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Marcus cash flow, quarter by quarter

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

Free cash flow$28.4M in Q3 2026 · $76.9M over twelve months

Operating cash flow$38.4M
Capital spending−$10.0M
Free cash flow+$28.4M
Cash / net income2.0×

Analysis

In Q3 2026, Marcus generated $38.4M of operating cash flow and spent $10.0M on capital projects, leaving free cash flow of $28.4M. That is $10.3M more than in Q3 2025 ($18.2M).

Over the twelve months to Sep 30, 2026, operating cash flow was $126M; the largest uses were capital spending ($49.1M), net borrowing (+) / repaid (−) ($13.0M), dividends ($10.0M); besides operations, cash came from other investing ($849K), asset & business sales ($110K); the cash balance rose by $54.6M.

Operating cash flow was $38.4M against net income of $18.8M — 2.0× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$17.1M, payables −$13.0M, deferred taxes +$8.8M.

Free cash flow

Marcus: free cash flow by quarterMarcus: free cash flow by quarter$27.1MQ4 2024−$58.3MQ1 2025$14.7MQ2 2025$18.2MQ3 2025$26.4MQ4 2025−$21.9MQ1 2026$44.0MQ2 2026$28.4MQ3 2026
Operating cash flow less capital spending.
Marcus: operating cash flow against capital spendingMarcus: operating cash flow against capital spendingOperating cash flowCapital spending$52.6M$25.4MQ4 2024−$35.3M$23.0MQ1 2025$31.6M$16.9MQ2 2025$39.1M$20.9MQ3 2025$48.8M$22.4MQ4 2025−$15.2M$6.6MQ1 2026$54.0M$10.0MQ2 2026$38.4M$10.0MQ3 2026
Latest (Q3 2026): Operating cash flow $38.4M, Capital spending $10.0M.

Capital allocation, year by year

Marcus: where the cash came from (up) and went (down), by fiscal yearMarcus: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingDividendsFY2021: Operating cash flow $46.3MFY2021: Net borrowing −$53.8MFY2021: Asset sales $22.1MFY2021: Capital spending −$17.1M$68.4MFY2021FY2022: Operating cash flow $93.2MFY2022: Net borrowing −$85.9MFY2022: Asset sales $36.0MFY2022: Capital spending −$36.8MFY2022: Dividends −$3.1M$129MFY2022FY2023: Operating cash flow $103MFY2023: Net borrowing −$14.0MFY2023: Asset sales $4.2MFY2023: Capital spending −$38.8MFY2023: Dividends −$7.4M$107MFY2023FY2024: Operating cash flow $104MFY2024: Net borrowing $86.2MFY2024: Asset sales $3.1MFY2024: Capital spending −$79.2MFY2024: Dividends −$8.8M$193MFY2024FY2025: Operating cash flow $84.2MFY2025: Net borrowing −$3.1MFY2025: Asset sales $859KFY2025: Capital spending −$83.2MFY2025: Dividends −$9.2M$85.1MFY2025
Over these 5 years operating cash flow totalled $430M; the largest uses were capital spending ($255M) and net borrowing ($157M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$60.2M
Debt$149M
Net debt$88.9M

Marcus funds itself: free cash flow was $76.9M over the last twelve months, and $60.2M of cash and investments stands against $149M of debt.

Marcus: debt maturities by year (FY2025)Marcus: debt maturities by year (FY2025)$62.0MYear 2$27.7MYear 3$17.7MYear 4$17.7MYear 5$34.9MAfter year 5
Principal due in each year as disclosed in the annual report, against $60.2M of cash and investments now.

Where the cash came from and went

Marcus: sources (+) and uses (−) of cash, Q3 2026Marcus: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$38.4MCash drawn (+) / kept (−)−$34.1MCapital spending−$10.0MOther financing$6.0MOther investing$3.1MDividends−$2.7MNet borrowing (+) / repaid (−)−$757KAsset & business sales$21K
Marcus: sources (+) and uses (−) of cash, TTM to Q3 2026Marcus: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$126MCash drawn (+) / kept (−)−$54.6MCapital spending−$49.1MNet borrowing (+) / repaid (−)−$13.0MDividends−$10.0MOther investing$849KOther financing−$368KAsset & business sales$110K

From profit to cash

Marcus: net income to operating cash flow, Q3 2026Marcus: net income to operating cash flow, Q3 2026Net income$18.8MDepreciation & amortization$17.1MStock-based pay$1.6MDeferred taxes$8.8MImpairments$183KGains on disposals$110KPayables−$13.0MAccrued liabilities−$133KEmployee-related liabilities$4.9MPrepaid and other assets$2.5MOther liabilities$187KIncome taxes payable−$42KOperating cash flow$38.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$38.4M−$10.0M−$2.7M−$757K−$34.1M$28.4M
Q2 2026$54.0M−$10.0M−$2.4M−$25.7M−$16.6M$44.0M
Q1 2026−$15.2M−$6.6M−$2.4M$14.3M$12.2M−$21.9M
Q4 2025$48.8M−$22.4M−$2.4M−$3.7M−$16.1M$26.4M
Q3 2025$39.1M−$20.9M−$2.4M−$18.7M$6.2M$18.2M
Q2 2025$31.6M−$16.9M−$2.1M−$19.8M−$976K$14.7M
Q1 2025−$35.3M−$23.0M−$2.2M$39.1M$28.9M−$58.3M
Q4 2024$52.6M−$25.4M−$2.2M−$974K−$11.5M$27.1M

Marcus: income statement and cash flow

Marcus, Q3 2026: revenue $238M (+13% year over year), operating margin 12.7%. The chart follows the revenue to costs, profit and cash.

Marcus: 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.