Otis Worldwide Corporation (OTIS) Cash Flow Statement
Where OTIS’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.60B +2.1% vs 2024
- Capital expenditures
- $152.0M 1.1% of revenue
- Free cash flow
- $1.44B 10.0% margin
- Returned to shareholders
- $1.46B 101% of free cash flow
- Change in cash
- −$1.22B cash at year-end $1.10B
Drawn to scale: where the cash came from and how it was used. Hover for values.
OTIS operating cash flow, capex and free cash flow
OTIS cash flow trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.45B2017 | $1.60B2025 | +1.2%/yr | |
| Capital expenditures | $133.0M2017 | $152.0M2025 | +1.7%/yr | |
| Free cash flow | $1.32B2017 | $1.44B2025 | +1.2%/yr | |
| Free cash flow margin | 10.7%2017 | 10.0%2025 | −0.7 pts | |
| Operating cash flow / net income | 2.282017 | 1.102025 | −1.18 | |
| Stock-based compensation | $29.0M2017 | $80.0M2025 | +13.5%/yr | |
| Dividends paid | $260.0M2017 | $647.0M2025 | +12.1%/yr | |
| Share buybacks (net) | $02020 | $809.0M2025 | — | |
| Capex / revenue | 1.1%2017 | 1.1%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
OTIS cash flow by activity
OTIS 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).
OTIS cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||
| Net income | $1.46B | $1.65B | $1.41B | $1.37B | $1.42B | $1.06B | $1.12B | $1.05B | $636.0M |
| Depreciation & amortization | $175.0M | $181.0M | $193.0M | $191.0M | $203.0M | $191.0M | $180.0M | $190.0M | $177.0M |
| Stock-based compensation | $80.0M | $73.0M | $64.0M | $67.0M | $65.0M | $63.0M | $37.0M | $38.0M | $29.0M |
| Change in working capital | $15.0M | −$344.0M | −$67.0M | −$64.0M | $45.0M | $63.0M | −$33.0M | −$15.0M | −$37.0M |
| Other non-cash items | −$129.0M | $8.0M | $31.0M | −$3.0M | $17.0M | $107.0M | $169.0M | $288.0M | $645.0M |
| Cash from operating activities | $1.60B | $1.56B | $1.63B | $1.56B | $1.75B | $1.48B | $1.47B | $1.55B | $1.45B |
| Investing activities | |||||||||
| Capital expenditures | −$152.0M | −$126.0M | −$138.0M | −$115.0M | −$156.0M | −$183.0M | −$145.0M | −$172.0M | −$133.0M |
| Investments (net) | −$204.0M | −$164.0M | −$227.0M | $65.0M | $40.0M | −$120.0M | −$51.0M | −$51.0M | −$51.0M |
| Acquisitions & other investing | −$50.0M | $51.0M | $182.0M | $17.0M | $27.0M | −$50.0M | −$7.0M | $22.0M | −$2.0M |
| Cash from investing activities | −$406.0M | −$239.0M | −$183.0M | −$33.0M | −$89.0M | −$353.0M | −$203.0M | −$201.0M | −$186.0M |
| Financing activities | |||||||||
| Dividends paid | −$647.0M | −$606.0M | −$539.0M | −$465.0M | −$393.0M | −$260.0M | −$260.0M | −$260.0M | −$260.0M |
| Share repurchases & issuance (net) | −$809.0M | −$1.01B | −$800.0M | −$2.65B | −$725.0M | $0 | — | — | — |
| Net borrowing (repayment) | −$658.0M | $1.51B | $100.0M | −$387.0M | $1.38B | $5.90B | $6.0M | $11.0M | −$1.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$307.0M | −$129.0M | −$111.0M | −$148.0M | −$199.0M | −$6.49B | −$879.0M | −$1.25B | −$1.14B |
| Cash from financing activities | −$2.42B | −$234.0M | −$1.35B | −$3.65B | $58.0M | −$844.0M | −$1.13B | −$1.50B | −$1.40B |
| Summary | |||||||||
| Net change in cash | −$1.22B | $1.04B | $86.0M | −$2.29B | −$236.0M | $323.0M | $117.0M | $1.33B | −$59.0M |
| Cash at end of period | $1.10B | $2.32B | $1.28B | $1.19B | $1.56B | $1.78B | $1.45B | $1.33B | $1.55B |
| Free cash flow | $1.44B | $1.44B | $1.49B | $1.45B | $1.59B | $1.30B | $1.32B | $1.38B | $1.32B |
| Free cash flow margin | 10.0% | 10.1% | 10.5% | 10.6% | 11.1% | 10.2% | 10.1% | 10.7% | 10.7% |
| Capex / revenue | 1.1% | 0.9% | 1.0% | 0.8% | 1.1% | 1.4% | 1.1% | 1.3% | 1.1% |
| Operating cash flow / net income | 1.10 | 0.95 | 1.16 | 1.14 | 1.23 | 1.40 | 1.32 | 1.48 | 2.28 |
| 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 | $428.0M | $353.0M | $374.0M | $374.0M | $393.0M | $243.0M | $337.0M | $540.0M | $415.0M | $353.0M | $323.0M | $395.0M |
| Depreciation & amortization | $42.0M | $41.0M | $45.0M | $44.0M | $44.0M | $42.0M | $48.0M | $48.0M | $41.0M | $44.0M | $48.0M | $46.0M |
| Stock-based compensation | $20.0M | $19.0M | $17.0M | $19.0M | $23.0M | $21.0M | $21.0M | $16.0M | $20.0M | $16.0M | $15.0M | $15.0M |
| Change in working capital | −$202.0M | −$4.0M | $398.0M | −$53.0M | −$201.0M | −$129.0M | $273.0M | −$176.0M | −$162.0M | −$279.0M | $217.0M | −$108.0M |
| Other non-cash items | −$21.0M | $4.0M | −$17.0M | −$10.0M | −$44.0M | $13.0M | $11.0M | −$34.0M | −$6.0M | $37.0M | −$6.0M | −$42.0M |
| Cash from operating activities | $267.0M | $413.0M | $817.0M | $374.0M | $215.0M | $190.0M | $690.0M | $394.0M | $308.0M | $171.0M | $597.0M | $306.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$44.0M | −$33.0M | −$45.0M | −$37.0M | −$36.0M | −$34.0M | −$39.0M | −$32.0M | −$24.0M | −$31.0M | −$42.0M | −$34.0M |
| Investments (net) | −$98.0M | $49.0M | $7.0M | −$56.0M | −$159.0M | −$161.0M | $46.0M | −$113.0M | −$18.0M | −$79.0M | −$51.0M | −$41.0M |
| Acquisitions & other investing | −$189.0M | −$1.0M | $8.0M | $37.0M | $36.0M | $34.0M | $39.0M | $32.0M | −$47.0M | $27.0M | $42.0M | $34.0M |
| Cash from investing activities | −$331.0M | $15.0M | −$30.0M | −$56.0M | −$159.0M | −$161.0M | $46.0M | −$113.0M | −$89.0M | −$83.0M | −$51.0M | −$41.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$167.0M | −$163.0M | −$164.0M | −$164.0M | −$164.0M | −$155.0M | −$156.0M | −$155.0M | −$157.0M | −$138.0M | −$139.0M | −$139.0M |
| Share repurchases & issuance (net) | −$407.0M | −$400.0M | $0 | −$248.0M | −$308.0M | −$253.0M | −$207.0M | −$200.0M | −$300.0M | −$300.0M | −$225.0M | −$225.0M |
| Net borrowing (repayment) | $638.0M | −$106.0M | −$138.0M | $307.0M | −$816.0M | −$11.0M | $1.18B | $2.0M | — | — | — | $600.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $9.0M | −$25.0M | −$229.0M | −$63.0M | −$6.0M | −$9.0M | −$27.0M | −$70.0M | $316.0M | −$25.0M | −$568.0M | −$69.0M |
| Cash from financing activities | $73.0M | −$694.0M | −$531.0M | −$168.0M | −$1.29B | −$428.0M | $793.0M | −$423.0M | −$141.0M | −$463.0M | −$932.0M | $167.0M |
| Summary | ||||||||||||
| Net change in cash | $5.0M | −$261.0M | $252.0M | $137.0M | −$1.23B | −$392.0M | $1.49B | −$119.0M | $64.0M | −$393.0M | −$356.0M | $409.0M |
| Cash at end of period | $849.0M | $844.0M | $1.10B | $840.0M | $703.0M | $1.93B | $2.32B | $832.0M | $951.0M | $887.0M | $1.28B | $1.64B |
| Free cash flow | $223.0M | $380.0M | $772.0M | $337.0M | $179.0M | $156.0M | $651.0M | $362.0M | $284.0M | $140.0M | $555.0M | $272.0M |
| Free cash flow margin | 5.8% | 10.7% | 20.3% | 9.1% | 5.0% | 4.7% | 17.7% | 10.2% | 7.9% | 4.1% | 15.3% | 7.7% |
| Capex / revenue | 1.1% | 0.9% | 1.2% | 1.0% | 1.0% | 1.0% | 1.1% | 0.9% | 0.7% | 0.9% | 1.2% | 1.0% |
| Operating cash flow / net income | 0.62 | 1.17 | 2.18 | 1.00 | 0.55 | 0.78 | 2.05 | 0.73 | 0.74 | 0.48 | 1.85 | 0.77 |
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.
OTIS cash generation
In fiscal 2025 (ended December 31, 2025), Otis generated $1.6 billion of cash from operations (up 2.1%) and spent $152.0 million on capital expenditures, leaving free cash flow of $1.4 billion, 10.0% of revenue. It returned $1.5 billion to shareholders through dividends ($647.0 million) and net share buybacks ($809.0 million). Cash and equivalents fell by $1.2 billion over the year.
Related: OTIS income statement, OTIS balance sheet, OTIS dividend history. See the OTIS stock overview for the latest quote and news.
OTIS cash flow FAQ
What is Otis's free cash flow?
Otis's free cash flow was $1.4 billion in fiscal 2025: $1.6 billion of operating cash flow minus $152.0 million of capital expenditures It was $1.4 billion a year earlier..
How much cash does Otis generate from operations?
Otis generated $1.6 billion of cash from operating activities in fiscal 2025, 1.10 times its net income of $1.5 billion.
How much does Otis spend on capital expenditures?
Otis spent $152.0 million on capital expenditures in fiscal 2025, 1.1% of revenue, compared with $126.0 million the year before.
How much stock does Otis buy back?
Otis spent $809.0 million on net share repurchases in fiscal 2025.
How much does Otis pay in dividends?
Otis paid $647.0 million in dividends in fiscal 2025, 44.8% of free cash flow.