FFilingLens
Quarterly TTM Annual
Income Balance Cash flow
8Y

Three-Statement Breakdown

ARE
2026-06-30 · figures in $M

FCF UP

Free cash flow moved from -$918.1M to -$456.9M.

CASH FROM OPS -6.0%
1,414 46.7% MGN
CAPITAL EXPENDITURE -22.8%
1,871
FREE CASH FLOW —
-457
FCF / NET INCOME —
— TARGET >1.0×
Cash flow FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 YoY TTM 8Q
Net income
379 363 771 571 522 104 323 -1,430 — -1,025 2024-09-30 · $167.9M2024-12-31 · -$62.2M2025-03-31 · -$8.9M2025-06-30 · -$107.0M2025-09-30 · -$232.8M2025-12-31 · -$1.1B2026-03-31 · $361.7M2026-06-30 · -$72.8M
Depreciation & amortization
478 545 698 821 1,002 1,093 1,202 1,350 +12.3% 1,272
Stock-based comp
35 44 44 49 58 83 60 41 -31.0% 40
Cash from operations
570 684 883 1,010 1,294 1,631 1,505 1,414 -6.0% 1,279 2024-09-30 · $477.4M2024-12-31 · $274.2M2025-03-31 · $207.9M2025-06-30 · $460.2M2025-09-30 · $433.5M2025-12-31 · $312.4M2026-03-31 · $196.6M2026-06-30 · $337.0M
Cash conversion
NOT DISCLOSED
1.50× 1.88× 1.14× 1.77× 2.48× 15.73× 4.66× — — —
Capital expenditures
(927) (1,225) (1,445) (2,090) (3,307) (3,418) (2,423) (1,871) -22.8% (1,739)
Free cash flow
-357 -541 -563 -1,080 -2,013 -1,788 -918 -457 — -460 2024-09-30 · -$213.7M2024-12-31 · -$216.1M2025-03-31 · -$437.9M2025-06-30 · $25.1M2025-09-30 · -$24.1M2025-12-31 · -$19.9M2026-03-31 · -$349.4M2026-06-30 · -$66.4M
FCF margin
-26.9% -35.3% -29.8% -51.1% -77.8% -62.0% -29.5% -15.1% — -16.2%
Cash from investing
-2,162 -3,641 -3,278 -7,107 -5,080 -2,501 -1,511 362 — 397
Dividends paid
381 447 533 656 758 847 899 911 +1.4% 702
Share repurchases
NOT DISCLOSED
— — — — 0 0 50 208 4.2× 0
Debt repayment
200 350 0 0 0 0 0 600 — 1,602
Cash from financing
1,588 2,927 2,750 5,916 4,230 674 -93 -1,784 — -1,731
Net change in cash
-5 -29 355 -182 443 -197 -101 -6 — -53
Ending cash balance
234 190 569 361 825 618 552 549 -0.6% 470

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SELECTED · FREE CASH FLOW · QoQ BRIDGE
FROM-918 CASH FROM OPERATIONS-90 CAPITAL EXPENDITURES+552 ROUNDING-1 TO-457
↹ CLICK A LINE TO SELECT · ⌘F FIND LINE ITEM SRC 10-Q FILED 2026-08-03 ↗