Deckers Outdoor Corporation (DECK) Cash Flow Statement
Where DECK’s cash came from and went, FY2026
March 31, 2026 · U.S. dollars- Cash from operations
- $1.18B +13.2% vs FY2025
- Capital expenditures
- $84.6M 1.5% of revenue
- Free cash flow
- $1.10B 20.1% margin
- Returned to shareholders
- $1.08B 98% of free cash flow
- Change in cash
- $18.1M cash at year-end $1.91B
Drawn to scale: where the cash came from and how it was used. Hover for values.
DECK operating cash flow, capex and free cash flow
DECK cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $199.3MFY2017 | $1.18BFY2026 | +21.9%/yr | |
| Capital expenditures | $44.5MFY2017 | $84.6MFY2026 | +7.4%/yr | |
| Free cash flow | $154.8MFY2017 | $1.10BFY2026 | +24.3%/yr | |
| Free cash flow margin | 8.6%FY2017 | 20.1%FY2026 | +11.4 pts | |
| Operating cash flow / net income | 34.91FY2017 | 1.15FY2026 | −33.75 | |
| Stock-based compensation | $6.2MFY2017 | $44.8MFY2026 | +24.6%/yr | |
| Share buybacks (net) | $21.0MFY2017 | $1.08BFY2026 | +54.9%/yr | |
| Capex / revenue | 2.5%FY2017 | 1.5%FY2026 | −0.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DECK cash flow by activity
DECK 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).
DECK cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.02B | $966.1M | $759.6M | $516.8M | $451.9M | $382.6M | $276.1M | $264.3M | $114.4M | $5.7M |
| Depreciation & amortization | $75.8M | $69.4M | $57.2M | $47.9M | $42.9M | $40.5M | $38.9M | $44.9M | $48.6M | $52.6M |
| Stock-based compensation | $44.8M | $37.9M | $37.3M | $26.9M | $26.8M | $22.7M | $14.5M | $14.8M | $14.3M | $6.2M |
| Change in working capital | −$14.4M | −$38.2M | $167.8M | −$54.3M | −$326.0M | $136.4M | −$51.0M | $25.0M | $135.3M | −$598,000 |
| Other non-cash items | $51.7M | $9.3M | $11.4M | $147,000 | −$23.3M | $14.0M | $7.8M | $10.4M | $14.8M | $135.4M |
| Cash from operating activities | $1.18B | $1.04B | $1.03B | $537.4M | $172.4M | $596.2M | $286.3M | $359.5M | $327.4M | $199.3M |
| Investing activities | ||||||||||
| Capital expenditures | −$84.6M | −$86.2M | −$89.4M | −$81.0M | −$51.0M | −$32.2M | −$32.5M | −$29.1M | −$34.8M | −$44.5M |
| Investments (net) | — | −$75.0M | −$89.3M | −$81.0M | −$51.0M | −$32.2M | −$32.0M | −$29.0M | −$34.7M | −$44.5M |
| Acquisitions & other investing | $11,000 | $86.2M | $89.4M | $81.0M | $51.0M | $32.2M | $32.5M | $29.1M | $34.8M | $44.5M |
| Cash from investing activities | −$84.6M | −$75.0M | −$89.3M | −$81.0M | −$51.0M | −$32.2M | −$32.0M | −$29.0M | −$34.7M | −$44.5M |
| Financing activities | ||||||||||
| Share repurchases & issuance (net) | −$1.08B | −$567.0M | −$424.9M | −$314.1M | −$370.7M | −$106.6M | −$196.6M | −$166.7M | −$157.8M | −$21.0M |
| Net borrowing (repayment) | — | — | — | −$1.5M | $0 | −$31.3M | −$464,000 | −$1.5M | −$688,000 | −$63.5M |
| Shares issued | $4.5M | $3.8M | $2.4M | $2.2M | $2.0M | $1.5M | $1.3M | $0 | $0 | $0 |
| Other financing | −$9.5M | −$18.1M | $4.8M | $4.4M | $1.2M | $6.8M | $3.6M | $1.0M | $765,000 | −$19.3M |
| Cash from financing activities | −$1.08B | −$581.3M | −$417.7M | −$309.0M | −$367.5M | −$129.6M | −$192.1M | −$167.2M | −$157.7M | −$103.8M |
| Summary | ||||||||||
| Net change in cash | $18.1M | $387.1M | $520.3M | $138.3M | −$245.8M | $439.9M | $59.7M | $159.7M | $138.2M | $45.8M |
| Cash at end of period | $1.91B | $1.89B | $1.50B | $981.8M | $843.5M | $1.09B | $649.4M | $589.7M | $430.0M | $291.8M |
| Free cash flow | $1.10B | $958.4M | $943.8M | $456.4M | $121.3M | $564.0M | $253.9M | $330.4M | $292.5M | $154.8M |
| Free cash flow margin | 20.1% | 19.2% | 22.0% | 12.6% | 3.9% | 22.2% | 11.9% | 16.4% | 15.4% | 8.6% |
| Capex / revenue | 1.5% | 1.7% | 2.1% | 2.2% | 1.6% | 1.3% | 1.5% | 1.4% | 1.8% | 2.5% |
| Operating cash flow / net income | 1.15 | 1.08 | 1.36 | 1.04 | 0.38 | 1.56 | 1.04 | 1.36 | 2.86 | 34.91 |
| 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 | $130.0M | $135.6M | $481.1M | $268.2M | $139.2M | $151.4M | $456.7M | $242.3M | $115.6M | $127.5M | $389.9M | $178.5M |
| Depreciation & amortization | $17.7M | $19.2M | $17.4M | $20.3M | $19.4M | $19.0M | $16.7M | $16.7M | $17.5M | $17.1M | $15.8M | $12.8M |
| Stock-based compensation | $10.7M | −$31.7M | $11.8M | $11.2M | $8.7M | $9.2M | $8.9M | $11.6M | $8.3M | $8.6M | $12.0M | $9.7M |
| Change in working capital | −$106.8M | −$97.3M | $548.5M | −$301.0M | −$131.7M | −$241.7M | $607.0M | −$377.7M | −$25.8M | −$184.4M | $522.3M | −$214.4M |
| Other non-cash items | −$3.7M | $70.1M | −$17.0M | $9.4M | $462,000 | −$10.8M | $6.1M | $16.6M | −$3.0M | $2.4M | $369,000 | $9.6M |
| Cash from operating activities | $47.9M | $95.8M | $1.04B | $8.1M | $36.1M | −$73.0M | $1.10B | −$90.5M | $112.7M | −$28.7M | $940.3M | −$3.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$15.2M | −$17.1M | −$21.6M | −$22.0M | −$23.9M | −$16.4M | −$24.4M | −$22.8M | −$22.5M | −$15.3M | −$16.6M | −$26.7M |
| Investments (net) | — | — | — | −$22.0M | −$23.9M | −$16.4M | −$24.1M | −$11.9M | −$22.5M | −$15.3M | −$16.6M | −$26.7M |
| Acquisitions & other investing | $9,000 | $0 | $0 | $22.0M | $23.9M | $16.4M | $24.4M | $22.8M | $22.5M | $15.3M | $16.6M | $26.7M |
| Cash from investing activities | −$15.2M | −$17.1M | −$21.6M | −$22.0M | −$23.9M | −$16.4M | −$24.1M | −$11.9M | −$22.5M | −$15.3M | −$16.6M | −$26.7M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$338.2M | −$261.6M | −$348.5M | −$281.8M | −$183.0M | −$264.8M | −$45.9M | −$104.3M | −$152.0M | −$105.1M | −$100.4M | −$193.2M |
| Shares issued | $0 | $2.3M | $0 | $0 | $0 | $2.2M | $0 | $0 | $0 | $1.3M | $0 | $0 |
| Other financing | −$291,000 | −$342,000 | −$395,000 | −$10.5M | −$237,000 | −$2.1M | −$3.7M | −$10.8M | $106,000 | $2.3M | $1.4M | $1.7M |
| Cash from financing activities | −$338.5M | −$259.7M | −$348.9M | −$292.2M | −$183.2M | −$264.7M | −$49.6M | −$115.2M | −$151.9M | −$101.6M | −$98.9M | −$191.5M |
| Summary | ||||||||||||
| Net change in cash | −$304.7M | −$179.5M | $672.3M | −$305.9M | −$168.8M | −$351.7M | $1.02B | −$212.7M | −$63.7M | −$148.8M | $827.8M | −$223.8M |
| Cash at end of period | $1.60B | $1.91B | $2.09B | $1.41B | $1.72B | $1.89B | $2.24B | $1.23B | $1.44B | $1.50B | $1.65B | $823.1M |
| Free cash flow | $32.7M | $78.8M | $1.02B | −$13.9M | $12.2M | −$89.4M | $1.07B | −$113.4M | $90.1M | −$44.0M | $923.7M | −$30.4M |
| Free cash flow margin | 3.2% | 7.0% | 52.1% | −1.0% | 1.3% | −8.8% | 58.6% | −8.6% | 10.9% | −4.6% | 59.2% | −2.8% |
| Capex / revenue | 1.5% | 1.5% | 1.1% | 1.5% | 2.5% | 1.6% | 1.3% | 1.7% | 2.7% | 1.6% | 1.1% | 2.4% |
| Operating cash flow / net income | 0.37 | 0.71 | 2.17 | 0.03 | 0.26 | −0.48 | 2.40 | −0.37 | 0.97 | −0.22 | 2.41 | −0.02 |
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.
DECK cash generation
In fiscal 2026 (ended March 31, 2026), Deckers generated $1.2 billion of cash from operations (up 13.2%) and spent $84.6 million on capital expenditures, leaving free cash flow of $1.1 billion, 20.1% of revenue. It returned $1.1 billion to shareholders through dividends ($0) and net share buybacks ($1.1 billion). Cash and equivalents rose by $18.1 million over the year.
Related: DECK income statement, DECK balance sheet. See the DECK stock overview for the latest quote and news.
DECK cash flow FAQ
What is Deckers's free cash flow?
Deckers's free cash flow was $1.1 billion in fiscal 2026: $1.2 billion of operating cash flow minus $84.6 million of capital expenditures It was $958.4 million a year earlier..
How much cash does Deckers generate from operations?
Deckers generated $1.2 billion of cash from operating activities in fiscal 2026, 1.15 times its net income of $1.0 billion.
How much does Deckers spend on capital expenditures?
Deckers spent $84.6 million on capital expenditures in fiscal 2026, 1.5% of revenue, compared with $86.2 million the year before.
How much stock does Deckers buy back?
Deckers spent $1.1 billion on net share repurchases in fiscal 2026.