Greif, Inc. (GEF-B) Cash Flow Statement
Where GEF-B’s cash came from and went, FY2025
October 31, 2025 · U.S. dollars- Cash from operations
- $58.6M −83.5% vs FY2024
- Capital expenditures
- $143.8M 3.4% of revenue
- Free cash flow
- −$85.2M −2.0% margin
- Returned to shareholders
- $109.2M
- Change in cash
- $59.0M cash at year-end $256.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
GEF-B operating cash flow, capex and free cash flow
GEF-B cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $301.0MFY2016 | $58.6MFY2025 | −16.6%/yr | |
| Capital expenditures | $111.6MFY2016 | $143.8MFY2025 | +2.9%/yr | |
| Free cash flow | $189.4MFY2016 | −$85.2MFY2025 | — | |
| Free cash flow margin | 5.7%FY2016 | −2.0%FY2025 | −7.7 pts | |
| Operating cash flow / net income | 3.99FY2016 | 3.56FY2025 | −0.43 | |
| Stock-based compensation | $2.8MFY2016 | −$233.5MFY2023 | — | |
| Dividends paid | $98.7MFY2016 | $101.1MFY2025 | +0.3%/yr | |
| Share buybacks (net) | $5.2MFY2016 | $8.1MFY2025 | +5.0%/yr | |
| Capex / revenue | 3.4%FY2016 | 3.4%FY2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GEF-B cash flow by activity
GEF-B 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).
GEF-B cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $16.5M | $295.5M | $379.1M | $394.0M | $413.2M | $124.3M | $194.2M | $229.5M | $135.1M | $75.5M |
| Depreciation & amortization | $258.4M | $261.3M | $230.6M | $216.6M | $234.4M | $242.0M | $215.1M | $124.0M | $120.5M | $127.7M |
| Stock-based compensation | — | — | −$233.5M | $34.4M | $34.1M | −$1.2M | $12.8M | $6.5M | $2.9M | $2.8M |
| Change in working capital | −$500,000 | −$122.1M | $58.3M | −$75.9M | −$161.8M | −$17.4M | −$30.4M | −$67.4M | −$4.7M | $28.0M |
| Other non-cash items | −$215.8M | −$78.7M | $215.0M | $88.4M | −$123.9M | $107.0M | −$2.2M | −$39.6M | $51.2M | $67.0M |
| Cash from operating activities | $58.6M | $356.0M | $649.5M | $657.5M | $396.0M | $454.7M | $389.5M | $253.0M | $305.0M | $301.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$143.8M | −$186.5M | −$213.6M | −$183.0M | −$147.3M | −$136.8M | −$162.2M | −$149.1M | −$106.3M | −$111.6M |
| Investments (net) | — | −$658.3M | −$670.2M | −$28.2M | $46.8M | −$25.2M | −$1.99B | −$135.2M | −$90.4M | $44.2M |
| Acquisitions & other investing | $1.79B | $186.5M | $213.6M | $183.0M | $147.3M | $136.8M | $162.2M | $149.1M | $106.3M | $42.3M |
| Cash from investing activities | $1.64B | −$658.3M | −$670.2M | −$28.2M | $46.8M | −$25.2M | −$1.99B | −$135.2M | −$90.4M | −$25.1M |
| Financing activities | ||||||||||
| Dividends paid | −$101.1M | −$121.0M | −$116.5M | −$111.3M | −$105.8M | −$104.3M | −$104.0M | −$100.0M | −$98.6M | −$98.7M |
| Share repurchases & issuance (net) | −$8.1M | −$10.6M | −$63.9M | −$71.1M | $0 | $0 | −$10.3M | $2.0M | $0 | −$5.2M |
| Net borrowing (repayment) | — | $489.4M | $290.7M | −$289.1M | −$309.3M | −$287.6M | $1.71B | −$55.7M | −$72.8M | −$159.8M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$1.58B | −$33.5M | −$40.6M | −$59.5M | −$7.8M | −$13.4M | −$9.2M | −$4.6M | −$4.2M | −$9.1M |
| Cash from financing activities | −$1.69B | $324.3M | $69.7M | −$531.0M | −$422.9M | −$405.3M | $1.58B | −$158.3M | −$175.6M | −$272.8M |
| Summary | ||||||||||
| Net change in cash | $59.0M | $16.8M | $33.8M | $22.5M | $18.7M | $28.6M | −$16.9M | −$48.1M | $38.6M | −$2.5M |
| Cash at end of period | $256.7M | $197.7M | $180.9M | $147.1M | $124.6M | $105.9M | $77.3M | $94.2M | $142.3M | $103.7M |
| Free cash flow | −$85.2M | $169.5M | $435.9M | $474.5M | $248.7M | $317.9M | $227.3M | $103.9M | $198.7M | $189.4M |
| Free cash flow margin | −2.0% | 3.9% | 8.4% | 7.5% | 4.5% | 7.0% | 4.9% | 2.7% | 5.5% | 5.7% |
| Capex / revenue | 3.4% | 4.3% | 4.1% | 2.9% | 2.7% | 3.0% | 3.5% | 3.8% | 2.9% | 3.4% |
| Operating cash flow / net income | 3.56 | 1.20 | 1.71 | 1.67 | 0.96 | 3.66 | 2.01 | 1.10 | 2.26 | 3.99 |
| Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | Jul '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $81.6M | $16.3M | $176.6M | −$43.3M | $54.5M | $14.4M | $75.6M | $93.6M | $52.0M | $74.3M | $73.3M | $96.7M |
| Depreciation & amortization | $57.4M | $57.2M | $60.3M | $39.2M | $66.4M | $66.6M | $67.9M | $67.1M | $65.9M | $60.4M | $61.2M | $57.7M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | $27.6M | −$61.2M | −$70.6M |
| Change in working capital | −$81.6M | −$15.7M | −$15.7M | $105.0M | −$15.8M | −$139.7M | $66.6M | −$39.1M | −$49.7M | −$99.9M | $60.7M | $35.7M |
| Other non-cash items | $20.4M | $58.8M | −$245.6M | −$345.6M | $31.3M | $27.9M | −$22.9M | −$44.8M | $19.3M | −$57.9M | $69.5M | $82.8M |
| Cash from operating activities | $77.8M | $116.6M | −$24.4M | −$244.7M | $136.4M | −$30.8M | $187.2M | $76.8M | $87.5M | $4.5M | $203.5M | $202.3M |
| Investing activities | ||||||||||||
| Capital expenditures | −$28.7M | −$56.8M | −$33.0M | −$34.9M | −$30.7M | −$37.3M | −$46.7M | −$45.3M | −$42.3M | −$57.4M | −$77.2M | −$45.3M |
| Investments (net) | $0 | $0 | $0 | −$38.5M | −$12.7M | −$19.0M | $45.5M | −$41.2M | −$609.0M | −$53.6M | −$173.5M | −$45.7M |
| Acquisitions & other investing | −$39.0M | −$3.1M | $460.3M | $1.83B | $30.7M | $37.3M | $46.7M | $45.3M | $42.3M | $57.4M | $77.2M | $45.3M |
| Cash from investing activities | −$67.7M | −$59.9M | $427.3M | $1.75B | −$12.7M | −$19.0M | $45.5M | −$41.2M | −$609.0M | −$53.6M | −$173.5M | −$45.7M |
| Financing activities | ||||||||||||
| Dividends paid | −$32.7M | −$31.8M | −$32.5M | −$7.3M | −$31.4M | −$31.0M | −$31.2M | −$30.1M | −$30.0M | −$29.7M | −$29.8M | −$28.8M |
| Share repurchases & issuance (net) | −$2.9M | −$19.1M | −$128.1M | −$672,727 | — | — | $0 | $0 | −$3.8M | −$6.8M | $0 | −$4.3M |
| Net borrowing (repayment) | $26.4M | $64.3M | −$259.9M | −$60.2M | −$78.4M | $103.8M | −$171.8M | −$9.1M | — | — | $47.6M | −$118.1M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$4.8M | −$14.0M | −$9.2M | −$1.47B | −$6.4M | −$10.3M | −$14.4M | −$4.0M | $582.6M | $72.6M | −$10.1M | −$2.4M |
| Cash from financing activities | −$14.0M | −$600,000 | −$429.7M | −$1.54B | −$116.2M | $62.5M | −$217.4M | −$43.2M | $548.8M | $36.1M | $7.7M | −$153.6M |
| Summary | ||||||||||||
| Net change in cash | $2.4M | $42.6M | −$13.2M | −$28.5M | $51.6M | $3.4M | $3.5M | −$1.8M | $16.7M | −$1.6M | $23.2M | −$800,000 |
| Cash at end of period | $288.5M | $286.1M | $243.5M | $256.7M | $252.7M | $201.1M | $197.7M | $194.2M | $196.0M | $179.3M | $180.9M | $157.7M |
| Free cash flow | $49.1M | $59.8M | −$57.4M | −$279.6M | $105.7M | −$68.1M | $140.5M | $31.5M | $45.2M | −$52.9M | $126.3M | $157.0M |
| Free cash flow margin | 4.2% | 5.6% | −5.8% | −190.3% | 7.6% | −5.4% | 19.4% | 2.7% | 5.2% | −4.4% | 9.7% | 11.8% |
| Capex / revenue | 2.5% | 5.3% | 3.3% | 23.8% | 2.2% | 2.9% | 6.4% | 3.9% | 4.8% | 4.8% | 5.9% | 3.4% |
| Operating cash flow / net income | 0.95 | 7.15 | −0.14 | — | 2.50 | −2.14 | 2.48 | 0.82 | 1.68 | 0.06 | 2.78 | 2.09 |
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.
GEF-B cash generation
In fiscal 2025 (ended October 31, 2025), Greif generated $58.6 million of cash from operations (down 83.5%) and spent $143.8 million on capital expenditures, leaving free cash flow of -$85.2 million, −2.0% of revenue. It returned $109.2 million to shareholders through dividends ($101.1 million) and net share buybacks ($8.1 million). Cash and equivalents rose by $59.0 million over the year.
Related: GEF-B income statement, GEF-B balance sheet, GEF-B dividend history. See the GEF-B stock overview for the latest quote and news.
GEF-B cash flow FAQ
What is Greif's free cash flow?
Greif's free cash flow was -$85.2 million in fiscal 2025: $58.6 million of operating cash flow minus $143.8 million of capital expenditures It was $169.5 million a year earlier..
How much cash does Greif generate from operations?
Greif generated $58.6 million of cash from operating activities in fiscal 2025, 3.56 times its net income of $16.5 million.
How much does Greif spend on capital expenditures?
Greif spent $143.8 million on capital expenditures in fiscal 2025, 3.4% of revenue, compared with $186.5 million the year before.
How much stock does Greif buy back?
Greif spent $8.1 million on net share repurchases in fiscal 2025.
How much does Greif pay in dividends?
Greif paid $101.1 million in dividends in fiscal 2025.