CVB Financial Corp. (CVBF) Cash Flow Statement
Where CVBF’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $221.4M −11.4% vs 2024
- Capital expenditures
- $4.1M 0.6% of revenue
- Free cash flow
- $217.3M 33.8% margin
- Returned to shareholders
- $192.1M 88% of free cash flow
- Change in cash
- $171.7M cash at year-end $376.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CVBF operating cash flow, capex and free cash flow
CVBF cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $124.5M2016 | $221.4M2025 | +6.6%/yr | |
| Capital expenditures | $12.6M2016 | $4.1M2025 | −11.8%/yr | |
| Free cash flow | $111.9M2016 | $217.3M2025 | +7.7%/yr | |
| Free cash flow margin | 37.2%2016 | 33.8%2025 | −3.4 pts | |
| Operating cash flow / net income | 1.232016 | 1.062025 | −0.17 | |
| Stock-based compensation | $2.8M2016 | $6.2M2025 | +9.3%/yr | |
| Dividends paid | $51.6M2016 | $111.0M2025 | +8.9%/yr | |
| Share buybacks (net) | $1.9M2016 | $81.1M2025 | +51.7%/yr | |
| Capex / revenue | 4.2%2016 | 0.6%2025 | −3.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CVBF cash flow by activity
CVBF 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).
CVBF cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $209.3M | $200.7M | $221.4M | $235.4M | $212.5M | $177.2M | $207.8M | $152.0M | $104.4M | $101.4M |
| Depreciation & amortization | $14.8M | $15.4M | $18.2M | $13.7M | −$6.4M | −$1.2M | $22.0M | $8.3M | $2.7M | $5.3M |
| Stock-based compensation | $6.2M | $10.2M | $9.4M | $7.9M | $5.2M | $5.5M | $5.5M | $3.5M | $3.0M | $2.8M |
| Change in working capital | −$29.4M | $11.7M | $35.4M | −$9.8M | −$8.1M | −$16.2M | −$3.1M | $5.3M | $29.7M | $4.4M |
| Other non-cash items | $20.5M | $11.8M | $11.2M | $26.5M | −$7.9M | $19.8M | −$24.1M | −$4.2M | −$122,000 | $10.6M |
| Cash from operating activities | $221.4M | $249.8M | $295.6M | $273.7M | $195.2M | $185.1M | $208.2M | $165.0M | $139.6M | $124.5M |
| Investing activities | ||||||||||
| Capital expenditures | −$4.1M | −$5.1M | −$4.5M | −$5.4M | −$4.7M | −$4.7M | −$5.5M | −$4.2M | −$4.9M | −$12.6M |
| Investments (net) | −$24.5M | $852.7M | $328.6M | −$1.18B | −$3.51B | −$1.87B | −$51.6M | $538.1M | −$319.4M | −$622.5M |
| Acquisitions & other investing | −$181.7M | $5.1M | $212.2M | $5.4M | $1.78B | $610.7M | $382.5M | $277.2M | $463.1M | $481.1M |
| Cash from investing activities | −$210.3M | $852.7M | $536.3M | −$1.18B | −$1.73B | −$1.27B | $325.3M | $811.1M | $138.9M | −$154.0M |
| Financing activities | ||||||||||
| Dividends paid | −$111.0M | −$111.8M | −$111.7M | −$104.4M | −$97.7M | −$98.5M | −$95.4M | −$66.0M | −$57.0M | −$51.6M |
| Share repurchases & issuance (net) | −$81.1M | −$2.8M | −$21.2M | −$116.3M | −$8.3M | −$92.8M | −$2.6M | −$7.8M | −$1.1M | −$1.9M |
| Net borrowing (repayment) | $0 | −$1.57B | $1.07B | $915.8M | $174.5M | $15.7M | −$293.6M | −$295.1M | −$102.3M | −$85.3M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $352.7M | $505.5M | −$1.70B | −$1.32B | $1.24B | $3.03B | −$120.3M | −$587.6M | −$95.3M | $183.8M |
| Cash from financing activities | $160.6M | −$1.18B | −$754.1M | −$625.9M | $1.31B | $2.86B | −$511.9M | −$956.5M | −$255.7M | $45.0M |
| Summary | ||||||||||
| Net change in cash | $171.7M | −$76.6M | $77.8M | −$1.53B | −$225.6M | $1.77B | $21.6M | $19.6M | $22.7M | $15.5M |
| Cash at end of period | $376.4M | $204.7M | $281.3M | $203.5M | $1.73B | $1.96B | $185.5M | $163.9M | $144.4M | $121.6M |
| Free cash flow | $217.3M | $244.6M | $291.1M | $268.4M | $190.6M | $180.4M | $202.7M | $160.8M | $134.7M | $111.9M |
| Free cash flow margin | 33.8% | 37.1% | 43.7% | 47.8% | 40.7% | 37.7% | 40.0% | 39.7% | 41.3% | 37.2% |
| Capex / revenue | 0.6% | 0.8% | 0.7% | 1.0% | 1.0% | 1.0% | 1.1% | 1.0% | 1.5% | 4.2% |
| Operating cash flow / net income | 1.06 | 1.24 | 1.34 | 1.16 | 0.92 | 1.04 | 1.00 | 1.09 | 1.34 | 1.23 |
| 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 | $48.3M | $51.0M | $55.0M | $52.6M | $50.6M | $51.1M | $50.9M | $51.2M | $50.0M | $48.6M | $48.5M | $57.9M |
| Depreciation & amortization | $4.0M | $4.5M | $2.4M | $3.7M | $3.9M | $4.8M | $4.5M | $6.9M | $863,000 | $3.1M | $4.2M | $5.7M |
| Stock-based compensation | $260,000 | $2.2M | −$1.1M | $2.4M | $2.4M | $2.5M | $2.6M | $2.6M | $2.6M | $2.4M | $2.4M | $2.4M |
| Change in working capital | $4.2M | −$2.2M | −$15.8M | $9.6M | −$7.0M | −$16.2M | $16.3M | $5.5M | −$30.4M | $20.3M | −$2.7M | $14.2M |
| Other non-cash items | $331.3M | $6.8M | $4.3M | $13.3M | $3.2M | −$341,000 | $520,000 | $5.1M | $3.0M | $3.1M | −$3.7M | $4.7M |
| Cash from operating activities | $388.1M | $62.4M | $44.9M | $81.5M | $53.1M | $41.9M | $74.8M | $71.4M | $26.1M | $77.5M | $48.7M | $84.8M |
| Investing activities | ||||||||||||
| Capital expenditures | −$780,000 | −$1.1M | −$1.7M | −$836,000 | −$850,000 | −$679,000 | −$2.0M | −$1.2M | −$1.8M | −$166,000 | −$1.6M | −$531,000 |
| Investments (net) | $292.2M | $103.0M | −$114.8M | −$189.2M | $84.1M | $273.1M | −$39.1M | $457.9M | $202.9M | $231.0M | −$7.2M | $162.0M |
| Acquisitions & other investing | $341.4M | $64.6M | −$261.8M | $836,000 | $850,000 | $679,000 | $2.0M | $1.2M | $1.8M | $166,000 | $1.6M | $531,000 |
| Cash from investing activities | $632.8M | $166.4M | −$378.3M | −$189.2M | $84.1M | $273.1M | −$39.1M | $457.9M | $202.9M | $231.0M | −$7.2M | $162.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$27.3M | −$27.1M | −$27.5M | −$27.6M | −$28.0M | −$27.9M | −$27.9M | −$27.9M | −$27.9M | −$28.0M | −$27.9M | −$27.9M |
| Share repurchases & issuance (net) | −$2.1M | −$3.1M | −$33.8M | −$6.1M | −$22.5M | −$18.7M | −$193,000 | −$30,000 | −$21,000 | −$2.6M | −$30,000 | −$135,000 |
| Net borrowing (repayment) | — | — | $0 | $0 | $0 | $0 | $0 | −$1.30B | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$339.6M | −$122.6M | −$12.9M | $186.6M | $122.9M | $56.1M | −$256.3M | $407.9M | −$306.5M | $390.4M | $27.0M | −$596.5M |
| Cash from financing activities | −$369.0M | −$152.8M | −$74.1M | $152.9M | $72.4M | $9.4M | −$284.4M | −$920.0M | −$334.4M | $359.8M | −$866,000 | −$624.5M |
| Summary | ||||||||||||
| Net change in cash | $652.0M | $76.0M | −$407.5M | $45.3M | $209.5M | $324.4M | −$248.8M | −$390.7M | −$105.4M | $668.3M | $40.6M | −$377.7M |
| Cash at end of period | $1.10B | $452.4M | $376.4M | $783.9M | $738.6M | $529.1M | $204.7M | $453.5M | $844.2M | $949.6M | $281.3M | $240.7M |
| Free cash flow | $387.4M | $61.2M | $43.2M | $80.7M | $52.3M | $41.2M | $72.8M | $70.2M | $24.4M | $77.3M | $47.0M | $84.3M |
| Free cash flow margin | 176.8% | 38.1% | 26.5% | 49.5% | 32.9% | 25.9% | 50.4% | 41.4% | 14.0% | 45.0% | 26.4% | 49.5% |
| Capex / revenue | 0.4% | 0.7% | 1.0% | 0.5% | 0.5% | 0.4% | 1.4% | 0.7% | 1.0% | 0.1% | 0.9% | 0.3% |
| Operating cash flow / net income | 8.04 | 1.22 | 0.82 | 1.55 | 1.05 | 0.82 | 1.47 | 1.39 | 0.52 | 1.59 | 1.00 | 1.47 |
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.
CVBF cash generation
In fiscal 2025 (ended December 31, 2025), CVB Financial generated $221.4 million of cash from operations (down 11.4%) and spent $4.1 million on capital expenditures, leaving free cash flow of $217.3 million, 33.8% of revenue. It returned $192.1 million to shareholders through dividends ($111.0 million) and net share buybacks ($81.1 million). Cash and equivalents rose by $171.7 million over the year.
Related: CVBF income statement, CVBF balance sheet, CVBF dividend history. See the CVBF stock overview for the latest quote and news.
CVBF cash flow FAQ
What is CVB Financial's free cash flow?
CVB Financial's free cash flow was $217.3 million in fiscal 2025: $221.4 million of operating cash flow minus $4.1 million of capital expenditures It was $244.6 million a year earlier..
How much cash does CVB Financial generate from operations?
CVB Financial generated $221.4 million of cash from operating activities in fiscal 2025, 1.06 times its net income of $209.3 million.
How much does CVB Financial spend on capital expenditures?
CVB Financial spent $4.1 million on capital expenditures in fiscal 2025, 0.6% of revenue, compared with $5.1 million the year before.
How much stock does CVB Financial buy back?
CVB Financial spent $81.1 million on net share repurchases in fiscal 2025.
How much does CVB Financial pay in dividends?
CVB Financial paid $111.0 million in dividends in fiscal 2025, 51.1% of free cash flow.