Newell Brands Inc. (NWL) Cash Flow Statement
Where NWL’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $264.0M −46.8% vs 2024
- Capital expenditures
- $247.0M 3.4% of revenue
- Free cash flow
- $17.0M 0.2% margin
- Returned to shareholders
- $120.0M 706% of free cash flow
- Change in cash
- $1.0M cash at year-end $220.0M
Cash from operations
$264.0M
Capital expenditures
−$247.0M
Investments (net)
+$31.0M
Acquisitions & other
+$52.0M
Dividends
−$120.0M
Net borrowing (repayment)
+$43.0M
Other financing
−$24.0M
Currency & other
+$2.0M
Change in cash
$1.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
NWL operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
NWL cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.83B2016 | $264.0M2025 | −19.3%/yr | |
| Capital expenditures | $441.4M2016 | $247.0M2025 | −6.2%/yr | |
| Free cash flow | $1.39B2016 | $17.0M2025 | −38.7%/yr | |
| Free cash flow margin | 10.5%2016 | 0.2%2025 | −10.2 pts | |
| Operating cash flow / net income | 3.462016 | −1.382022 | −4.85 | |
| Stock-based compensation | $63.9M2016 | $68.0M2025 | +0.7%/yr | |
| Dividends paid | $328.6M2016 | $120.0M2025 | −10.6%/yr | |
| Share buybacks (net) | $16.1M2016 | $02024 | −100.0% | |
| Capex / revenue | 3.3%2016 | 3.4%2025 | +0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NWL cash flow by activity
OperatingInvestingFinancingChange in cash
NWL 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).
NWL cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$285.0M | −$216.0M | −$388.0M | $197.0M | $572.0M | −$770.0M | $106.6M | −$6.92B | $2.75B | $527.8M |
| Depreciation & amortization | $311.0M | $323.0M | $334.0M | $296.0M | $325.0M | $357.0M | $446.0M | $372.0M | $635.6M | $437.2M |
| Stock-based compensation | $68.0M | $74.0M | $50.0M | $12.0M | $52.0M | $41.0M | $42.5M | $75.7M | $70.9M | $63.9M |
| Change in working capital | −$101.0M | $79.0M | $783.0M | −$1.22B | −$83.0M | $495.0M | $164.0M | −$268.3M | −$120.2M | $835.6M |
| Other non-cash items | $271.0M | $236.0M | $151.0M | $438.0M | $18.0M | $1.31B | $284.9M | $7.42B | −$2.40B | −$36.0M |
| Cash from operating activities | $264.0M | $496.0M | $930.0M | −$272.0M | $884.0M | $1.43B | $1.04B | $680.0M | $932.0M | $1.83B |
| Investing activities | ||||||||||
| Capital expenditures | −$247.0M | −$259.0M | −$284.0M | −$312.0M | −$289.0M | −$259.0M | −$264.9M | −$384.4M | −$406.2M | −$441.4M |
| Investments (net) | $31.0M | −$151.0M | −$224.0M | $343.0M | −$268.0M | −$228.0M | $735.4M | $4.81B | $1.08B | −$8.82B |
| Acquisitions & other investing | $52.0M | $259.0M | $309.0M | $312.0M | $289.0M | $259.0M | $264.9M | $384.4M | $406.2M | $441.4M |
| Cash from investing activities | −$164.0M | −$151.0M | −$199.0M | $343.0M | −$268.0M | −$228.0M | $735.4M | $4.81B | $1.08B | −$8.82B |
| Financing activities | ||||||||||
| Dividends paid | −$120.0M | −$118.0M | −$184.0M | −$385.0M | −$394.0M | −$392.0M | −$390.3M | −$434.6M | −$428.6M | −$328.6M |
| Share repurchases & issuance (net) | — | $0 | $0 | −$325.0M | −$28.0M | $0 | −$5.3M | −$1.51B | −$171.0M | −$16.1M |
| Net borrowing (repayment) | $43.0M | −$1.54B | −$490.0M | $1.61B | −$704.0M | $127.0M | −$1.07B | −$3.48B | −$1.40B | $7.67B |
| Shares issued | $0 | $1.24B | $0 | $989.0M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$24.0M | −$28.0M | $10.0M | −$2.12B | −$17.0M | −$294.0M | −$439.1M | −$29.5M | −$161.6M | $11.9M |
| Cash from financing activities | −$101.0M | −$451.0M | −$664.0M | −$232.0M | −$1.14B | −$559.0M | −$1.90B | −$5.45B | −$2.16B | $7.34B |
| Summary | ||||||||||
| Net change in cash | $1.0M | −$142.0M | $58.0M | −$174.0M | −$544.0M | $650.0M | −$124.8M | $10.0M | −$101.8M | $312.7M |
| Cash at end of period | $220.0M | $219.0M | $361.0M | $303.0M | $477.0M | $1.02B | $370.9M | $495.7M | $485.7M | $587.5M |
| Free cash flow | $17.0M | $237.0M | $646.0M | −$584.0M | $595.0M | $1.17B | $779.1M | $295.6M | $525.8M | $1.39B |
| Free cash flow margin | 0.2% | 3.1% | 7.9% | −6.2% | 5.6% | 12.5% | 8.0% | 3.4% | 3.6% | 10.5% |
| Capex / revenue | 3.4% | 3.4% | 3.5% | 3.3% | 2.7% | 2.8% | 2.7% | 4.5% | 2.8% | 3.3% |
| Operating cash flow / net income | — | — | — | −1.38 | 1.55 | — | 9.79 | — | 0.34 | 3.46 |
| 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 | $106.0M | −$33.0M | −$315.0M | $21.0M | $46.0M | −$37.0M | −$54.0M | −$198.0M | $45.0M | −$9.0M | −$86.0M | −$218.0M |
| Depreciation & amortization | $78.0M | $79.0M | $80.0M | $77.0M | $79.0M | $75.0M | $78.0M | $81.0M | $79.0M | $85.0M | $94.0M | $81.0M |
| Stock-based compensation | $20.0M | $17.0M | $22.0M | $13.0M | $17.0M | $16.0M | $25.0M | $16.0M | $17.0M | $16.0M | $18.0M | $12.0M |
| Change in working capital | −$221.0M | −$247.0M | $106.0M | $287.0M | −$186.0M | −$308.0M | $115.0M | $145.0M | −$116.0M | −$65.0M | $309.0M | $305.0M |
| Other non-cash items | $46.0M | −$49.0M | $268.0M | −$24.0M | −$14.0M | $41.0M | −$14.0M | $238.0M | $7.0M | $5.0M | −$84.0M | $222.0M |
| Cash from operating activities | $29.0M | −$233.0M | $161.0M | $374.0M | −$58.0M | −$213.0M | $150.0M | $282.0M | $32.0M | $32.0M | $251.0M | $402.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$47.0M | −$37.0M | −$70.0M | −$59.0M | −$59.0M | −$59.0M | −$96.0M | −$51.0M | −$53.0M | −$59.0M | −$75.0M | −$67.0M |
| Investments (net) | $5.0M | $9.0M | $6.0M | −$23.0M | −$65.0M | −$27.0M | −$44.0M | −$23.0M | −$34.0M | −$50.0M | −$52.0M | −$53.0M |
| Acquisitions & other investing | $5.0M | −$1.0M | $15.0M | $59.0M | $59.0M | $59.0M | $96.0M | $51.0M | $53.0M | $59.0M | $75.0M | $67.0M |
| Cash from investing activities | −$37.0M | −$29.0M | −$49.0M | −$23.0M | −$65.0M | −$27.0M | −$44.0M | −$23.0M | −$34.0M | −$50.0M | −$52.0M | −$53.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$30.0M | −$36.0M | −$30.0M | −$30.0M | −$29.0M | −$31.0M | −$29.0M | −$29.0M | −$29.0M | −$31.0M | −$29.0M | −$29.0M |
| Share repurchases & issuance (net) | — | — | — | $4.0M | −$4.0M | — | — | — | −$11.0M | — | $0 | $0 |
| Net borrowing (repayment) | $45.0M | $295.0M | −$107.0M | −$305.0M | $145.0M | $310.0M | −$1.58B | −$115.0M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$18.0M | $27.0M | −$23.0M | $8.0M | $0 | −$9.0M | $1.22B | $2.0M | $58.0M | $91.0M | −$230.0M | −$218.0M |
| Cash from financing activities | −$3.0M | $286.0M | −$160.0M | −$323.0M | $112.0M | $270.0M | −$387.0M | −$142.0M | $18.0M | $60.0M | −$259.0M | −$247.0M |
| Summary | ||||||||||||
| Net change in cash | −$10.0M | $23.0M | −$26.0M | $10.0M | −$10.0M | $33.0M | −$302.0M | $116.0M | $5.0M | $39.0M | −$61.0M | $92.0M |
| Cash at end of period | $233.0M | $243.0M | $203.0M | $229.0M | $242.0M | $252.0M | $219.0M | $521.0M | $405.0M | $400.0M | $361.0M | $422.0M |
| Free cash flow | −$18.0M | −$270.0M | $91.0M | $315.0M | −$117.0M | −$272.0M | $54.0M | $231.0M | −$21.0M | −$27.0M | $176.0M | $335.0M |
| Free cash flow margin | −0.9% | −17.4% | 4.8% | 17.4% | −6.0% | −17.4% | 2.8% | 11.9% | −1.0% | −1.6% | 8.5% | 16.4% |
| Capex / revenue | 2.4% | 2.4% | 3.7% | 3.3% | 3.0% | 3.8% | 4.9% | 2.6% | 2.6% | 3.6% | 3.6% | 3.3% |
| Operating cash flow / net income | 0.27 | — | — | 17.81 | −1.26 | — | — | — | 0.71 | — | — | — |
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.
NWL cash generation
In fiscal 2025 (ended December 31, 2025), Newell Brands generated $264.0 million of cash from operations (down 46.8%) and spent $247.0 million on capital expenditures, leaving free cash flow of $17.0 million, 0.2% of revenue. It returned $120.0 million to shareholders through dividends ($120.0 million) and net share buybacks ($0). Cash and equivalents rose by $1.0 million over the year.
Related: NWL income statement, NWL balance sheet, NWL dividend history. See the NWL stock overview for the latest quote and news.
NWL cash flow FAQ
What is Newell Brands's free cash flow?
Newell Brands's free cash flow was $17.0 million in fiscal 2025: $264.0 million of operating cash flow minus $247.0 million of capital expenditures It was $237.0 million a year earlier..
How much cash does Newell Brands generate from operations?
Newell Brands generated $264.0 million of cash from operating activities in fiscal 2025.
How much does Newell Brands spend on capital expenditures?
Newell Brands spent $247.0 million on capital expenditures in fiscal 2025, 3.4% of revenue, compared with $259.0 million the year before.
How much does Newell Brands pay in dividends?
Newell Brands paid $120.0 million in dividends in fiscal 2025, 705.9% of free cash flow.