Sylvamo Corporation (SLVM) Cash Flow Statement
Where SLVM’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $268.0M −42.9% vs 2024
- Capital expenditures
- $224.0M 6.7% of revenue
- Free cash flow
- $44.0M 1.3% margin
- Returned to shareholders
- $155.0M 352% of free cash flow
- Change in cash
- −$70.0M cash at year-end $135.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
SLVM operating cash flow, capex and free cash flow
SLVM cash flow trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $589.0M2018 | $268.0M2025 | −10.6%/yr | |
| Capital expenditures | $150.0M2018 | $224.0M2025 | +5.9%/yr | |
| Free cash flow | $439.0M2018 | $44.0M2025 | −28.0%/yr | |
| Free cash flow margin | 10.7%2018 | 1.3%2025 | −9.3 pts | |
| Operating cash flow / net income | 1.412018 | 2.032025 | +0.62 | |
| Stock-based compensation | $19.0M2018 | $18.0M2025 | −0.8%/yr | |
| Dividends paid | $10.0M2019 | $73.0M2025 | +39.3%/yr | |
| Share buybacks (net) | $02020 | $82.0M2025 | — | |
| Capex / revenue | 3.6%2018 | 6.7%2025 | +3.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SLVM cash flow by activity
SLVM 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).
SLVM cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | $132.0M | $302.0M | $253.0M | $336.0M | $227.0M | $170.0M | $377.0M | $419.0M |
| Depreciation & amortization | $179.0M | $159.0M | $143.0M | $125.0M | $126.0M | $154.0M | $192.0M | $198.0M |
| Stock-based compensation | $18.0M | $23.0M | $23.0M | $20.0M | $14.0M | $15.0M | $19.0M | $19.0M |
| Change in working capital | −$79.0M | −$8.0M | $158.0M | −$56.0M | $62.0M | $69.0M | −$57.0M | −$42.0M |
| Other non-cash items | $18.0M | −$7.0M | −$73.0M | $13.0M | $120.0M | −$49.0M | −$7.0M | −$5.0M |
| Cash from operating activities | $268.0M | $469.0M | $504.0M | $438.0M | $549.0M | $359.0M | $524.0M | $589.0M |
| Investing activities | ||||||||
| Capital expenditures | −$224.0M | −$221.0M | −$210.0M | −$149.0M | −$69.0M | −$75.0M | −$118.0M | −$150.0M |
| Investments (net) | — | −$221.0M | −$38.0M | $180.0M | $127.0M | −$79.0M | −$160.0M | −$171.0M |
| Acquisitions & other investing | $0 | $221.0M | −$129.0M | $149.0M | $69.0M | $75.0M | $118.0M | $150.0M |
| Cash from investing activities | −$224.0M | −$221.0M | −$377.0M | $180.0M | $127.0M | −$79.0M | −$160.0M | −$171.0M |
| Financing activities | ||||||||
| Dividends paid | −$73.0M | −$62.0M | −$57.0M | −$10.0M | −$10.0M | −$10.0M | −$10.0M | — |
| Share repurchases & issuance (net) | −$82.0M | −$69.0M | −$70.0M | −$80.0M | $0 | $0 | — | — |
| Net borrowing (repayment) | $47.0M | −$157.0M | −$80.0M | −$375.0M | $1.37B | −$10.0M | −$18.0M | −$14.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$17.0M | −$22.0M | −$12.0M | −$5.0M | −$1.95B | −$330.0M | −$359.0M | −$496.0M |
| Cash from financing activities | −$125.0M | −$310.0M | −$219.0M | −$470.0M | −$589.0M | −$350.0M | −$387.0M | −$510.0M |
| Summary | ||||||||
| Net change in cash | −$70.0M | −$75.0M | −$80.0M | $201.0M | $64.0M | −$40.0M | −$40.0M | −$56.0M |
| Cash at end of period | $135.0M | $205.0M | $280.0M | $360.0M | $159.0M | $95.0M | $135.0M | $175.0M |
| Free cash flow | $44.0M | $248.0M | $294.0M | $289.0M | $480.0M | $284.0M | $406.0M | $439.0M |
| Free cash flow margin | 1.3% | 6.6% | 7.9% | 8.0% | 17.0% | 11.9% | 10.1% | 10.7% |
| Capex / revenue | 6.7% | 5.9% | 5.6% | 4.1% | 2.4% | 3.1% | 2.9% | 3.6% |
| Operating cash flow / net income | 2.03 | 1.55 | 1.99 | 1.30 | 2.42 | 2.11 | 1.39 | 1.41 |
| 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 | −$11.0M | −$3.0M | $33.0M | $57.0M | $15.0M | $27.0M | $81.0M | $95.0M | $83.0M | $43.0M | $49.0M | $58.0M |
| Depreciation & amortization | $43.0M | $41.0M | $45.0M | $49.0M | $45.0M | $40.0M | $44.0M | $39.0M | $37.0M | $39.0M | $38.0M | $36.0M |
| Stock-based compensation | $3.0M | $3.0M | $1.0M | $4.0M | $7.0M | $6.0M | $6.0M | $5.0M | $5.0M | $7.0M | $2.0M | $6.0M |
| Change in working capital | $28.0M | −$28.0M | −$13.0M | −$18.0M | $2.0M | −$50.0M | $36.0M | $28.0M | −$8.0M | −$64.0M | $82.0M | $97.0M |
| Other non-cash items | −$25.0M | −$23.0M | $28.0M | −$5.0M | −$5.0M | $0 | −$3.0M | −$4.0M | −$2.0M | $2.0M | −$4.0M | $0 |
| Cash from operating activities | $38.0M | −$10.0M | $94.0M | $87.0M | $64.0M | $23.0M | $164.0M | $163.0M | $115.0M | $27.0M | $167.0M | $197.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$49.0M | −$49.0M | −$56.0M | −$54.0M | −$66.0M | −$48.0M | −$64.0M | −$44.0M | −$53.0M | −$60.0M | −$63.0M | −$42.0M |
| Investments (net) | — | — | — | −$54.0M | −$66.0M | −$48.0M | −$64.0M | −$44.0M | −$53.0M | −$60.0M | −$63.0M | −$42.0M |
| Acquisitions & other investing | −$11.0M | $0 | $0 | $54.0M | $66.0M | $48.0M | $64.0M | $44.0M | $53.0M | $60.0M | $63.0M | $42.0M |
| Cash from investing activities | −$60.0M | −$49.0M | −$56.0M | −$54.0M | −$66.0M | −$48.0M | −$64.0M | −$44.0M | −$53.0M | −$60.0M | −$63.0M | −$42.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$18.0M | −$18.0M | −$18.0M | −$19.0M | −$18.0M | −$18.0M | −$19.0M | −$18.0M | −$13.0M | −$12.0M | −$25.0M | −$11.0M |
| Share repurchases & issuance (net) | $0 | $0 | $0 | −$42.0M | −$20.0M | −$20.0M | −$39.0M | $0 | −$25.0M | −$5.0M | −$17.0M | −$13.0M |
| Net borrowing (repayment) | $35.0M | $67.0M | $45.0M | −$6.0M | −$4.0M | $12.0M | −$122.0M | $3.0M | — | — | — | −$33.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$2.0M | $4.0M | −$24.0M | $15.0M | −$3.0M | −$5.0M | −$16.0M | −$4.0M | −$22.0M | −$18.0M | −$46.0M | −$1.0M |
| Cash from financing activities | $15.0M | $53.0M | $3.0M | −$52.0M | −$45.0M | −$31.0M | −$196.0M | −$19.0M | −$60.0M | −$35.0M | −$88.0M | −$58.0M |
| Summary | ||||||||||||
| Net change in cash | −$7.0M | −$5.0M | $41.0M | −$19.0M | −$41.0M | −$51.0M | −$103.0M | $103.0M | −$4.0M | −$71.0M | $26.0M | $90.0M |
| Cash at end of period | $123.0M | $130.0M | $135.0M | $94.0M | $113.0M | $154.0M | $205.0M | $308.0M | $205.0M | $209.0M | $280.0M | $254.0M |
| Free cash flow | $87.0M | −$59.0M | $38.0M | $33.0M | −$2.0M | −$25.0M | $100.0M | $119.0M | $62.0M | −$33.0M | $104.0M | $155.0M |
| Free cash flow margin | 10.8% | −7.8% | 4.3% | 3.9% | −0.3% | −3.0% | 10.3% | 12.3% | 6.6% | −3.6% | 10.8% | 17.3% |
| Capex / revenue | 6.1% | 6.5% | 6.3% | 6.4% | 8.3% | 5.8% | 6.6% | 4.6% | 5.7% | 6.6% | 6.5% | 4.7% |
| Operating cash flow / net income | — | — | 2.85 | 1.53 | 4.27 | 0.85 | 2.02 | 1.72 | 1.39 | 0.63 | 3.41 | 3.40 |
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.
SLVM cash generation
In fiscal 2025 (ended December 31, 2025), Sylvamo generated $268.0 million of cash from operations (down 42.9%) and spent $224.0 million on capital expenditures, leaving free cash flow of $44.0 million, 1.3% of revenue. It returned $155.0 million to shareholders through dividends ($73.0 million) and net share buybacks ($82.0 million). Cash and equivalents fell by $70.0 million over the year.
Related: SLVM income statement, SLVM balance sheet, SLVM dividend history. See the SLVM stock overview for the latest quote and news.
SLVM cash flow FAQ
What is Sylvamo's free cash flow?
Sylvamo's free cash flow was $44.0 million in fiscal 2025: $268.0 million of operating cash flow minus $224.0 million of capital expenditures It was $248.0 million a year earlier..
How much cash does Sylvamo generate from operations?
Sylvamo generated $268.0 million of cash from operating activities in fiscal 2025, 2.03 times its net income of $132.0 million.
How much does Sylvamo spend on capital expenditures?
Sylvamo spent $224.0 million on capital expenditures in fiscal 2025, 6.7% of revenue, compared with $221.0 million the year before.
How much stock does Sylvamo buy back?
Sylvamo spent $82.0 million on net share repurchases in fiscal 2025.
How much does Sylvamo pay in dividends?
Sylvamo paid $73.0 million in dividends in fiscal 2025, 165.9% of free cash flow.