Citizens Financial Services, Inc. (CZFS) Cash Flow Statement
Where CZFS’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $36.5M +10.1% vs 2024
- Capital expenditures
- $1.3M 0.7% of revenue
- Free cash flow
- $35.2M 20.3% margin
- Returned to shareholders
- $10.1M 29% of free cash flow
- Change in cash
- −$7.9M cash at year-end $34.3M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CZFS operating cash flow, capex and free cash flow
CZFS cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $16.2M2016 | $36.5M2025 | +9.5%/yr | |
| Capital expenditures | $587,0002016 | $1.3M2025 | +9.2%/yr | |
| Free cash flow | $15.6M2016 | $35.2M2025 | +9.5%/yr | |
| Free cash flow margin | 30.7%2016 | 20.3%2025 | −10.3 pts | |
| Operating cash flow / net income | 1.282016 | 1.002025 | −0.28 | |
| Stock-based compensation | $284,0002016 | $625,0002025 | +9.2%/yr | |
| Dividends paid | $5.1M2016 | $9.5M2025 | +7.3%/yr | |
| Share buybacks (net) | $3.2M2016 | $545,0002025 | −17.9%/yr | |
| Capex / revenue | 1.2%2016 | 0.7%2025 | −0.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CZFS cash flow by activity
CZFS 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).
CZFS cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $36.6M | $27.8M | $17.8M | $29.1M | $29.1M | $25.1M | $19.5M | $18.0M | $13.0M | $12.6M |
| Depreciation & amortization | $2.1M | $1.8M | $1.5M | $1.0M | $1.1M | −$2.8M | $498,000 | $387,000 | $200,000 | $320,000 |
| Stock-based compensation | $625,000 | $412,000 | $309,000 | $336,000 | $614,000 | $473,000 | $369,000 | $308,000 | $278,000 | $284,000 |
| Change in working capital | −$2.0M | $1.1M | $696,000 | −$1.6M | $458,000 | −$1.1M | −$91,000 | −$77,000 | $113,000 | $108,000 |
| Other non-cash items | −$813,000 | $2.0M | $6.2M | $4.4M | $7.4M | −$9.8M | $1.5M | $2.8M | $2.1M | $2.8M |
| Cash from operating activities | $36.5M | $33.2M | $26.5M | $33.2M | $38.7M | $11.8M | $21.8M | $21.5M | $15.7M | $16.2M |
| Investing activities | ||||||||||
| Capital expenditures | −$1.3M | −$1.3M | −$2.6M | −$1.6M | −$1.1M | −$942,000 | −$483,000 | −$500,000 | −$208,000 | −$587,000 |
| Investments (net) | −$5.8M | −$69.1M | $59.5M | −$363.1M | −$157.3M | −$113.1M | −$34.1M | −$66.3M | $60.9M | −$70.1M |
| Acquisitions & other investing | −$33.0M | $1.3M | $2.6M | $2.2M | $183,000 | $3.3M | $2.3M | −$5.5M | −$166.2M | $587,000 |
| Cash from investing activities | −$40.1M | −$69.1M | $59.5M | −$362.5M | −$158.2M | −$110.7M | −$32.3M | −$72.4M | −$105.4M | −$70.1M |
| Financing activities | ||||||||||
| Dividends paid | −$9.5M | −$9.3M | −$8.5M | −$7.6M | −$7.4M | −$6.5M | −$6.3M | −$6.1M | −$5.2M | −$5.1M |
| Share repurchases & issuance (net) | −$545,000 | −$266,000 | −$265,000 | −$1.3M | −$1.4M | −$2.1M | −$1.3M | −$1.5M | −$979,000 | −$3.2M |
| Net borrowing (repayment) | $10.7M | −$25.7M | $5.4M | $183.3M | −$14.9M | −$11.3M | −$6.1M | −$23.5M | $35.0M | $38.0M |
| Shares issued | $0 | $0 | $34,000 | $112,000 | $0 | $126,000 | $0 | $0 | $0 | $0 |
| Other financing | −$5.0M | $60.6M | −$56.1M | $8.1M | $247.3M | $168.9M | $26.0M | $80.2M | $61.6M | $17.5M |
| Cash from financing activities | −$4.4M | $25.3M | −$59.4M | $182.6M | $223.7M | $149.1M | $12.3M | $49.1M | $90.4M | $47.3M |
| Summary | ||||||||||
| Net change in cash | −$7.9M | −$10.6M | $26.6M | −$146.6M | $104.1M | $50.2M | $1.7M | −$1.7M | $763,000 | −$6.6M |
| Cash at end of period | $34.3M | $42.2M | $52.8M | $26.2M | $172.8M | $68.7M | $18.5M | $16.8M | $18.5M | $17.8M |
| Free cash flow | $35.2M | $31.9M | $23.9M | $31.6M | $37.6M | $10.9M | $21.3M | $21.0M | $15.5M | $15.6M |
| Free cash flow margin | 20.3% | 18.9% | 17.2% | 34.0% | 44.0% | 13.3% | 30.2% | 32.5% | 27.4% | 30.7% |
| Capex / revenue | 0.7% | 0.8% | 1.9% | 1.8% | 1.3% | 1.2% | 0.7% | 0.8% | 0.4% | 1.2% |
| Operating cash flow / net income | 1.00 | 1.19 | 1.49 | 1.14 | 1.33 | 0.47 | 1.12 | 1.19 | 1.21 | 1.28 |
| 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 | $10.2M | $10.4M | $10.5M | $10.0M | $8.5M | $7.6M | $8.0M | $7.5M | $5.3M | $7.0M | $7.5M | $7.5M |
| Depreciation & amortization | $444,000 | $470,000 | $690,000 | $493,000 | $472,000 | $449,000 | $425,000 | $423,000 | $459,000 | $499,000 | $498,000 | $492,000 |
| Stock-based compensation | $129,000 | — | — | — | — | — | — | −$122,000 | $57,000 | $65,000 | $125,000 | $62,000 |
| Change in working capital | −$750,000 | $375,000 | $90,000 | $2.2M | −$86,000 | −$2.2M | −$360,000 | $46,000 | $1.2M | $271,000 | $856,000 | −$574,000 |
| Other non-cash items | −$10.1M | $6.8M | $5.5M | −$9.9M | −$2.9M | $5.0M | $2.4M | −$1.7M | −$3.9M | $5.6M | $7.2M | −$100,000 |
| Cash from operating activities | −$89,000 | $18.0M | $16.7M | $2.9M | $6.0M | $10.9M | $10.5M | $6.2M | $3.0M | $13.5M | $16.2M | $7.4M |
| Investing activities | ||||||||||||
| Capital expenditures | −$287,000 | −$125,000 | −$71,000 | −$1.1M | −$495,000 | −$585,000 | −$462,000 | −$626,000 | −$127,000 | −$99,000 | −$309,000 | −$382,000 |
| Investments (net) | −$47.5M | −$981,000 | $7.6M | −$103.5M | $70.7M | −$728,000 | −$175,000 | −$79.0M | −$13.0M | $23.1M | $3.7M | −$72.9M |
| Acquisitions & other investing | −$91.7M | $31.0M | −$14.0M | $1.1M | $495,000 | $585,000 | $462,000 | $626,000 | $127,000 | $99,000 | $309,000 | $382,000 |
| Cash from investing activities | −$139.5M | $29.9M | −$6.5M | −$103.5M | $70.7M | −$728,000 | −$175,000 | −$79.0M | −$13.0M | $23.1M | $3.7M | −$72.9M |
| Financing activities | ||||||||||||
| Dividends paid | −$2.5M | −$2.4M | −$2.4M | −$2.4M | −$2.4M | −$2.4M | −$2.3M | −$2.3M | −$2.3M | −$2.3M | −$2.3M | −$2.3M |
| Share repurchases & issuance (net) | −$147,000 | −$158,000 | −$172,000 | −$77,000 | −$239,000 | −$57,000 | −$62,000 | −$123,000 | −$36,000 | −$45,000 | −$1,000 | −$264,000 |
| Net borrowing (repayment) | $195.2M | −$110.8M | $29.8M | −$33.8M | $10.8M | $3.9M | $65.6M | −$103.5M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $28,000 |
| Other financing | −$46.6M | $64.2M | −$34.2M | $118.6M | −$72.2M | −$17.2M | −$68.1M | $177.1M | $21.1M | −$57.4M | −$8.1M | $66.7M |
| Cash from financing activities | $145.9M | −$49.1M | −$7.0M | $82.3M | −$64.0M | −$15.6M | −$4.9M | $71.2M | $18.8M | −$59.8M | −$10.4M | $64.1M |
| Summary | ||||||||||||
| Net change in cash | $6.3M | −$1.2M | $3.2M | −$18.4M | $12.7M | −$5.4M | $5.4M | −$1.7M | $8.8M | −$23.2M | $9.5M | −$1.4M |
| Cash at end of period | $39.4M | $33.1M | $34.3M | $31.1M | $49.5M | $36.8M | $42.2M | $36.8M | $38.4M | $29.6M | $52.8M | $43.3M |
| Free cash flow | −$376,000 | $17.9M | $16.7M | $4.0M | $5.5M | $10.4M | $10.0M | $5.6M | $2.9M | $13.4M | $15.9M | $7.0M |
| Free cash flow margin | −0.9% | 40.9% | 37.5% | 9.0% | 12.9% | 24.4% | 23.2% | 13.2% | 7.0% | 32.0% | 37.9% | 17.5% |
| Capex / revenue | 0.7% | 0.3% | 0.2% | 2.4% | 1.2% | 1.4% | 1.1% | 1.5% | 0.3% | 0.2% | 0.7% | 0.9% |
| Operating cash flow / net income | −0.01 | 1.74 | 1.60 | 0.29 | 0.71 | 1.44 | 1.31 | 0.83 | 0.57 | 1.92 | 2.15 | 0.98 |
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.
CZFS cash generation
In fiscal 2025 (ended December 31, 2025), Citizens Financial Services generated $36.5 million of cash from operations (up 10.1%) and spent $1.3 million on capital expenditures, leaving free cash flow of $35.2 million, 20.3% of revenue. It returned $10.1 million to shareholders through dividends ($9.5 million) and net share buybacks ($0.5 million). Cash and equivalents fell by $7.9 million over the year.
Related: CZFS income statement, CZFS balance sheet, CZFS dividend history. See the CZFS stock overview for the latest quote and news.
CZFS cash flow FAQ
What is Citizens Financial Services's free cash flow?
Citizens Financial Services's free cash flow was $35.2 million in fiscal 2025: $36.5 million of operating cash flow minus $1.3 million of capital expenditures It was $31.9 million a year earlier..
How much cash does Citizens Financial Services generate from operations?
Citizens Financial Services generated $36.5 million of cash from operating activities in fiscal 2025, 1.00 times its net income of $36.6 million.
How much does Citizens Financial Services spend on capital expenditures?
Citizens Financial Services spent $1.3 million on capital expenditures in fiscal 2025, 0.7% of revenue, compared with $1.3 million the year before.
How much stock does Citizens Financial Services buy back?
Citizens Financial Services spent $0.5 million on net share repurchases in fiscal 2025.
How much does Citizens Financial Services pay in dividends?
Citizens Financial Services paid $9.5 million in dividends in fiscal 2025, 27.1% of free cash flow.