Boyd Group Services Inc. (BGSI) Cash Flow Statement
Where BGSI’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $331.6M +5.8% vs 2024
- Capital expenditures
- $55.3M 1.8% of revenue
- Free cash flow
- $276.3M 8.8% margin
- Returned to shareholders
- $9.5M 3% of free cash flow
- Change in cash
- $1.21B cash at year-end $1.23B
Drawn to scale: where the cash came from and how it was used. Hover for values.
BGSI operating cash flow, capex and free cash flow
BGSI cash flow trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $230.9M2020 | $331.6M2025 | +7.5%/yr | |
| Capital expenditures | $24.1M2020 | $55.3M2025 | +18.1%/yr | |
| Free cash flow | $206.8M2020 | $276.3M2025 | +6.0%/yr | |
| Free cash flow margin | 13.2%2020 | 8.8%2025 | −4.5 pts | |
| Operating cash flow / net income | 5.232020 | 17.692025 | +12.46 | |
| Stock-based compensation | $2.6M2020 | $4.3M2025 | +10.4%/yr | |
| Dividends paid | $7.1M2020 | $9.5M2025 | +6.0%/yr | |
| Capex / revenue | 1.5%2020 | 1.8%2025 | +0.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BGSI cash flow by activity
BGSI 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).
BGSI cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | $18.7M | $24.5M | $86.7M | $41.0M | $23.5M | $44.1M |
| Depreciation & amortization | $244.0M | $225.3M | $192.9M | $175.6M | $153.7M | $131.8M |
| Stock-based compensation | $4.3M | $928,000 | — | — | — | $2.6M |
| Change in working capital | $5.9M | −$5.9M | $19.1M | −$1.5M | −$14.1M | $8.5M |
| Other non-cash items | $58.7M | $68.4M | $59.0M | $49.2M | $33.6M | $43.9M |
| Cash from operating activities | $331.6M | $313.3M | $357.5M | $264.2M | $196.7M | $230.9M |
| Investing activities | ||||||
| Capital expenditures | −$55.3M | −$80.5M | −$59.2M | −$33.6M | −$36.4M | −$24.1M |
| Investments (net) | — | −$207.7M | −$244.4M | −$47.9M | −$354.1M | — |
| Acquisitions & other investing | −$175.7M | $80.5M | $59.2M | $33.6M | $36.4M | −$50.9M |
| Cash from investing activities | −$231.0M | −$207.7M | −$244.4M | −$47.9M | −$354.1M | −$75.0M |
| Financing activities | ||||||
| Dividends paid | −$9.5M | −$9.4M | −$9.4M | −$9.5M | −$9.7M | −$7.1M |
| Net borrowing (repayment) | $302.4M | −$27.0M | −$44.7M | −$181.0M | $162.1M | — |
| Shares issued | $897.0M | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$76.4M | −$70.5M | −$51.9M | −$37.8M | −$28.1M | −$127.4M |
| Cash from financing activities | $1.11B | −$106.9M | −$105.9M | −$228.4M | $124.4M | −$134.5M |
| Summary | ||||||
| Net change in cash | $1.21B | −$2.5M | $7.4M | −$12.6M | −$33.3M | $33.7M |
| Cash at end of period | $1.23B | $20.0M | $22.5M | $15.1M | $27.7M | $61.0M |
| Free cash flow | $276.3M | $232.9M | $298.4M | $230.6M | $160.3M | $206.8M |
| Free cash flow margin | 8.8% | 7.6% | 10.1% | 9.5% | 8.6% | 13.2% |
| Capex / revenue | 1.8% | 2.6% | 2.0% | 1.4% | 1.9% | 1.5% |
| Operating cash flow / net income | 17.69 | 12.77 | 4.13 | 6.45 | 8.36 | 5.23 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||
| Net income | $1.3M | −$7.8M | $4.9M | $10.8M | $5.4M | −$2.6M | $2.4M | $2.9M | $10.8M | $8.4M | $19.1M |
| Depreciation & amortization | $91.8M | $80.0M | $63.2M | $61.4M | $60.2M | $59.1M | $59.1M | $57.7M | $55.8M | $52.6M | $51.8M |
| Stock-based compensation | $2.4M | $2.3M | $1.5M | $954,000 | $1.6M | $294,000 | — | $241,000 | — | — | $6.5M |
| Change in working capital | −$8.8M | $22.5M | −$13.0M | −$240,000 | $21.5M | −$2.7M | $5.4M | −$9.0M | −$7.1M | $4.8M | −$15.6M |
| Other non-cash items | $13.1M | $12.1M | $19.1M | $29.6M | $11.7M | $16.1M | $14.1M | $18.4M | $19.6M | $17.0M | $35.4M |
| Cash from operating activities | $99.8M | $109.1M | $75.7M | $102.5M | $100.4M | $70.2M | $81.1M | $70.3M | $79.2M | $82.8M | $97.1M |
| Investing activities | |||||||||||
| Capital expenditures | −$11.5M | −$13.1M | −$13.6M | −$18.8M | −$13.0M | −$15.9M | −$17.8M | −$22.9M | −$19.1M | −$20.5M | −$12.5M |
| Investments (net) | — | — | — | −$60.1M | −$47.0M | −$44.3M | −$31.9M | −$27.2M | −$73.3M | — | — |
| Acquisitions & other investing | −$32.1M | −$1.29B | −$63.1M | $18.8M | $13.0M | $15.9M | $17.8M | $22.9M | $19.1M | −$54.8M | −$82.0M |
| Cash from investing activities | −$43.6M | −$1.30B | −$76.8M | −$60.1M | −$47.0M | −$44.3M | −$31.9M | −$27.2M | −$73.3M | −$75.3M | −$94.5M |
| Financing activities | |||||||||||
| Dividends paid | −$3.2M | −$3.1M | −$2.4M | −$2.4M | −$2.3M | −$2.3M | −$2.3M | −$2.3M | −$2.4M | −$2.4M | −$2.3M |
| Net borrowing (repayment) | −$51.5M | $35.2M | $313.1M | $33.9M | −$20.3M | −$24.3M | −$51.8M | $5.7M | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$31.0M | −$16.3M | $859.7M | −$23.9M | −$18.1M | −$18.0M | −$17.9M | −$18.4M | −$4.3M | −$10.8M | −$70,000 |
| Cash from financing activities | −$85.7M | $15.7M | $1.17B | $7.6M | −$40.8M | −$44.5M | −$72.0M | −$15.0M | −$6.6M | −$13.2M | −$2.4M |
| Summary | |||||||||||
| Net change in cash | −$31.5M | −$1.17B | $1.16B | $49.6M | $13.4M | −$18.7M | −$23.9M | $28.3M | −$850,000 | −$6.1M | $452,000 |
| Cash at end of period | $23.0M | $54.7M | $1.23B | $64.3M | $14.7M | $1.3M | $20.0M | $43.8M | $15.5M | $16.4M | $22.5M |
| Free cash flow | $88.3M | $96.0M | $62.1M | $83.7M | $87.4M | $54.3M | $63.2M | $47.3M | $60.1M | $62.3M | $84.6M |
| Free cash flow margin | 8.7% | 9.8% | 7.8% | 10.6% | 11.2% | 7.0% | 8.4% | 6.3% | 7.7% | 7.9% | 11.4% |
| Capex / revenue | 1.1% | 1.3% | 1.7% | 2.4% | 1.7% | 2.0% | 2.4% | 3.1% | 2.4% | 2.6% | 1.7% |
| Operating cash flow / net income | 77.33 | — | 15.57 | 9.45 | 18.52 | — | 33.19 | 24.28 | 7.32 | 9.88 | 5.10 |
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.
BGSI cash generation
In fiscal 2025 (ended December 31, 2025), Boyd Group Services generated $331.6 million of cash from operations (up 5.8%) and spent $55.3 million on capital expenditures, leaving free cash flow of $276.3 million, 8.8% of revenue. It returned $9.5 million to shareholders through dividends ($9.5 million) and net share buybacks ($0). Cash and equivalents rose by $1.2 billion over the year.
Related: BGSI income statement, BGSI balance sheet, BGSI dividend history. See the BGSI stock overview for the latest quote and news.
BGSI cash flow FAQ
What is Boyd Group Services's free cash flow?
Boyd Group Services's free cash flow was $276.3 million in fiscal 2025: $331.6 million of operating cash flow minus $55.3 million of capital expenditures It was $232.9 million a year earlier..
How much cash does Boyd Group Services generate from operations?
Boyd Group Services generated $331.6 million of cash from operating activities in fiscal 2025, 17.69 times its net income of $18.7 million.
How much does Boyd Group Services spend on capital expenditures?
Boyd Group Services spent $55.3 million on capital expenditures in fiscal 2025, 1.8% of revenue, compared with $80.5 million the year before.
How much does Boyd Group Services pay in dividends?
Boyd Group Services paid $9.5 million in dividends in fiscal 2025, 3.4% of free cash flow.