Johnson Controls International plc (JCI) Cash Flow Statement
Where JCI’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- $1.40B −33.3% vs FY2024
- Capital expenditures
- $434.0M 1.8% of revenue
- Free cash flow
- $965.0M 4.1% margin
- Returned to shareholders
- $6.97B 722% of free cash flow
- Change in cash
- −$233.0M cash at year-end $379.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
JCI operating cash flow, capex and free cash flow
JCI cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.90BFY2016 | $1.40BFY2025 | −3.3%/yr | |
| Capital expenditures | $1.25BFY2016 | $434.0MFY2025 | −11.1%/yr | |
| Free cash flow | $646.0MFY2016 | $965.0MFY2025 | +4.6%/yr | |
| Free cash flow margin | 3.1%FY2016 | 4.1%FY2025 | +1.0 pts | |
| Operating cash flow / net income | 0.01FY2017 | 0.81FY2025 | +0.80 | |
| Stock-based compensation | $142.0MFY2016 | $140.0MFY2025 | −0.2%/yr | |
| Dividends paid | $915.0MFY2016 | $976.0MFY2025 | +0.7%/yr | |
| Share buybacks (net) | $501.0MFY2016 | $5.99BFY2025 | +31.7%/yr | |
| Capex / revenue | 6.0%FY2016 | 1.8%FY2025 | −4.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
JCI cash flow by activity
JCI 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).
JCI cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.72B | $1.41B | $2.03B | $1.72B | $1.75B | $490.0M | $1.29B | $1.35B | $829.0M | −$652.0M |
| Depreciation & amortization | $865.0M | $816.0M | $848.0M | $830.0M | $845.0M | $206.0M | $825.0M | $824.0M | $919.0M | $953.0M |
| Stock-based compensation | $140.0M | $107.0M | $2.66B | $102.0M | $76.0M | $74.0M | $95.0M | $106.0M | $134.0M | $142.0M |
| Change in working capital | −$728.0M | −$657.0M | −$705.0M | −$739.0M | $571.0M | $699.0M | −$1.77B | $447.0M | −$1.18B | $2.44B |
| Other non-cash items | −$599.0M | $421.0M | −$2.62B | $70.0M | −$751.0M | $1.01B | $763.0M | −$210.0M | −$694.0M | −$985.0M |
| Cash from operating activities | $1.40B | $2.10B | $2.22B | $1.99B | $2.49B | $2.48B | $1.20B | $2.52B | $12.0M | $1.90B |
| Investing activities | ||||||||||
| Capital expenditures | −$434.0M | −$494.0M | −$539.0M | −$592.0M | −$552.0M | −$443.0M | −$586.0M | −$645.0M | −$760.0M | −$1.25B |
| Investments (net) | $6.13B | −$221.0M | −$1.18B | −$693.0M | −$1.09B | $51.0M | $12.08B | $11.0M | −$41.0M | −$48.0M |
| Acquisitions & other investing | $434.0M | $494.0M | $539.0M | $592.0M | $552.0M | $134.0M | $586.0M | $1.83B | −$336.0M | $410.0M |
| Cash from investing activities | $6.13B | −$221.0M | −$1.18B | −$693.0M | −$1.09B | −$258.0M | $12.08B | $1.20B | −$1.14B | −$887.0M |
| Financing activities | ||||||||||
| Dividends paid | −$976.0M | −$1.00B | −$980.0M | −$916.0M | −$762.0M | −$194.0M | −$920.0M | −$954.0M | −$702.0M | −$915.0M |
| Share repurchases & issuance (net) | −$5.99B | −$1.25B | −$625.0M | −$1.44B | −$1.31B | −$737.0M | −$5.98B | −$300.0M | −$651.0M | −$501.0M |
| Net borrowing (repayment) | $155.0M | $405.0M | −$433.0M | $1.97B | −$28.0M | $373.0M | −$3.63B | −$2.49B | $695.0M | $713.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$576.0M | −$239.0M | −$136.0M | −$125.0M | −$34.0M | −$950.0M | −$22.0M | −$8.0M | −$694.0M | −$243.0M |
| Cash from financing activities | −$7.39B | −$2.08B | −$2.17B | −$516.0M | −$2.13B | −$1.51B | −$10.55B | −$3.75B | −$1.35B | −$946.0M |
| Summary | ||||||||||
| Net change in cash | −$233.0M | −$236.0M | −$1.17B | $689.0M | −$624.0M | −$870.0M | $2.63B | −$152.0M | −$315.0M | $61.0M |
| Cash at end of period | $379.0M | $612.0M | $2.19B | $2.03B | $1.34B | $1.95B | $2.82B | $191.0M | $343.0M | $658.0M |
| Free cash flow | $965.0M | $1.60B | $1.68B | $1.39B | $1.94B | $2.04B | $616.0M | $1.87B | −$748.0M | $646.0M |
| Free cash flow margin | 4.1% | 7.0% | 7.5% | 6.8% | 8.2% | 9.1% | 2.6% | 8.0% | −2.5% | 3.1% |
| Capex / revenue | 1.8% | 2.2% | 2.4% | 2.9% | 2.3% | 2.0% | 2.4% | 2.8% | 2.5% | 6.0% |
| Operating cash flow / net income | 0.81 | 1.49 | 1.09 | 1.15 | 1.42 | 5.06 | 0.93 | 1.87 | 0.01 | — |
| 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 | $749.0M | $612.0M | $556.0M | $267.0M | $618.0M | $475.0M | $361.0M | $189.0M | $851.0M | −$318.0M | $340.0M | $581.0M |
| Depreciation & amortization | $162.0M | $169.0M | $164.0M | $280.0M | $190.0M | $202.0M | $193.0M | $129.0M | $201.0M | $215.0M | $208.0M | $227.0M |
| Stock-based compensation | $29.0M | $32.0M | $34.0M | $33.0M | $48.0M | $31.0M | $28.0M | $23.0M | $27.0M | $25.0M | $29.0M | −$708.0M |
| Change in working capital | $315.0M | −$172.0M | −$143.0M | −$302.0M | −$14.0M | −$133.0M | −$279.0M | $534.0M | −$435.0M | −$123.0M | −$579.0M | $868.0M |
| Other non-cash items | $341.0M | $31.0M | $0 | −$720.0M | $153.0M | $24.0M | −$56.0M | $651.0M | $377.0M | −$2.0M | −$244.0M | $422.0M |
| Cash from operating activities | $1.60B | $672.0M | $611.0M | −$442.0M | $995.0M | $599.0M | $247.0M | $1.53B | $1.02B | −$203.0M | −$246.0M | $1.39B |
| Investing activities | ||||||||||||
| Capital expenditures | −$95.0M | −$68.0M | −$80.0M | −$130.0M | −$94.0M | −$94.0M | −$116.0M | −$170.0M | −$89.0M | −$128.0M | −$82.0M | −$173.0M |
| Investments (net) | — | — | — | $6.49B | −$110.0M | −$129.0M | −$115.0M | $89.0M | −$99.0M | −$137.0M | −$74.0M | −$608.0M |
| Acquisitions & other investing | −$181.0M | $19.0M | $170.0M | $130.0M | $94.0M | $94.0M | $116.0M | $170.0M | $89.0M | $128.0M | $82.0M | $173.0M |
| Cash from investing activities | −$276.0M | −$49.0M | $90.0M | $6.49B | −$110.0M | −$129.0M | −$115.0M | $89.0M | −$99.0M | −$137.0M | −$74.0M | −$608.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$245.0M | −$244.0M | −$245.0M | −$243.0M | −$243.0M | −$245.0M | −$245.0M | −$247.0M | −$249.0M | −$252.0M | −$252.0M | −$251.0M |
| Share repurchases & issuance (net) | $264.0M | −$215.0M | −$49.0M | −$5.02B | −$310.0M | −$330.0M | −$330.0M | −$370.0M | −$402.0M | −$474.0M | −$23.0M | −$12.0M |
| Net borrowing (repayment) | −$30.0M | −$87.0M | −$171.0M | −$401.0M | −$75.0M | −$156.0M | $787.0M | −$1.12B | — | — | — | −$820.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$641.0M | −$20.0M | $1.0M | −$438.0M | −$118.0M | −$9.0M | −$11.0M | −$24.0M | −$348.0M | $175.0M | $1.50B | $20.0M |
| Cash from financing activities | −$652.0M | −$566.0M | −$464.0M | −$6.10B | −$746.0M | −$740.0M | $201.0M | −$1.76B | −$999.0M | −$551.0M | $1.23B | −$1.06B |
| Summary | ||||||||||||
| Net change in cash | $667.0M | $175.0M | $154.0M | −$358.0M | −$71.0M | −$442.0M | $632.0M | −$260.0M | $15.0M | −$963.0M | $972.0M | −$219.0M |
| Cash at end of period | $1.38B | $713.0M | $552.0M | $398.0M | $731.0M | $802.0M | $1.24B | $612.0M | $872.0M | $857.0M | $1.82B | −$219.0M |
| Free cash flow | $1.50B | $604.0M | $464.0M | −$572.0M | $901.0M | $505.0M | $131.0M | $1.36B | $932.0M | −$331.0M | −$328.0M | $1.22B |
| Free cash flow margin | 22.7% | 9.8% | 8.0% | −8.9% | 14.9% | 8.9% | 2.4% | 21.7% | 15.8% | −5.9% | −6.3% | 17.6% |
| Capex / revenue | 1.4% | 1.1% | 1.4% | 2.0% | 1.6% | 1.7% | 2.1% | 2.7% | 1.5% | 2.3% | 1.6% | 2.5% |
| Operating cash flow / net income | 2.13 | 1.10 | 1.10 | −1.66 | 1.61 | 1.26 | 0.68 | 8.07 | 1.20 | — | −0.72 | 2.39 |
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.
JCI cash generation
In fiscal 2025 (ended September 30, 2025), Johnson Controls generated $1.4 billion of cash from operations (down 33.3%) and spent $434.0 million on capital expenditures, leaving free cash flow of $965.0 million, 4.1% of revenue. It returned $7.0 billion to shareholders through dividends ($976.0 million) and net share buybacks ($6.0 billion). Cash and equivalents fell by $233.0 million over the year.
Related: JCI income statement, JCI balance sheet, JCI dividend history. See the JCI stock overview for the latest quote and news.
JCI cash flow FAQ
What is Johnson Controls's free cash flow?
Johnson Controls's free cash flow was $965.0 million in fiscal 2025: $1.4 billion of operating cash flow minus $434.0 million of capital expenditures It was $1.6 billion a year earlier..
How much cash does Johnson Controls generate from operations?
Johnson Controls generated $1.4 billion of cash from operating activities in fiscal 2025, 0.81 times its net income of $1.7 billion.
How much does Johnson Controls spend on capital expenditures?
Johnson Controls spent $434.0 million on capital expenditures in fiscal 2025, 1.8% of revenue, compared with $494.0 million the year before.
How much stock does Johnson Controls buy back?
Johnson Controls spent $6.0 billion on net share repurchases in fiscal 2025.
How much does Johnson Controls pay in dividends?
Johnson Controls paid $976.0 million in dividends in fiscal 2025, 101.1% of free cash flow.