Moog Inc. (MOG-A) Cash Flow Statement
Where MOG-A’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- $273.1M +35.0% vs FY2024
- Capital expenditures
- $144.7M 3.7% of revenue
- Free cash flow
- $128.4M 3.3% margin
- Returned to shareholders
- $208.1M 162% of free cash flow
- Change in cash
- −$2.3M cash at year-end $62.2M
Drawn to scale: where the cash came from and how it was used. Hover for values.
MOG-A operating cash flow, capex and free cash flow
MOG-A cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $215.9MFY2016 | $273.1MFY2025 | +2.6%/yr | |
| Capital expenditures | $67.2MFY2016 | $144.7MFY2025 | +8.9%/yr | |
| Free cash flow | $148.6MFY2016 | $128.4MFY2025 | −1.6%/yr | |
| Free cash flow margin | 6.2%FY2016 | 3.3%FY2025 | −2.8 pts | |
| Operating cash flow / net income | 1.75FY2016 | 1.16FY2025 | −0.58 | |
| Stock-based compensation | $3.3MFY2016 | $16.7MFY2025 | +19.9%/yr | |
| Dividends paid | $341.6MFY2016 | $36.4MFY2025 | −22.0%/yr | |
| Share buybacks (net) | $76.0MFY2016 | $171.7MFY2025 | +9.5%/yr | |
| Capex / revenue | 2.8%FY2016 | 3.7%FY2025 | +1.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MOG-A cash flow by activity
MOG-A 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).
MOG-A cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $235.0M | $207.2M | $171.0M | $155.2M | $157.2M | $9.2M | $179.7M | $96.6M | $140.4M | $123.6M |
| Depreciation & amortization | $94.0M | $93.1M | $90.2M | $88.4M | $90.2M | $87.0M | $85.3M | $88.6M | $90.2M | $98.7M |
| Stock-based compensation | $16.7M | $15.0M | $10.6M | $8.9M | $7.5M | $5.7M | $6.5M | $5.8M | $4.6M | $3.3M |
| Change in working capital | −$94.1M | −$115.9M | −$129.0M | −$40.1M | $28.0M | $26.7M | −$89.7M | −$153.7M | −$46.0M | −$27.5M |
| Other non-cash items | $21.4M | $3.0M | −$6.9M | $34.5M | $10.4M | $150.7M | −$359,000 | $65.1M | $28.7M | $17.7M |
| Cash from operating activities | $273.1M | $202.3M | $135.9M | $246.8M | $293.2M | $279.2M | $181.4M | $102.4M | $217.8M | $215.9M |
| Investing activities | ||||||||||
| Capital expenditures | −$144.7M | −$156.0M | −$173.3M | −$139.4M | −$128.7M | −$88.3M | −$118.4M | −$94.5M | −$75.8M | −$67.2M |
| Investments (net) | −$175.3M | −$159.6M | −$163.1M | −$83.3M | −$191.2M | −$146.2M | −$115.7M | −$141.6M | −$109.6M | −$77.0M |
| Acquisitions & other investing | $144.7M | $156.0M | $173.3M | $139.4M | $128.7M | $88.3M | $118.4M | $111.3M | $75.8M | $67.2M |
| Cash from investing activities | −$175.3M | −$159.6M | −$163.1M | −$83.3M | −$191.2M | −$146.2M | −$115.7M | −$124.9M | −$109.6M | −$77.0M |
| Financing activities | ||||||||||
| Dividends paid | −$36.4M | −$35.5M | −$34.1M | −$33.0M | −$32.1M | −$25.2M | −$34.9M | −$17.9M | −$237.8M | −$341.6M |
| Share repurchases & issuance (net) | −$171.7M | −$59.6M | −$29.3M | −$48.6M | −$31.7M | −$232.3M | −$41.0M | −$8.2M | −$8.6M | −$76.0M |
| Net borrowing (repayment) | $59.3M | $3.0M | $21.1M | −$70.2M | −$30.5M | $95.7M | −$31.1M | −$117.4M | −$51.3M | −$75.1M |
| Shares issued | $19.6M | $15.7M | $19.8M | $18.4M | $10.9M | $7.0M | $5.3M | $4.6M | $0 | $0 |
| Other financing | $30.9M | $27.7M | −$565,000 | −$1.6M | −$3.6M | $12.1M | $3.0M | −$82.6M | $222.1M | $372.9M |
| Cash from financing activities | −$98.3M | −$48.7M | −$23.0M | −$134.9M | −$87.0M | −$142.8M | −$98.7M | −$221.6M | −$75.7M | −$119.9M |
| Summary | ||||||||||
| Net change in cash | −$2.3M | −$4.6M | −$48.2M | $18.3M | $15.8M | −$7.5M | −$35.2M | −$242.5M | $42.9M | $15.3M |
| Cash at end of period | $62.2M | $64.5M | $69.1M | $119.2M | $100.9M | $85.1M | $92.5M | $125.6M | $368.1M | $325.1M |
| Free cash flow | $128.4M | $46.3M | −$37.4M | $107.4M | $164.5M | $190.9M | $63.0M | $7.9M | $142.0M | $148.6M |
| Free cash flow margin | 3.3% | 1.3% | −1.1% | 3.5% | 5.8% | 6.6% | 2.2% | 0.3% | 5.7% | 6.2% |
| Capex / revenue | 3.7% | 4.3% | 5.2% | 4.6% | 4.5% | 3.1% | 4.1% | 3.5% | 3.0% | 2.8% |
| Operating cash flow / net income | 1.16 | 0.98 | 0.79 | 1.59 | 1.87 | 30.33 | 1.01 | 1.06 | 1.55 | 1.75 |
| 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 | $152.0M | $81.8M | $78.9M | $59.7M | $59.7M | $55.8M | $53.1M | $44.6M | $56.4M | $60.0M | $47.8M | $39.6M |
| Depreciation & amortization | $32.1M | $28.0M | $27.6M | $23.5M | $21.2M | $24.6M | $23.5M | $24.0M | $24.4M | $23.9M | $23.6M | $24.7M |
| Stock-based compensation | $6.2M | $4.8M | $5.0M | $4.6M | $4.6M | $3.7M | $4.3M | $3.7M | $4.1M | $3.0M | $4.2M | $2.5M |
| Change in working capital | −$333,000 | $3.4M | −$172.0M | $127.7M | $29.1M | −$36.3M | −$214.7M | $61.7M | −$50.9M | −$129.3M | −$8.2M | $63.2M |
| Other non-cash items | −$29.9M | $11.6M | $15.8M | $25.1M | $10.7M | −$8.4M | $1.5M | $17.3M | −$3.8M | −$1.6M | −$7.0M | $23.1M |
| Cash from operating activities | $160.1M | $129.6M | −$44.8M | $240.6M | $125.3M | $39.4M | −$132.3M | $151.3M | $30.2M | −$44.0M | $60.4M | $153.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$27.5M | −$31.8M | −$34.4M | −$32.7M | −$32.7M | −$37.6M | −$32.8M | −$42.4M | −$32.1M | −$40.1M | −$37.4M | −$48.2M |
| Investments (net) | — | — | — | −$82.9M | −$33.4M | −$39.8M | −$19.1M | −$45.1M | −$30.6M | −$40.8M | −$43.1M | −$49.3M |
| Acquisitions & other investing | −$446,000 | −$302,000 | $2.9M | $82.1M | $32.7M | $37.6M | $32.8M | $46.4M | $32.1M | $40.1M | $37.4M | $48.2M |
| Cash from investing activities | −$28.0M | −$32.1M | −$31.5M | −$33.4M | −$33.4M | −$39.8M | −$19.1M | −$41.0M | −$30.6M | −$40.8M | −$43.1M | −$49.3M |
| Financing activities | ||||||||||||
| Dividends paid | −$9.5M | −$9.5M | −$9.2M | −$9.1M | −$9.1M | −$9.1M | −$9.0M | −$9.0M | −$8.9M | −$9.0M | −$8.6M | −$8.6M |
| Share repurchases & issuance (net) | −$12.2M | −$12.6M | −$37.8M | −$25.4M | −$5.1M | −$77.5M | −$63.8M | −$23.4M | −$6.5M | −$11.5M | −$8.7M | −$6.2M |
| Net borrowing (repayment) | −$340.5M | $182.5M | $106.7M | −$139.5M | −$87.2M | $59.2M | $226.8M | −$86.5M | — | — | — | −$150.1M |
| Shares issued | $0 | $386,000 | $8.1M | $8.6M | $3.1M | $7.8M | $0 | $8.1M | $0 | $7.0M | $581,000 | $7.0M |
| Other financing | −$10.8M | −$23.8M | $20.0M | $68.0M | $855,000 | $8.6M | $9.2M | $12.0M | $8.2M | $32.5M | $55.7M | $1.6M |
| Cash from financing activities | −$373.0M | $137.0M | $87.7M | −$97.4M | −$97.4M | −$10.9M | $163.2M | −$98.8M | −$7.3M | $19.0M | $38.9M | −$156.2M |
| Summary | ||||||||||||
| Net change in cash | −$240.5M | $234.4M | $11.6M | −$3.7M | −$3.7M | −$11.1M | $9.3M | $10.3M | −$8.2M | −$67.1M | $57.7M | −$56.3M |
| Cash at end of period | $67.8M | $308.2M | $73.8M | $59.0M | $59.0M | $62.7M | $73.8M | $61.8M | $51.5M | $59.7M | $126.8M | $69.1M |
| Free cash flow | $132.6M | $97.8M | −$79.1M | $198.9M | $92.7M | $1.8M | −$165.1M | $108.9M | −$1.9M | −$84.1M | $23.0M | $104.8M |
| Free cash flow margin | 11.9% | 9.3% | −7.2% | 19.0% | 9.5% | 0.2% | −18.1% | 11.8% | −0.2% | −9.0% | 2.7% | 12.0% |
| Capex / revenue | 2.5% | 3.0% | 3.1% | 3.1% | 3.4% | 4.0% | 3.6% | 4.6% | 3.5% | 4.3% | 4.4% | 5.5% |
| Operating cash flow / net income | 1.05 | 1.58 | −0.57 | 4.03 | 2.10 | 0.71 | −2.49 | 3.39 | 0.54 | −0.73 | 1.26 | 3.87 |
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.
MOG-A cash generation
In fiscal 2025 (ended September 30, 2025), Moog generated $273.1 million of cash from operations (up 35.0%) and spent $144.7 million on capital expenditures, leaving free cash flow of $128.4 million, 3.3% of revenue. It returned $208.1 million to shareholders through dividends ($36.4 million) and net share buybacks ($171.7 million). Cash and equivalents fell by $2.3 million over the year.
Related: MOG-A income statement, MOG-A balance sheet, MOG-A dividend history. See the MOG-A stock overview for the latest quote and news.
MOG-A cash flow FAQ
What is Moog's free cash flow?
Moog's free cash flow was $128.4 million in fiscal 2025: $273.1 million of operating cash flow minus $144.7 million of capital expenditures It was $46.3 million a year earlier..
How much cash does Moog generate from operations?
Moog generated $273.1 million of cash from operating activities in fiscal 2025, 1.16 times its net income of $235.0 million.
How much does Moog spend on capital expenditures?
Moog spent $144.7 million on capital expenditures in fiscal 2025, 3.7% of revenue, compared with $156.0 million the year before.
How much stock does Moog buy back?
Moog spent $171.7 million on net share repurchases in fiscal 2025.
How much does Moog pay in dividends?
Moog paid $36.4 million in dividends in fiscal 2025, 28.4% of free cash flow.