Boston Omaha (BOC) financial statements
Boston Omaha reported revenue of $114M in fiscal 2025, up 45.8% a year over 9 years.
Net income was -$12M and the operating margin -3.4%, against -81.7% in 2016.
Free cash flow was -$10M.
The diluted share count rose 420% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Boston Omaha's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4M | $9M | $14M | $28M | $46M | $57M | $81M | $96M | $108M | $114M |
| Cost of revenue | $1M | $3M | $6M | $11M | — | — | — | $32M | $34M | $39M |
| Gross profit | $3M | $6M | $12M | $24M | $27M | $38M | $55M | $64M | $74M | $75M |
| Selling, general and admin | $788,462 | $2M | $4M | $6M | $7M | $10M | $13M | $16M | $16M | $16M |
| Operating income | -$3M | -$7M | -$12M | -$12M | -$5M | -$24M | -$5M | -$9M | -$8M | -$4M |
| Interest expense | $7,798 | $8,255 | $1,804 | $302,749 | $841,828 | $956,050 | $1M | $1M | $2M | $2M |
| Pre-tax income | -$3M | -$6M | -$9M | -$1M | -$2M | $73M | $8M | -$9M | $3M | -$18M |
| Income tax | — | — | — | $0 | $0 | $18M | -$3M | -$3M | -$274,821 | -$79,258 |
| Net income | -$3M | -$6M | -$9M | -$1M | -$49,089 | $53M | $10M | -$7M | -$1M | -$12M |
| EPS (diluted) | -$0.53 | -$0.60 | -$0.46 | -$0.07 | $0.00 | $1.82 | $0.34 | -$0.23 | -$0.04 | -$0.40 |
| Diluted shares | 6M | 11M | 20M | 23M | 26M | 29M | 30M | 31M | 31M | 31M |
| Gross margin | 67.1% | 61.9% | 88.4% | 83.6% | 59.5% | 67.4% | 67.1% | 66.9% | 68.3% | 65.8% |
| Operating margin | -81.7% | -75.1% | -87.1% | -43.7% | -10.9% | -41.7% | -6.4% | -9.2% | -7.8% | -3.4% |
| Net margin | -82.6% | -71.8% | -64.8% | -5.2% | -0.1% | 92.6% | 12.6% | -7.3% | -1.2% | -10.9% |
Balance sheet
Fiscal years, from Boston Omaha's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $31M | $8M | $23M | $91M | $52M | $77M | $32M | $47M | $73M | $21M |
| Receivables | $783,066 | $1M | $4M | $4M | $4M | $4M | $6M | $12M | $12M | $10M |
| Total current assets | $32M | $94M | $119M | $162M | $329M | $391M | $114M | $131M | $117M | $142M |
| Property, plant and equipment | $6M | $9M | $42M | $37M | $49M | $76M | $116M | $144M | $162M | $172M |
| Goodwill | $17M | $25M | $99M | $106M | $124M | $151M | $179M | $182M | $182M | $171M |
| Total assets | $66M | $153M | $332M | $437M | $641M | $807M | $688M | $768M | $728M | $713M |
| Total current liabilities | $3M | $5M | $12M | $22M | $34M | $54M | $53M | $51M | $55M | $65M |
| Long-term debt | — | — | — | $18M | $22M | $29M | $27M | $27M | $38M | $46M |
| Total liabilities | $3M | $5M | $16M | $90M | $114M | $166M | $158M | $152M | $166M | $177M |
| Shareholders' equity | $62M | $147M | $315M | $345M | $382M | $496M | $507M | $538M | $533M | $516M |
| Net debt | -$30M | -$7M | -$17M | $2M | -$22M | -$43M | $3M | $5M | $11M | $33M |
Cash flow
Fiscal years, from Boston Omaha's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$1M | -$3M | $38,325 | $10M | $5M | $8M | -$5M | $16M | $21M | $18M |
| Capital spending | $710,974 | $2M | $3M | $3M | $9M | $21M | $40M | $52M | $32M | $28M |
| Free cash flow | -$2M | -$5M | -$3M | $7M | -$3M | -$13M | -$45M | -$36M | -$11M | -$10M |
| Net borrowing | — | — | — | $18M | $5M | $7M | -$2M | -$1M | -$1M | -$2M |
| Free cash flow margin | -57.1% | -60.5% | -21.9% | 23.9% | -7.4% | -23.2% | -55.7% | -37.2% | -10.1% | -8.8% |
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Open BOC in InvestinglyQuestions
What was Boston Omaha's revenue in 2025?
$114M in fiscal 2025, from its 10-K filing.
How much free cash flow does Boston Omaha generate?
-$10M in fiscal 2025 (operating cash flow minus capital spending).
From Boston Omaha's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.