First Interstate BancSystem, Inc. (FIBK) Cash Flow Statement
Where FIBK’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $305.6M −13.9% vs 2024
- Capital expenditures
- $27.8M 2.6% of revenue
- Free cash flow
- $277.8M 26.2% margin
- Returned to shareholders
- $316.2M 114% of free cash flow
- Change in cash
- $413.1M cash at year-end $1.31B
Drawn to scale: where the cash came from and how it was used. Hover for values.
FIBK operating cash flow, capex and free cash flow
FIBK cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $118.0M2016 | $305.6M2025 | +11.2%/yr | |
| Capital expenditures | $11.9M2016 | $27.8M2025 | +9.9%/yr | |
| Free cash flow | $106.2M2016 | $277.8M2025 | +11.3%/yr | |
| Free cash flow margin | 24.7%2016 | 26.2%2025 | +1.5 pts | |
| Operating cash flow / net income | 1.232016 | 1.012025 | −0.22 | |
| Stock-based compensation | $4.4M2016 | $13.3M2025 | +13.1%/yr | |
| Dividends paid | $39.4M2016 | $194.3M2025 | +19.4%/yr | |
| Share buybacks (net) | $26.9M2016 | $121.9M2025 | +18.3%/yr | |
| Capex / revenue | 2.8%2016 | 2.6%2025 | −0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FIBK cash flow by activity
FIBK 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).
FIBK cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $302.1M | $226.0M | $257.5M | $202.2M | $192.1M | $161.2M | $181.0M | $160.2M | $106.5M | $95.7M |
| Depreciation & amortization | $50.8M | $57.0M | $53.8M | $55.5M | $44.4M | $45.1M | $38.7M | $27.6M | $18.4M | $19.5M |
| Stock-based compensation | $13.3M | $11.8M | $4.7M | $9.6M | $8.9M | $7.5M | $8.0M | $5.6M | $3.9M | $4.4M |
| Change in working capital | −$34.6M | −$15.2M | $36.3M | $140.8M | −$16.4M | −$27.1M | −$43.1M | −$9.3M | −$29.0M | −$8.9M |
| Other non-cash items | −$26.0M | $75.4M | $75.7M | $126.3M | $53.3M | $81.6M | −$57.3M | $34.9M | $54.8M | $7.3M |
| Cash from operating activities | $305.6M | $355.0M | $428.0M | $534.4M | $282.3M | $268.3M | $127.3M | $219.0M | $154.6M | $118.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$27.8M | −$23.0M | −$28.2M | −$10.5M | −$10.3M | −$30.2M | −$16.6M | −$4.9M | −$39.0M | −$11.9M |
| Investments (net) | $302.8M | $1.76B | $693.7M | −$2.82B | −$2.12B | −$1.86B | −$337.2M | −$213.4M | −$195.4M | −$156.0M |
| Acquisitions & other investing | $2.04B | $23.0M | $587.9M | $1.88B | $12.0M | $21.8M | $337.0M | $37.2M | $103.8M | $24.8M |
| Cash from investing activities | $2.31B | $1.76B | $1.25B | −$949.0M | −$2.12B | −$1.87B | −$16.8M | −$181.1M | −$130.6M | −$143.1M |
| Financing activities | ||||||||||
| Dividends paid | −$194.3M | −$195.9M | −$195.1M | −$182.1M | −$101.6M | −$128.6M | −$79.2M | −$64.1M | −$48.6M | −$39.4M |
| Share repurchases & issuance (net) | −$121.9M | −$1.2M | −$34.0M | −$199.0M | −$5.4M | −$116.8M | −$2.5M | −$1.0M | −$1.3M | −$26.9M |
| Net borrowing (repayment) | −$1.56B | −$1.03B | $275.9M | $2.21B | −$40.3M | $492.3M | −$51.2M | $39.0M | $110.6M | $9.0M |
| Shares issued | $0 | $0 | $0 | $100,000 | $400,000 | $1.1M | $1.0M | $1.8M | $0 | $0 |
| Other financing | −$332.8M | −$566.3M | −$2.02B | −$2.88B | $2.05B | $2.55B | $276.2M | $49.5M | −$107.8M | $83.9M |
| Cash from financing activities | −$2.20B | −$1.80B | −$1.97B | −$1.06B | $1.91B | $2.80B | $144.3M | $25.2M | −$47.1M | $26.6M |
| Summary | ||||||||||
| Net change in cash | $413.1M | $318.6M | −$292.5M | −$1.47B | $68.0M | $1.20B | $254.8M | $63.1M | −$23.1M | $1.5M |
| Cash at end of period | $1.31B | $896.6M | $578.0M | $870.5M | $2.34B | $2.28B | $1.08B | $822.0M | $759.0M | $782.0M |
| Free cash flow | $277.8M | $332.0M | $399.8M | $523.9M | $272.0M | $238.1M | $110.7M | $214.1M | $115.7M | $106.2M |
| Free cash flow margin | 26.2% | 22.4% | 272.0% | 44.2% | 41.5% | 35.0% | 15.9% | 35.0% | 22.3% | 24.7% |
| Capex / revenue | 2.6% | 1.6% | 19.2% | 0.9% | 1.6% | 4.4% | 2.4% | 0.8% | 7.5% | 2.8% |
| Operating cash flow / net income | 1.01 | 1.57 | 1.66 | 2.64 | 1.47 | 1.66 | 0.70 | 1.37 | 1.45 | 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 | $83.9M | $60.2M | $108.8M | $71.4M | $71.7M | $50.2M | $52.1M | $55.5M | $60.0M | $58.4M | $61.5M | $72.7M |
| Depreciation & amortization | $12.5M | $12.5M | $14.4M | $16.4M | $9.5M | $10.5M | $15.6M | $15.4M | $10.1M | $15.9M | $13.3M | $13.3M |
| Stock-based compensation | $3.5M | $2.3M | $2.8M | $3.3M | $3.3M | $3.9M | $2.1M | $3.6M | $3.2M | $2.9M | −$3.9M | $3.6M |
| Change in working capital | $4.3M | −$23.9M | −$800,000 | −$1.3M | −$17.3M | −$15.2M | −$17.4M | −$1.0M | −$5.9M | $9.1M | −$21.4M | $34.8M |
| Other non-cash items | −$46.3M | $3.9M | −$57.9M | $1.9M | $900,000 | $29.1M | $42.8M | $16.4M | $14.9M | $1.3M | $19.8M | $4.7M |
| Cash from operating activities | $57.9M | $55.0M | $67.3M | $91.7M | $68.1M | $78.5M | $95.2M | $89.9M | $82.3M | $87.6M | $69.3M | $129.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$7.7M | −$5.2M | −$8.3M | −$7.4M | −$7.9M | −$4.2M | −$6.6M | −$7.5M | −$2.1M | −$6.8M | −$8.8M | −$6.2M |
| Investments (net) | −$44.7M | −$285.0M | −$441.4M | $743.7M | $908.5M | $833.7M | $558.8M | $486.7M | $181.4M | $531.9M | −$76.3M | $294.8M |
| Acquisitions & other investing | $286.9M | $476.5M | $275.4M | $7.4M | $7.9M | $4.2M | $6.6M | $7.5M | $2.1M | $6.8M | $8.8M | $6.2M |
| Cash from investing activities | $234.5M | $186.3M | −$174.3M | $743.7M | $908.5M | $833.7M | $558.8M | $486.7M | $181.4M | $531.9M | −$76.3M | $294.8M |
| Financing activities | ||||||||||||
| Dividends paid | −$46.0M | −$45.7M | −$48.1M | −$49.1M | −$49.1M | −$48.0M | −$49.0M | −$49.1M | −$49.0M | −$48.8M | −$48.7M | −$49.2M |
| Share repurchases & issuance (net) | −$69.5M | −$87.7M | −$91.2M | −$27.5M | $0 | −$3.2M | $1.1M | −$100,000 | −$1.1M | −$1.1M | −$32.2M | $0 |
| Net borrowing (repayment) | $0 | −$100,000 | −$12.5M | −$350.0M | −$585.1M | −$607.5M | −$525.2M | −$596.1M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$218.5M | −$208.8M | $119.3M | −$49.8M | −$123.6M | −$278.7M | $117.1M | −$191.2M | $109.9M | −$512.6M | $72.8M | −$462.1M |
| Cash from financing activities | −$334.0M | −$342.3M | −$32.5M | −$476.4M | −$757.8M | −$937.4M | −$456.0M | −$836.5M | $59.8M | −$562.5M | −$8.1M | −$511.3M |
| Summary | ||||||||||||
| Net change in cash | −$41.6M | −$101.0M | −$139.5M | $359.0M | $218.8M | −$25.2M | $198.0M | −$259.9M | $323.5M | $57.0M | −$15.1M | −$87.4M |
| Cash at end of period | $1.17B | $1.21B | $1.31B | $1.45B | $1.09B | $871.4M | $896.6M | $698.6M | $958.5M | $635.0M | $578.0M | $593.1M |
| Free cash flow | $50.2M | $49.8M | $59.0M | $84.3M | $60.2M | $74.3M | $88.6M | $82.4M | $80.1M | $80.8M | $60.5M | $122.9M |
| Free cash flow margin | 81.4% | 20.5% | 18.8% | 25.1% | 17.8% | 21.5% | 23.8% | 22.0% | 21.8% | 22.0% | 16.4% | 33.7% |
| Capex / revenue | 12.5% | 2.1% | 2.7% | 2.2% | 2.3% | 1.2% | 1.8% | 2.0% | 0.6% | 1.9% | 2.4% | 1.7% |
| Operating cash flow / net income | 0.69 | 0.91 | 0.62 | 1.28 | 0.95 | 1.56 | 1.83 | 1.62 | 1.37 | 1.50 | 1.13 | 1.78 |
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.
FIBK cash generation
In fiscal 2025 (ended December 31, 2025), First Interstate BancSystem generated $305.6 million of cash from operations (down 13.9%) and spent $27.8 million on capital expenditures, leaving free cash flow of $277.8 million, 26.2% of revenue. It returned $316.2 million to shareholders through dividends ($194.3 million) and net share buybacks ($121.9 million). Cash and equivalents rose by $413.1 million over the year.
Related: FIBK income statement, FIBK balance sheet, FIBK dividend history. See the FIBK stock overview for the latest quote and news.
FIBK cash flow FAQ
What is First Interstate BancSystem's free cash flow?
First Interstate BancSystem's free cash flow was $277.8 million in fiscal 2025: $305.6 million of operating cash flow minus $27.8 million of capital expenditures It was $332.0 million a year earlier..
How much cash does First Interstate BancSystem generate from operations?
First Interstate BancSystem generated $305.6 million of cash from operating activities in fiscal 2025, 1.01 times its net income of $302.1 million.
How much does First Interstate BancSystem spend on capital expenditures?
First Interstate BancSystem spent $27.8 million on capital expenditures in fiscal 2025, 2.6% of revenue, compared with $23.0 million the year before.
How much stock does First Interstate BancSystem buy back?
First Interstate BancSystem spent $121.9 million on net share repurchases in fiscal 2025.
How much does First Interstate BancSystem pay in dividends?
First Interstate BancSystem paid $194.3 million in dividends in fiscal 2025, 69.9% of free cash flow.