STERIS plc (STE) Cash Flow Statement
Where STE’s cash came from and went, FY2026
March 31, 2026 · U.S. dollars- Cash from operations
- $1.34B +16.8% vs FY2025
- Capital expenditures
- $369.0M 6.2% of revenue
- Free cash flow
- $972.4M 16.4% margin
- Returned to shareholders
- $477.3M 49% of free cash flow
- Change in cash
- $267.9M cash at year-end $439.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
STE operating cash flow, capex and free cash flow
STE cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $424.1MFY2017 | $1.34BFY2026 | +13.6%/yr | |
| Capital expenditures | $172.9MFY2017 | $369.0MFY2026 | +8.8%/yr | |
| Free cash flow | $251.2MFY2017 | $972.4MFY2026 | +16.2%/yr | |
| Free cash flow margin | 9.6%FY2017 | 16.4%FY2026 | +6.8 pts | |
| Operating cash flow / net income | 3.83FY2017 | 1.71FY2026 | −2.12 | |
| Stock-based compensation | $18.8MFY2017 | $61.7MFY2026 | +14.1%/yr | |
| Dividends paid | $93.2MFY2017 | $241.8MFY2026 | +11.2%/yr | |
| Share buybacks (net) | $97.5MFY2017 | $235.5MFY2026 | +10.3%/yr | |
| Capex / revenue | 6.6%FY2017 | 6.2%FY2026 | −0.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
STE cash flow by activity
STE 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).
STE cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $785.1M | $616.1M | $380.1M | $105.8M | $242.9M | $396.9M | $407.8M | $304.7M | $291.6M | $110.6M |
| Depreciation & amortization | $486.5M | $476.2M | $565.2M | $552.9M | $553.1M | −$30.2M | −$33.2M | $225.9M | $178.3M | $188.1M |
| Stock-based compensation | $61.7M | $57.4M | $56.5M | $39.0M | $57.7M | $26.0M | $23.8M | $24.0M | $22.2M | $18.8M |
| Change in working capital | $27.1M | $66.5M | −$146.1M | −$250.0M | −$148.8M | $19.0M | −$49.7M | $10.3M | −$59.1M | −$57.2M |
| Other non-cash items | −$19.0M | −$68.1M | $117.5M | $309.3M | −$20.0M | $278.0M | $241.9M | −$25.5M | $24.6M | $163.7M |
| Cash from operating activities | $1.34B | $1.15B | $973.3M | $756.9M | $684.8M | $689.6M | $590.6M | $539.5M | $457.6M | $424.1M |
| Investing activities | ||||||||||
| Capital expenditures | −$369.0M | −$370.1M | −$360.3M | −$362.0M | −$287.6M | −$239.3M | −$214.5M | −$189.7M | −$165.5M | −$172.9M |
| Investments (net) | −$134.0M | $388.8M | −$887.4M | −$383.3M | −$666.6M | −$4.4M | −$319.7M | −$5.0M | −$5.0M | −$6.4M |
| Acquisitions & other investing | −$9.5M | $370.1M | $360.3M | $362.0M | $287.6M | −$910.5M | $214.5M | −$18.6M | −$33.4M | $75.0M |
| Cash from investing activities | −$512.5M | $388.8M | −$887.4M | −$383.3M | −$666.6M | −$1.15B | −$319.7M | −$213.2M | −$203.8M | −$104.3M |
| Financing activities | ||||||||||
| Dividends paid | −$241.8M | −$219.9M | −$200.6M | −$183.5M | −$163.2M | −$133.8M | −$123.0M | −$112.5M | −$102.9M | −$93.2M |
| Share repurchases & issuance (net) | −$235.5M | −$211.3M | −$11.8M | −$308.6M | −$55.8M | −$14.6M | −$51.2M | −$81.5M | −$65.5M | −$97.5M |
| Net borrowing (repayment) | −$122.0M | −$1.16B | $121.5M | $150.7M | $372.2M | $471.7M | −$27.8M | −$112.6M | −$193.4M | −$75.4M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $31.1M | $23.3M | $5.7M | −$157.3M | −$37.4M | $22.4M | $38.9M | $11.8M | $5.7M | −$1.0M |
| Cash from financing activities | −$568.2M | −$1.57B | −$85.2M | −$498.7M | $115.8M | $345.6M | −$163.1M | −$294.8M | −$356.2M | −$267.1M |
| Summary | ||||||||||
| Net change in cash | $267.9M | −$35.3M | −$1.3M | −$140.0M | $127.8M | −$99.0M | $98.9M | $19.1M | −$81.4M | $34.1M |
| Cash at end of period | $439.6M | $171.7M | $207.0M | $208.4M | $348.3M | $220.5M | $319.6M | $220.6M | $201.5M | $282.9M |
| Free cash flow | $972.4M | $778.0M | $612.9M | $395.0M | $397.2M | $450.4M | $376.0M | $349.8M | $292.2M | $251.2M |
| Free cash flow margin | 16.4% | 14.3% | 11.9% | 8.7% | 9.4% | 14.5% | 12.4% | 12.6% | 11.2% | 9.6% |
| Capex / revenue | 6.2% | 6.8% | 7.0% | 8.0% | 6.8% | 7.7% | 7.1% | 6.8% | 6.3% | 6.6% |
| Operating cash flow / net income | 1.71 | 1.86 | 2.56 | 7.15 | 2.82 | 1.74 | 1.45 | 1.77 | 1.57 | 3.83 |
| 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 | $201.0M | $220.3M | $194.4M | $192.4M | $178.0M | $146.1M | $173.3M | $151.2M | $145.5M | −$1.0M | $140.9M | $116.3M |
| Depreciation & amortization | $123.8M | $123.4M | $122.0M | $121.7M | $119.4M | $122.3M | $125.9M | $115.3M | $112.7M | $134.4M | $140.6M | $290.2M |
| Stock-based compensation | $12.8M | $12.9M | $15.7M | $21.2M | $11.9M | $9.8M | $15.3M | $20.8M | $11.5M | $8.9M | $15.3M | $20.7M |
| Change in working capital | $17.8M | $13.5M | −$36.0M | −$46.6M | $96.2M | $18.3M | $27.5M | −$46.6M | $67.4M | $2.7M | −$15.7M | −$139.3M |
| Other non-cash items | $11.7M | −$34.7M | $2.1M | −$900,000 | $14.5M | −$35.7M | −$9.2M | $10.1M | −$33.4M | $109.7M | $10.1M | −$141.9M |
| Cash from operating activities | $367.1M | $335.4M | $298.2M | $287.8M | $420.0M | $260.8M | $332.8M | $250.8M | $303.7M | $254.8M | $291.2M | $146.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$87.5M | −$90.2M | −$98.7M | −$86.5M | −$93.6M | −$70.9M | −$89.2M | −$101.9M | −$108.1M | −$91.5M | −$118.9M | −$83.3M |
| Investments (net) | −$5.0M | −$127.2M | −$5.0M | −$88.3M | −$108.5M | −$69.8M | −$123.9M | −$105.4M | $687.8M | −$95.6M | −$118.9M | −$606.2M |
| Acquisitions & other investing | −$16.0M | $200,000 | $5.2M | $86.5M | $93.6M | $70.9M | $89.2M | $101.9M | $108.1M | $91.5M | $118.9M | $16.7M |
| Cash from investing activities | −$108.5M | −$217.2M | −$98.5M | −$88.3M | −$108.5M | −$69.8M | −$123.9M | −$105.3M | $687.8M | −$95.6M | −$118.9M | −$672.8M |
| Financing activities | ||||||||||||
| Dividends paid | −$61.4M | −$61.8M | −$61.9M | −$61.9M | −$56.2M | −$56.0M | −$56.2M | −$56.3M | −$51.4M | −$51.4M | −$51.4M | −$51.4M |
| Share repurchases & issuance (net) | −$115.5M | −$74.3M | −$50.1M | −$100.5M | −$10.6M | −$263,000 | −$100.4M | −$46.4M | −$64.2M | −$325,000 | −$2.2M | −$489,000 |
| Net borrowing (repayment) | −$37.8M | $37.8M | $0 | −$4.3M | −$155.5M | −$127.3M | −$54.1M | −$91.7M | — | — | — | $520.7M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $1.2M | $400,000 | $14.0M | $7.5M | $9.2M | $5.5M | −$3.7M | $13.4M | −$883.3M | −$92.0M | −$144.4M | $1.4M |
| Cash from financing activities | −$213.5M | −$97.9M | −$98.0M | −$159.2M | −$213.1M | −$178.1M | −$214.4M | −$181.0M | −$998.9M | −$143.8M | −$198.0M | $470.2M |
| Summary | ||||||||||||
| Net change in cash | $42.7M | $15.9M | $104.5M | $39.5M | $108.0M | $16.5M | −$17.0M | −$26.1M | −$8.7M | $11.4M | −$18.2M | $5.1M |
| Cash at end of period | $482.3M | $439.6M | $423.7M | $319.2M | $279.7M | $171.7M | $155.2M | $172.2M | $198.3M | $207.0M | $195.6M | $213.8M |
| Free cash flow | $279.6M | $245.2M | $199.5M | $201.3M | $326.4M | $189.9M | $243.6M | $148.9M | $195.6M | $163.3M | $172.3M | $62.8M |
| Free cash flow margin | 18.7% | 15.4% | 13.3% | 13.8% | 23.5% | 12.8% | 17.8% | 11.2% | 15.3% | 14.6% | 13.3% | 5.1% |
| Capex / revenue | 5.9% | 5.7% | 6.6% | 5.9% | 6.7% | 4.8% | 6.5% | 7.7% | 8.4% | 8.2% | 9.2% | 6.7% |
| Operating cash flow / net income | 1.83 | 1.52 | 1.53 | 1.50 | 2.36 | 1.79 | 1.92 | 1.66 | 2.09 | — | 2.07 | 1.26 |
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.
STE cash generation
In fiscal 2026 (ended March 31, 2026), Steris generated $1.3 billion of cash from operations (up 16.8%) and spent $369.0 million on capital expenditures, leaving free cash flow of $972.4 million, 16.4% of revenue. It returned $477.3 million to shareholders through dividends ($241.8 million) and net share buybacks ($235.5 million). Cash and equivalents rose by $267.9 million over the year.
Related: STE income statement, STE balance sheet, STE dividend history. See the STE stock overview for the latest quote and news.
STE cash flow FAQ
What is Steris's free cash flow?
Steris's free cash flow was $972.4 million in fiscal 2026: $1.3 billion of operating cash flow minus $369.0 million of capital expenditures It was $778.0 million a year earlier..
How much cash does Steris generate from operations?
Steris generated $1.3 billion of cash from operating activities in fiscal 2026, 1.71 times its net income of $785.1 million.
How much does Steris spend on capital expenditures?
Steris spent $369.0 million on capital expenditures in fiscal 2026, 6.2% of revenue, compared with $370.1 million the year before.
How much stock does Steris buy back?
Steris spent $235.5 million on net share repurchases in fiscal 2026.
How much does Steris pay in dividends?
Steris paid $241.8 million in dividends in fiscal 2026, 24.9% of free cash flow.