East West Bancorp, Inc. (EWBC) Cash Flow Statement
Where EWBC’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.50B +6.4% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $1.50B 32.4% margin
- Returned to shareholders
- $449.6M 30% of free cash flow
- Change in cash
- $269.1M cash at year-end $664.0M
Cash from operations
$1.50B
Investments (net)
−$2.42B
Acquisitions & other
−$3.05B
Dividends
−$334.0M
Share buybacks (net)
−$115.6M
Net borrowing (repayment)
−$500.8M
Other financing
+$3.85B
Currency & other
+$1.35B
Change in cash
$269.1M
Drawn to scale: where the cash came from and how it was used. Hover for values.
EWBC operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
EWBC cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $650.2M2016 | $1.50B2025 | +9.7%/yr | |
| Capital expenditures | $12.2M2016 | $02025 | −100.0% | |
| Free cash flow | $638.0M2016 | $1.50B2025 | +10.0%/yr | |
| Free cash flow margin | 48.8%2016 | 32.4%2025 | −16.5 pts | |
| Operating cash flow / net income | 1.512016 | 1.132025 | −0.37 | |
| Stock-based compensation | $22.1M2016 | $76.2M2025 | +14.7%/yr | |
| Dividends paid | $115.8M2016 | $334.0M2025 | +12.5%/yr | |
| Share buybacks (net) | $3.2M2016 | $115.6M2025 | +48.8%/yr | |
| Capex / revenue | 0.9%2016 | 0.0%2025 | −0.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
EWBC cash flow by activity
OperatingInvestingFinancingChange in cash
EWBC net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
EWBC cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.33B | $1.17B | $1.16B | $1.13B | $873.0M | $567.8M | $674.0M | $703.7M | $505.6M | $431.7M |
| Depreciation & amortization | $213.2M | $198.4M | $163.5M | $159.9M | $156.8M | $119.9M | $144.2M | $139.5M | $149.8M | $137.6M |
| Stock-based compensation | $76.2M | $45.5M | $39.9M | $37.6M | $32.6M | $29.2M | $30.8M | $30.9M | $24.7M | $22.1M |
| Change in working capital | −$265.3M | −$178.7M | −$41.0M | $648.9M | $95.1M | −$169.5M | −$163.8M | $27.3M | $43.4M | $38.6M |
| Other non-cash items | $152.4M | $180.8M | $101.4M | $91.6M | $11.0M | $145.8M | $50.7M | −$18.2M | −$20.2M | $20.3M |
| Cash from operating activities | $1.50B | $1.41B | $1.42B | $2.07B | $1.17B | $693.3M | $735.8M | $883.2M | $703.3M | $650.2M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | $0 | −$734,000 | −$6.0M | −$2.7M | −$9.9M | −$13.8M | −$13.8M | −$12.2M |
| Investments (net) | −$2.42B | −$6.30B | −$3.23B | −$4.58B | −$5.70B | −$2.78B | −$2.74B | −$3.20B | −$3.13B | −$1.69B |
| Acquisitions & other investing | −$3.05B | $0 | −$1.02B | $734,000 | −$3.41B | −$4.06B | $177.2M | −$619.2M | $635.1M | −$101.5M |
| Cash from investing activities | −$5.48B | −$6.30B | −$4.25B | −$4.58B | −$9.12B | −$6.85B | −$2.57B | −$3.83B | −$2.51B | −$1.80B |
| Financing activities | ||||||||||
| Dividends paid | −$334.0M | −$308.5M | −$274.6M | −$228.4M | −$188.8M | −$158.2M | −$155.1M | −$126.0M | −$116.8M | −$115.8M |
| Share repurchases & issuance (net) | −$115.6M | −$158.0M | −$105.9M | −$119.1M | −$15.7M | −$154.2M | −$14.6M | −$15.6M | −$12.9M | −$3.2M |
| Net borrowing (repayment) | −$500.8M | −$1.12B | $4.50B | −$250.9M | −$427.3M | −$113.8M | $388.6M | $36.4M | −$76.6M | −$657.5M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $3.4M | $2.8M | $0 | $0 |
| Other financing | $3.85B | $7.11B | −$156.2M | $2.71B | $8.47B | $7.34B | $1.90B | $3.90B | $2.27B | $2.46B |
| Cash from financing activities | $2.90B | $5.53B | $3.96B | $2.11B | $7.84B | $6.91B | $2.12B | $3.80B | $2.07B | $1.68B |
| Summary | ||||||||||
| Net change in cash | $269.1M | $635.8M | $1.13B | −$431.2M | −$105.0M | $756.8M | $259.8M | $826.8M | $296.1M | $517.6M |
| Cash at end of period | $664.0M | $5.25B | $4.61B | $3.48B | $3.91B | $4.02B | $3.26B | $3.00B | $2.17B | $1.88B |
| Free cash flow | $1.50B | $1.41B | $1.42B | $2.07B | $1.16B | $690.7M | $726.0M | $869.4M | $683.2M | $638.0M |
| Free cash flow margin | 32.4% | 55.0% | 36.1% | 79.6% | 61.6% | 38.0% | 34.7% | 47.6% | 45.8% | 48.8% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.1% | 0.5% | 0.8% | 0.9% | 0.9% |
| Operating cash flow / net income | 1.13 | 1.21 | 1.23 | 1.83 | 1.34 | 1.22 | 1.09 | 1.26 | 1.39 | 1.51 |
| 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 | $363.7M | $357.8M | $1.71B | $368.4M | $310.3M | $290.3M | $293.1M | $299.2M | $288.2M | $285.1M | $239.0M | $287.7M |
| Depreciation & amortization | $64.5M | $62.4M | $54.2M | $28.2M | $81.3M | $49.4M | $58.7M | $39.4M | $48.7M | $51.6M | −$11.4M | $68.3M |
| Stock-based compensation | $17.0M | $19.8M | $39.4M | $36.1M | $13.3M | $13.2M | $11.2M | $10.7M | $10.7M | $13.0M | $9.9M | $9.5M |
| Change in working capital | $122.3M | −$47.9M | −$375.0M | −$235.1M | −$164.1M | −$105.4M | $58.1M | −$7.1M | −$127.7M | −$101.9M | $308.7M | −$87.8M |
| Other non-cash items | $33.9M | $36.5M | −$710.8M | $34.2M | $37.9M | $30.4M | $79.1M | $44.0M | $39.3M | $18.4M | $15.5M | $104.1M |
| Cash from operating activities | $601.4M | $428.6M | $713.4M | $231.7M | $278.7M | $277.9M | $500.1M | $386.1M | $259.2M | $266.2M | $561.7M | $381.9M |
| Investing activities | ||||||||||||
| Capital expenditures | −$13.5M | −$99.0M | $0 | $0 | −$2.1M | −$2.5M | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | −$578.1M | −$958.4M | −$503.1M | −$951.7M | −$934.2M | −$2.04B | −$1.52B | −$1.50B | −$1.41B | −$1.87B | −$1.35B | −$1.56B |
| Acquisitions & other investing | −$867.9M | −$1.20B | −$1.05B | $0 | $2.1M | $2.5M | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash from investing activities | −$1.46B | −$2.26B | −$1.56B | −$951.7M | −$934.2M | −$2.04B | −$1.52B | −$1.50B | −$1.41B | −$1.87B | −$1.35B | −$1.56B |
| Financing activities | ||||||||||||
| Dividends paid | −$109.7M | −$114.0M | −$82.6M | −$82.8M | −$82.8M | −$85.9M | −$76.3M | −$76.3M | −$76.6M | −$79.3M | −$67.7M | −$67.9M |
| Share repurchases & issuance (net) | $1,000 | −$122.9M | −$1.0M | −$26.3M | −$4.0M | −$103.2M | −$20.7M | −$95,000 | −$41.0M | −$96.1M | −$82.7M | −$186,000 |
| Net borrowing (repayment) | $1.30B | −$210,000 | −$10.1M | −$2.49B | $2.00B | −$209,000 | −$211,000 | −$206,000 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $306.9M | $2.31B | $399.0M | $3.62B | −$298.0M | $143.6M | $1.52B | $1.67B | $1.43B | $1.38B | $986.2M | −$576.7M |
| Cash from financing activities | $1.50B | $2.07B | $305.3M | $1.02B | $1.62B | −$45.7M | $1.42B | $1.59B | $1.31B | $1.20B | $835.8M | −$644.9M |
| Summary | ||||||||||||
| Net change in cash | $650.1M | $250.7M | −$4.03B | $284.3M | $961.7M | −$1.80B | $390.7M | $494.4M | $154.9M | −$404.2M | $53.8M | −$1.82B |
| Cash at end of period | $5.09B | $4.44B | $664.0M | $4.69B | $4.41B | $3.45B | $5.25B | $4.86B | $4.37B | $4.21B | $4.61B | $4.56B |
| Free cash flow | $587.9M | $329.6M | $713.4M | $231.7M | $278.7M | $277.9M | $500.1M | $386.1M | $259.2M | $266.2M | $561.7M | $381.9M |
| Free cash flow margin | 49.9% | 28.6% | 61.2% | 19.0% | 24.5% | 24.9% | 75.4% | 33.6% | 23.4% | 24.4% | 53.0% | 37.2% |
| Capex / revenue | 1.1% | 8.6% | 0.0% | 0.0% | 0.2% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | 1.65 | 1.20 | 0.42 | 0.63 | 0.90 | 0.96 | 1.71 | 1.29 | 0.90 | 0.93 | 2.35 | 1.33 |
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.
EWBC cash generation
In fiscal 2025 (ended December 31, 2025), East West Bancorp generated $1.5 billion of cash from operations (up 6.4%) and spent $0 on capital expenditures, leaving free cash flow of $1.5 billion, 32.4% of revenue. It returned $449.6 million to shareholders through dividends ($334.0 million) and net share buybacks ($115.6 million). Cash and equivalents rose by $269.1 million over the year.
Related: EWBC income statement, EWBC balance sheet, EWBC dividend history. See the EWBC stock overview for the latest quote and news.
EWBC cash flow FAQ
What is East West Bancorp's free cash flow?
East West Bancorp's free cash flow was $1.5 billion in fiscal 2025: $1.5 billion of operating cash flow minus $0 of capital expenditures It was $1.4 billion a year earlier..
How much cash does East West Bancorp generate from operations?
East West Bancorp generated $1.5 billion of cash from operating activities in fiscal 2025, 1.13 times its net income of $1.3 billion.
How much stock does East West Bancorp buy back?
East West Bancorp spent $115.6 million on net share repurchases in fiscal 2025.
How much does East West Bancorp pay in dividends?
East West Bancorp paid $334.0 million in dividends in fiscal 2025, 22.2% of free cash flow.