CGI Inc. (GIB) Cash Flow Statement
Where GIB’s cash came from and went, FY2025
September 30, 2025 · Canadian dollars- Cash from operations
- C$2.23B +1.3% vs FY2024
- Capital expenditures
- C$269.9M 1.7% of revenue
- Free cash flow
- C$1.96B 12.3% margin
- Returned to shareholders
- C$1.42B 72% of free cash flow
- Change in cash
- −C$126.0M cash at year-end C$1.57B
Cash from operations
C$2.23B
Capital expenditures
−C$269.9M
Investments (net)
−C$2.20B
Acquisitions & other
+C$269.9M
Dividends
−C$135.1M
Share buybacks (net)
−C$1.29B
Net borrowing (repayment)
+C$698.5M
Shares issued
+C$62.0M
Other financing
+C$415.7M
Currency & other
+C$87.0M
Change in cash
−C$126.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
GIB operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
GIB cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | C$1.33BFY2016 | C$2.23BFY2025 | +5.9%/yr | |
| Capital expenditures | C$266.5MFY2016 | C$269.9MFY2025 | +0.1%/yr | |
| Free cash flow | C$1.07BFY2016 | C$1.96BFY2025 | +7.0%/yr | |
| Free cash flow margin | 10.0%FY2016 | 12.3%FY2025 | +2.4 pts | |
| Operating cash flow / net income | 1.25FY2016 | 1.35FY2025 | +0.10 | |
| Stock-based compensation | C$38.3MFY2016 | C$68.6MFY2025 | +6.7%/yr | |
| Dividends paid | C$40.5MFY2016 | C$135.1MFY2025 | +14.3%/yr | |
| Share buybacks (net) | C$549.1MFY2016 | C$1.29BFY2025 | +9.9%/yr | |
| Capex / revenue | 2.5%FY2016 | 1.7%FY2025 | −0.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GIB cash flow by activity
OperatingInvestingFinancingChange in cash
GIB 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).
GIB cash flow statement in Canadian dollars
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | C$1.66B | C$1.69B | C$1.63B | C$1.47B | C$1.37B | C$1.12B | C$1.26B | C$1.14B | C$1.04B | C$1.07B |
| Depreciation & amortization | C$504.1M | C$447.2M | C$519.6M | C$474.6M | C$510.6M | C$565.7M | C$392.3M | C$392.7M | C$377.2M | C$400.1M |
| Stock-based compensation | C$68.6M | C$67.8M | C$58.2M | C$49.0M | C$45.6M | C$37.4M | C$39.4M | C$38.5M | C$34.4M | C$38.3M |
| Change in working capital | −C$119.0M | C$65.0M | C$16.5M | −C$110.9M | C$214.9M | C$218.2M | −C$56.3M | −C$38.2M | −C$146.1M | −C$267.9M |
| Other non-cash items | C$122.2M | −C$67.7M | −C$113.3M | −C$13.9M | −C$24.2M | −C$520,000 | −C$4.8M | −C$40.9M | C$57.8M | C$93.9M |
| Cash from operating activities | C$2.23B | C$2.20B | C$2.11B | C$1.86B | C$2.12B | C$1.94B | C$1.63B | C$1.49B | C$1.36B | C$1.33B |
| Investing activities | ||||||||||
| Capital expenditures | −C$269.9M | −C$263.6M | −C$307.0M | −C$293.8M | −C$235.7M | −C$242.6M | −C$268.0M | −C$238.7M | −C$218.9M | −C$266.5M |
| Investments (net) | −C$2.20B | −C$775.4M | −C$561.9M | C$34.2M | C$2.1M | −C$572.5M | −C$950.8M | −C$577.4M | −C$592.3M | −C$382.7M |
| Acquisitions & other investing | C$269.9M | C$263.6M | C$307.0M | −C$652.4M | −C$163.9M | C$242.6M | C$268.0M | C$238.7M | C$218.9M | C$266.5M |
| Cash from investing activities | −C$2.20B | −C$775.4M | −C$561.9M | −C$911.9M | −C$397.5M | −C$572.5M | −C$950.8M | −C$577.4M | −C$592.3M | −C$382.7M |
| Financing activities | ||||||||||
| Dividends paid | −C$135.1M | — | −C$948,000 | — | −C$1.89B | −C$1.47B | −C$826.4M | −C$14.9M | C$0 | −C$40.5M |
| Share repurchases & issuance (net) | −C$1.29B | −C$1.00B | −C$862.5M | −C$983.7M | −C$1.53B | −C$1.12B | −C$1.16B | −C$818.9M | −C$1.25B | −C$549.1M |
| Net borrowing (repayment) | C$698.5M | −C$716.7M | −C$296.4M | −C$668.7M | −C$173.2M | C$1.16B | C$468.8M | −C$135.5M | C$10.0M | −C$182.7M |
| Shares issued | C$62.0M | C$76.5M | C$88.3M | C$41.7M | C$61.1M | C$57.3M | C$63.6M | C$77.7M | C$0 | C$0 |
| Other financing | C$415.7M | C$34.1M | −C$120.9M | C$19.6M | C$1.88B | C$1.47B | C$825.8M | C$12.5M | C$53.7M | C$105.9M |
| Cash from financing activities | −C$246.7M | −C$1.61B | −C$1.19B | −C$1.59B | −C$1.65B | C$94.2M | −C$629.1M | −C$879.0M | −C$1.18B | −C$666.3M |
| Summary | ||||||||||
| Net change in cash | −C$126.0M | −C$143.4M | C$366.9M | −C$684.5M | −C$8.8M | C$1.49B | C$29.7M | C$18.2M | −C$430.7M | C$291.3M |
| Cash at end of period | C$1.57B | C$1.69B | C$1.84B | C$1.47B | C$1.70B | C$1.71B | C$213.8M | C$184.1M | C$165.9M | C$596.5M |
| Free cash flow | C$1.96B | C$1.94B | C$1.81B | C$1.57B | C$1.88B | C$1.70B | C$1.37B | C$1.25B | C$1.14B | C$1.07B |
| Free cash flow margin | 12.3% | 13.2% | 12.6% | 12.3% | 15.5% | 13.9% | 11.3% | 10.9% | 10.6% | 10.0% |
| Capex / revenue | 1.7% | 1.8% | 2.1% | 2.3% | 1.9% | 2.0% | 2.2% | 2.1% | 2.0% | 2.5% |
| Operating cash flow / net income | 1.35 | 1.30 | 1.29 | 1.27 | 1.55 | 1.73 | 1.29 | 1.31 | 1.31 | 1.25 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||
| Net income | C$465.2M | C$445.9M | C$442.0M | C$381.4M | C$429.7M | C$438.6M | C$435.9M | C$440.1M | C$426.9M | C$389.8M | C$414.5M |
| Depreciation & amortization | C$153.4M | C$165.4M | C$148.8M | C$42.4M | C$147.4M | C$141.5M | C$33.4M | C$131.5M | C$149.1M | C$133.2M | C$138.1M |
| Stock-based compensation | C$17.6M | C$12.0M | C$18.1M | C$14.6M | C$15.8M | C$24.3M | C$17.2M | C$18.9M | C$12.9M | C$18.8M | C$12.5M |
| Change in working capital | −C$36.2M | −C$176.0M | C$240.9M | C$95.7M | −C$133.4M | C$47.6M | C$114.7M | −C$61.8M | −C$41.6M | C$53.7M | C$80.9M |
| Other non-cash items | C$4.6M | C$5.0M | C$22.1M | C$129.0M | −C$21.4M | −C$5.5M | C$27.9M | −C$32.1M | −C$45.2M | −C$18.3M | −C$17.2M |
| Cash from operating activities | C$604.5M | C$452.2M | C$871.9M | C$663.0M | C$438.2M | C$646.4M | C$629.1M | C$496.7M | C$502.0M | C$577.2M | C$628.7M |
| Investing activities | |||||||||||
| Capital expenditures | −C$72.3M | −C$31.7M | −C$63.7M | −C$61.3M | −C$72.0M | −C$60.9M | −C$56.4M | −C$68.4M | −C$75.3M | −C$63.5M | −C$82.4M |
| Investments (net) | −C$5.3M | −C$2.7M | −C$6.8M | −C$321.8M | −C$1.65B | −C$114.4M | −C$565.2M | C$26.8M | −C$88.2M | −C$148.8M | −C$93.0M |
| Acquisitions & other investing | −C$82.3M | −C$81.3M | −C$128.6M | C$61.3M | C$72.0M | C$60.9M | C$56.4M | C$68.4M | C$75.3M | C$63.5M | C$82.4M |
| Cash from investing activities | −C$159.9M | −C$115.8M | −C$199.1M | −C$321.8M | −C$1.65B | −C$114.4M | −C$565.2M | C$26.8M | −C$88.2M | −C$148.8M | −C$93.0M |
| Financing activities | |||||||||||
| Dividends paid | −C$35.7M | −C$36.3M | −C$37.0M | −C$33.3M | −C$34.1M | −C$34.1M | — | C$0 | — | C$0 | — |
| Share repurchases & issuance (net) | −C$468.8M | −C$397.9M | −C$595.8M | −C$490.8M | −C$344.6M | −C$166.3M | −C$49.4M | −C$499.3M | −C$260.0M | −C$193.0M | −C$324.7M |
| Net borrowing (repayment) | −C$42.5M | −C$44.7M | −C$61.0M | −C$97.1M | C$883.9M | −C$41.6M | C$80.7M | — | — | — | −C$114.0M |
| Shares issued | C$2.8M | C$6.7M | C$14.9M | C$8.2M | C$24.6M | C$16.3M | C$18.0M | C$6.8M | C$24.8M | C$26.8M | C$12.5M |
| Other financing | C$32.1M | C$274.4M | −C$202.5M | −C$2.7M | −C$414.5M | C$408.0M | −C$17.8M | −C$26.9M | −C$138.8M | −C$579.7M | −C$177.4M |
| Cash from financing activities | −C$512.1M | −C$197.8M | −C$881.3M | −C$615.7M | C$115.4M | C$182.2M | C$31.6M | −C$519.4M | −C$374.0M | −C$745.9M | −C$603.6M |
| Summary | |||||||||||
| Net change in cash | −C$50.1M | −C$139.1M | −C$219.8M | −C$261.5M | −C$1.09B | C$774.4M | C$106.2M | C$20.9M | C$59.9M | −C$330.3M | −C$67.8M |
| Cash at end of period | C$1.45B | C$710.3M | C$1.35B | C$1.57B | C$1.37B | C$2.47B | C$1.69B | C$1.59B | C$1.57B | C$1.51B | C$1.84B |
| Free cash flow | C$532.2M | C$420.5M | C$808.3M | C$601.7M | C$366.2M | C$585.5M | C$572.6M | C$428.3M | C$426.7M | C$513.7M | C$546.3M |
| Free cash flow margin | 12.7% | 10.1% | 19.8% | 15.0% | 9.1% | 15.5% | 15.6% | 11.7% | 11.4% | 14.3% | 15.6% |
| Capex / revenue | 1.7% | 0.8% | 1.6% | 1.5% | 1.8% | 1.6% | 1.5% | 1.9% | 2.0% | 1.8% | 2.3% |
| Operating cash flow / net income | 1.30 | 1.01 | 1.97 | 1.74 | 1.02 | 1.47 | 1.44 | 1.13 | 1.18 | 1.48 | 1.52 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported; data from EODHD.
GIB cash generation
In fiscal 2025 (ended September 30, 2025), CGI generated C$2.2 billion of cash from operations (up 1.3%) and spent C$269.9 million on capital expenditures, leaving free cash flow of C$2.0 billion, 12.3% of revenue. It returned C$1.4 billion to shareholders through dividends (C$135.1 million) and net share buybacks (C$1.3 billion). Cash and equivalents fell by C$126.0 million over the year.
Related: GIB income statement, GIB balance sheet, GIB dividend history. See the GIB stock overview for the latest quote and news.
GIB cash flow FAQ
What is CGI's free cash flow?
CGI's free cash flow was C$2.0 billion in fiscal 2025: C$2.2 billion of operating cash flow minus C$269.9 million of capital expenditures It was C$1.9 billion a year earlier..
How much cash does CGI generate from operations?
CGI generated C$2.2 billion of cash from operating activities in fiscal 2025, 1.35 times its net income of C$1.7 billion.
How much does CGI spend on capital expenditures?
CGI spent C$269.9 million on capital expenditures in fiscal 2025, 1.7% of revenue, compared with C$263.6 million the year before.
How much stock does CGI buy back?
CGI spent C$1.3 billion on net share repurchases in fiscal 2025.
How much does CGI pay in dividends?
CGI paid C$135.1 million in dividends in fiscal 2025, 6.9% of free cash flow.