ADT Inc. (ADT) Cash Flow Statement
Where ADT’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.89B +0.0% vs 2024
- Capital expenditures
- $572.0M 11.2% of revenue
- Free cash flow
- $1.31B 25.6% margin
- Returned to shareholders
- $794.0M 60% of free cash flow
- Change in cash
- −$95.1M cash at year-end $109.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ADT operating cash flow, capex and free cash flow
ADT cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $617.5M2016 | $1.89B2025 | +13.2%/yr | |
| Capital expenditures | $547.1M2016 | $572.0M2025 | +0.5%/yr | |
| Free cash flow | $70.4M2016 | $1.31B2025 | +38.4%/yr | |
| Free cash flow margin | 2.4%2016 | 25.6%2025 | +23.2 pts | |
| Operating cash flow / net income | 4.642017 | 3.142025 | −1.50 | |
| Stock-based compensation | $4.6M2016 | $55.0M2025 | +31.7%/yr | |
| Dividends paid | $750.0M2017 | $187.0M2025 | −15.9%/yr | |
| Share buybacks (net) | $02016 | $607.0M2025 | — | |
| Capex / revenue | 18.5%2016 | 11.2%2025 | −7.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ADT cash flow by activity
ADT net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ADT cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $601.0M | $501.1M | $463.0M | $173.0M | −$341.0M | −$632.0M | −$424.0M | −$609.0M | $343.0M | −$536.6M |
| Depreciation & amortization | $1.37B | $1.34B | $1.39B | $1.69B | $1.92B | $1.91B | $1.99B | $1.93B | $1.86B | $1.23B |
| Stock-based compensation | $55.0M | $48.6M | $51.1M | $67.0M | $61.0M | $96.0M | $86.0M | $135.0M | $11.0M | $4.6M |
| Change in working capital | −$550.0M | −$292.0M | −$443.2M | −$150.0M | $114.0M | −$254.0M | −$37.0M | −$68.0M | $42.0M | −$2.3M |
| Other non-cash items | $411.8M | $282.6M | $198.2M | $104.0M | −$99.0M | $243.0M | $259.0M | $399.0M | −$667.0M | −$81.2M |
| Cash from operating activities | $1.89B | $1.88B | $1.66B | $1.89B | $1.65B | $1.37B | $1.87B | $1.79B | $1.59B | $617.5M |
| Investing activities | ||||||||||
| Capital expenditures | −$572.0M | −$687.0M | −$806.9M | −$912.0M | −$863.0M | −$575.0M | −$701.0M | −$703.0M | −$714.0M | −$547.1M |
| Investments (net) | −$2.4M | −$1.30B | −$1.31B | −$1.53B | −$1.70B | −$1.14B | −$978.2M | — | — | — |
| Acquisitions & other investing | −$543.6M | $687.0M | $2.36B | $912.0M | $863.0M | $575.0M | $701.0M | −$1.03B | −$688.0M | −$8.84B |
| Cash from investing activities | −$1.12B | −$1.30B | $242.5M | −$1.53B | −$1.70B | −$1.14B | −$978.2M | −$1.74B | −$1.40B | −$9.38B |
| Financing activities | ||||||||||
| Dividends paid | −$187.0M | −$182.3M | −$128.6M | −$127.0M | −$116.0M | −$109.0M | −$565.0M | −$79.4M | −$750.0M | — |
| Share repurchases & issuance (net) | −$607.0M | −$240.6M | −$1.20B | −$1.20B | $0 | $2.72B | −$150.0M | −$853.0M | $0 | $4.32B |
| Net borrowing (repayment) | −$55.4M | −$174.3M | −$2.06B | $156.6M | $67.7M | −$339.0M | −$442.2M | — | — | — |
| Shares issued | $0 | $0 | $0 | $1.18B | $0 | $447.8M | $0 | $0 | $0 | $0 |
| Other financing | −$12.6M | $81.7M | $1.24B | −$24.6M | −$79.7M | −$2.79B | −$56.8M | $1.13B | $607.0M | $4.51B |
| Cash from financing activities | −$862.0M | −$515.4M | −$2.14B | −$15.0M | −$128.0M | −$70.0M | −$1.21B | $193.0M | −$143.0M | $8.83B |
| Summary | ||||||||||
| Net change in cash | −$95.1M | $74.1M | −$243.6M | $341.0M | −$175.0M | $159.0M | −$318.0M | $240.0M | $47.0M | $60.1M |
| Cash at end of period | $109.0M | $204.1M | $129.9M | $374.0M | $33.0M | $208.0M | $49.0M | $367.0M | $123.0M | $75.9M |
| Free cash flow | $1.31B | $1.20B | $850.8M | $976.0M | $787.0M | $792.0M | $1.17B | $1.08B | $878.0M | $70.4M |
| Free cash flow margin | 25.6% | 24.5% | 18.3% | 15.3% | 14.8% | 14.9% | 22.9% | 23.7% | 20.3% | 2.4% |
| Capex / revenue | 11.2% | 14.0% | 17.3% | 14.3% | 16.3% | 10.8% | 13.7% | 15.3% | 16.5% | 18.5% |
| Operating cash flow / net income | 3.14 | 3.76 | 3.58 | 10.91 | — | — | — | — | 4.64 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $154.2M | $168.0M | $146.0M | $145.0M | $168.0M | $140.2M | $190.0M | $127.2M | $92.4M | $91.5M | $86.0M | −$86.0M |
| Depreciation & amortization | $346.9M | $345.0M | $341.1M | $411.9M | $339.0M | $339.5M | $340.7M | $335.3M | $388.6M | $389.0M | $380.1M | $330.0M |
| Stock-based compensation | $18.2M | $14.0M | $12.0M | $11.0M | $12.0M | $20.5M | $9.0M | $9.9M | $21.3M | $8.1M | $8.1M | $16.0M |
| Change in working capital | $77.1M | $37.0M | −$284.4M | −$144.5M | $110.8M | −$110.8M | −$84.7M | −$94.6M | $31.9M | −$144.6M | −$84.6M | −$87.0M |
| Other non-cash items | $70.0M | $74.0M | $159.6M | $56.6M | −$65.8M | $77.1M | $4.7M | $120.4M | $29.0M | $19.9M | $22.5M | $273.0M |
| Cash from operating activities | $666.5M | $638.0M | $374.4M | $480.0M | $564.0M | $466.6M | $459.7M | $498.2M | $563.2M | $363.8M | $412.0M | $446.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$46.2M | −$49.0M | −$139.0M | −$43.0M | −$38.0M | −$150.9M | −$150.3M | −$165.2M | −$190.2M | −$181.2M | −$195.4M | −$202.0M |
| Investments (net) | $619,000 | $460,000 | −$333,000 | −$298.4M | −$364.3M | −$258.3M | −$261.1M | −$401.7M | −$332.6M | −$300.1M | $1.23B | −$333.0M |
| Acquisitions & other investing | −$215.3M | −$357.5M | −$57.7M | $43.0M | $37.6M | $150.9M | $150.3M | $165.2M | $190.2M | $181.2M | $195.4M | −$453.1M |
| Cash from investing activities | −$260.9M | −$406.0M | −$197.0M | −$298.4M | −$364.7M | −$258.3M | −$261.1M | −$401.7M | −$332.6M | −$300.1M | $1.23B | −$988.1M |
| Financing activities | ||||||||||||
| Dividends paid | −$44.9M | −$45.0M | −$45.2M | −$45.8M | −$47.0M | −$48.9M | −$50.1M | −$50.0M | −$50.0M | −$32.2M | −$32.2M | −$32.0M |
| Share repurchases & issuance (net) | −$484.0M | −$116.0M | −$233,000 | −$111.7M | −$98.4M | −$396.6M | −$147.6M | $356,000 | $0 | −$93.4M | −$59.2M | −$22.9M |
| Net borrowing (repayment) | −$10.8M | −$28.8M | −$96.6M | −$55.7M | −$10.0M | $107.0M | −$34.1M | −$408,000 | — | — | — | −$6.7M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $10.6M | $799,000 | −$97.3M | $50.1M | $16.7M | $17.3M | $32.4M | $9.4M | −$150.4M | $50.6M | −$1.78B | $43.6M |
| Cash from financing activities | −$529.1M | −$189.0M | −$239.4M | −$163.0M | −$138.8M | −$321.2M | −$199.3M | −$40.7M | −$200.4M | −$75.0M | −$1.87B | −$18.0M |
| Summary | ||||||||||||
| Net change in cash | −$123.0M | $42.5M | −$62.0M | $18.6M | $61.3M | −$112.9M | −$684,000 | $55.8M | $30.2M | −$11.3M | −$226.1M | $95.0M |
| Cash at end of period | $28.0M | $151.0M | $109.0M | $171.0M | $152.4M | $91.2M | $204.1M | $204.7M | $148.9M | $118.7M | $129.9M | $356.0M |
| Free cash flow | $620.3M | $589.0M | $235.5M | $437.0M | $526.0M | $315.7M | $309.4M | $333.0M | $373.0M | $182.6M | $216.6M | $244.0M |
| Free cash flow margin | 47.3% | 46.1% | 18.5% | 33.7% | 40.9% | 24.9% | 24.6% | 26.8% | 31.0% | 15.3% | 18.5% | 20.7% |
| Capex / revenue | 3.5% | 3.8% | 10.9% | 3.3% | 3.0% | 11.9% | 11.9% | 13.3% | 15.8% | 15.2% | 16.7% | 17.1% |
| Operating cash flow / net income | 4.32 | 3.80 | 2.56 | 3.31 | 3.36 | 3.33 | 2.42 | 3.92 | 6.10 | 3.97 | 4.79 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
ADT cash generation
In fiscal 2025 (ended December 31, 2025), ADT generated $1.9 billion of cash from operations (up 0.0%) and spent $572.0 million on capital expenditures, leaving free cash flow of $1.3 billion, 25.6% of revenue. It returned $794.0 million to shareholders through dividends ($187.0 million) and net share buybacks ($607.0 million). Cash and equivalents fell by $95.1 million over the year.
Related: ADT income statement, ADT balance sheet, ADT dividend history. See the ADT stock overview for the latest quote and news.
ADT cash flow FAQ
What is ADT's free cash flow?
ADT's free cash flow was $1.3 billion in fiscal 2025: $1.9 billion of operating cash flow minus $572.0 million of capital expenditures It was $1.2 billion a year earlier..
How much cash does ADT generate from operations?
ADT generated $1.9 billion of cash from operating activities in fiscal 2025, 3.14 times its net income of $601.0 million.
How much does ADT spend on capital expenditures?
ADT spent $572.0 million on capital expenditures in fiscal 2025, 11.2% of revenue, compared with $687.0 million the year before.
How much stock does ADT buy back?
ADT spent $607.0 million on net share repurchases in fiscal 2025.
How much does ADT pay in dividends?
ADT paid $187.0 million in dividends in fiscal 2025, 14.2% of free cash flow.