Genpact Limited (G) Cash Flow Statement
Where G’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $812.9M +32.1% vs 2024
- Capital expenditures
- $78.2M 1.5% of revenue
- Free cash flow
- $734.7M 14.5% margin
- Returned to shareholders
- $400.8M 55% of free cash flow
- Change in cash
- $205.6M cash at year-end $853.8M
Drawn to scale: where the cash came from and how it was used. Hover for values.
G operating cash flow, capex and free cash flow
G cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $345.8M2016 | $812.9M2025 | +10.0%/yr | |
| Capital expenditures | $88.8M2016 | $78.2M2025 | −1.4%/yr | |
| Free cash flow | $257.0M2016 | $734.7M2025 | +12.4%/yr | |
| Free cash flow margin | 10.0%2016 | 14.5%2025 | +4.5 pts | |
| Operating cash flow / net income | 1.292016 | 1.472025 | +0.18 | |
| Stock-based compensation | $25.1M2016 | $89.6M2025 | +15.2%/yr | |
| Dividends paid | $199.2M2016 | $117.7M2025 | −5.7%/yr | |
| Share buybacks (net) | $345.2M2016 | $283.0M2025 | −2.2%/yr | |
| Capex / revenue | 3.5%2016 | 1.5%2025 | −1.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
G cash flow by activity
G 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).
G cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $552.5M | $513.7M | $631.3M | $353.4M | $369.4M | $308.3M | $304.9M | $281.3M | $260.8M | $267.5M |
| Depreciation & amortization | $95.0M | $69.8M | $104.0M | $129.5M | $167.6M | $159.8M | $128.7M | $103.7M | $94.9M | $81.7M |
| Stock-based compensation | $89.6M | $66.4M | $88.6M | $77.4M | $82.0M | $74.0M | $83.9M | $49.0M | $35.7M | $25.1M |
| Change in working capital | $17.9M | −$100.2M | −$182.2M | −$147.1M | $87.2M | $16.4M | −$47.2M | −$115.3M | −$36.6M | −$83.2M |
| Other non-cash items | $57.9M | $65.8M | −$150.8M | $30.5M | −$11.9M | $25.8M | −$42.3M | $20.8M | $4.2M | $54.6M |
| Cash from operating activities | $812.9M | $615.4M | $490.8M | $443.7M | $694.3M | $584.3M | $427.9M | $339.5M | $359.1M | $345.8M |
| Investing activities | ||||||||||
| Capital expenditures | −$78.2M | −$85.2M | −$58.8M | −$54.4M | −$57.2M | −$80.4M | −$108.8M | −$160.4M | −$73.7M | −$88.8M |
| Investments (net) | −$326.6M | −$106.0M | −$78.9M | −$36.6M | $142,000 | −$266.4M | $2.2M | −$276.1M | −$496,000 | −$125.8M |
| Acquisitions & other investing | −$90.7M | $85.2M | $58.8M | $54.4M | −$65.6M | $80.4M | −$250.5M | $160.4M | −$287.8M | $88.8M |
| Cash from investing activities | −$495.5M | −$106.0M | −$78.9M | −$36.6M | −$122.7M | −$266.4M | −$357.1M | −$276.1M | −$362.0M | −$125.8M |
| Financing activities | ||||||||||
| Dividends paid | −$117.7M | −$108.5M | −$100.0M | −$91.8M | −$80.5M | −$74.2M | −$64.7M | −$57.1M | −$46.7M | −$199.2M |
| Share repurchases & issuance (net) | −$283.0M | −$252.7M | −$225.5M | −$214.1M | −$298.2M | −$137.1M | −$30.0M | −$154.2M | −$219.8M | −$345.2M |
| Net borrowing (repayment) | $314.0M | −$54.5M | −$173.0M | −$233.0M | $52.1M | $145.4M | $138.7M | $81.3M | $314.7M | $96.7M |
| Shares issued | $0 | $0 | $39.5M | $27.8M | $35.1M | $25.1M | $19.7M | $0 | $0 | $0 |
| Other financing | −$20.0M | −$9.2M | −$23.9M | −$60.2M | −$41.3M | −$51.2M | −$24.0M | −$5.2M | −$1.0M | $214.9M |
| Cash from financing activities | −$106.8M | −$424.8M | −$483.0M | −$571.4M | −$332.9M | −$92.0M | $39.6M | −$135.2M | $47.2M | −$232.8M |
| Summary | ||||||||||
| Net change in cash | $205.6M | $64.6M | −$63.1M | −$252.7M | $219.0M | $213.3M | $98.7M | −$136.1M | $81.8M | −$28.3M |
| Cash at end of period | $853.8M | $648.2M | $583.7M | $646.8M | $899.5M | $680.4M | $467.1M | $368.4M | $504.5M | $422.6M |
| Free cash flow | $734.7M | $530.2M | $432.0M | $389.3M | $637.0M | $503.9M | $319.1M | $179.1M | $285.4M | $257.0M |
| Free cash flow margin | 14.5% | 11.1% | 9.7% | 8.9% | 15.8% | 13.6% | 9.1% | 6.0% | 10.4% | 10.0% |
| Capex / revenue | 1.5% | 1.8% | 1.3% | 1.2% | 1.4% | 2.2% | 3.1% | 5.3% | 2.7% | 3.5% |
| Operating cash flow / net income | 1.47 | 1.20 | 0.78 | 1.26 | 1.88 | 1.90 | 1.40 | 1.21 | 1.38 | 1.29 |
| 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 | $145.7M | $148.0M | $143.1M | $145.8M | $132.7M | $130.9M | $141.9M | $132.8M | $122.0M | $116.9M | $291.3M | $117.6M |
| Depreciation & amortization | $41.4M | $18.6M | $26.0M | $26.2M | $20.0M | $16.9M | $24.4M | $23.8M | $23.8M | $24.2M | $25.6M | $25.1M |
| Stock-based compensation | $48.6M | $22.3M | $25.6M | $22.2M | $21.8M | $20.0M | $19.1M | $19.7M | $18.4M | $9.2M | $24.7M | $22.3M |
| Change in working capital | −$120.7M | −$225.2M | $77.7M | $102.2M | −$11.4M | −$150.7M | −$384,000 | $53.5M | $39.0M | −$192.3M | $4.1M | −$2.3M |
| Other non-cash items | −$42.6M | $12.8M | $14.3M | $11.9M | $14.2M | $23.4M | $18.2M | −$1.4M | $6.1M | $16.4M | −$153.8M | −$1.2M |
| Cash from operating activities | $72.4M | −$23.5M | $286.7M | $308.4M | $177.4M | $40.4M | $203.2M | $228.5M | $209.3M | −$25.6M | $191.9M | $161.5M |
| Investing activities | ||||||||||||
| Capital expenditures | −$6.4M | −$31.4M | −$17.7M | −$16.3M | −$24.6M | −$22.6M | −$20.4M | −$18.5M | −$19.9M | −$24.7M | −$18.9M | −$14.2M |
| Investments (net) | $350.0M | $0 | −$350.0M | −$19.2M | −$105.2M | $779,000 | −$41.3M | −$20.3M | −$19.7M | −$24.7M | −$18.9M | −$14.2M |
| Acquisitions & other investing | −$12.4M | $0 | −$4.2M | $16.3M | $24.6M | $22.6M | $20.4M | $18.5M | $19.9M | $24.7M | $18.9M | −$31.8M |
| Cash from investing activities | $331.2M | −$31.4M | −$371.9M | −$19.2M | −$105.2M | $779,000 | −$41.3M | −$20.3M | −$19.7M | −$24.7M | −$18.9M | −$60.1M |
| Financing activities | ||||||||||||
| Dividends paid | −$31.6M | −$31.8M | −$29.0M | −$29.3M | −$29.6M | −$29.8M | −$26.7M | −$26.9M | −$27.3M | −$27.5M | −$24.8M | −$24.9M |
| Share repurchases & issuance (net) | −$50.0M | −$70.0M | −$100.0M | −$90.0M | −$30.0M | −$63.0M | −$85.0M | −$75.0M | −$62.7M | −$30.0M | −$75.0M | −$115.9M |
| Net borrowing (repayment) | −$358.0M | −$9.0M | $340.4M | −$93.7M | $76.2M | −$9.0M | −$409.7M | −$9.3M | — | — | — | −$56.9M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $4.8M | $2.7M |
| Other financing | −$1.4M | −$93.5M | −$2.5M | $4.0M | $2.3M | −$23.8M | $4.0M | $1.5M | $340.5M | $9.3M | −$49.8M | $114.5M |
| Cash from financing activities | −$440.9M | −$204.3M | $208.8M | −$209.0M | $18.9M | −$125.5M | −$517.4M | −$109.7M | $250.5M | −$48.2M | −$144.7M | −$80.5M |
| Summary | ||||||||||||
| Net change in cash | −$60.7M | −$275.8M | $113.1M | $77.5M | $101.6M | −$86.6M | −$374.4M | $108.5M | $435.8M | −$105.3M | $42.7M | $49.7M |
| Cash at end of period | $517.4M | $578.1M | $853.8M | $740.8M | $663.3M | $561.6M | $648.2M | $1.02B | $914.2M | $478.4M | $583.7M | $541.0M |
| Free cash flow | $66.0M | −$55.0M | $269.0M | $292.0M | $152.8M | $17.9M | $182.8M | $210.0M | $189.4M | −$50.2M | $173.0M | $147.4M |
| Free cash flow margin | 4.9% | −4.2% | 20.4% | 22.6% | 12.2% | 1.5% | 14.6% | 17.3% | 16.1% | −4.4% | 15.1% | 13.0% |
| Capex / revenue | 0.5% | 2.4% | 1.3% | 1.3% | 2.0% | 1.9% | 1.6% | 1.5% | 1.7% | 2.2% | 1.6% | 1.2% |
| Operating cash flow / net income | 0.50 | −0.16 | 2.00 | 2.11 | 1.34 | 0.31 | 1.43 | 1.72 | 1.72 | −0.22 | 0.66 | 1.37 |
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.
G cash generation
In fiscal 2025 (ended December 31, 2025), Genpact generated $812.9 million of cash from operations (up 32.1%) and spent $78.2 million on capital expenditures, leaving free cash flow of $734.7 million, 14.5% of revenue. It returned $400.8 million to shareholders through dividends ($117.7 million) and net share buybacks ($283.0 million). Cash and equivalents rose by $205.6 million over the year.
Related: G income statement, G balance sheet, G dividend history. See the G stock overview for the latest quote and news.
G cash flow FAQ
What is Genpact's free cash flow?
Genpact's free cash flow was $734.7 million in fiscal 2025: $812.9 million of operating cash flow minus $78.2 million of capital expenditures It was $530.2 million a year earlier..
How much cash does Genpact generate from operations?
Genpact generated $812.9 million of cash from operating activities in fiscal 2025, 1.47 times its net income of $552.5 million.
How much does Genpact spend on capital expenditures?
Genpact spent $78.2 million on capital expenditures in fiscal 2025, 1.5% of revenue, compared with $85.2 million the year before.
How much stock does Genpact buy back?
Genpact spent $283.0 million on net share repurchases in fiscal 2025.
How much does Genpact pay in dividends?
Genpact paid $117.7 million in dividends in fiscal 2025, 16.0% of free cash flow.