Apogee Enterprises, Inc. (APOG) Cash Flow Statement
Where APOG’s cash came from and went, FY2026
February 28, 2026 · U.S. dollars- Cash from operations
- $122.5M −2.2% vs FY2025
- Capital expenditures
- $27.3M 1.9% of revenue
- Free cash flow
- $95.2M 6.8% margin
- Returned to shareholders
- $37.2M 39% of free cash flow
- Change in cash
- −$1.9M cash at year-end $39.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
APOG operating cash flow, capex and free cash flow
APOG cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $121.0MFY2017 | $122.5MFY2026 | +0.1%/yr | |
| Capital expenditures | $68.1MFY2017 | $27.3MFY2026 | −9.6%/yr | |
| Free cash flow | $52.9MFY2017 | $95.2MFY2026 | +6.7%/yr | |
| Free cash flow margin | 4.7%FY2017 | 6.8%FY2026 | +2.0 pts | |
| Operating cash flow / net income | 1.41FY2017 | 2.26FY2026 | +0.85 | |
| Stock-based compensation | $6.0MFY2017 | $8.2MFY2026 | +3.6%/yr | |
| Dividends paid | $14.7MFY2017 | $22.2MFY2026 | +4.7%/yr | |
| Share buybacks (net) | $10.8MFY2017 | $15.0MFY2026 | +3.7%/yr | |
| Capex / revenue | 6.1%FY2017 | 1.9%FY2026 | −4.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
APOG cash flow by activity
APOG 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).
APOG cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $54.1M | $85.1M | $99.6M | $104.1M | $3.5M | $15.4M | $61.9M | $45.7M | $79.5M | $85.8M |
| Depreciation & amortization | $50.0M | $44.6M | $41.6M | $42.4M | $50.0M | $51.4M | $46.8M | $49.8M | $54.8M | $35.6M |
| Stock-based compensation | $8.2M | $10.7M | $9.7M | $8.7M | $6.3M | $8.6M | $6.6M | $6.3M | $6.2M | $6.0M |
| Change in working capital | −$15.0M | −$39.6M | $44.3M | −$57.6M | −$12.5M | $11.3M | −$16.4M | −$7.2M | −$16.1M | −$5.7M |
| Other non-cash items | $25.1M | $24.4M | $8.9M | $5.1M | $53.2M | $55.1M | $8.3M | $1.8M | $2.9M | −$738,000 |
| Cash from operating activities | $122.5M | $125.2M | $204.2M | $102.7M | $100.5M | $141.9M | $107.3M | $96.4M | $127.3M | $121.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$27.3M | −$35.6M | −$43.2M | −$45.2M | −$21.8M | −$26.2M | −$51.4M | −$60.7M | −$53.2M | −$68.1M |
| Investments (net) | −$4.8M | −$265.9M | −$43.7M | −$27.7M | $9.3M | −$949,000 | $756,000 | −$3.1M | $232,000 | $32.7M |
| Acquisitions & other investing | $1.6M | $35.6M | $43.2M | $45.2M | $21.8M | $25.0M | $3.6M | $10.1M | −$172.8M | −$145.4M |
| Cash from investing activities | −$30.5M | −$265.9M | −$43.7M | −$27.7M | $9.3M | −$2.1M | −$47.0M | −$53.7M | −$225.7M | −$180.8M |
| Financing activities | ||||||||||
| Dividends paid | −$22.2M | −$21.7M | −$21.1M | −$19.7M | −$20.3M | −$19.6M | −$18.7M | −$17.9M | −$16.4M | −$14.7M |
| Share repurchases & issuance (net) | −$15.0M | −$45.4M | −$11.8M | −$74.3M | −$100.4M | −$32.9M | −$25.1M | −$43.3M | −$33.7M | −$10.8M |
| Net borrowing (repayment) | −$52.7M | $223.0M | −$107.9M | $158.0M | −$2.0M | −$47.7M | −$177.5M | $30.0M | $150.1M | $44.6M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$6.2M | −$9.8M | −$3.8M | −$155.1M | $2.1M | −$7.7M | $146.8M | −$1.1M | −$1.7M | −$446,000 |
| Cash from financing activities | −$96.2M | $146.0M | −$144.6M | −$91.0M | −$120.6M | −$107.9M | −$74.5M | −$32.3M | $98.3M | $18.7M |
| Summary | ||||||||||
| Net change in cash | −$1.9M | $4.2M | $15.7M | −$16.1M | −$9.7M | $32.3M | −$14.3M | $9.9M | −$104,000 | −$41.0M |
| Cash at end of period | $39.5M | $41.4M | $37.2M | $21.5M | $37.6M | $47.3M | $15.0M | $29.2M | $19.4M | $19.5M |
| Free cash flow | $95.2M | $89.6M | $161.0M | $57.5M | $78.6M | $115.7M | $55.8M | $35.7M | $74.1M | $52.9M |
| Free cash flow margin | 6.8% | 6.6% | 11.4% | 4.0% | 6.0% | 9.4% | 4.0% | 2.5% | 5.6% | 4.7% |
| Capex / revenue | 1.9% | 2.6% | 3.0% | 3.1% | 1.7% | 2.1% | 3.7% | 4.3% | 4.0% | 6.1% |
| Operating cash flow / net income | 2.26 | 1.47 | 2.05 | 0.99 | 28.82 | 9.19 | 1.73 | 2.11 | 1.60 | 1.41 |
| Aug '26 | May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $22.4M | $11.5M | $16.6M | $16.5M | $23.6M | −$2.7M | $2.5M | $21.0M | $30.6M | $31.0M | $15.7M | $27.0M |
| Depreciation & amortization | $14.0M | $12.6M | $12.5M | $12.5M | $12.5M | $12.4M | $13.8M | $11.1M | $9.7M | $10.0M | $10.4M | $10.5M |
| Stock-based compensation | $2.6M | $2.3M | $1.7M | $3.8M | $473,000 | $2.3M | $2.7M | $2.4M | $2.9M | $2.7M | $3.1M | $2.2M |
| Change in working capital | −$12.6M | −$23.3M | $33.2M | −$7.2M | $6.1M | −$47.1M | $3.7M | $31.9M | $11.8M | −$43.7M | $42.1M | $17.7M |
| Other non-cash items | $9.4M | $4.3M | −$8.2M | $3.7M | $14.4M | $15.3M | $7.4M | −$35.5M | $3.7M | $5.5M | $3.6M | $9.3M |
| Cash from operating activities | $35.8M | $7.4M | $55.8M | $29.3M | $57.1M | −$19.8M | $30.0M | $31.0M | $58.7M | $5.5M | $74.9M | $66.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$11.5M | −$6.3M | −$9.0M | −$6.5M | −$4.7M | −$7.2M | −$10.9M | −$9.0M | −$8.4M | −$7.2M | −$16.2M | −$11.9M |
| Investments (net) | — | −$4.6M | −$5.8M | $50,000 | −$3.9M | −$7.0M | −$8.8M | −$241.7M | −$8.1M | −$7.3M | −$17.4M | −$11.2M |
| Acquisitions & other investing | −$100.6M | $1.2M | $26,000 | $1.5M | $4.7M | $7.2M | $10.9M | $9.0M | $8.4M | $7.2M | $16.2M | $11.9M |
| Cash from investing activities | −$112.1M | −$9.8M | −$14.8M | −$4.9M | −$3.9M | −$7.0M | −$8.8M | −$241.7M | −$8.1M | −$7.3M | −$17.4M | −$11.2M |
| Financing activities | ||||||||||||
| Dividends paid | −$5.5M | −$5.6M | −$5.6M | −$5.5M | −$5.5M | −$5.5M | −$5.5M | −$5.4M | −$10.8M | −$5.4M | −$5.4M | −$5.2M |
| Share repurchases & issuance (net) | −$6.4M | −$9.7M | −$15.0M | $0 | $0 | $0 | −$30.3M | $0 | $0 | −$15.1M | $0 | $0 |
| Net borrowing (repayment) | — | $5.1M | −$22.7M | −$15.0M | −$41.0M | $26.0M | $13.0M | $210.0M | −$15.0M | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $98.0M | −$995,000 | −$899,000 | −$2.3M | −$252,000 | −$2.8M | −$168,000 | −$931,000 | −$3.9M | $15.5M | −$38.7M | −$45.1M |
| Cash from financing activities | $86.0M | −$11.1M | −$44.3M | −$22.8M | −$46.8M | $17.6M | −$23.0M | $203.7M | −$29.7M | −$4.9M | −$44.2M | −$50.3M |
| Summary | ||||||||||||
| Net change in cash | $10.1M | −$13.1M | −$1.8M | $1.8M | $6.7M | −$8.6M | −$2.4M | −$7.2M | $20.7M | −$6.9M | $13.8M | $5.0M |
| Cash at end of period | $36.5M | $26.4M | $39.5M | $41.3M | $39.5M | $32.8M | $41.4M | $43.9M | $51.0M | $30.4M | $37.2M | $23.4M |
| Free cash flow | $24.3M | $1.1M | $46.9M | $22.9M | $52.4M | −$26.9M | $19.1M | $22.0M | $50.2M | −$1.8M | $58.7M | $54.8M |
| Free cash flow margin | 6.2% | 0.3% | 13.3% | 6.6% | 14.6% | −7.8% | 5.5% | 6.4% | 14.7% | −0.5% | 16.2% | 16.1% |
| Capex / revenue | 2.9% | 1.8% | 2.6% | 1.9% | 1.3% | 2.1% | 3.2% | 2.6% | 2.5% | 2.2% | 4.5% | 3.5% |
| Operating cash flow / net income | 1.60 | 0.64 | 3.36 | 1.77 | 2.41 | — | 12.09 | 1.48 | 1.92 | 0.18 | 4.76 | 2.47 |
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.
APOG cash generation
In fiscal 2026 (ended February 28, 2026), Apogee Enterprises generated $122.5 million of cash from operations (down 2.2%) and spent $27.3 million on capital expenditures, leaving free cash flow of $95.2 million, 6.8% of revenue. It returned $37.2 million to shareholders through dividends ($22.2 million) and net share buybacks ($15.0 million). Cash and equivalents fell by $1.9 million over the year.
Related: APOG income statement, APOG balance sheet, APOG dividend history. See the APOG stock overview for the latest quote and news.
APOG cash flow FAQ
What is Apogee Enterprises's free cash flow?
Apogee Enterprises's free cash flow was $95.2 million in fiscal 2026: $122.5 million of operating cash flow minus $27.3 million of capital expenditures It was $89.6 million a year earlier..
How much cash does Apogee Enterprises generate from operations?
Apogee Enterprises generated $122.5 million of cash from operating activities in fiscal 2026, 2.26 times its net income of $54.1 million.
How much does Apogee Enterprises spend on capital expenditures?
Apogee Enterprises spent $27.3 million on capital expenditures in fiscal 2026, 1.9% of revenue, compared with $35.6 million the year before.
How much stock does Apogee Enterprises buy back?
Apogee Enterprises spent $15.0 million on net share repurchases in fiscal 2026.
How much does Apogee Enterprises pay in dividends?
Apogee Enterprises paid $22.2 million in dividends in fiscal 2026, 23.3% of free cash flow.