The Bank of New York Mellon Corporation (BNY) Cash Flow Statement
Where BNY’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $6.73B +879.6% vs 2024
- Capital expenditures
- $1.55B 3.8% of revenue
- Free cash flow
- $5.18B 12.8% margin
- Returned to shareholders
- $6.22B 120% of free cash flow
- Change in cash
- $2.38B cash at year-end $7.96B
Drawn to scale: where the cash came from and how it was used. Hover for values.
BNY operating cash flow, capex and free cash flow
BNY cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $6.25B2016 | $6.73B2025 | +0.8%/yr | |
| Capital expenditures | $825.0M2016 | $1.55B2025 | +7.3%/yr | |
| Free cash flow | $5.42B2016 | $5.18B2025 | −0.5%/yr | |
| Free cash flow margin | 35.5%2016 | 12.8%2025 | −22.7 pts | |
| Operating cash flow / net income | 1.762016 | 1.212025 | −0.55 | |
| Stock-based compensation | $364.0M2016 | $365.0M2022 | +0.0%/yr | |
| Dividends paid | $900.0M2016 | $1.69B2025 | +7.2%/yr | |
| Share buybacks (net) | $2.40B2016 | $4.54B2025 | +7.3%/yr | |
| Capex / revenue | 5.4%2016 | 3.8%2025 | −1.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BNY cash flow by activity
BNY 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).
BNY cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $5.55B | $4.53B | $3.29B | $2.57B | $3.76B | $3.62B | $4.44B | $4.27B | $4.09B | $3.55B |
| Depreciation & amortization | $1.85B | $1.80B | $1.89B | $1.78B | $1.87B | $1.63B | $1.31B | $1.34B | $1.47B | $1.50B |
| Stock-based compensation | — | — | — | $365.0M | $324.0M | $231.0M | $306.0M | — | — | $364.0M |
| Change in working capital | −$813.0M | −$5.45B | $925.0M | $9.55B | −$2.80B | −$294.0M | −$5.54B | $934.0M | −$889.0M | $1.04B |
| Other non-cash items | $142.0M | −$195.0M | −$186.0M | $803.0M | −$309.0M | −$146.0M | −$427.0M | −$543.0M | −$8.0M | −$203.0M |
| Cash from operating activities | $6.73B | $687.0M | $5.91B | $15.07B | $2.84B | $5.04B | $96.0M | $6.00B | $4.67B | $6.25B |
| Investing activities | ||||||||||
| Capital expenditures | −$1.55B | −$1.47B | −$1.22B | −$1.35B | −$1.22B | −$1.22B | −$1.21B | −$1.11B | −$1.20B | −$825.0M |
| Investments (net) | −$7.81B | −$9.35B | $17.55B | $5.72B | — | — | — | — | — | — |
| Acquisitions & other investing | −$34.92B | $1.34B | −$22.14B | $15.50B | $20.89B | −$77.23B | −$9.34B | $4.41B | −$29.85B | $52.03B |
| Cash from investing activities | −$44.28B | −$9.48B | −$5.81B | $19.87B | $19.67B | −$78.45B | −$10.55B | $3.30B | −$31.05B | $51.20B |
| Financing activities | ||||||||||
| Dividends paid | −$1.69B | −$1.54B | −$1.49B | −$1.38B | −$1.32B | −$1.30B | −$1.29B | −$1.22B | −$1.08B | −$900.0M |
| Share repurchases & issuance (net) | −$4.54B | −$3.06B | −$3.10B | −$124.0M | −$4.57B | −$989.0M | −$3.33B | −$3.27B | −$2.69B | −$2.40B |
| Net borrowing (repayment) | $2.10B | −$167.0M | $501.0M | $5.58B | — | — | — | — | — | — |
| Shares issued | $1.50B | $17.0M | $16.0M | $14.0M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $42.33B | $11.09B | $555.0M | −$37.75B | −$16.07B | $77.79B | $14.07B | −$3.61B | $30.54B | −$55.75B |
| Cash from financing activities | $39.71B | $6.34B | −$3.52B | −$33.65B | −$21.96B | $75.51B | $9.46B | −$8.10B | $26.78B | −$59.05B |
| Summary | ||||||||||
| Net change in cash | $2.38B | −$2.77B | −$3.19B | $1.65B | $464.0M | $2.15B | −$991.0M | $1.12B | $560.0M | −$1.72B |
| Cash at end of period | $7.96B | $5.58B | $8.34B | $11.53B | $9.88B | $9.42B | $7.27B | $8.26B | $5.38B | $4.82B |
| Free cash flow | $5.18B | −$782.0M | $4.69B | $13.72B | $1.62B | $3.82B | −$1.11B | $4.89B | $3.44B | $5.42B |
| Free cash flow margin | 12.8% | −2.0% | 13.9% | 69.3% | 10.2% | 23.0% | −5.4% | 26.0% | 21.3% | 35.5% |
| Capex / revenue | 3.8% | 3.7% | 3.6% | 6.8% | 7.7% | 7.4% | 5.9% | 5.9% | 7.4% | 5.4% |
| Operating cash flow / net income | 1.21 | 0.15 | 1.80 | 5.86 | 0.75 | 1.39 | 0.02 | 1.41 | 1.14 | 1.76 |
| 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 | $1.79B | $1.63B | $1.46B | $1.45B | $1.42B | $1.22B | $1.16B | $1.18B | $1.17B | $1.02B | $302.0M | $1.04B |
| Depreciation & amortization | $398.0M | $415.0M | $552.0M | $428.0M | $426.0M | $446.0M | $428.0M | $451.0M | $456.0M | $468.0M | $661.0M | $426.0M |
| Change in working capital | $362.0M | −$5.10B | $3.18B | −$2.85B | $210.0M | −$1.35B | $110.0M | −$1.88B | $534.0M | −$4.21B | −$2.69B | $3.62B |
| Other non-cash items | −$88.0M | $36.0M | −$9.0M | −$87.0M | $138.0M | $100.0M | −$143.0M | −$62.0M | −$29.0M | $39.0M | −$336.0M | −$43.0M |
| Cash from operating activities | $2.46B | −$3.01B | $5.18B | −$1.06B | $2.20B | $412.0M | $1.55B | −$312.0M | $2.13B | −$2.68B | −$2.07B | $5.04B |
| Investing activities | ||||||||||||
| Capital expenditures | −$487.0M | −$617.0M | −$436.0M | −$438.0M | −$359.0M | −$320.0M | −$413.0M | −$375.0M | −$382.0M | −$299.0M | −$269.0M | −$336.0M |
| Investments (net) | — | −$5.78B | −$2.48B | −$228.0M | $1.61B | −$6.71B | — | — | — | — | — | — |
| Acquisitions & other investing | $38.70B | −$77.33B | −$17.85B | $31.70B | −$37.00B | −$11.77B | $2.04B | $10.58B | $5.81B | −$26.44B | −$1.08B | $20.97B |
| Cash from investing activities | $38.21B | −$83.72B | −$20.76B | $31.03B | −$35.75B | −$18.80B | $1.63B | $10.20B | $5.43B | −$26.74B | −$1.35B | $20.63B |
| Financing activities | ||||||||||||
| Dividends paid | −$453.0M | −$434.0M | −$416.0M | −$477.0M | −$378.0M | −$414.0M | −$374.0M | −$425.0M | −$347.0M | −$396.0M | −$364.0M | −$415.0M |
| Share repurchases & issuance (net) | −$1.10B | −$983.0M | −$1.04B | −$849.0M | −$895.0M | −$746.0M | −$750.0M | −$725.0M | −$601.0M | −$988.0M | −$950.0M | −$450.0M |
| Net borrowing (repayment) | — | −$387.0M | −$627.0M | −$1.26B | $3.05B | $936.0M | — | — | — | — | — | — |
| Shares issued | $0 | $500.0M | $5.0M | $500.0M | $5.0M | $992.0M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$37.23B | $89.61B | $17.96B | −$28.48B | $31.52B | $20.33B | −$4.13B | −$8.27B | −$6.46B | $29.82B | $5.05B | −$26.42B |
| Cash from financing activities | −$38.78B | $88.30B | $15.87B | −$30.56B | $33.30B | $21.10B | −$5.26B | −$9.42B | −$7.41B | $28.43B | $3.74B | −$27.29B |
| Summary | ||||||||||||
| Net change in cash | $1.90B | $1.53B | $315.0M | −$670.0M | −$97.0M | $2.83B | −$2.27B | $506.0M | $125.0M | −$1.13B | $354.0M | −$1.62B |
| Cash at end of period | $11.38B | $9.49B | $7.96B | $7.64B | $8.31B | $8.41B | $5.58B | $7.84B | $7.34B | $7.21B | $8.34B | $7.99B |
| Free cash flow | $1.98B | −$3.63B | $4.75B | −$1.50B | $1.84B | $92.0M | $1.14B | −$687.0M | $1.75B | −$2.98B | −$2.34B | $4.70B |
| Free cash flow margin | 19.4% | −36.8% | 47.2% | −14.5% | 17.7% | 1.0% | 11.3% | −6.8% | 17.7% | −31.4% | −25.3% | — |
| Capex / revenue | 4.8% | 6.3% | 4.3% | 4.2% | 3.5% | 3.3% | 4.1% | 3.7% | 3.9% | 3.2% | 2.9% | — |
| Operating cash flow / net income | 1.38 | −1.85 | 3.55 | −0.74 | 1.54 | 0.34 | 1.34 | −0.26 | 1.82 | −2.61 | −6.85 | 4.85 |
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.
BNY cash generation
In fiscal 2025 (ended December 31, 2025), BNY generated $6.7 billion of cash from operations (up 879.6%) and spent $1.6 billion on capital expenditures, leaving free cash flow of $5.2 billion, 12.8% of revenue. It returned $6.2 billion to shareholders through dividends ($1.7 billion) and net share buybacks ($4.5 billion). Cash and equivalents rose by $2.4 billion over the year.
Related: BNY income statement, BNY balance sheet, BNY dividend history. See the BNY stock overview for the latest quote and news.
BNY cash flow FAQ
What is BNY's free cash flow?
BNY's free cash flow was $5.2 billion in fiscal 2025: $6.7 billion of operating cash flow minus $1.6 billion of capital expenditures It was -$782.0 million a year earlier..
How much cash does BNY generate from operations?
BNY generated $6.7 billion of cash from operating activities in fiscal 2025, 1.21 times its net income of $5.5 billion.
How much does BNY spend on capital expenditures?
BNY spent $1.6 billion on capital expenditures in fiscal 2025, 3.8% of revenue, compared with $1.5 billion the year before.
How much stock does BNY buy back?
BNY spent $4.5 billion on net share repurchases in fiscal 2025.
How much does BNY pay in dividends?
BNY paid $1.7 billion in dividends in fiscal 2025, 32.5% of free cash flow.