Qnity Electronics, Inc. (Q) Cash Flow Statement
Where Q’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.27B +20.0% vs 2024
- Capital expenditures
- $285.0M 6.0% of revenue
- Free cash flow
- $988.0M 20.8% margin
- Returned to shareholders
- $13.0M 1% of free cash flow
- Change in cash
- $749.0M cash at year-end $915.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
Q operating cash flow, capex and free cash flow
Q cash flow trends, 2022–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.15B2022 | $1.27B2025 | +3.4%/yr | |
| Capital expenditures | $202.0M2022 | $285.0M2025 | +12.2%/yr | |
| Free cash flow | $951.0M2022 | $988.0M2025 | +1.3%/yr | |
| Free cash flow margin | 20.0%2022 | 20.8%2025 | +0.8 pts | |
| Operating cash flow / net income | 1.442022 | 1.752025 | +0.31 | |
| Stock-based compensation | $12.0M2022 | $20.0M2025 | +18.6%/yr | |
| Dividends paid | $02023 | $13.0M2025 | — | |
| Capex / revenue | 4.2%2022 | 6.0%2025 | +1.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
Q cash flow by activity
Q 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).
Q cash flow statement
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Operating activities | ||||
| Net income | $729.0M | $724.0M | $533.0M | $801.0M |
| Depreciation & amortization | $376.0M | $394.0M | $403.0M | $414.0M |
| Stock-based compensation | $20.0M | $13.0M | $13.0M | $12.0M |
| Change in working capital | $214.0M | $14.0M | −$43.0M | −$76.0M |
| Other non-cash items | −$66.0M | −$84.0M | −$24.0M | $2.0M |
| Cash from operating activities | $1.27B | $1.06B | $882.0M | $1.15B |
| Investing activities | ||||
| Capital expenditures | −$285.0M | −$200.0M | −$231.0M | −$202.0M |
| Investments (net) | — | −$172.0M | −$226.0M | −$202.0M |
| Acquisitions & other investing | $0 | $200.0M | $231.0M | $202.0M |
| Cash from investing activities | −$285.0M | −$172.0M | −$226.0M | −$202.0M |
| Financing activities | ||||
| Dividends paid | −$13.0M | $0 | $0 | — |
| Net borrowing (repayment) | $4.10B | $0 | $0 | — |
| Shares issued | $3.0M | $0 | $0 | $0 |
| Other financing | −$4.34B | −$848.0M | −$628.0M | −$932.0M |
| Cash from financing activities | −$248.0M | −$848.0M | −$628.0M | −$932.0M |
| Summary | ||||
| Net change in cash | $749.0M | $27.0M | $24.0M | $9.0M |
| Cash at end of period | $915.0M | $166.0M | $139.0M | $115.0M |
| Free cash flow | $988.0M | $861.0M | $651.0M | $951.0M |
| Free cash flow margin | 20.8% | 19.9% | 16.1% | 20.0% |
| Capex / revenue | 6.0% | 4.6% | 5.7% | 4.2% |
| Operating cash flow / net income | 1.75 | 1.47 | 1.65 | 1.44 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $147.0M | $151.0M | $100.0M | $211.0M | $198.0M | $199.0M | $724.0M | $199.0M | $156.0M | $140.0M |
| Depreciation & amortization | $97.0M | $98.0M | $96.0M | $94.0M | $92.0M | $94.0M | $162.0M | $102.0M | $98.0M | $97.0M |
| Stock-based compensation | $25.0M | $10.0M | $8.0M | $4.0M | $4.0M | $4.0M | $3.0M | $3.0M | $3.0M | $4.0M |
| Change in working capital | $33.0M | −$129.0M | $268.0M | $26.0M | $9.0M | −$89.0M | $14.0M | $55.0M | −$2.0M | −$8.0M |
| Other non-cash items | −$61.0M | $5.0M | $19.0M | −$33.0M | −$30.0M | −$1.0M | −$617.0M | −$20.0M | −$33.0M | −$19.0M |
| Cash from operating activities | $241.0M | $135.0M | $491.0M | $302.0M | $273.0M | $207.0M | $286.0M | $339.0M | $222.0M | $214.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$90.0M | −$122.0M | −$71.0M | −$61.0M | −$49.0M | −$104.0M | −$66.0M | −$29.0M | −$35.0M | −$70.0M |
| Investments (net) | — | — | — | −$61.0M | −$49.0M | −$104.0M | −$39.0M | −$28.0M | −$35.0M | −$70.0M |
| Acquisitions & other investing | $8.0M | −$1.0M | $0 | $61.0M | $49.0M | $104.0M | −$67.0M | — | $35.0M | $70.0M |
| Cash from investing activities | −$82.0M | −$123.0M | −$71.0M | −$61.0M | −$49.0M | −$104.0M | −$172.0M | — | −$35.0M | −$70.0M |
| Financing activities | ||||||||||
| Dividends paid | −$17.0M | −$17.0M | −$13.0M | — | $0 | $0 | — | — | — | — |
| Share repurchases & issuance (net) | −$25.0M | −$25.0M | — | — | $0 | $0 | — | — | — | — |
| Net borrowing (repayment) | −$6.0M | −$6.0M | $2.35B | $1.75B | $0 | $0 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$2.0M | −$11.0M | −$1.97B | −$2.04B | −$221.0M | −$109.0M | −$848.0M | −$313.0M | −$168.0M | −$143.0M |
| Cash from financing activities | −$50.0M | −$59.0M | $368.0M | −$286.0M | −$221.0M | −$109.0M | −$848.0M | −$313.0M | −$168.0M | −$143.0M |
| Summary | ||||||||||
| Net change in cash | $104.0M | −$58.0M | $787.0M | −$51.0M | $17.0M | −$4.0M | $27.0M | $7.0M | $15.0M | −$6.0M |
| Cash at end of period | $961.0M | $857.0M | $915.0M | $128.0M | $179.0M | $162.0M | $166.0M | $155.0M | $148.0M | $133.0M |
| Free cash flow | $151.0M | $13.0M | $420.0M | $241.0M | $224.0M | $103.0M | $220.0M | $310.0M | $187.0M | $144.0M |
| Free cash flow margin | 10.6% | 1.0% | 35.3% | 18.9% | 19.1% | 9.2% | 20.0% | 27.0% | 17.0% | 14.6% |
| Capex / revenue | 6.3% | 9.3% | 6.0% | 4.8% | 4.2% | 9.3% | 6.0% | 2.5% | 3.2% | 7.1% |
| Operating cash flow / net income | 1.64 | 0.89 | 4.91 | 1.43 | 1.38 | 1.04 | 0.40 | 1.70 | 1.42 | 1.53 |
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.
Q cash generation
In fiscal 2025 (ended December 31, 2025), Qnity Electronics generated $1.3 billion of cash from operations (up 20.0%) and spent $285.0 million on capital expenditures, leaving free cash flow of $988.0 million, 20.8% of revenue. It returned $13.0 million to shareholders through dividends ($13.0 million) and net share buybacks ($0). Cash and equivalents rose by $749.0 million over the year.
Related: Q income statement, Q balance sheet, Q dividend history. See the Q stock overview for the latest quote and news.
Q cash flow FAQ
What is Qnity Electronics's free cash flow?
Qnity Electronics's free cash flow was $988.0 million in fiscal 2025: $1.3 billion of operating cash flow minus $285.0 million of capital expenditures It was $861.0 million a year earlier..
How much cash does Qnity Electronics generate from operations?
Qnity Electronics generated $1.3 billion of cash from operating activities in fiscal 2025, 1.75 times its net income of $729.0 million.
How much does Qnity Electronics spend on capital expenditures?
Qnity Electronics spent $285.0 million on capital expenditures in fiscal 2025, 6.0% of revenue, compared with $200.0 million the year before.
How much does Qnity Electronics pay in dividends?
Qnity Electronics paid $13.0 million in dividends in fiscal 2025, 1.3% of free cash flow.