MSC Industrial Direct Co., Inc. (MSM) Cash Flow Statement
Where MSM’s cash came from and went, FY2025
August 31, 2025 · U.S. dollars- Cash from operations
- $333.7M −18.7% vs FY2024
- Capital expenditures
- $92.8M 2.5% of revenue
- Free cash flow
- $240.9M 6.4% margin
- Returned to shareholders
- $229.0M 95% of free cash flow
- Change in cash
- $26.6M cash at year-end $56.2M
Drawn to scale: where the cash came from and how it was used. Hover for values.
MSM operating cash flow, capex and free cash flow
MSM cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $401.1MFY2016 | $333.7MFY2025 | −2.0%/yr | |
| Capital expenditures | $87.9MFY2016 | $92.8MFY2025 | +0.6%/yr | |
| Free cash flow | $313.2MFY2016 | $240.9MFY2025 | −2.9%/yr | |
| Free cash flow margin | 10.9%FY2016 | 6.4%FY2025 | −4.5 pts | |
| Operating cash flow / net income | 1.74FY2016 | 1.67FY2025 | −0.07 | |
| Stock-based compensation | $14.0MFY2016 | $12.6MFY2025 | −1.2%/yr | |
| Dividends paid | $105.8MFY2016 | $189.7MFY2025 | +6.7%/yr | |
| Share buybacks (net) | $383.8MFY2016 | $39.3MFY2025 | −22.4%/yr | |
| Capex / revenue | 3.1%FY2016 | 2.5%FY2025 | −0.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MSM cash flow by activity
MSM 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).
MSM cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $199.3M | $258.6M | $343.1M | $340.5M | $217.9M | $251.8M | $288.7M | $328.8M | $230.8M | $230.3M |
| Depreciation & amortization | $90.2M | $82.5M | $75.1M | $70.4M | $68.8M | $69.1M | $65.0M | $62.6M | $62.6M | $71.5M |
| Stock-based compensation | $12.6M | $18.8M | $18.6M | $19.3M | $17.7M | $16.9M | $16.3M | $14.9M | $13.9M | $14.0M |
| Change in working capital | $4.3M | $31.7M | $224.1M | −$211.6M | −$140.2M | $16.7M | −$67.5M | −$55.5M | −$82.8M | $62.8M |
| Other non-cash items | $27.4M | $19.1M | $38.6M | $27.7M | $60.1M | $42.2M | $25.9M | −$11.3M | $22.3M | $22.5M |
| Cash from operating activities | $333.7M | $410.7M | $699.6M | $246.2M | $224.5M | $396.7M | $328.4M | $339.7M | $246.8M | $401.1M |
| Investing activities | ||||||||||
| Capital expenditures | −$92.8M | −$99.4M | −$92.5M | −$61.4M | −$53.7M | −$47.0M | −$51.8M | −$44.9M | −$46.5M | −$87.9M |
| Investments (net) | −$63.3M | −$123.4M | −$112.7M | −$94.5M | −$75.7M | −$49.3M | $27.0M | −$131.9M | −$88.9M | −$87.9M |
| Acquisitions & other investing | $92.8M | $99.4M | $92.5M | $61.4M | $53.7M | $47.0M | −$10.7M | $44.9M | $46.5M | $87.9M |
| Cash from investing activities | −$63.3M | −$123.4M | −$112.7M | −$94.5M | −$75.7M | −$49.3M | −$35.5M | −$131.9M | −$88.9M | −$87.9M |
| Financing activities | ||||||||||
| Dividends paid | −$189.7M | −$187.3M | −$176.7M | −$167.4M | −$362.6M | −$444.2M | −$145.7M | −$125.4M | −$102.2M | −$105.8M |
| Share repurchases & issuance (net) | −$39.3M | −$187.7M | −$220.8M | −$27.4M | −$91.3M | −$23.4M | −$84.6M | −$82.4M | −$49.2M | −$383.8M |
| Net borrowing (repayment) | −$3.0M | $99.9M | −$342.2M | $7.0M | $186.5M | $174.0M | −$97.4M | $2.0M | −$74.5M | $179.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $4.6M | $4.5M | $0 | $0 |
| Other financing | −$11.6M | −$32.3M | $159.3M | $39.6M | $33.7M | $39.0M | $16.5M | $23.8M | $31.1M | $12.2M |
| Cash from financing activities | −$243.6M | −$307.4M | −$580.4M | −$148.1M | −$233.7M | −$254.6M | −$306.5M | −$177.6M | −$194.7M | −$298.4M |
| Summary | ||||||||||
| Net change in cash | $26.6M | −$20.5M | $6.5M | $3.0M | −$84.7M | $92.9M | −$13.9M | $30.1M | −$36.8M | $14.6M |
| Cash at end of period | $56.2M | $29.6M | $50.1M | $43.5M | $40.5M | $125.2M | $32.3M | $46.2M | $16.1M | $52.9M |
| Free cash flow | $240.9M | $311.3M | $607.1M | $184.8M | $170.7M | $349.7M | $276.7M | $294.7M | $200.3M | $313.2M |
| Free cash flow margin | 6.4% | 8.1% | 15.1% | 5.0% | 5.3% | 11.0% | 8.2% | 9.2% | 6.9% | 10.9% |
| Capex / revenue | 2.5% | 2.6% | 2.3% | 1.7% | 1.7% | 1.5% | 1.5% | 1.4% | 1.6% | 3.1% |
| Operating cash flow / net income | 1.67 | 1.59 | 2.04 | 0.72 | 1.03 | 1.58 | 1.14 | 1.03 | 1.07 | 1.74 |
| May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | Aug '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $80.4M | $42.2M | $51.1M | $56.5M | $56.8M | $39.3M | $46.6M | $55.7M | $71.7M | $61.8M | $69.1M | $87.4M |
| Depreciation & amortization | $25.4M | $25.3M | $25.1M | $23.5M | $22.8M | $23.0M | $21.7M | $20.8M | $19.9M | $20.6M | $19.8M | $19.0M |
| Stock-based compensation | $5.1M | $5.0M | $4.4M | $2.2M | $3.2M | $3.6M | $3.6M | $5.5M | $3.5M | $4.7M | $5.2M | $4.0M |
| Change in working capital | −$15.9M | $12.8M | −$57.6M | −$8.0M | $9.7M | −$19.2M | $21.7M | $10.0M | $51.2M | −$10.6M | −$18.9M | $4.7M |
| Other non-cash items | $6.8M | $9.2M | $6.4M | $6.1M | $4.5M | $7.7M | $8.3M | $15.3M | −$2.8M | $2.2M | $6.0M | $17.4M |
| Cash from operating activities | $101.7M | $94.4M | $29.4M | $80.3M | $97.1M | $54.5M | $101.9M | $107.3M | $143.5M | $78.7M | $81.2M | $132.5M |
| Investing activities | ||||||||||||
| Capital expenditures | −$20.8M | −$21.3M | −$22.0M | −$21.7M | −$21.2M | −$29.8M | −$20.2M | −$26.1M | −$29.6M | −$25.4M | −$18.4M | −$28.4M |
| Investments (net) | — | — | — | −$21.7M | $9.2M | −$30.3M | −$20.4M | −$40.2M | −$29.6M | −$35.2M | −$18.4M | −$28.4M |
| Acquisitions & other investing | $0 | $0 | $817,000 | $21.7M | $21.2M | $29.8M | $20.2M | $26.1M | $29.6M | $25.4M | $18.4M | −$55.9M |
| Cash from investing activities | −$20.8M | −$21.3M | −$21.2M | −$21.7M | $9.2M | −$30.3M | −$20.4M | −$40.2M | −$29.6M | −$35.2M | −$18.4M | −$112.7M |
| Financing activities | ||||||||||||
| Dividends paid | −$48.6M | −$48.5M | −$48.6M | −$47.4M | −$47.3M | −$47.4M | −$47.5M | −$46.6M | −$46.7M | −$46.8M | −$47.2M | −$44.2M |
| Share repurchases & issuance (net) | −$171,000 | −$764,000 | −$13.0M | −$179,000 | −$8.6M | −$12.5M | −$18.1M | −$20.5M | −$18.5M | −$16.6M | −$132.0M | −$139.7M |
| Net borrowing (repayment) | −$6.1M | −$18.9M | $45.0M | −$16.2M | −$17.8M | $19.2M | $11.8M | −$4.0M | — | — | — | −$13.3M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $120,000 | $0 | $0 | $1.4M | $6.9M | $0 |
| Other financing | $2.0M | $771,000 | −$7.4M | −$10.2M | −$2.8M | $935,000 | $380,000 | $8.2M | −$45.0M | $14.9M | $85.2M | $84.9M |
| Cash from financing activities | −$52.9M | −$67.4M | −$23.9M | −$74.0M | −$76.5M | −$39.7M | −$53.4M | −$62.9M | −$110.2M | −$47.1M | −$87.2M | −$112.3M |
| Summary | ||||||||||||
| Net change in cash | $27.9M | $5.9M | −$16.0M | −$15.5M | $30.4M | −$16.0M | $27.7M | $3.7M | $3.7M | −$3.6M | −$24.2M | −$8.4M |
| Cash at end of period | $74.1M | $46.2M | $40.3M | $56.2M | $71.7M | $41.3M | $57.3M | $29.6M | $25.9M | $22.2M | $25.8M | $50.1M |
| Free cash flow | $80.9M | $73.1M | $7.4M | $58.5M | $76.0M | $24.7M | $81.7M | $81.2M | $114.0M | $53.4M | $62.7M | $104.1M |
| Free cash flow margin | 7.7% | 8.0% | 0.8% | 6.0% | 7.8% | 2.8% | 8.8% | 8.5% | 11.6% | 5.7% | 6.6% | 10.1% |
| Capex / revenue | 2.0% | 2.3% | 2.3% | 2.2% | 2.2% | 3.3% | 2.2% | 2.7% | 3.0% | 2.7% | 1.9% | 2.7% |
| Operating cash flow / net income | 1.27 | 2.24 | 0.58 | 1.42 | 1.71 | 1.39 | 2.18 | 1.93 | 2.00 | 1.27 | 1.17 | 1.52 |
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.
MSM cash generation
In fiscal 2025 (ended August 31, 2025), MSC Industrial Direct generated $333.7 million of cash from operations (down 18.7%) and spent $92.8 million on capital expenditures, leaving free cash flow of $240.9 million, 6.4% of revenue. It returned $229.0 million to shareholders through dividends ($189.7 million) and net share buybacks ($39.3 million). Cash and equivalents rose by $26.6 million over the year.
Related: MSM income statement, MSM balance sheet, MSM dividend history. See the MSM stock overview for the latest quote and news.
MSM cash flow FAQ
What is MSC Industrial Direct's free cash flow?
MSC Industrial Direct's free cash flow was $240.9 million in fiscal 2025: $333.7 million of operating cash flow minus $92.8 million of capital expenditures It was $311.3 million a year earlier..
How much cash does MSC Industrial Direct generate from operations?
MSC Industrial Direct generated $333.7 million of cash from operating activities in fiscal 2025, 1.67 times its net income of $199.3 million.
How much does MSC Industrial Direct spend on capital expenditures?
MSC Industrial Direct spent $92.8 million on capital expenditures in fiscal 2025, 2.5% of revenue, compared with $99.4 million the year before.
How much stock does MSC Industrial Direct buy back?
MSC Industrial Direct spent $39.3 million on net share repurchases in fiscal 2025.
How much does MSC Industrial Direct pay in dividends?
MSC Industrial Direct paid $189.7 million in dividends in fiscal 2025, 78.7% of free cash flow.