First Busey Corporation (BUSE) Cash Flow Statement
Where BUSE’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $192.6M +8.0% vs 2024
- Capital expenditures
- $19.6M 1.9% of revenue
- Free cash flow
- $173.8M 16.6% margin
- Returned to shareholders
- $160.8M 93% of free cash flow
- Change in cash
- −$403.6M cash at year-end $294.1M
Drawn to scale: where the cash came from and how it was used. Hover for values.
BUSE operating cash flow, capex and free cash flow
BUSE cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$20.9M2016 | $192.6M2025 | — | |
| Capital expenditures | $9.0M2016 | $19.6M2025 | +9.1%/yr | |
| Free cash flow | −$29.9M2016 | $173.8M2025 | — | |
| Free cash flow margin | −12.4%2016 | 16.6%2025 | +29.1 pts | |
| Operating cash flow / net income | −0.422016 | 1.422025 | +1.84 | |
| Stock-based compensation | $1.8M2016 | $17.1M2025 | +28.4%/yr | |
| Dividends paid | $22.7M2016 | $91.0M2025 | +16.7%/yr | |
| Share buybacks (net) | $252.5M2016 | $69.9M2025 | −13.3%/yr | |
| Capex / revenue | 3.7%2016 | 1.9%2025 | −1.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BUSE cash flow by activity
BUSE 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).
BUSE cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $135.3M | $113.7M | $122.6M | $128.3M | $123.4M | $100.3M | $103.0M | $98.9M | $62.7M | $49.7M |
| Depreciation & amortization | $29.6M | $20.6M | $22.7M | $25.6M | $28.2M | $27.9M | $24.1M | $16.9M | $15.4M | $11.7M |
| Stock-based compensation | $17.1M | $7.7M | $6.6M | $9.0M | $7.9M | $7.1M | $4.0M | $3.7M | $2.8M | $1.8M |
| Change in working capital | −$43.6M | $5.9M | −$9.0M | −$57.3M | −$24.8M | −$16.6M | −$6.2M | $8.7M | $2.4M | −$8.2M |
| Other non-cash items | $54.2M | $30.4M | $30.5M | $60.2M | $27.3M | $50.4M | −$44.1M | $74.2M | $170.1M | −$75.9M |
| Cash from operating activities | $192.6M | $178.3M | $173.4M | $165.8M | $162.0M | $169.3M | $80.8M | $202.5M | $253.4M | −$20.9M |
| Investing activities | ||||||||||
| Capital expenditures | −$19.6M | −$6.4M | −$9.5M | −$5.0M | −$5.0M | −$4.2M | −$13.2M | −$11.6M | −$15.0M | −$9.0M |
| Investments (net) | $538.6M | $657.9M | $207.3M | −$290.9M | −$1.14B | −$736.3M | $132.9M | −$49.4M | −$313.1M | $126.2M |
| Acquisitions & other investing | $578.6M | $6.4M | $353.2M | $5.0M | $318.6M | $4.8M | −$54.7M | $5.6M | $34.2M | $32.6M |
| Cash from investing activities | $1.10B | $657.9M | $551.0M | −$290.9M | −$829.2M | −$735.7M | $65.0M | −$55.4M | −$293.9M | $149.7M |
| Financing activities | ||||||||||
| Dividends paid | −$91.0M | −$54.2M | −$53.1M | −$50.9M | −$50.8M | −$48.0M | −$45.2M | −$39.0M | −$30.7M | −$22.7M |
| Share repurchases & issuance (net) | −$69.9M | −$1.8M | −$4.5M | −$9.9M | −$33.0M | −$12.3M | −$24.3M | −$1.2M | $290.8M | −$252.5M |
| Net borrowing (repayment) | −$100.3M | −$67.5M | −$351.1M | $275.1M | $132.2M | $10.0M | $21.9M | −$344.3M | $177.7M | −$110.7M |
| Shares issued | $207.4M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$1.64B | −$734.7M | $176.7M | −$698.2M | $766.3M | $775.9M | $191.1M | $124.0M | −$210.7M | $104.4M |
| Cash from financing activities | −$1.69B | −$858.1M | −$232.0M | −$483.9M | $814.7M | $725.6M | $143.6M | −$260.5M | $227.1M | −$281.4M |
| Summary | ||||||||||
| Net change in cash | −$403.6M | −$21.9M | $492.4M | −$608.9M | $147.6M | $159.2M | $289.3M | −$113.3M | $186.6M | −$152.6M |
| Cash at end of period | $294.1M | $697.7M | $719.6M | $227.2M | $836.1M | $688.5M | $529.3M | $240.0M | $353.3M | $166.7M |
| Free cash flow | $173.8M | $171.8M | $163.9M | $160.8M | $157.0M | $165.1M | $67.6M | $190.9M | $238.4M | −$29.9M |
| Free cash flow margin | 16.6% | 25.9% | 322.4% | 33.0% | 36.4% | 37.1% | 14.3% | 50.8% | 77.2% | −12.4% |
| Capex / revenue | 1.9% | 1.0% | 18.8% | 1.0% | 1.2% | 0.9% | 2.8% | 3.1% | 4.9% | 3.7% |
| Operating cash flow / net income | 1.42 | 1.57 | 1.41 | 1.29 | 1.31 | 1.69 | 0.78 | 2.05 | 4.04 | −0.42 |
| 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 | $63.2M | $50.0M | $60.8M | $57.1M | $47.4M | −$30.0M | $28.1M | $32.0M | $27.4M | $26.2M | $25.7M | $30.7M |
| Depreciation & amortization | $8.0M | $3.6M | $8.0M | $8.1M | $8.2M | $5.9M | $5.0M | $5.1M | $5.3M | $5.3M | $5.5M | $7.9M |
| Stock-based compensation | $2.6M | $4.1M | $4.0M | $4.3M | $5.4M | $3.4M | $1.9M | $2.3M | $1.1M | $2.4M | −$333,000 | $2.6M |
| Change in working capital | −$23.4M | −$11.9M | −$6.5M | −$4.3M | −$5.4M | −$27.4M | $5.6M | $17.3M | −$7.0M | −$9.5M | $8.8M | −$4.0M |
| Other non-cash items | −$8.8M | $5.7M | $5.9M | −$2.7M | −$6.1M | $56.4M | $11.7M | $3.4M | $1.7M | $12.9M | $6.3M | $5.1M |
| Cash from operating activities | $41.5M | $51.5M | $72.2M | $62.5M | $49.5M | $8.4M | $52.3M | $60.1M | $28.5M | $37.4M | $46.1M | $42.2M |
| Investing activities | ||||||||||||
| Capital expenditures | −$2.3M | −$2.5M | −$7.3M | −$8.0M | −$3.6M | −$1.9M | −$1.9M | −$988,000 | −$2.2M | −$1.4M | −$2.8M | −$2.2M |
| Investments (net) | −$28.8M | −$43.9M | −$8.8M | $356.7M | $112.2M | $610.2M | $39.0M | $268.0M | $102.0M | $249.0M | $391.7M | $31.0M |
| Acquisitions & other investing | $261.3M | $101.5M | $34.6M | $8.0M | $3.6M | $1.9M | $1.9M | $988,000 | $2.2M | $1.4M | $2.8M | $2.2M |
| Cash from investing activities | $230.2M | $55.2M | $18.5M | $356.7M | $112.2M | $610.2M | $39.0M | $268.0M | $102.0M | $249.0M | $391.7M | $31.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$26.7M | −$27.2M | −$26.7M | −$27.4M | −$22.6M | −$14.2M | −$13.6M | −$13.6M | −$13.6M | −$13.3M | −$13.3M | −$13.3M |
| Share repurchases & issuance (net) | −$63.8M | −$66.1M | −$29.4M | −$13.5M | −$21.7M | −$4.8M | $0 | −$1.3M | $0 | −$396,000 | −$2.3M | −$2.2M |
| Net borrowing (repayment) | −$185.0M | $181.0M | $19.3M | −$99,000 | −$136.2M | $16.6M | $0 | $0 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $380.7M | −$186.1M | −$145.3M | −$745.0M | −$429.2M | −$113.5M | $66.3M | −$44.8M | −$422.6M | −$401.2M | −$40.6M | $47.4M |
| Cash from financing activities | $105.3M | −$98.5M | −$182.1M | −$786.1M | −$609.6M | −$116.0M | $52.7M | −$59.7M | −$436.2M | −$414.8M | −$56.1M | $32.0M |
| Summary | ||||||||||||
| Net change in cash | $376.9M | $8.2M | −$91.4M | −$366.9M | −$447.9M | $502.6M | $143.9M | $268.4M | −$305.8M | −$128.5M | $381.7M | $105.2M |
| Cash at end of period | $665.4M | $288.5M | $294.1M | $385.5M | $752.4M | $1.20B | $697.7M | $553.7M | $285.3M | $591.1M | $719.6M | $337.9M |
| Free cash flow | $39.2M | $49.1M | $64.8M | $54.5M | $45.9M | $6.5M | $50.4M | $59.1M | $26.3M | $36.0M | $43.3M | $40.0M |
| Free cash flow margin | 37.0% | 18.3% | 23.3% | 19.1% | 15.7% | 3.5% | 30.4% | 34.7% | 15.9% | 22.4% | 27.0% | 26.0% |
| Capex / revenue | 2.1% | 0.9% | 2.6% | 2.8% | 1.2% | 1.0% | 1.2% | 0.6% | 1.3% | 0.8% | 1.7% | 1.4% |
| Operating cash flow / net income | 0.66 | 1.03 | 1.19 | 1.09 | 1.04 | — | 1.86 | 1.88 | 1.04 | 1.42 | 1.79 | 1.38 |
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.
BUSE cash generation
In fiscal 2025 (ended December 31, 2025), First Busey generated $192.6 million of cash from operations (up 8.0%) and spent $19.6 million on capital expenditures, leaving free cash flow of $173.8 million, 16.6% of revenue. It returned $160.8 million to shareholders through dividends ($91.0 million) and net share buybacks ($69.9 million). Cash and equivalents fell by $403.6 million over the year.
Related: BUSE income statement, BUSE balance sheet, BUSE dividend history. See the BUSE stock overview for the latest quote and news.
BUSE cash flow FAQ
What is First Busey's free cash flow?
First Busey's free cash flow was $173.8 million in fiscal 2025: $192.6 million of operating cash flow minus $19.6 million of capital expenditures It was $171.8 million a year earlier..
How much cash does First Busey generate from operations?
First Busey generated $192.6 million of cash from operating activities in fiscal 2025, 1.42 times its net income of $135.3 million.
How much does First Busey spend on capital expenditures?
First Busey spent $19.6 million on capital expenditures in fiscal 2025, 1.9% of revenue, compared with $6.4 million the year before.
How much stock does First Busey buy back?
First Busey spent $69.9 million on net share repurchases in fiscal 2025.
How much does First Busey pay in dividends?
First Busey paid $91.0 million in dividends in fiscal 2025, 52.4% of free cash flow.