Spectrum Brands Holdings, Inc. (SPB) Cash Flow Statement
Where SPB’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- $204.1M +25.5% vs FY2024
- Capital expenditures
- $38.3M 1.4% of revenue
- Free cash flow
- $165.8M 5.9% margin
- Returned to shareholders
- $374.6M 226% of free cash flow
- Change in cash
- −$245.3M cash at year-end $123.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
SPB operating cash flow, capex and free cash flow
SPB cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $913.3MFY2016 | $204.1MFY2025 | −15.3%/yr | |
| Capital expenditures | $90.6MFY2016 | $38.3MFY2025 | −9.1%/yr | |
| Free cash flow | $817.9MFY2016 | $165.8MFY2025 | −16.2%/yr | |
| Free cash flow margin | 26.9%FY2016 | 5.9%FY2025 | −21.0 pts | |
| Operating cash flow / net income | 0.80FY2018 | 2.03FY2025 | +1.23 | |
| Stock-based compensation | $72.6MFY2016 | $20.5MFY2025 | −13.1%/yr | |
| Dividends paid | $37.3MFY2016 | $48.2MFY2025 | +2.9%/yr | |
| Share buybacks (net) | $52.0MFY2016 | $326.4MFY2025 | +22.6%/yr | |
| Capex / revenue | 3.0%FY2016 | 1.4%FY2025 | −1.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SPB cash flow by activity
SPB 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).
SPB cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $100.4M | $99.3M | $1.80B | −$77.0M | $15.3M | $28.5M | −$302.2M | $427.0M | −$69.2M | −$1.6M |
| Depreciation & amortization | $98.0M | $101.8M | $91.2M | $99.3M | $117.0M | $148.5M | $147.3M | $124.6M | $132.2M | $183.7M |
| Stock-based compensation | $20.5M | $17.5M | $17.2M | $10.2M | $28.9M | $36.4M | $49.2M | $8.8M | $54.2M | $72.6M |
| Change in working capital | $16.4M | −$5.2M | $77.2M | −$206.3M | −$21.5M | −$241.8M | −$165.0M | $61.5M | $56.4M | $103.8M |
| Other non-cash items | −$31.2M | −$50.8M | −$2.40B | $120.0M | $148.7M | $318.7M | $271.8M | −$278.6M | $666.6M | $554.8M |
| Cash from operating activities | $204.1M | $162.6M | −$409.7M | −$53.8M | $288.4M | $290.3M | $1.1M | $343.3M | $840.2M | $913.3M |
| Investing activities | ||||||||||
| Capital expenditures | −$38.3M | −$44.0M | −$59.0M | −$64.0M | −$43.6M | −$61.0M | −$58.4M | −$75.9M | −$77.8M | −$90.6M |
| Investments (net) | −$37.7M | $1.02B | $3.18B | −$359.8M | $73.1M | $176.1M | $2.80B | $1.27B | −$1.60B | $48.5M |
| Acquisitions & other investing | $38.3M | $44.0M | $59.0M | $64.0M | −$453.0M | −$6.8M | $58.4M | $75.8M | $77.8M | −$849.3M |
| Cash from investing activities | −$37.7M | $1.02B | $3.18B | −$359.8M | −$423.5M | $108.3M | $2.80B | $1.27B | −$1.60B | −$891.4M |
| Financing activities | ||||||||||
| Dividends paid | −$48.2M | −$50.6M | −$66.5M | −$68.6M | −$71.5M | −$75.2M | −$85.5M | −$22.4M | −$22.4M | −$37.3M |
| Share repurchases & issuance (net) | −$326.4M | −$482.7M | −$534.7M | −$134.0M | −$125.8M | −$364.8M | −$268.5M | −$288.0M | −$252.5M | −$52.0M |
| Net borrowing (repayment) | −$10.8M | −$999.3M | −$1.65B | $727.3M | $7.8M | $153.0M | −$2.35B | −$1.06B | $47.5M | −$615.1M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$15.8M | −$45.6M | −$16.1M | −$37.1M | −$20.4M | −$210.1M | −$20.7M | $71.4M | $810.4M | $853.1M |
| Cash from financing activities | −$401.2M | −$1.58B | −$2.26B | $487.6M | −$209.9M | −$497.1M | −$2.72B | −$1.30B | $583.0M | $148.7M |
| Summary | ||||||||||
| Net change in cash | −$245.3M | −$383.4M | $510.0M | $53.9M | −$343.7M | −$93.4M | $65.7M | $282.4M | −$195.1M | −$178.0M |
| Cash at end of period | $123.6M | $370.5M | $753.9M | $243.9M | $190.0M | $533.7M | $627.1M | $552.5M | $285.4M | $465.2M |
| Free cash flow | $165.8M | $118.6M | −$468.7M | −$117.8M | $244.8M | $229.3M | −$39.3M | $267.4M | $762.3M | $817.9M |
| Free cash flow margin | 5.9% | 4.0% | −16.1% | −3.8% | 8.2% | 8.7% | −1.6% | 7.0% | 25.3% | 26.9% |
| Capex / revenue | 1.4% | 1.5% | 2.0% | 2.0% | 1.5% | 2.3% | 2.4% | 2.0% | 2.6% | 3.0% |
| Operating cash flow / net income | 2.03 | 1.64 | −0.23 | — | 18.85 | 10.19 | — | 0.80 | — | — |
| 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 | $31.6M | $22.5M | $29.4M | $53.2M | $20.5M | $1.8M | $24.6M | $12.9M | $19.0M | $49.9M | $17.4M | $16.8M |
| Depreciation & amortization | $24.8M | $24.2M | $25.8M | $23.9M | $25.1M | $24.5M | $24.5M | $25.5M | $25.3M | $25.5M | $25.5M | $23.6M |
| Stock-based compensation | $16.3M | $6.0M | $4.3M | $5.8M | $4.8M | $5.2M | $4.7M | $4.6M | $4.5M | $4.5M | $3.9M | $4.7M |
| Change in working capital | −$35.8M | −$52.8M | $10.3M | $127.7M | $34.2M | −$20.8M | −$124.7M | $45.3M | $33.2M | −$54.7M | −$29.0M | −$71.5M |
| Other non-cash items | $46.4M | $10.3M | −$2.4M | −$39.5M | −$2.8M | $12.4M | −$1.5M | −$7.6M | $700,000 | −$21.7M | −$22.1M | −$487.6M |
| Cash from operating activities | $83.3M | $10.2M | $67.4M | $171.1M | $81.8M | $23.1M | −$72.4M | $80.7M | $82.7M | $3.5M | −$4.3M | −$514.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$9.8M | −$9.3M | −$8.1M | −$13.2M | −$10.0M | −$9.2M | −$5.9M | −$13.0M | −$10.1M | −$12.5M | −$8.4M | −$14.7M |
| Investments (net) | — | — | — | −$12.5M | −$10.0M | −$9.3M | −$5.9M | $136.2M | $340.9M | $410.5M | $133.6M | −$1.10B |
| Acquisitions & other investing | $0 | $0 | $0 | $13.2M | $10.0M | $9.2M | $5.9M | $13.0M | $10.1M | $12.5M | $8.4M | $14.7M |
| Cash from investing activities | −$9.8M | −$9.3M | −$8.1M | −$12.5M | −$10.0M | −$9.3M | −$5.9M | $136.2M | $340.9M | $410.5M | $133.6M | −$1.10B |
| Financing activities | ||||||||||||
| Dividends paid | −$10.8M | −$10.9M | −$10.9M | −$11.3M | −$11.6M | −$12.1M | −$13.2M | −$11.8M | −$12.0M | −$12.7M | −$14.1M | −$14.9M |
| Share repurchases & issuance (net) | −$15.9M | −$6.8M | −$35.5M | −$39.2M | −$54.4M | −$159.9M | −$72.9M | $100,000 | −$142.2M | −$97.5M | −$243.0M | −$34.7M |
| Net borrowing (repayment) | $30.6M | $20.8M | −$3.0M | −$105.6M | $16.9M | $80.5M | −$2.6M | −$2.6M | — | — | — | −$505.7M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $56.3M | −$3.5M | −$8.2M | −$100,000 | −$900,000 | −$6.2M | −$8.6M | $0 | −$855.9M | −$3.8M | −$182.7M | −$1.7M |
| Cash from financing activities | $60.2M | −$400,000 | −$57.6M | −$156.2M | −$50.0M | −$97.7M | −$97.3M | −$14.3M | −$1.01B | −$114.0M | −$439.8M | −$557.0M |
| Summary | ||||||||||||
| Net change in cash | $133.8M | −$1.5M | $3.0M | $1.6M | $27.3M | −$83.8M | −$188.5M | $212.8M | −$588.0M | $300.3M | −$308.5M | −$2.18B |
| Cash at end of period | $262.4M | $125.1M | $126.6M | $123.6M | $125.5M | $98.2M | $182.0M | $370.5M | $157.7M | $745.7M | $445.4M | $753.9M |
| Free cash flow | $73.5M | $900,000 | $59.3M | $157.9M | $71.8M | $13.9M | −$78.3M | $67.7M | $72.6M | −$9.0M | −$12.7M | −$528.7M |
| Free cash flow margin | 9.8% | 0.1% | 8.8% | 21.5% | 10.3% | 2.1% | −11.2% | 8.8% | 9.3% | −1.3% | −1.8% | −71.4% |
| Capex / revenue | 1.3% | 1.3% | 1.2% | 1.8% | 1.4% | 1.4% | 0.8% | 1.7% | 1.3% | 1.7% | 1.2% | 2.0% |
| Operating cash flow / net income | 2.64 | 0.45 | 2.29 | 3.22 | 3.99 | 12.83 | −2.94 | 6.26 | 4.35 | 0.07 | −0.25 | −30.60 |
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.
SPB cash generation
In fiscal 2025 (ended September 30, 2025), Spectrum Brands generated $204.1 million of cash from operations (up 25.5%) and spent $38.3 million on capital expenditures, leaving free cash flow of $165.8 million, 5.9% of revenue. It returned $374.6 million to shareholders through dividends ($48.2 million) and net share buybacks ($326.4 million). Cash and equivalents fell by $245.3 million over the year.
Related: SPB income statement, SPB balance sheet, SPB dividend history. See the SPB stock overview for the latest quote and news.
SPB cash flow FAQ
What is Spectrum Brands's free cash flow?
Spectrum Brands's free cash flow was $165.8 million in fiscal 2025: $204.1 million of operating cash flow minus $38.3 million of capital expenditures It was $118.6 million a year earlier..
How much cash does Spectrum Brands generate from operations?
Spectrum Brands generated $204.1 million of cash from operating activities in fiscal 2025, 2.03 times its net income of $100.4 million.
How much does Spectrum Brands spend on capital expenditures?
Spectrum Brands spent $38.3 million on capital expenditures in fiscal 2025, 1.4% of revenue, compared with $44.0 million the year before.
How much stock does Spectrum Brands buy back?
Spectrum Brands spent $326.4 million on net share repurchases in fiscal 2025.
How much does Spectrum Brands pay in dividends?
Spectrum Brands paid $48.2 million in dividends in fiscal 2025, 29.1% of free cash flow.