrowing $1.9BFY2021: Shares issued $668MFY2021: Capital spending −$97.5MFY2021: Acquisitions −$2.3BFY2021: Buybacks −$87.0M$2.7BFY2021FY2022: Operating cash flow $271MFY2022: Net borrowing $32.5MFY2022: Capital spending −$212MFY2022: Acquisitions −$146MFY2022: Buybacks −$153M$304MFY2022FY2023: Operating cash flow $189MFY2023: Net borrowing $168MFY2023: Capital spending −$311MFY2023: Acquisitions −$93.9MFY2023: Buybacks −$99.1M$357MFY2023FY2024: Operating cash flow $114MFY2024: Net borrowing −$354MFY2024: Capital spending −$200MFY2024: Acquisitions −$788K$114MFY2024
Over these 5 years operating cash flow totalled $676M; the largest uses were acquisitions ($2.9B) and capital spending ($836M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$390M
Debt$4.5B
Net debt$4.1B
Due within a year$19.4M
Cash runway8 months

Bally's is burning cash: its operations consume cash, a free cash flow of −$624M a year at the current rate against $390M of cash and investments: a runway of about 8 months; $19.4M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Bally's: debt maturities by year (FY2024)Bally's: debt maturities by year (FY2024)$19.4MYear 1$19.4MYear 2$19.4MYear 3$1.8BYear 4$750MYear 5$735MAfter year 5
Principal due in each year as disclosed in the annual report, against $390M of cash and investments now.

Where the cash came from and went

Bally's: sources (+) and uses (−) of cash, Q2 2026Bally's: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$166MOperating cash flow−$121MNet borrowing (+) / repaid (−)$74.8MOther financing−$64.6MCapital spending−$35.1MOther investing−$11.0MExchange rates−$8.8M

From profit to cash

Bally's: net income to operating cash flow, Q2 2026Bally's: net income to operating cash flow, Q2 2026Net income−$164MDepreciation & amortization$161MStock-based pay$1.8MDeferred taxes−$35.2MOperating cash flow−$121M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$121M−$35.1M—$74.8M—$166M−$156M
Q1 2026−$145M−$38.9M−$16.2M−$124M—$253M−$184M
Q4 2025$18.8M−$37.7M—−$1.3B—−$667M−$18.9M
Q3 2025−$88.6M−$50.7M—$138M$5.8M$990K−$139M
Q2 2025$16.8M−$49.0M—$110M—$23.8M−$32.2M
Q4 2024$37.8M−$44.1M—−$355M—$49.3M−$6.2M
Q3 2024$36.5M−$92.3M—−$4.9M—$43.8M−$55.8M
Q2 2024$47.6M−$35.7M—−$9.9M—−$13.5M$11.8M

Bally's: income statement and cash flow

Bally's, Q2 2026: revenue $792M (+20% year over year), operating margin -4.3%. The chart follows the revenue to costs, profit and cash.

Bally's: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.