Bio-Rad Laboratories, Inc. (BIO-B) Cash Flow Statement
Where BIO-B’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $532.2M +16.9% vs 2024
- Capital expenditures
- $157.6M 6.1% of revenue
- Free cash flow
- $374.6M 14.5% margin
- Returned to shareholders
- $295.5M 79% of free cash flow
- Change in cash
- $40.3M cash at year-end $532.2M
Drawn to scale: where the cash came from and how it was used. Hover for values.
BIO-B operating cash flow, capex and free cash flow
BIO-B cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $216.1M2016 | $532.2M2025 | +10.5%/yr | |
| Capital expenditures | $141.6M2016 | $157.6M2025 | +1.2%/yr | |
| Free cash flow | $74.5M2016 | $374.6M2025 | +19.7%/yr | |
| Free cash flow margin | 3.6%2016 | 14.5%2025 | +10.9 pts | |
| Operating cash flow / net income | 8.312016 | 0.702025 | −7.61 | |
| Stock-based compensation | $19.7M2016 | $58.0M2025 | +12.7%/yr | |
| Dividends paid | $4.4M2017 | $100.10B2023 | +432.8%/yr | |
| Share buybacks (net) | $02016 | $295.5M2025 | — | |
| Capex / revenue | 6.8%2016 | 6.1%2025 | −0.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BIO-B cash flow by activity
BIO-B 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).
BIO-B cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $759.9M | −$1.84B | −$637.3M | −$3.63B | $4.25B | $3.81B | $1.76B | $365.6M | $122.2M | $26.0M |
| Depreciation & amortization | $165.4M | $151.6M | $145.9M | $137.3M | $137.6M | $138.6M | $134.2M | $138.1M | $148.7M | $142.9M |
| Stock-based compensation | $58.0M | $62.3M | $61.3M | $60.9M | $51.2M | $41.6M | $35.6M | $27.8M | $23.4M | $19.7M |
| Change in working capital | $272.4M | −$620.8M | −$432.8M | −$1.61B | $1.14B | $1.09B | $555.9M | $77.0M | −$203.7M | −$39.1M |
| Other non-cash items | −$723.5M | $2.71B | $1.24B | $5.23B | −$4.92B | −$4.50B | −$2.03B | −$323.0M | $13.5M | $66.6M |
| Cash from operating activities | $532.2M | $455.2M | $374.9M | $194.4M | $669.5M | $585.0M | $457.9M | $285.5M | $104.1M | $216.1M |
| Investing activities | ||||||||||
| Capital expenditures | −$157.6M | −$189.0M | −$156.7M | −$114.2M | −$133.7M | −$108.6M | −$98.5M | −$129.8M | −$115.1M | −$141.6M |
| Investments (net) | $186.3M | −$160.2M | −$110.5M | −$994.2M | −$538.2M | $119.6M | −$39.9M | −$68.7M | $17.1M | −$213.9M |
| Acquisitions & other investing | −$218.4M | $189.0M | $287.4M | −$99.2M | −$125.5M | −$80.9M | −$70.4M | $11.5M | −$77.6M | $141.6M |
| Cash from investing activities | −$189.7M | −$160.2M | $20.2M | −$1.21B | −$797.4M | −$69.9M | −$208.9M | −$187.0M | −$175.6M | −$213.9M |
| Financing activities | ||||||||||
| Dividends paid | — | — | −$100.10B | −$68.18B | −$35.28B | −$20.2M | −$3.83B | — | −$4.4M | — |
| Share repurchases & issuance (net) | −$295.5M | −$203.6M | −$428.7M | −$215.7M | −$50.0M | −$100.0M | −$28.0M | −$48.9M | −$2.9M | $11.3M |
| Net borrowing (repayment) | −$500,000 | −$400,000 | −$500,000 | $1.19B | −$3.0M | −$426.9M | −$643,000 | −$3.0M | −$352,000 | −$266,000 |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $12.8M | −$14.8M | $100.10B | $68.19B | $35.28B | $24.1M | $3.84B | $3.2M | $8.0M | −$2.0M |
| Cash from financing activities | −$283.2M | −$218.8M | −$425.6M | $973.6M | −$55.4M | −$523.0M | −$22.8M | −$48.7M | $341,000 | $9.0M |
| Summary | ||||||||||
| Net change in cash | $40.3M | $85.4M | −$30.2M | −$36.6M | −$196.0M | $4.5M | $228.5M | $49.2M | −$72.2M | −$1.7M |
| Cash at end of period | $532.2M | $489.8M | $404.4M | $434.5M | $471.1M | $667.1M | $662.7M | $434.2M | $385.0M | $457.2M |
| Free cash flow | $374.6M | $266.2M | $218.3M | $80.3M | $535.7M | $476.4M | $359.4M | $155.7M | −$11.0M | $74.5M |
| Free cash flow margin | 14.5% | 10.4% | 8.2% | 2.9% | 18.3% | 18.7% | 15.5% | 6.8% | −0.5% | 3.6% |
| Capex / revenue | 6.1% | 7.4% | 5.9% | 4.1% | 4.6% | 4.3% | 4.3% | 5.7% | 5.3% | 6.8% |
| Operating cash flow / net income | 0.70 | — | — | — | 0.16 | 0.15 | 0.26 | 0.78 | 0.85 | 8.31 |
| 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 | −$13.3M | −$527.1M | $720.0M | −$341.9M | −$120.1M | $64.0M | −$715.8M | $653.2M | −$2.17B | $383.9M | $349.7M | $106.3M |
| Depreciation & amortization | $41.1M | $40.9M | $42.5M | $44.2M | $40.6M | $38.1M | $49.3M | $38.9M | $36.4M | $37.1M | $37.2M | $37.3M |
| Stock-based compensation | $14.5M | $15.0M | $15.9M | $14.9M | −$15.3M | $15.3M | $16.4M | $15.6M | $15.0M | $15.3M | $16.2M | $15.9M |
| Change in working capital | $2.6M | −$168.5M | $254.1M | −$102.4M | −$43.6M | $43.6M | $57.0M | $220.7M | −$679.5M | $54.0M | −$8.2M | −$2.5M |
| Other non-cash items | $53.8M | $747.8M | −$867.6M | $506.1M | $254.9M | −$31.1M | $717.3M | −$764.8M | $2.89B | −$420.5M | −$313.9M | −$59.3M |
| Cash from operating activities | $98.7M | $108.1M | $164.9M | $120.9M | $116.5M | $129.9M | $124.2M | $163.6M | $97.6M | $69.8M | $81.0M | $97.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$32.0M | −$30.0M | −$45.8M | −$31.7M | −$45.7M | −$34.4M | −$42.9M | −$63.6M | −$42.3M | −$40.2M | −$42.2M | −$44.1M |
| Investments (net) | −$35.7M | −$63.3M | $11.6M | −$9.5M | $146.9M | $2.9M | −$30.5M | −$55.6M | −$30.9M | −$43.1M | $72.2M | −$9.5M |
| Acquisitions & other investing | $1.0M | $100,000 | $0 | −$1.8M | −$216.6M | $34.4M | $42.9M | $63.6M | $42.3M | $40.2M | $42.2M | $44.1M |
| Cash from investing activities | −$66.7M | −$93.2M | −$34.2M | −$43.0M | −$115.4M | $2.9M | −$30.5M | −$55.6M | −$30.9M | −$43.1M | $72.2M | −$9.5M |
| Financing activities | ||||||||||||
| Dividends paid | −$15.7M | −$33.3M | — | — | −$48.9M | — | — | −$15.8M | — | −$15.8M | −$85.44B | −$4.6M |
| Share repurchases & issuance (net) | −$31.5M | −$47.8M | $0 | −$53.4M | −$140.2M | −$101.9M | −$14,000 | −$97.8M | −$101.0M | −$4.7M | −$200.0M | −$21.3M |
| Net borrowing (repayment) | −$200,000 | −$100,000 | −$200,000 | $0 | −$200,000 | −$100,000 | −$41,000 | — | — | — | — | −$118,000 |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $19.5M | $37.2M | $3.5M | $900,000 | $53.0M | $4.3M | −$26.2M | $17.7M | $4.4M | $20.6M | $85.44B | −$512,000 |
| Cash from financing activities | −$27.9M | −$44.0M | $3.3M | −$52.5M | −$136.3M | −$97.7M | −$26.2M | −$96.0M | −$96.6M | $21,000 | −$200.6M | −$26.6M |
| Summary | ||||||||||||
| Net change in cash | $9.5M | −$23.2M | $132.0M | $26.5M | −$151.4M | $33.3M | $77.6M | $4.5M | −$26.0M | $29.4M | −$53.9M | $67.8M |
| Cash at end of period | $518.8M | $509.0M | $529.8M | $398.2M | $371.7M | $523.1M | $489.8M | $412.2M | $407.7M | $433.8M | $404.4M | $458.3M |
| Free cash flow | $66.7M | $78.1M | $119.1M | $89.2M | $70.8M | $95.5M | $81.2M | $100.0M | $55.4M | $29.6M | $38.8M | $53.6M |
| Free cash flow margin | 10.2% | 13.2% | 17.2% | 13.7% | 10.9% | 16.3% | 12.2% | 15.4% | 8.7% | 4.8% | 5.7% | 8.5% |
| Capex / revenue | 4.9% | 5.1% | 6.6% | 4.9% | 7.0% | 5.9% | 6.4% | 9.8% | 6.6% | 6.6% | 6.2% | 7.0% |
| Operating cash flow / net income | — | — | 0.23 | — | — | 2.03 | — | 0.25 | — | 0.18 | 0.23 | 0.92 |
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.
BIO-B cash generation
In fiscal 2025 (ended December 31, 2025), Bio-Rad Laboratories generated $532.2 million of cash from operations (up 16.9%) and spent $157.6 million on capital expenditures, leaving free cash flow of $374.6 million, 14.5% of revenue. It returned $295.5 million to shareholders through dividends ($0) and net share buybacks ($295.5 million). Cash and equivalents rose by $40.3 million over the year.
Related: BIO-B income statement, BIO-B balance sheet. See the BIO-B stock overview for the latest quote and news.
BIO-B cash flow FAQ
What is Bio-Rad Laboratories's free cash flow?
Bio-Rad Laboratories's free cash flow was $374.6 million in fiscal 2025: $532.2 million of operating cash flow minus $157.6 million of capital expenditures It was $266.2 million a year earlier..
How much cash does Bio-Rad Laboratories generate from operations?
Bio-Rad Laboratories generated $532.2 million of cash from operating activities in fiscal 2025, 0.70 times its net income of $759.9 million.
How much does Bio-Rad Laboratories spend on capital expenditures?
Bio-Rad Laboratories spent $157.6 million on capital expenditures in fiscal 2025, 6.1% of revenue, compared with $189.0 million the year before.
How much stock does Bio-Rad Laboratories buy back?
Bio-Rad Laboratories spent $295.5 million on net share repurchases in fiscal 2025.