Boston Omaha (BOC) Financials

Boston Omaha (NYSE: BOC) remains a cash-generating but still unprofitable business. Over the last several years, revenue has generally trended higher, but profitability has been uneven because operating expenses, depreciation/amortization, and other non-operating items have often outweighed gross profit. In Q1 2026, the company again posted a net loss, although operating cash flow was positive.

• Revenue is still growing over time. Q1 2026 revenue was $28.2 million, up slightly from $27.7 million in Q1 2024 and above most 2025 quarterly levels.
• Operating cash flow remains positive. Q1 2026 generated $3.9 million in operating cash flow, showing the core business can still convert operations into cash despite accounting losses.
• The balance sheet has substantial liquidity. As of Q1 2026, Boston Omaha held $28.8 million in cash, $13.9 million in restricted cash, and $48.1 million in short-term investments.
• Total equity remains large. Q1 2026 total equity and noncontrolling interests were $523.2 million, supported by a sizable asset base.
• Investing activity produced cash in Q1 2026. The company sold or matured $84.2 million of investments versus $72.4 million of purchases, resulting in positive net investing cash flow.
• Depreciation and amortization remain meaningful non-cash expenses. These expenses continue to add back to cash flow, but they also reflect a business with a heavy asset base.
• The company carries a lot of long-lived assets and intangibles. Q1 2026 included $174.5 million of net PPE, $182.4 million of goodwill, and $49.6 million of intangible assets, which means future impairment risk should be watched.
• Quarterly share count has not been stable. Weighted average basic shares have moved around in the low-30 million range, which can affect per-share results.
• Profitability remains weak. Q1 2026 net loss was $2.6 million, after a $6.95 million loss in Q4 2025 and a $4.4 million loss in Q3 2025.
• Operating income has been negative in recent periods. In Q1 2026, operating loss was $2.2 million, and the company has generally struggled to cover its operating costs from gross profit alone.
• Financing outflows continue to pressure cash. Q1 2026 saw $11.0 million of net financing cash outflow, driven by dividends, share repurchases, and debt repayment.
• Liabilities are significant relative to current assets. Q1 2026 current liabilities were $59.3 million and total liabilities were $173.0 million, so the company relies on continued cash generation and investment income.

Trend summary: Boston Omaha’s top line has generally expanded modestly over the last few years, but earnings have been volatile and usually negative in recent quarters. Cash flow from operations has stayed positive more often than net income has, which is a constructive sign. Still, the combination of recurring losses, large investment holdings, and ongoing financing distributions means investors should view BOC as a cash-rich but not yet consistently profitable business.