FFilingLens
Quarterly TTM Annual
Income Balance Cash flow
8Q

Three-Statement Breakdown

ARE
2026-06-30 · figures in $M

FCF UP

Free cash flow moved from -$349.4M to -$66.4M.

CASH FROM OPS +71.4%
337 50.8% MGN
CAPITAL EXPENDITURE -26.1%
403
FREE CASH FLOW —
-66
FCF / NET INCOME —
— TARGET >1.0×
Cash flow 24-09 24-12 25-03 25-06 25-09 25-12 26-03 QoQ YoY TTM 8Q
Net income
10-Q
168 -62 -9 -107 -233 -1,081 362 -73 — — -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
10-Q
294 330 342 346 340 322 305 304 -0.3% -12.1% 1,272
Stock-based comp
16 12 10 13 10 8 11 10 -8.0% -19.0% 40
Cash from operations
477 274 208 460 433 312 197 337 +71.4% -26.8% 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
2.84× — — — — — 0.54× — — — —
Capital expenditures
(691) (490) (646) (435) (458) (332) (546) (403) -26.1% -7.3% (1,739)
Free cash flow
-214 -216 -438 25 -24 -20 -349 -66 — — -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
-27.0% -27.4% -57.8% 3.3% -3.2% -2.6% -52.1% -10.0% — — -16.2%
Cash from investing
-488 446 -655 -375 -408 1,800 -585 -410 — — 397
Dividends paid
227 227 230 227 227 227 124 124 +0.1% -45.5% 702
Share repurchases
0 50 208 0 0 0 0 0 — — 0
Debt repayment
0 0 0 600 0 0 1,252 350 -72.0% -41.7% 1,602
Cash from financing
25 -739 371 -41 31 -2,145 258 125 -51.6% — -1,731
Net change in cash
14 -20 -76 44 56 -30 -130 52 — +17.1% -53
Ending cash balance
563 552 476 521 579 549 419 470 +12.4% -9.6% 470

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SELECTED · FREE CASH FLOW · QoQ BRIDGE
FROM-349 CASH FROM OPERATIONS+140 CAPITAL EXPENDITURES+143 TO-66
↹ CLICK A LINE TO SELECT · ⌘F FIND LINE ITEM SRC 10-Q FILED 2026-08-03 ↗