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National CineMedia cash flow, quarter by quarter

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

Free cash flow−$2.2M in Q2 2026 · $19.7M over twelve months

Operating cash flow−$1.5M
Capital spending−$700K
Free cash flow−$2.2M
Cash conversion cycle-535 days

Analysis

In Q2 2026, National CineMedia generated −$1.5M of operating cash flow and spent $700K on capital projects, leaving free cash flow of −$2.2M.

Over the twelve months to Jul 2, 2026, operating cash flow was $23.9M; the largest uses were dividends ($11.4M), other investing ($9.9M), buybacks ($4.5M); besides operations, cash came from other financing ($11.9M); the cash balance rose by $5.8M.

Operating cash flow was −$1.5M against net income of −$9.9M. The largest differences: deferred revenue −$9.1M, receivables +$7.6M, stock-based pay +$2.3M.

Its cash conversion cycle was -535 days (receivables 103 + inventory 0 − payables 638): suppliers fund its working capital.

Free cash flow

National CineMedia: free cash flow by quarterNational CineMedia: free cash flow by quarter−$2.6MQ3 2024$28.1MQ4 2024$5.3MQ1 2025−$6.6MQ2 2025−$2.0MQ3 2025$6.1MQ1 2026$17.8MQ1 2026−$2.2MQ2 2026
Operating cash flow less capital spending.
National CineMedia: operating cash flow against capital spendingNational CineMedia: operating cash flow against capital spendingOperating cash flowCapital spending−$2.0M$600KQ3 2024$30.5M$2.4MQ4 2024$6.0M$700KQ1 2025−$4.9M$1.7MQ2 2025−$1.0M$1.0MQ3 2025$8.3M$2.2MQ1 2026$18.1M$300KQ1 2026−$1.5M$700KQ2 2026
Latest (Q2 2026): Operating cash flow −$1.5M, Capital spending $700K.

Capital allocation, year by year

National CineMedia: where the cash came from (up) and went (down), by fiscal yearNational CineMedia: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingBuybacksDividendsFY2021: Operating cash flow −$95.2MFY2021: Net borrowing $47.7MFY2021: Capital spending −$5.7MFY2021: Dividends −$16.9M$47.7MFY2021FY2022: Operating cash flow −$47.3MFY2022: Net borrowing $19.8MFY2022: Capital spending −$2.9MFY2022: Dividends −$9.5M$19.8MFY2022FY2023: Operating cash flow −$6.7MFY2023: Capital spending −$3.3MFY2023: Dividends −$500KFY2023FY2024: Operating cash flow $60.3MFY2024: Capital spending −$5.8MFY2024: Buybacks −$13.1MFY2024: Dividends −$300K$60.3MFY2024FY2026: Operating cash flow $8.4MFY2026: Capital spending −$5.6MFY2026: Buybacks −$22.0MFY2026: Dividends −$11.4M$8.4MFY2026
Over these 5 years operating cash flow totalled −$80.5M; the largest uses were operating cash flow ($149M) and dividends ($38.6M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$43.1M
Debt$12.0M
Net cash$31.1M
Cash runway4.9 years

National CineMedia is burning cash: its operations consume cash, a free cash flow of −$8.8M a year at the current rate against $43.1M of cash and investments: a runway of about 4.9 years before any new financing.

Where the cash came from and went

National CineMedia: sources (+) and uses (−) of cash, Q2 2026National CineMedia: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$5.5MDividends−$2.9MOperating cash flow−$1.5MCapital spending−$700KOther investing−$300KBuybacks−$200KOther financing$100K
National CineMedia: sources (+) and uses (−) of cash, TTM to Q2 2026National CineMedia: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow$23.9MOther financing$11.9MDividends−$11.4MOther investing−$9.9MCash drawn (+) / kept (−)−$5.8MBuybacks−$4.5MCapital spending−$4.2M

From profit to cash

National CineMedia: net income to operating cash flow, Q2 2026National CineMedia: net income to operating cash flow, Q2 2026Net income−$9.9MStock-based pay$2.3MImpairments$200KOther non-cash$100KReceivables$7.6MPayables$200KDeferred revenue−$9.1MPrepaid and other assets$600KOperating cash flow−$1.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 2026103—638-535
Q1 2026223—594-371
Q1 202682—638-557
Q3 202583—572-488
Q2 202591—557-466
Q1 2025172—628-456
Q4 202478—575-497
Q3 202483—448-365

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026−$1.5M−$700K−$200K−$2.9M—$5.5M−$2.2M
Q1 2026$18.1M−$300K−$1.0M−$2.8M—−$14.0M$17.8M
Q1 2026$8.3M−$2.2M−$3.3M−$2.9M—−$4.7M$6.1M
Q3 2025−$1.0M−$1.0M—−$2.8M—$7.4M−$2.0M
Q2 2025−$4.9M−$1.7M−$9.9M−$5.7M—$22.7M−$6.6M
Q1 2025$6.0M−$700K−$8.8M—−$10.0M$15.1M$5.3M
Q4 2024$30.5M−$2.4M−$2.0M——−$25.7M$28.1M
Q3 2024−$2.0M−$600K−$1.9M——$4.4M−$2.6M

National CineMedia: income statement and cash flow

National CineMedia, Q2 2026: revenue $58.4M (+13% year over year), operating margin -21.9%. The chart follows the revenue to costs, profit and cash.

National CineMedia: 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.