CSW Industrials, Inc. (CSW) Cash Flow Statement
Where CSW’s cash came from and went, FY2026
March 31, 2026 · U.S. dollars- Cash from operations
- $149.7M −11.1% vs FY2025
- Capital expenditures
- $17.3M 1.6% of revenue
- Free cash flow
- $132.4M 12.2% margin
- Returned to shareholders
- $150.8M 114% of free cash flow
- Change in cash
- −$192.0M cash at year-end $33.8M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CSW operating cash flow, capex and free cash flow
CSW cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $39.0MFY2017 | $149.7MFY2026 | +16.1%/yr | |
| Capital expenditures | $9.4MFY2017 | $17.3MFY2026 | +7.0%/yr | |
| Free cash flow | $29.7MFY2017 | $132.4MFY2026 | +18.1%/yr | |
| Free cash flow margin | 9.1%FY2017 | 12.2%FY2026 | +3.2 pts | |
| Operating cash flow / net income | 3.53FY2017 | 1.33FY2026 | −2.20 | |
| Stock-based compensation | $4.6MFY2017 | $14.9MFY2026 | +13.9%/yr | |
| Dividends paid | $8.1MFY2020 | $18.0MFY2026 | +14.2%/yr | |
| Share buybacks (net) | $1.0MFY2017 | $132.7MFY2026 | +71.9%/yr | |
| Capex / revenue | 2.9%FY2017 | 1.6%FY2026 | −1.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CSW cash flow by activity
CSW 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).
CSW cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $112.8M | $137.5M | $101.6M | $96.6M | $67.3M | $40.3M | $45.7M | $46.1M | $32.7M | $11.1M |
| Depreciation & amortization | $67.1M | $43.0M | $37.6M | $35.6M | $36.9M | $23.0M | $14.8M | $13.8M | $14.9M | $15.8M |
| Stock-based compensation | $14.9M | $13.6M | $11.5M | $9.8M | $8.4M | $8.7M | $5.1M | $3.9M | $4.2M | $4.6M |
| Change in working capital | −$75.7M | −$25.1M | $11.1M | −$18.4M | −$43.3M | −$2.6M | −$1.3M | −$2.6M | $5.3M | $2.3M |
| Other non-cash items | $30.5M | −$620,000 | $2.4M | −$2.1M | −$264,000 | −$3.2M | $5.6M | −$1.5M | −$13.9M | $5.2M |
| Cash from operating activities | $149.7M | $168.4M | $164.3M | $121.5M | $69.1M | $66.3M | $69.9M | $59.7M | $43.2M | $39.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$17.3M | −$16.3M | −$16.6M | −$14.0M | −$15.7M | −$8.8M | −$11.4M | −$7.5M | −$5.5M | −$9.4M |
| Investments (net) | −$4.8M | −$102.2M | −$42.5M | −$69.7M | −$51.5M | — | — | — | — | — |
| Acquisitions & other investing | −$1.02B | $16.3M | $13.6M | $14.0M | $15.7M | −$281.1M | −$9.0M | $4.5M | $989,000 | −$16.6M |
| Cash from investing activities | −$1.04B | −$102.2M | −$45.5M | −$69.7M | −$51.5M | −$289.9M | −$20.4M | −$3.1M | −$4.5M | −$26.0M |
| Financing activities | ||||||||||
| Dividends paid | −$18.0M | −$14.6M | −$11.8M | −$10.6M | −$9.5M | −$8.1M | −$8.1M | — | — | — |
| Share repurchases & issuance (net) | −$132.7M | −$27.7M | −$15.3M | −$39.1M | −$19.3M | −$10.5M | −$28.5M | −$46.7M | −$2.2M | −$1.0M |
| Net borrowing (repayment) | $871.5M | −$166.0M | −$87.0M | $225,000 | $10.4M | — | — | — | — | — |
| Shares issued | $0 | $347.4M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$19.3M | −$1.1M | $0 | $112,000 | $5.3M | $232.6M | −$20.6M | $7.4M | −$49.3M | −$14.3M |
| Cash from financing activities | $701.5M | $138.0M | −$114.1M | −$49.3M | −$13.0M | $214.0M | −$57.2M | −$39.3M | −$51.5M | −$15.3M |
| Summary | ||||||||||
| Net change in cash | −$192.0M | $203.7M | $3.7M | $1.8M | $6.5M | −$8.2M | −$8.3M | $14.9M | −$11.4M | −$2.8M |
| Cash at end of period | $33.8M | $225.8M | $22.2M | $18.5M | $16.6M | $10.1M | $18.3M | $26.7M | $11.7M | $23.1M |
| Free cash flow | $132.4M | $152.1M | $147.8M | $107.5M | $53.4M | $57.4M | $58.5M | $52.2M | $37.6M | $29.7M |
| Free cash flow margin | 12.2% | 17.3% | 18.6% | 14.2% | 8.5% | 9.2% | 15.2% | 14.9% | 11.5% | 9.1% |
| Capex / revenue | 1.6% | 1.9% | 2.1% | 1.8% | 2.5% | 1.4% | 3.0% | 2.1% | 1.7% | 2.9% |
| Operating cash flow / net income | 1.33 | 1.22 | 1.62 | 1.26 | 1.03 | 1.64 | 1.53 | 1.30 | 1.32 | 3.53 |
| 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 | $49.8M | $20.4M | $10.6M | $40.7M | $41.2M | $35.1M | $27.2M | $36.6M | $38.6M | $31.8M | $9.2M | $30.2M |
| Depreciation & amortization | $20.3M | $21.4M | $19.1M | $13.3M | $13.3M | $11.5M | $11.8M | $10.1M | $10.1M | $10.0M | $9.2M | $9.2M |
| Stock-based compensation | $4.1M | $7.1M | $3.8M | — | $4.0M | $3.4M | $3.3M | $3.1M | $3.7M | $3.0M | $3.0M | $2.8M |
| Change in working capital | −$4.0M | −$69.7M | −$9.7M | $3.0M | $650,000 | −$18.1M | −$23.8M | $16.8M | $7.0M | −$19.5M | $22.5M | $4.3M |
| Other non-cash items | $5.5M | $19.1M | $5.1M | $4.9M | $1.4M | −$4.5M | −$7.0M | $91,000 | $3.2M | −$2.8M | $3.1M | −$1.8M |
| Cash from operating activities | $75.6M | −$1.7M | $28.9M | $61.8M | $60.6M | $27.3M | $11.6M | $66.8M | $62.7M | $22.4M | $47.0M | $44.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$6.0M | −$5.1M | −$6.1M | −$3.1M | −$2.9M | −$4.5M | −$3.1M | −$5.5M | −$3.1M | −$4.9M | −$3.9M | −$2.8M |
| Investments (net) | — | −$4.8M | $0 | — | −$326.7M | −$3.6M | −$57.2M | −$38.1M | −$3.3M | −$30.3M | — | — |
| Acquisitions & other investing | $12,000 | −$21.0M | −$674.6M | −$1.6M | $2.9M | $4.5M | $3.1M | $5.5M | $3.1M | $4.9M | −$2.5M | −$816,000 |
| Cash from investing activities | −$6.0M | −$30.9M | −$680.7M | −$4.7M | −$326.7M | −$3.6M | −$57.2M | −$38.1M | −$3.3M | −$30.3M | −$6.4M | −$3.6M |
| Financing activities | ||||||||||||
| Dividends paid | −$4.9M | −$4.4M | −$4.5M | −$4.5M | −$4.5M | −$4.0M | −$4.0M | −$3.3M | −$3.3M | −$3.0M | −$3.0M | −$3.0M |
| Share repurchases & issuance (net) | −$36.3M | −$34.0M | −$72.7M | −$17.0M | −$9.1M | −$6.8M | −$8.6M | −$4.4M | −$7.9M | −$4.6M | −$6.7M | −$1.1M |
| Net borrowing (repayment) | −$14.0M | $71.4M | $740.1M | — | $95.0M | $0 | $0 | −$115.0M | −$51.0M | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$113,000 | −$7.0M | −$2.5M | −$41.8M | −$2.9M | −$1.1M | −$1 | $347.4M | $0 | $13.0M | −$20.0M | −$37.0M |
| Cash from financing activities | −$55.3M | $26.0M | $660.4M | −$63.3M | $78.4M | −$11.9M | −$12.7M | $224.8M | −$62.2M | $5.4M | −$29.7M | −$41.0M |
| Summary | ||||||||||||
| Net change in cash | $13.7M | −$6.4M | $8.8M | −$6.5M | −$187.9M | $12.1M | −$59.5M | $254.4M | −$3.3M | −$2.8M | $11.1M | −$942,000 |
| Cash at end of period | $47.5M | $33.8M | $40.2M | $31.5M | $38.0M | $225.8M | $213.8M | $273.2M | $18.9M | $22.2M | $25.0M | $13.8M |
| Free cash flow | $69.6M | −$6.8M | $22.7M | $58.7M | $57.7M | $22.8M | $8.5M | $61.3M | $59.6M | $17.5M | $43.1M | $41.9M |
| Free cash flow margin | 19.9% | −2.2% | 9.8% | 21.2% | 21.9% | 9.9% | 4.4% | 26.9% | 26.3% | 8.3% | 24.6% | 20.6% |
| Capex / revenue | 1.7% | 1.7% | 2.6% | 1.1% | 1.1% | 2.0% | 1.6% | 2.4% | 1.4% | 2.3% | 2.2% | 1.4% |
| Operating cash flow / net income | 1.52 | −0.08 | 2.72 | 1.52 | 1.47 | 0.78 | 0.43 | 1.82 | 1.62 | 0.71 | 5.09 | 1.48 |
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.
CSW cash generation
In fiscal 2026 (ended March 31, 2026), CSW Industrials generated $149.7 million of cash from operations (down 11.1%) and spent $17.3 million on capital expenditures, leaving free cash flow of $132.4 million, 12.2% of revenue. It returned $150.8 million to shareholders through dividends ($18.0 million) and net share buybacks ($132.7 million). Cash and equivalents fell by $192.0 million over the year.
Related: CSW income statement, CSW balance sheet, CSW dividend history. See the CSW stock overview for the latest quote and news.
CSW cash flow FAQ
What is CSW Industrials's free cash flow?
CSW Industrials's free cash flow was $132.4 million in fiscal 2026: $149.7 million of operating cash flow minus $17.3 million of capital expenditures It was $152.1 million a year earlier..
How much cash does CSW Industrials generate from operations?
CSW Industrials generated $149.7 million of cash from operating activities in fiscal 2026, 1.33 times its net income of $112.8 million.
How much does CSW Industrials spend on capital expenditures?
CSW Industrials spent $17.3 million on capital expenditures in fiscal 2026, 1.6% of revenue, compared with $16.3 million the year before.
How much stock does CSW Industrials buy back?
CSW Industrials spent $132.7 million on net share repurchases in fiscal 2026.
How much does CSW Industrials pay in dividends?
CSW Industrials paid $18.0 million in dividends in fiscal 2026, 13.6% of free cash flow.