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Choice Hotels International cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$44.3M in Q3 2026 · $149M over twelve months

Operating cash flow$54.6M
Capital spending−$10.2M
Free cash flow+$44.3M
Cash / net income0.9×

Analysis

In Q3 2026, Choice Hotels International generated $54.6M of operating cash flow and spent $10.2M on capital projects, leaving free cash flow of $44.3M. That is $4.7M less than in Q3 2025 ($49.1M).

Over the twelve months to Sep 30, 2026, operating cash flow was $208M; the largest uses were net borrowing (+) / repaid (−) ($244M), buybacks ($192M), capital spending ($59.1M); besides operations, cash came from other financing ($501M), shares issued ($1.8M); the cash balance rose by $118M.

Operating cash flow was $54.6M against net income of $57.9M — 0.9× profit, roughly in line with earnings. The largest differences: depreciation & amortization +$16.9M, impairments +$6.0M, stock-based pay +$2.8M.

Free cash flow

Choice Hotels International: free cash flow by quarterChoice Hotels International: free cash flow by quarter$57.4MQ4 2024−$15.0MQ1 2025$65.4MQ2 2025$49.1MQ3 2025$64.1MQ4 2025−$40.0MQ1 2026$80.1MQ2 2026$44.3MQ3 2026
Operating cash flow less capital spending.
Choice Hotels International: operating cash flow against capital spendingChoice Hotels International: operating cash flow against capital spendingOperating cash flowCapital spending$82.9M$25.5MQ4 2024$20.5M$35.5MQ1 2025$95.6M$30.2MQ2 2025$68.7M$19.6MQ3 2025$85.7M$21.6MQ4 2025−$23.2M$16.8MQ1 2026$90.5M$10.5MQ2 2026$54.6M$10.2MQ3 2026
Latest (Q3 2026): Operating cash flow $54.6M, Capital spending $10.2M.

Capital allocation, year by year

Choice Hotels International: where the cash came from (up) and went (down), by fiscal yearChoice Hotels International: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $384MFY2021: Shares issued $11.1MFY2021: Asset sales $6.1MFY2021: Capital spending −$74.3MFY2021: Buybacks −$13.4MFY2021: Dividends −$25.0M$401MFY2021FY2022: Operating cash flow $367MFY2022: Net borrowing $143MFY2022: Shares issued $3.8MFY2022: Asset sales $167MFY2022: Capital spending −$65.8MFY2022: Acquisitions −$550MFY2022: Buybacks −$435MFY2022: Dividends −$52.5M$681MFY2022FY2023: Operating cash flow $297MFY2023: Net borrowing −$132MFY2023: Shares issued $6.3MFY2023: Capital spending −$68.6MFY2023: Buybacks −$363MFY2023: Dividends −$56.5M$303MFY2023FY2024: Operating cash flow $319MFY2024: Net borrowing −$388MFY2024: Shares issued $17.5MFY2024: Capital spending −$107MFY2024: Buybacks −$381MFY2024: Dividends −$55.5M$337MFY2024FY2025: Operating cash flow $270MFY2025: Net borrowing $133MFY2025: Shares issued $6.8MFY2025: Asset sales $52.0MFY2025: Capital spending −$107MFY2025: Acquisitions −$73.4MFY2025: Buybacks −$138MFY2025: Dividends −$53.5M$462MFY2025
Over these 5 years operating cash flow totalled $1.6B; the largest uses were buybacks ($1.3B) and acquisitions ($624M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$171M
Debt$2.2B
Net debt$2.0B

Choice Hotels International funds itself: free cash flow was $149M over the last twelve months, and $171M of cash and investments stands against $2.2B of debt.

Choice Hotels International: debt maturities by year (FY2025)Choice Hotels International: debt maturities by year (FY2025)$867MYear 4$1.0BAfter year 5
Principal due in each year as disclosed in the annual report, against $171M of cash and investments now.

Where the cash came from and went

Choice Hotels International: sources (+) and uses (−) of cash, Q3 2026Choice Hotels International: sources (+) and uses (−) of cash, Q3 2026Other financing$499MNet borrowing (+) / repaid (−)−$325MCash drawn (+) / kept (−)−$128MBuybacks−$58.7MOperating cash flow$54.6MOther investing−$18.9MDividends−$13.0MCapital spending−$10.2MExchange rates−$96KShares issued$72K
Choice Hotels International: sources (+) and uses (−) of cash, TTM to Q3 2026Choice Hotels International: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$501MNet borrowing (+) / repaid (−)−$244MOperating cash flow$208MBuybacks−$192MCash drawn (+) / kept (−)−$118MCapital spending−$59.1MDividends−$52.6MOther investing−$44.5MShares issued$1.8MExchange rates−$120K

From profit to cash

Choice Hotels International: net income to operating cash flow, Q3 2026Choice Hotels International: net income to operating cash flow, Q3 2026Net income$57.9MDepreciation & amortization$16.9MStock-based pay$2.8MImpairments$6.0MOperating cash flow$54.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$54.6M−$10.2M−$58.7M−$13.0M−$325M$72K−$128M$44.3M
Q2 2026$90.5M−$10.5M−$51.0M−$13.2M−$725K$1.5M$1.0M$80.1M
Q1 2026−$23.2M−$16.8M−$56.5M−$13.1M$97.0M$880K$1.1M−$40.0M
Q4 2025$85.7M−$21.6M−$25.3M−$13.3M−$15.5M−$647K$7.6M$64.1M
Q3 2025$68.7M−$19.6M−$202K−$13.3M$18.5M$1.1M$6.0M$49.1M
Q2 2025$95.6M−$30.2M−$48.1M−$13.4M$24.5M$1.6M−$18.6M$65.4M
Q1 2025$20.5M−$35.5M−$64.6M−$13.5M$106M$4.8M$123K−$15.0M
Q4 2024$82.9M−$25.5M−$31.8M−$13.0M−$43.0M$8.2M$18.4M$57.4M

Choice Hotels International: income statement and cash flow

Choice Hotels International, Q3 2026: revenue $458M (+2% year over year), operating margin 23.2%. The chart follows the revenue to costs, profit and cash.

Choice Hotels International: 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.