AZZ Inc. (AZZ) Cash Flow Statement
Where AZZ’s cash came from and went, FY2026
February 28, 2026 · U.S. dollars- Cash from operations
- $525.4M +110.3% vs FY2025
- Capital expenditures
- $80.8M 4.9% of revenue
- Free cash flow
- $444.7M 26.9% margin
- Returned to shareholders
- $43.1M 10% of free cash flow
- Change in cash
- −$783,000 cash at year-end $705,000
Drawn to scale: where the cash came from and how it was used. Hover for values.
AZZ operating cash flow, capex and free cash flow
AZZ cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $111.2MFY2017 | $525.4MFY2026 | +18.8%/yr | |
| Capital expenditures | $41.4MFY2017 | $80.8MFY2026 | +7.7%/yr | |
| Free cash flow | $69.7MFY2017 | $444.7MFY2026 | +22.9%/yr | |
| Free cash flow margin | 8.1%FY2017 | 26.9%FY2026 | +18.8 pts | |
| Operating cash flow / net income | 1.82FY2017 | 1.66FY2026 | −0.17 | |
| Stock-based compensation | $5.9MFY2017 | $14.8MFY2026 | +10.8%/yr | |
| Dividends paid | $16.6MFY2017 | $23.1MFY2026 | +3.7%/yr | |
| Share buybacks (net) | $5.3MFY2017 | $20.0MFY2026 | +15.9%/yr | |
| Capex / revenue | 4.8%FY2017 | 4.9%FY2026 | +0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AZZ cash flow by activity
AZZ 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).
AZZ cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $317.3M | $52.4M | $87.2M | $58.1M | $84.0M | $39.6M | $48.2M | $51.2M | $45.2M | $60.9M |
| Depreciation & amortization | $90.1M | $82.2M | $79.4M | $74.6M | $44.7M | $44.6M | $50.2M | $50.2M | $50.5M | $50.4M |
| Stock-based compensation | $14.8M | $13.3M | $9.5M | $8.4M | $9.4M | $7.3M | $6.3M | $4.7M | $6.1M | $5.9M |
| Change in working capital | −$5.3M | $4.0M | $49.4M | −$72.6M | −$55.0M | −$19.0M | $11.7M | $1.3M | −$17.5M | −$15.5M |
| Other non-cash items | $108.6M | $98.0M | $19.0M | $23.0M | $2.9M | $19.5M | $28.4M | $7.2M | −$5.4M | $9.5M |
| Cash from operating activities | $525.4M | $249.9M | $244.5M | $91.4M | $86.0M | $92.0M | $144.8M | $114.7M | $78.9M | $111.2M |
| Investing activities | ||||||||||
| Capital expenditures | −$80.8M | −$115.9M | −$95.1M | −$57.1M | −$28.4M | −$37.1M | −$35.0M | −$25.6M | −$29.6M | −$41.4M |
| Investments (net) | — | −$115.0M | −$95.1M | −$1.23B | −$86.8M | −$28.6M | −$71.7M | −$32.1M | −$73.9M | −$63.3M |
| Acquisitions & other investing | −$10.7M | $115.9M | $95.1M | $57.1M | $28.4M | $37.1M | $35.0M | $25.6M | $29.6M | $41.4M |
| Cash from investing activities | −$91.5M | −$115.0M | −$95.1M | −$1.23B | −$86.8M | −$28.6M | −$71.7M | −$32.1M | −$73.9M | −$63.3M |
| Financing activities | ||||||||||
| Dividends paid | −$23.1M | −$23.1M | −$31.4M | −$22.7M | −$16.9M | −$17.6M | −$17.8M | −$17.7M | −$17.7M | −$16.6M |
| Share repurchases & issuance (net) | −$20.0M | −$308.9M | −$1.7M | $2.4M | −$30.8M | −$48.3M | −$5.8M | −$573,000 | −$7.5M | −$5.3M |
| Net borrowing (repayment) | −$387.7M | −$111.0M | −$115.4M | $1.05B | $48.0M | −$24.6M | −$38.0M | −$60.3M | $29.0M | −$54.7M |
| Shares issued | $3.6M | $311.5M | $2.4M | $2.4M | $2.8M | $2.8M | $3.1M | $0 | $0 | $0 |
| Other financing | −$6.9M | −$7.1M | −$1.7M | −$5.4M | −$2.2M | −$712,000 | −$1.2M | $573,000 | $0 | $0 |
| Cash from financing activities | −$434.1M | −$138.7M | −$147.9M | $1.03B | $912,000 | −$88.4M | −$59.7M | −$78.0M | $3.8M | −$76.6M |
| Summary | ||||||||||
| Net change in cash | −$783,000 | −$2.9M | $1.5M | −$12.3M | $245,000 | −$21.9M | $12.7M | $3.2M | $9.6M | −$28.9M |
| Cash at end of period | $705,000 | $1.5M | $4.3M | $2.8M | $15.1M | $14.8M | $36.7M | $24.0M | $20.9M | $11.3M |
| Free cash flow | $444.7M | $134.0M | $149.3M | $34.3M | $57.6M | $55.0M | $109.7M | $89.1M | $49.3M | $69.7M |
| Free cash flow margin | 26.9% | 8.5% | 9.7% | 2.6% | 11.0% | 11.4% | 10.3% | 9.6% | 6.1% | 8.1% |
| Capex / revenue | 4.9% | 7.3% | 6.2% | 4.3% | 5.4% | 7.7% | 3.3% | 2.8% | 3.7% | 4.8% |
| Operating cash flow / net income | 1.66 | 4.77 | 2.80 | 1.57 | 1.02 | 2.32 | 3.00 | 2.24 | 1.75 | 1.82 |
| 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 | $58.5M | $52.0M | $748.4M | $41.1M | $89.3M | $170.9M | −$56.2M | $33.6M | $35.4M | $39.6M | $17.9M | $34.1M |
| Depreciation & amortization | $24.2M | $23.5M | $23.1M | $22.8M | $22.4M | $21.8M | $20.8M | $20.6M | $20.4M | $20.3M | $20.4M | $20.4M |
| Stock-based compensation | $4.9M | $3.8M | $29.4M | $2.5M | $4.3M | $5.1M | $2.0M | $3.8M | $4.9M | $2.5M | $3.3M | $2.2M |
| Change in working capital | $15.2M | −$46.5M | $16.7M | $4.7M | −$16.7M | $16.7M | $10.3M | $8.0M | −$20.4M | $6.2M | $15.1M | $16.5M |
| Other non-cash items | $122,000 | $4.3M | −$745.0M | $8.7M | −$40.9M | $100.2M | $87.4M | $144,000 | $7.2M | $3.3M | $6.8M | −$10.6M |
| Cash from operating activities | $102.8M | $37.1M | $72.6M | $79.7M | $58.4M | $314.8M | $64.3M | $66.2M | $47.5M | $71.9M | $63.5M | $62.6M |
| Investing activities | ||||||||||||
| Capital expenditures | −$18.5M | −$18.7M | −$22.1M | −$18.5M | −$19.3M | −$20.9M | −$29.9M | −$26.4M | −$32.1M | −$27.4M | −$28.2M | −$24.2M |
| Investments (net) | — | — | — | — | −$49.4M | −$17.1M | −$29.9M | −$26.4M | −$31.4M | −$27.4M | −$28.2M | −$24.1M |
| Acquisitions & other investing | −$41.7M | $49,000 | $15.6M | $51,000 | $19.3M | $20.9M | $29.9M | $26.4M | $32.1M | $27.4M | $28.2M | $24.2M |
| Cash from investing activities | −$60.2M | −$18.7M | −$6.5M | −$18.5M | −$49.4M | −$17.1M | −$29.9M | −$26.4M | −$31.4M | −$27.4M | −$28.2M | −$24.1M |
| Financing activities | ||||||||||||
| Dividends paid | −$7.2M | −$6.0M | −$6.0M | −$6.0M | −$6.0M | −$5.1M | −$5.1M | −$11.7M | −$5.1M | −$7.9M | −$7.9M | −$7.9M |
| Share repurchases & issuance (net) | −$20.6M | −$10.5M | $0 | −$20.0M | $2.1M | −$4.6M | $2.5M | $308.9M | $308.9M | −$308.9M | −$920,000 | $47.0M |
| Net borrowing (repayment) | — | −$872,000 | −$60.6M | −$35.7M | −$5.6M | −$285.8M | −$30.3M | −$35.3M | −$20.2M | — | — | — |
| Shares issued | $0 | $0 | $1.5M | $0 | $2.1M | $0 | $1.2M | $0 | $1.5M | $308.7M | $899,000 | $1,000 |
| Other financing | −$14.0M | −$803,000 | −$714,000 | $0 | −$3.6M | −$20,000 | −$3.2M | −$303.1M | −$309.3M | −$30.5M | −$30.6M | −$72.2M |
| Cash from financing activities | −$41.8M | −$18.2M | −$65.8M | −$61.7M | −$11.1M | −$295.5M | −$34.8M | −$41.2M | −$24.2M | −$38.5M | −$38.4M | −$33.1M |
| Summary | ||||||||||||
| Net change in cash | $894,000 | $354,000 | $82,000 | −$274,000 | −$2.1M | $1.6M | $4,000 | −$668,000 | −$8.4M | $6.2M | −$3.2M | $5.4M |
| Cash at end of period | $2.0M | $1.1M | $705,000 | $623,000 | $897,000 | $3.0M | $1.5M | $1.5M | $2.2M | $10.5M | $4.3M | $7.5M |
| Free cash flow | $84.4M | $18.4M | $50.5M | $61.2M | $39.1M | $293.9M | $34.4M | $39.7M | $15.4M | $44.5M | $35.3M | $38.4M |
| Free cash flow margin | 17.3% | 4.1% | 13.1% | 14.4% | 9.4% | 69.6% | 9.8% | 9.8% | 3.8% | 10.8% | 9.6% | 10.1% |
| Capex / revenue | 3.8% | 4.2% | 5.7% | 4.4% | 4.6% | 5.0% | 8.5% | 6.6% | 7.8% | 6.6% | 7.7% | 6.3% |
| Operating cash flow / net income | 1.76 | 0.71 | 0.10 | 1.94 | 0.65 | 1.84 | — | 1.97 | 1.34 | 1.82 | 3.56 | 1.84 |
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.
AZZ cash generation
In fiscal 2026 (ended February 28, 2026), AZZ generated $525.4 million of cash from operations (up 110.3%) and spent $80.8 million on capital expenditures, leaving free cash flow of $444.7 million, 26.9% of revenue. It returned $43.1 million to shareholders through dividends ($23.1 million) and net share buybacks ($20.0 million). Cash and equivalents fell by $0.8 million over the year.
Related: AZZ income statement, AZZ balance sheet, AZZ dividend history. See the AZZ stock overview for the latest quote and news.
AZZ cash flow FAQ
What is AZZ's free cash flow?
AZZ's free cash flow was $444.7 million in fiscal 2026: $525.4 million of operating cash flow minus $80.8 million of capital expenditures It was $134.0 million a year earlier..
How much cash does AZZ generate from operations?
AZZ generated $525.4 million of cash from operating activities in fiscal 2026, 1.66 times its net income of $317.3 million.
How much does AZZ spend on capital expenditures?
AZZ spent $80.8 million on capital expenditures in fiscal 2026, 4.9% of revenue, compared with $115.9 million the year before.
How much stock does AZZ buy back?
AZZ spent $20.0 million on net share repurchases in fiscal 2026.
How much does AZZ pay in dividends?
AZZ paid $23.1 million in dividends in fiscal 2026, 5.2% of free cash flow.