1st Source Corporation (SRCE) Cash Flow Statement
Where SRCE’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $223.1M +15.1% vs 2024
- Capital expenditures
- $10.1M 1.7% of revenue
- Free cash flow
- $213.0M 35.5% margin
- Returned to shareholders
- $52.3M 25% of free cash flow
- Change in cash
- −$5.0M cash at year-end $119.9M
Drawn to scale: where the cash came from and how it was used. Hover for values.
SRCE operating cash flow, capex and free cash flow
SRCE cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $98.1M2016 | $223.1M2025 | +9.6%/yr | |
| Capital expenditures | $39.0M2016 | $10.1M2025 | −14.0%/yr | |
| Free cash flow | $59.0M2016 | $213.0M2025 | +15.3%/yr | |
| Free cash flow margin | 21.0%2016 | 35.5%2025 | +14.5 pts | |
| Operating cash flow / net income | 1.702016 | 1.412025 | −0.29 | |
| Stock-based compensation | $2.9M2016 | $6.2M2025 | +8.9%/yr | |
| Dividends paid | $19.4M2016 | $38.4M2025 | +7.9%/yr | |
| Share buybacks (net) | $8.0M2016 | $13.9M2025 | +6.3%/yr | |
| Capex / revenue | 13.9%2016 | 1.7%2025 | −12.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SRCE cash flow by activity
SRCE 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).
SRCE cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $158.3M | $132.6M | $124.9M | $120.5M | $118.6M | $81.5M | $92.0M | $82.4M | $68.1M | $57.8M |
| Depreciation & amortization | $11.3M | $12.4M | $15.5M | $19.1M | $24.0M | $31.1M | $35.3M | $32.8M | $32.0M | $28.4M |
| Stock-based compensation | $6.2M | $5.7M | $4.9M | $3.6M | $4.2M | $3.3M | $2.8M | $3.6M | $3.0M | $2.9M |
| Change in working capital | $38.4M | $23.9M | $40.0M | $19.5M | $3.1M | $12.0M | $29.4M | $16.1M | $19.0M | $2.0M |
| Other non-cash items | $9.0M | $19.3M | $2.7M | $12.9M | $16.9M | $26.6M | $5.1M | $24.8M | $17.7M | $7.0M |
| Cash from operating activities | $223.1M | $193.9M | $187.9M | $175.5M | $166.8M | $154.5M | $164.6M | $159.7M | $139.7M | $98.1M |
| Investing activities | ||||||||||
| Capital expenditures | −$10.1M | −$12.4M | −$6.0M | −$2.4M | −$2.9M | −$2.9M | −$10.5M | −$24.2M | −$51.4M | −$39.0M |
| Investments (net) | $53.9M | −$276.6M | −$358.3M | −$842.4M | −$594.2M | −$672.3M | −$406.9M | −$431.9M | −$417.0M | −$273.0M |
| Acquisitions & other investing | −$198.0M | $12.4M | $6.0M | $60.0M | −$1.5M | $92.5M | $83.5M | −$1.9M | −$16.2M | $2.2M |
| Cash from investing activities | −$154.2M | −$276.6M | −$358.3M | −$784.9M | −$598.6M | −$582.7M | −$333.9M | −$458.0M | −$484.6M | −$309.8M |
| Financing activities | ||||||||||
| Dividends paid | −$38.4M | −$35.4M | −$33.1M | −$32.1M | −$31.3M | −$29.8M | −$29.0M | −$25.7M | −$20.4M | −$19.4M |
| Share repurchases & issuance (net) | −$13.9M | −$178,000 | −$12.5M | −$6.8M | −$33.1M | −$6.4M | −$15.1M | −$9.3M | −$41,000 | −$8.0M |
| Net borrowing (repayment) | −$12.9M | −$75.8M | $93.4M | −$10.0M | $35.9M | $11.8M | −$56.1M | −$17.0M | −$84.0M | $73.1M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $145,000 | $0 | $0 |
| Other financing | −$8.6M | $189.3M | $129.4M | $255.9M | $742.5M | $612.2M | $253.8M | $371.1M | $419.1M | $194.7M |
| Cash from financing activities | −$73.9M | $77.9M | $177.2M | $207.0M | $713.9M | $587.8M | $153.6M | $319.3M | $314.7M | $240.4M |
| Summary | ||||||||||
| Net change in cash | −$5.0M | −$4.8M | $6.9M | −$402.4M | $282.1M | $159.7M | −$15.7M | $21.0M | −$30.3M | $28.6M |
| Cash at end of period | $119.9M | $124.8M | $129.7M | $122.8M | $525.2M | $243.0M | $83.4M | $99.1M | $78.0M | $108.3M |
| Free cash flow | $213.0M | $181.5M | $182.0M | $173.2M | $163.9M | $151.6M | $154.1M | $135.5M | $88.3M | $59.0M |
| Free cash flow margin | 35.5% | 31.8% | 35.9% | 45.0% | 46.2% | 41.3% | 40.1% | 38.2% | 28.4% | 21.0% |
| Capex / revenue | 1.7% | 2.2% | 1.2% | 0.6% | 0.8% | 0.8% | 2.7% | 6.8% | 16.5% | 13.9% |
| Operating cash flow / net income | 1.41 | 1.46 | 1.50 | 1.46 | 1.41 | 1.90 | 1.79 | 1.94 | 2.05 | 1.70 |
| 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 | $47.5M | $40.0M | $41.1M | $42.3M | $37.3M | $37.5M | $31.4M | $34.9M | $36.8M | $29.5M | $28.4M | $32.9M |
| Depreciation & amortization | $2.3M | $2.8M | $2.8M | $2.8M | $2.8M | $2.8M | $3.0M | $3.1M | $3.0M | $3.3M | $3.5M | $3.8M |
| Stock-based compensation | $1.7M | $1.6M | $2.0M | $1.4M | $1.4M | $1.4M | $1.7M | $1.4M | $1.2M | $1.3M | $1.5M | $1.2M |
| Change in working capital | −$6.4M | $6.4M | −$1.2M | $4.2M | −$27.8M | $27.8M | −$12.0M | $25.5M | $11.2M | −$764,000 | $7.4M | $17.0M |
| Other non-cash items | $5.6M | $8.4M | $10.6M | $297,000 | $31.2M | $2.2M | $9.4M | $3.5M | −$2.2M | $8.7M | $3.4M | −$2.7M |
| Cash from operating activities | $50.8M | $59.1M | $55.4M | $51.0M | $44.9M | $71.8M | $33.5M | $68.4M | $50.0M | $42.0M | $44.1M | $52.2M |
| Investing activities | ||||||||||||
| Capital expenditures | −$1.1M | −$1.1M | −$2.0M | −$4.3M | −$1.8M | −$2.5M | −$6.5M | −$1.7M | −$3.6M | −$575,000 | −$3.4M | −$983,000 |
| Investments (net) | −$7.9M | −$24.5M | −$30.6M | $100.5M | −$179.6M | $39.3M | −$255.9M | $34.8M | −$31.9M | −$23.7M | −$148.3M | −$110.0M |
| Acquisitions & other investing | −$137.3M | −$41.8M | −$81.8M | $3.7M | $1.8M | $2.5M | $6.5M | $1.7M | $3.6M | $575,000 | $3.4M | $983,000 |
| Cash from investing activities | −$146.3M | −$67.4M | −$114.4M | $99.8M | −$179.6M | $39.3M | −$255.9M | $34.8M | −$31.9M | −$23.7M | −$148.3M | −$110.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$10.7M | −$10.1M | −$10.1M | −$9.6M | −$9.6M | −$9.1M | −$9.1M | −$9.1M | −$8.6M | −$8.6M | −$8.6M | −$8.2M |
| Share repurchases & issuance (net) | $0 | −$23.4M | −$4.2M | −$6.4M | −$2.8M | −$455,000 | −$178,000 | $0 | $0 | $0 | $1,000 | −$10.3M |
| Net borrowing (repayment) | −$89.9M | $38.9M | $165.0M | −$36.9M | $48.7M | −$189.7M | $83.5M | −$123.6M | — | — | — | $84.1M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $204.7M | $1.8M | −$186.2M | −$32.9M | $24.8M | $186.2M | $103.6M | −$70.3M | $178.8M | −$58.4M | $131.2M | −$9.3M |
| Cash from financing activities | $104.1M | $7.2M | −$35.4M | −$85.7M | $61.0M | −$13.1M | $177.8M | −$203.0M | $170.2M | −$67.0M | $122.7M | $56.3M |
| Summary | ||||||||||||
| Net change in cash | $8.5M | −$1.1M | −$94.4M | $65.2M | −$73.7M | $98.0M | −$44.5M | −$99.9M | $188.3M | −$48.8M | $18.5M | −$1.5M |
| Cash at end of period | $127.3M | $118.8M | $119.9M | $214.3M | $149.1M | $222.8M | $124.8M | $169.4M | $269.2M | $80.9M | $129.7M | $111.1M |
| Free cash flow | $51.9M | $58.0M | $53.5M | $55.4M | $43.0M | $69.3M | $27.0M | $66.7M | $46.4M | $41.4M | $40.8M | $51.2M |
| Free cash flow margin | 33.2% | 38.9% | 35.5% | 36.2% | 28.6% | 47.3% | 19.1% | 45.8% | 32.1% | 29.9% | 30.3% | 38.8% |
| Capex / revenue | 0.7% | 0.8% | 1.3% | 2.8% | 1.2% | 1.7% | 4.6% | 1.1% | 2.5% | 0.4% | 2.5% | 0.7% |
| Operating cash flow / net income | 1.07 | 1.48 | 1.35 | 1.21 | 1.20 | 1.91 | 1.07 | 1.96 | 1.36 | 1.42 | 1.55 | 1.58 |
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.
SRCE cash generation
In fiscal 2025 (ended December 31, 2025), 1st Source generated $223.1 million of cash from operations (up 15.1%) and spent $10.1 million on capital expenditures, leaving free cash flow of $213.0 million, 35.5% of revenue. It returned $52.3 million to shareholders through dividends ($38.4 million) and net share buybacks ($13.9 million). Cash and equivalents fell by $5.0 million over the year.
Related: SRCE income statement, SRCE balance sheet, SRCE dividend history. See the SRCE stock overview for the latest quote and news.
SRCE cash flow FAQ
What is 1st Source's free cash flow?
1st Source's free cash flow was $213.0 million in fiscal 2025: $223.1 million of operating cash flow minus $10.1 million of capital expenditures It was $181.5 million a year earlier..
How much cash does 1st Source generate from operations?
1st Source generated $223.1 million of cash from operating activities in fiscal 2025, 1.41 times its net income of $158.3 million.
How much does 1st Source spend on capital expenditures?
1st Source spent $10.1 million on capital expenditures in fiscal 2025, 1.7% of revenue, compared with $12.4 million the year before.
How much stock does 1st Source buy back?
1st Source spent $13.9 million on net share repurchases in fiscal 2025.
How much does 1st Source pay in dividends?
1st Source paid $38.4 million in dividends in fiscal 2025, 18.0% of free cash flow.