Pathward Financial, Inc. (CASH) Cash Flow Statement
Where CASH’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- $450.6M −0.6% vs FY2024
- Capital expenditures
- $214.0M 31.2% of revenue
- Free cash flow
- $236.6M 34.5% margin
- Returned to shareholders
- $167.7M 71% of free cash flow
- Change in cash
- −$37.8M cash at year-end $120.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CASH operating cash flow, capex and free cash flow
CASH cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $55,000FY2016 | $450.6MFY2025 | +172.2%/yr | |
| Capital expenditures | $7.0MFY2016 | $214.0MFY2025 | +46.3%/yr | |
| Free cash flow | −$6.9MFY2016 | $236.6MFY2025 | — | |
| Free cash flow margin | −4.6%FY2016 | 34.5%FY2025 | +39.1 pts | |
| Operating cash flow / net income | 0.00FY2016 | 2.41FY2025 | +2.41 | |
| Stock-based compensation | $426,000FY2016 | $9.5MFY2025 | +41.2%/yr | |
| Dividends paid | $4.4MFY2016 | $4.7MFY2025 | +0.7%/yr | |
| Share buybacks (net) | $0FY2016 | $163.0MFY2025 | — | |
| Capex / revenue | 4.6%FY2016 | 31.2%FY2025 | +26.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CASH cash flow by activity
CASH 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).
CASH cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $186.8M | $168.4M | $163.6M | $159.4M | $145.7M | $109.3M | $101.3M | $52.3M | $44.9M | $33.2M |
| Depreciation & amortization | $59.7M | $57.8M | $19.2M | $61.6M | $59.0M | $60.7M | $55.1M | $37.7M | $45.0M | −$22,000 |
| Stock-based compensation | $9.5M | $10.3M | $11.1M | $10.0M | $6.9M | $10.2M | $12.9M | $11.1M | $10.4M | $426,000 |
| Change in working capital | −$119.6M | $171.6M | −$5.3M | −$34.9M | $42.7M | $3.8M | $11.9M | −$23.9M | $4.4M | $536,000 |
| Other non-cash items | $314.2M | $45.5M | $114.5M | $72.8M | $327.3M | $283.1M | $9.7M | $60.5M | $15.2M | −$34.1M |
| Cash from operating activities | $450.6M | $453.5M | $303.1M | $268.8M | $581.6M | $467.2M | $191.0M | $137.8M | $120.0M | $55,000 |
| Investing activities | ||||||||||
| Capital expenditures | −$214.0M | −$276.8M | −$449.9M | −$438.9M | −$64.0M | −$65.9M | −$158.4M | −$25.4M | −$6.8M | −$7.0M |
| Investments (net) | $25.8M | −$227.7M | −$520.9M | −$302.9M | −$882.6M | −$88.6M | −$339.2M | −$440.9M | −$644.2M | −$721.5M |
| Acquisitions & other investing | $214.0M | $276.8M | $50.1M | $430.9M | −$171.8M | −$51.8M | $158.4M | $76.5M | −$49.4M | $647.4M |
| Cash from investing activities | $25.8M | −$227.7M | −$920.8M | −$310.9M | −$1.12B | −$206.3M | −$339.2M | −$389.8M | −$700.4M | −$81.0M |
| Financing activities | ||||||||||
| Dividends paid | −$4.7M | −$5.1M | −$5.4M | −$5.9M | −$6.4M | −$7.1M | −$7.8M | −$5.7M | −$4.8M | −$4.4M |
| Share repurchases & issuance (net) | −$163.0M | −$86.9M | −$120.4M | −$168.2M | −$99.9M | −$118.7M | −$49.9M | −$2.6M | −$470,000 | $1.40B |
| Net borrowing (repayment) | −$368.0M | $364.0M | $13.0M | −$55.1M | −$5.5M | −$10.0M | $330.2M | −$995.6M | $301.6M | $624.1M |
| Shares issued | $0 | $3,000 | $1,000 | $1,000 | $0 | $2,000 | $3,000 | $295.8M | $0 | $0 |
| Other financing | $22.7M | −$715.3M | $717.7M | $347.0M | $534.7M | $175.8M | −$97.7M | −$207.4M | $777.9M | −$1.94B |
| Cash from financing activities | −$513.0M | −$443.2M | $604.9M | $117.8M | $422.9M | $40.0M | $174.9M | −$915.6M | $1.07B | $82.4M |
| Summary | ||||||||||
| Net change in cash | −$37.8M | −$217.2M | −$12.5M | $74.0M | −$113.3M | $300.8M | $26.6M | −$1.17B | $493.8M | $1.4M |
| Cash at end of period | $120.6M | $158.3M | $375.6M | $388.0M | $314.0M | $427.4M | $126.5M | $100.0M | $1.27B | $15.7M |
| Free cash flow | $236.6M | $176.8M | −$146.8M | −$170.1M | $517.6M | $401.3M | $32.6M | $112.4M | $113.2M | −$6.9M |
| Free cash flow margin | 34.5% | 26.4% | −25.4% | −32.5% | 100.5% | 84.1% | 6.3% | 37.1% | 47.0% | −4.6% |
| Capex / revenue | 31.2% | 41.4% | 77.9% | 83.9% | 12.4% | 13.8% | 30.8% | 8.4% | 2.8% | 4.6% |
| Operating cash flow / net income | 2.41 | 2.69 | 1.85 | 1.69 | 3.99 | 4.27 | 1.89 | 2.63 | 2.67 | 0.00 |
| 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 | $29.2M | $73.1M | $35.5M | $39.1M | $42.4M | $74.3M | $30.2M | $34.2M | $42.0M | $65.5M | $27.9M | $35.9M |
| Depreciation & amortization | $10.8M | $12.7M | $13.4M | $14.3M | $15.1M | $15.4M | $14.9M | $13.9M | $14.4M | $14.8M | $14.7M | $4.6M |
| Stock-based compensation | $2.6M | $3.9M | $2.9M | $2.3M | $2.2M | $3.5M | $1.6M | $2.5M | $1.9M | $4.7M | $1.2M | $2.7M |
| Change in working capital | $176.4M | $51.4M | −$77.8M | $83.6M | −$355.6M | $50.7M | $101.7M | $123.7M | $33.8M | $38.0M | −$24.0M | −$950,000 |
| Other non-cash items | −$166.9M | $91.8M | $134.4M | $164.4M | $326.3M | $44.5M | −$220.1M | −$39.3M | $11.0M | $70.0M | $2.6M | $72.2M |
| Cash from operating activities | $52.0M | $232.9M | $108.3M | $303.7M | $30.4M | $188.3M | −$71.7M | $135.0M | $103.1M | $193.0M | $22.4M | $114.5M |
| Investing activities | ||||||||||||
| Capital expenditures | −$42.0M | −$2.3M | −$49.6M | −$92.7M | −$28.6M | −$37.9M | −$54.9M | −$49.3M | −$50.9M | −$68.5M | −$108.1M | −$71.6M |
| Investments (net) | $52.5M | $32.6M | $31.2M | $58.9M | −$282.4M | $215.1M | $297.6M | −$79.6M | −$167.2M | $62.7M | −$43.6M | −$299.8M |
| Acquisitions & other investing | −$280.6M | $110.9M | −$282.0M | −$165.8M | $28.6M | — | $50.0M | $49.3M | $50.9M | $68.5M | $108.1M | $71.6M |
| Cash from investing activities | −$270.1M | $141.2M | −$300.4M | −$199.6M | −$282.4M | — | $292.8M | −$79.6M | −$167.2M | $62.7M | −$43.6M | −$299.8M |
| Financing activities | ||||||||||||
| Dividends paid | −$1.1M | −$1.1M | −$1.1M | −$1.1M | −$1.1M | −$1.2M | −$1.2M | −$1.2M | −$1.3M | −$1.3M | −$1.3M | −$1.3M |
| Share repurchases & issuance (net) | −$28.3M | −$72.7M | −$50.9M | −$15.2M | −$45.5M | −$45.4M | −$57.0M | −$15.3M | −$15.1M | −$40.4M | −$15.9M | −$16.4M |
| Net borrowing (repayment) | $141.5M | $26.0M | −$9.0M | −$106.0M | $115.0M | $0 | −$377.0M | $377.0M | — | — | — | — |
| Shares issued | $0 | $0 | $1,000 | $0 | $0 | $0 | $0 | $0 | $0 | $2,000 | $1,000 | $0 |
| Other financing | $99.5M | −$498.8M | $462.9M | −$118.3M | $185.6M | −$699.9M | $655.3M | −$556.8M | $31.8M | −$537.1M | $333.8M | $64.0M |
| Cash from financing activities | $211.6M | −$546.6M | $401.9M | −$240.6M | $254.0M | −$746.5M | $220.1M | −$196.4M | $15.4M | −$578.8M | $316.6M | $46.2M |
| Summary | ||||||||||||
| Net change in cash | −$8.2M | −$173.6M | $210.6M | −$137.8M | $4.1M | −$597.4M | $439.1M | −$140.6M | −$49.0M | −$323.7M | $296.1M | −$139.7M |
| Cash at end of period | $149.4M | $157.6M | $331.2M | $120.6M | $258.3M | $597.4M | $597.4M | $158.3M | $298.9M | $347.9M | $671.6M | $375.6M |
| Free cash flow | $93.9M | $230.6M | $58.7M | $211.0M | $1.8M | $150.4M | −$126.6M | $85.7M | $52.3M | $124.5M | −$85.7M | $42.9M |
| Free cash flow margin | 49.2% | 81.8% | 33.5% | 135.8% | 1.1% | 64.6% | −93.2% | 62.3% | 33.7% | 56.2% | −64.0% | 31.5% |
| Capex / revenue | 22.0% | 0.8% | 28.3% | 59.6% | 18.1% | 16.3% | 40.4% | 35.8% | 32.8% | 30.9% | 80.8% | 52.6% |
| Operating cash flow / net income | 1.78 | 3.19 | 3.05 | 7.77 | 0.72 | 2.54 | −2.38 | 3.95 | 2.45 | 2.95 | 0.80 | 3.19 |
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.
CASH cash generation
In fiscal 2025 (ended September 30, 2025), Pathward Financial generated $450.6 million of cash from operations (down 0.6%) and spent $214.0 million on capital expenditures, leaving free cash flow of $236.6 million, 34.5% of revenue. It returned $167.7 million to shareholders through dividends ($4.7 million) and net share buybacks ($163.0 million). Cash and equivalents fell by $37.8 million over the year.
Related: CASH income statement, CASH balance sheet, CASH dividend history. See the CASH stock overview for the latest quote and news.
CASH cash flow FAQ
What is Pathward Financial's free cash flow?
Pathward Financial's free cash flow was $236.6 million in fiscal 2025: $450.6 million of operating cash flow minus $214.0 million of capital expenditures It was $176.8 million a year earlier..
How much cash does Pathward Financial generate from operations?
Pathward Financial generated $450.6 million of cash from operating activities in fiscal 2025, 2.41 times its net income of $186.8 million.
How much does Pathward Financial spend on capital expenditures?
Pathward Financial spent $214.0 million on capital expenditures in fiscal 2025, 31.2% of revenue, compared with $276.8 million the year before.
How much stock does Pathward Financial buy back?
Pathward Financial spent $163.0 million on net share repurchases in fiscal 2025.
How much does Pathward Financial pay in dividends?
Pathward Financial paid $4.7 million in dividends in fiscal 2025, 2.0% of free cash flow.