Emerson Electric Co. (EMR) Cash Flow Statement
Where EMR’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- $3.10B −7.0% vs FY2024
- Capital expenditures
- $431.0M 2.4% of revenue
- Free cash flow
- $2.67B 14.8% margin
- Returned to shareholders
- $2.44B 91% of free cash flow
- Change in cash
- −$2.04B cash at year-end $1.54B
Drawn to scale: where the cash came from and how it was used. Hover for values.
EMR operating cash flow, capex and free cash flow
EMR cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.88BFY2016 | $3.10BFY2025 | +0.8%/yr | |
| Capital expenditures | $447.0MFY2016 | $431.0MFY2025 | −0.4%/yr | |
| Free cash flow | $2.43BFY2016 | $2.67BFY2025 | +1.0%/yr | |
| Free cash flow margin | 16.8%FY2016 | 14.8%FY2025 | −2.0 pts | |
| Operating cash flow / net income | 1.78FY2016 | 1.38FY2025 | −0.40 | |
| Stock-based compensation | $145.0MFY2016 | $263.0MFY2025 | +6.8%/yr | |
| Dividends paid | $1.23BFY2016 | $1.19BFY2025 | −0.3%/yr | |
| Share buybacks (net) | $601.0MFY2016 | $1.24BFY2025 | +8.4%/yr | |
| Capex / revenue | 3.1%FY2016 | 2.4%FY2025 | −0.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
EMR cash flow by activity
EMR 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).
EMR cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $2.25B | $1.60B | $2.13B | $3.23B | $2.33B | $1.99B | $2.33B | $2.22B | $1.68B | $1.62B |
| Depreciation & amortization | $1.52B | $1.69B | $1.05B | $1.04B | $969.0M | $854.0M | $822.0M | $758.0M | $636.0M | $568.0M |
| Stock-based compensation | $263.0M | $260.0M | $250.0M | $144.0M | $224.0M | $110.0M | $120.0M | $216.0M | $110.0M | $145.0M |
| Change in working capital | −$9.0M | −$151.0M | −$190.0M | −$515.0M | $203.0M | $148.0M | −$150.0M | −$83.0M | $160.0M | $93.0M |
| Other non-cash items | −$920.0M | −$71.0M | −$2.60B | −$976.0M | −$148.0M | −$19.0M | −$114.0M | −$223.0M | −$669.0M | $456.0M |
| Cash from operating activities | $3.10B | $3.33B | $637.0M | $2.92B | $3.58B | $3.08B | $3.01B | $2.89B | $1.91B | $2.88B |
| Investing activities | ||||||||||
| Capital expenditures | −$431.0M | −$419.0M | −$363.0M | −$531.0M | −$581.0M | −$538.0M | −$594.0M | −$617.0M | −$476.0M | −$447.0M |
| Investments (net) | −$593.0M | −$5.36B | $12.41B | −$5.33B | −$2.12B | −$740.0M | −$1.17B | −$2.72B | $1.51B | −$626.0M |
| Acquisitions & other investing | $431.0M | $419.0M | $363.0M | $531.0M | $581.0M | $538.0M | $594.0M | $617.0M | $476.0M | $447.0M |
| Cash from investing activities | −$593.0M | −$5.36B | $12.41B | −$5.33B | −$2.12B | −$740.0M | −$1.17B | −$2.72B | $1.51B | −$626.0M |
| Financing activities | ||||||||||
| Dividends paid | −$1.19B | −$1.20B | −$1.20B | −$1.22B | −$1.21B | −$1.21B | −$1.21B | −$1.23B | −$1.24B | −$1.23B |
| Share repurchases & issuance (net) | −$1.24B | −$643.0M | −$2.21B | −$500.0M | −$500.0M | −$942.0M | −$1.25B | −$1.00B | −$400.0M | −$601.0M |
| Net borrowing (repayment) | $5.24B | −$567.0M | −$3.24B | $3.69B | −$812.0M | $1.64B | $1.03B | $102.0M | −$1.98B | −$198.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$7.32B | −$44.0M | −$169.0M | $80.0M | $100.0M | $2.0M | $39.0M | $35.0M | $27.0M | −$19.0M |
| Cash from financing activities | −$4.51B | −$2.46B | −$6.82B | $2.05B | −$2.42B | −$509.0M | −$1.39B | −$2.09B | −$3.59B | −$2.04B |
| Summary | ||||||||||
| Net change in cash | −$2.04B | −$4.46B | $6.25B | −$550.0M | −$961.0M | $1.82B | $401.0M | −$1.97B | −$120.0M | $128.0M |
| Cash at end of period | $1.54B | $3.59B | $8.05B | $1.80B | $2.35B | $3.31B | $1.49B | $1.09B | $3.06B | $3.18B |
| Free cash flow | $2.67B | $2.91B | $274.0M | $2.39B | $2.99B | $2.54B | $2.41B | $2.27B | $1.44B | $2.43B |
| Free cash flow margin | 14.8% | 16.7% | 1.8% | 17.3% | 23.2% | 15.2% | 13.1% | 13.1% | 9.4% | 16.8% |
| Capex / revenue | 2.4% | 2.4% | 2.4% | 3.8% | 4.5% | 3.2% | 3.2% | 3.5% | 3.1% | 3.1% |
| Operating cash flow / net income | 1.38 | 2.08 | 0.30 | 0.90 | 1.54 | 1.55 | 1.29 | 1.30 | 1.14 | 1.78 |
| 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 | $718.0M | $618.0M | $606.0M | $636.0M | $580.0M | $429.0M | $593.0M | $530.0M | $367.0M | $549.0M | $159.0M | $695.0M |
| Depreciation & amortization | $377.0M | $369.0M | $359.0M | $379.0M | $372.0M | $384.0M | $383.0M | $426.0M | $417.0M | $424.0M | $422.0M | $271.0M |
| Stock-based compensation | $68.0M | $58.0M | $55.0M | $65.0M | $71.0M | $59.0M | $68.0M | $57.0M | $56.0M | $73.0M | $74.0M | $52.0M |
| Change in working capital | $293.0M | −$256.0M | −$357.0M | $71.0M | $123.0M | −$49.0M | −$154.0M | $25.0M | $171.0M | −$109.0M | −$238.0M | $179.0M |
| Other non-cash items | −$32.0M | −$10.0M | $36.0M | −$141.0M | −$76.0M | −$582.0M | −$113.0M | $46.0M | $79.0M | −$194.0M | −$2.0M | −$1.84B |
| Cash from operating activities | $1.42B | $779.0M | $699.0M | $1.01B | $1.07B | $241.0M | $777.0M | $1.08B | $1.09B | $743.0M | $415.0M | −$643.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$102.0M | −$85.0M | −$97.0M | −$168.0M | −$93.0M | −$87.0M | −$83.0M | −$168.0M | −$92.0M | −$82.0M | −$77.0M | −$169.0M |
| Investments (net) | — | — | — | −$200.0M | −$129.0M | −$122.0M | −$142.0M | $3.20B | −$75.0M | −$37.0M | −$8.45B | −$685.0M |
| Acquisitions & other investing | −$14.0M | $4.0M | −$28.0M | $168.0M | $20.0M | $87.0M | $83.0M | $168.0M | $92.0M | $82.0M | $77.0M | $13.27B |
| Cash from investing activities | −$116.0M | −$81.0M | −$125.0M | −$200.0M | −$202.0M | −$122.0M | −$142.0M | $3.20B | −$75.0M | −$37.0M | −$8.45B | $12.41B |
| Financing activities | ||||||||||||
| Dividends paid | −$311.0M | −$312.0M | −$312.0M | −$297.0M | −$297.0M | −$297.0M | −$301.0M | −$300.0M | −$301.0M | −$300.0M | −$300.0M | −$298.0M |
| Share repurchases & issuance (net) | −$356.0M | −$292.0M | −$250.0M | −$96.0M | −$25.0M | −$223.0M | −$899.0M | −$280.0M | −$59.0M | −$57.0M | −$247.0M | −$114.0M |
| Net borrowing (repayment) | −$229.0M | −$26.0M | $302.0M | −$1.16B | −$265.0M | $6.67B | $0 | −$2.47B | — | — | — | −$99.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$11.0M | −$19.0M | −$104.0M | $64.0M | $23.0M | −$7.24B | −$91.0M | $13.0M | −$670.0M | −$85.0M | $2.60B | −$10.0M |
| Cash from financing activities | −$907.0M | −$649.0M | −$364.0M | −$1.49B | −$564.0M | −$1.09B | −$1.29B | −$3.04B | −$1.03B | −$442.0M | $2.06B | −$521.0M |
| Summary | ||||||||||||
| Net change in cash | $389.0M | $43.0M | $204.0M | −$675.0M | $332.0M | −$947.0M | −$754.0M | $1.29B | −$20.0M | $242.0M | −$5.97B | −$1.91B |
| Cash at end of period | $2.18B | $1.79B | $1.75B | $1.54B | $2.22B | $1.89B | $2.83B | $3.59B | $2.30B | $2.32B | $2.08B | $8.05B |
| Free cash flow | $1.32B | $694.0M | $602.0M | $842.0M | $977.0M | $154.0M | $694.0M | $916.0M | $998.0M | $661.0M | $338.0M | −$812.0M |
| Free cash flow margin | 27.1% | 15.2% | 13.9% | 17.3% | 21.5% | 3.5% | 16.6% | 19.8% | 22.8% | 15.1% | 8.2% | −19.9% |
| Capex / revenue | 2.1% | 1.9% | 2.2% | 3.5% | 2.0% | 2.0% | 2.0% | 3.6% | 2.1% | 1.9% | 1.9% | 4.1% |
| Operating cash flow / net income | 1.98 | 1.26 | 1.15 | 1.59 | 1.84 | 0.56 | 1.31 | 2.05 | 2.97 | 1.35 | 2.61 | −0.93 |
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.
EMR cash generation
In fiscal 2025 (ended September 30, 2025), Emerson generated $3.1 billion of cash from operations (down 7.0%) and spent $431.0 million on capital expenditures, leaving free cash flow of $2.7 billion, 14.8% of revenue. It returned $2.4 billion to shareholders through dividends ($1.2 billion) and net share buybacks ($1.2 billion). Cash and equivalents fell by $2.0 billion over the year.
Related: EMR income statement, EMR balance sheet, EMR dividend history. See the EMR stock overview for the latest quote and news.
EMR cash flow FAQ
What is Emerson's free cash flow?
Emerson's free cash flow was $2.7 billion in fiscal 2025: $3.1 billion of operating cash flow minus $431.0 million of capital expenditures It was $2.9 billion a year earlier..
How much cash does Emerson generate from operations?
Emerson generated $3.1 billion of cash from operating activities in fiscal 2025, 1.38 times its net income of $2.2 billion.
How much does Emerson spend on capital expenditures?
Emerson spent $431.0 million on capital expenditures in fiscal 2025, 2.4% of revenue, compared with $419.0 million the year before.
How much stock does Emerson buy back?
Emerson spent $1.2 billion on net share repurchases in fiscal 2025.
How much does Emerson pay in dividends?
Emerson paid $1.2 billion in dividends in fiscal 2025, 44.7% of free cash flow.