Arcos Dorados Holdings Inc. cash flow statement

In fiscal 2025, Arcos Dorados Holdings Inc.'s operations generated $296m of cash; it spent $281m on capital projects, leaving free cash flow of $15.0m. It returned $50.6m in dividends.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Arcos Dorados Holdings Inc.: cash flow statement, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	148	264	262	230	217	193	113	164	255	180	223	16	258	345	382	267	296
Depreciation and amortisation	54	61	69	92	115	117	111	93	99	106	123	127	120	120	149	177	197
Stock-based pay	—	20	19	−16	6	6	3	3	3	4	2	2	0	0	0	—	—
Capital spending	90	176	320	294	313	170	91	92	175	197	265	86	115	217	360	328	281
Free cash flow	58	88	−58	−64	−96	23	22	72	80	−17	−42	−70	143	128	22	−61	15
Free cash flow after stock pay	—	68	−78	−49	−102	17	19	69	77	−21	−44	−72	143	128	22	—	—
Dividends paid	—	33	57	50	38	50	13	0	0	21	22	10	0	32	40	51	51
Share buybacks	—	—	—	—	—	—	—	0	0	46	14	0	0	—	—	—	—
Shares issued	—	378	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Arcos Dorados Holdings Inc.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Arcos Dorados Holdings Inc.