STMicroelectronics N.V. (STM) Cash Flow Statement
Where STM’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.15B −27.4% vs 2024
- Capital expenditures
- $2.20B 18.6% of revenue
- Free cash flow
- −$52.0M −0.4% margin
- Returned to shareholders
- $688.0M
- Change in cash
- $555.0M cash at year-end $2.84B
Drawn to scale: where the cash came from and how it was used. Hover for values.
STM operating cash flow, capex and free cash flow
STM cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.04B2016 | $2.15B2025 | +8.4%/yr | |
| Capital expenditures | $611.0M2016 | $2.20B2025 | +15.3%/yr | |
| Free cash flow | $432.0M2016 | −$52.0M2025 | — | |
| Free cash flow margin | 6.2%2016 | −0.4%2025 | −6.6 pts | |
| Operating cash flow / net income | 6.322016 | 11.962025 | +5.63 | |
| Stock-based compensation | $42.0M2016 | $193.0M2025 | +18.5%/yr | |
| Dividends paid | $251.0M2016 | $321.0M2025 | +2.8%/yr | |
| Share buybacks (net) | $3.0M2016 | $367.0M2025 | +70.6%/yr | |
| Capex / revenue | 8.8%2016 | 18.6%2025 | +9.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
STM cash flow by activity
STM 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).
STM cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $180.0M | $1.56B | $4.21B | $4.32B | $1.72B | $696.0M | $1.03B | $1.29B | $802.0M | $165.0M |
| Depreciation & amortization | $1.85B | $1.76B | $1.56B | $1.28B | $1.35B | $1.26B | $854.0M | $791.0M | $650.0M | $696.0M |
| Stock-based compensation | $193.0M | $222.0M | $236.0M | $215.0M | $230.0M | $174.0M | $145.0M | $121.0M | $66.0M | $42.0M |
| Change in working capital | −$143.0M | −$495.0M | $78.0M | −$881.0M | $79.0M | $99.0M | −$99.0M | −$409.0M | −$300.0M | −$58.0M |
| Other non-cash items | $68.0M | −$79.0M | −$94.0M | $642.0M | $87.0M | $227.0M | −$65.0M | $55.0M | $459.0M | $198.0M |
| Cash from operating activities | $2.15B | $2.96B | $5.99B | $5.58B | $3.46B | $2.46B | $1.87B | $1.84B | $1.68B | $1.04B |
| Investing activities | ||||||||||
| Capital expenditures | −$2.20B | −$3.18B | −$4.54B | −$3.53B | −$2.27B | −$1.65B | −$1.22B | −$1.26B | −$1.30B | −$611.0M |
| Investments (net) | $1.89B | −$3.74B | −$5.08B | −$924.0M | −$1.52B | −$2.04B | −$1.17B | −$1.21B | −$1.47B | −$727.0M |
| Acquisitions & other investing | $267.0M | $3.18B | $3.85B | −$139.0M | $2.27B | $1.65B | $1.22B | $1.26B | $1.30B | $611.0M |
| Cash from investing activities | −$43.0M | −$3.74B | −$5.77B | −$4.59B | −$1.52B | −$2.04B | −$1.17B | −$1.21B | −$1.47B | −$727.0M |
| Financing activities | ||||||||||
| Dividends paid | −$321.0M | −$288.0M | −$223.0M | −$212.0M | −$205.0M | −$168.0M | −$214.0M | −$216.0M | −$214.0M | −$251.0M |
| Share repurchases & issuance (net) | −$367.0M | −$359.0M | −$346.0M | −$346.0M | −$485.0M | −$125.0M | −$250.0M | −$80.0M | −$306.0M | −$3.0M |
| Net borrowing (repayment) | −$989.0M | $97.0M | $160.0M | $66.0M | −$569.0M | $678.0M | $137.0M | $178.0M | $420.0M | −$178.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $117.0M | $395.0M | $142.0M | −$64.0M | −$110.0M | −$106.0M | −$16.0M | −$4.0M | −$6.0M | −$7.0M |
| Cash from financing activities | −$1.56B | −$155.0M | −$267.0M | −$556.0M | −$1.37B | $279.0M | −$343.0M | −$122.0M | −$106.0M | −$439.0M |
| Summary | ||||||||||
| Net change in cash | $555.0M | −$940.0M | −$36.0M | $33.0M | $219.0M | $399.0M | $341.0M | $507.0M | $130.0M | −$142.0M |
| Cash at end of period | $2.84B | $2.28B | $3.22B | $3.26B | $3.23B | $3.01B | $2.61B | $2.27B | $1.76B | $1.63B |
| Free cash flow | −$52.0M | −$216.0M | $1.46B | $2.05B | $1.19B | $804.0M | $646.0M | $582.0M | $376.0M | $432.0M |
| Free cash flow margin | −0.4% | −1.6% | 8.4% | 12.7% | 9.3% | 7.9% | 6.8% | 6.0% | 4.5% | 6.2% |
| Capex / revenue | 18.6% | 24.0% | 26.2% | 21.9% | 17.8% | 16.2% | 12.8% | 13.1% | 15.6% | 8.8% |
| Operating cash flow / net income | 11.96 | 1.90 | 1.42 | 1.29 | 2.02 | 3.53 | 1.81 | 1.43 | 2.09 | 6.32 |
| 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 | $230.9M | $37.1M | −$46.0M | $236.0M | −$95.0M | $59.0M | $336.0M | $100.0M | $353.0M | $513.0M | $1.08B | $1.41B |
| Depreciation & amortization | $490.6M | $454.0M | $480.0M | $479.9M | $471.1M | $428.0M | $451.0M | $292.0M | $438.6M | $430.0M | $414.0M | $396.0M |
| Stock-based compensation | $39.0M | $47.0M | −$104.0M | $45.0M | $45.0M | $54.0M | $56.0M | $47.0M | $54.0M | $65.0M | $67.0M | $57.0M |
| Change in working capital | −$189.0M | −$3.0M | −$228.0M | −$1.7M | −$85.0M | $147.0M | −$188.0M | −$105.0M | −$207.0M | −$103.0M | $52.0M | $147.0M |
| Other non-cash items | −$71.1M | $513,997 | $572.8M | −$211.3M | $17.9M | −$114.0M | $26.0M | $170.0M | $63.4M | −$46.0M | −$129.0M | −$130.0M |
| Cash from operating activities | $500.4M | $535.6M | $674.8M | $547.9M | $354.0M | $574.0M | $681.0M | $504.0M | $702.0M | $859.0M | $1.48B | $1.88B |
| Investing activities | ||||||||||||
| Capital expenditures | −$621.8M | −$380.2M | −$674.9M | −$365.5M | −$615.0M | −$601.0M | −$616.0M | −$502.0M | −$690.0M | −$994.0M | −$1.10B | −$1.15B |
| Investments (net) | −$236.0M | −$583.0M | $996.0M | −$314.0M | −$332.0M | −$796.0M | −$1.26B | −$601.0M | −$815.0M | −$1.25B | −$1.61B | −$1.76B |
| Acquisitions & other investing | $177.6M | −$916.6M | $106.7M | $1.50B | $615.0M | $601.0M | $616.0M | $689.0M | $877.0M | $994.0M | $1.10B | $1.15B |
| Cash from investing activities | −$680.3M | −$1.88B | $427.8M | $823.2M | −$332.0M | −$796.0M | −$1.26B | −$414.0M | −$628.0M | −$1.25B | −$1.61B | −$1.76B |
| Financing activities | ||||||||||||
| Dividends paid | −$74.8M | −$71.2M | −$138.0M | −$80.8M | −$81.0M | −$72.0M | −$87.0M | −$80.0M | −$73.0M | −$48.0M | −$60.0M | −$58.0M |
| Share repurchases & issuance (net) | $0 | $0 | $184.0M | −$111.0M | −$92.0M | −$92.0M | −$92.0M | −$92.0M | −$93.0M | −$87.0M | −$86.0M | −$87.0M |
| Net borrowing (repayment) | $1.02B | $473.0M | $149.0M | −$909.0M | −$58.0M | −$107.0M | −$74.0M | $6.0M | — | — | — | −$32.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $448.6M | −$2.6M | −$456.6M | $118.1M | $40.0M | −$11.0M | $44.0M | $56.0M | $54.0M | $443.0M | $481.0M | −$46.0M |
| Cash from financing activities | $1.39B | $399.2M | −$261.6M | −$982.7M | −$191.0M | −$282.0M | −$209.0M | −$110.0M | −$112.0M | $308.0M | $335.0M | −$223.0M |
| Summary | ||||||||||||
| Net change in cash | $1.21B | −$947.8M | $828.1M | $390.1M | −$165.0M | −$501.0M | −$795.0M | −$15.0M | −$41.0M | −$89.0M | $211.0M | −$100.0M |
| Cash at end of period | $3.10B | $1.89B | $2.84B | $2.01B | $1.62B | $1.78B | $2.28B | $3.08B | $3.09B | $3.13B | $3.22B | $3.01B |
| Free cash flow | −$121.5M | $155.5M | −$62,480 | $182.4M | −$261.0M | −$27.0M | $65.0M | $2.0M | $12.0M | −$135.0M | $376.0M | $729.0M |
| Free cash flow margin | −3.5% | 5.0% | −0.0% | 5.7% | −9.3% | −1.1% | 2.0% | 0.1% | 0.4% | −3.9% | 8.8% | 16.5% |
| Capex / revenue | 17.8% | 12.3% | 20.3% | 11.5% | 21.9% | 23.8% | 18.5% | 15.4% | 21.3% | 28.7% | 25.8% | 26.0% |
| Operating cash flow / net income | 2.17 | 14.43 | — | 2.32 | — | 9.73 | 2.03 | 5.04 | 1.99 | 1.67 | 1.38 | 1.33 |
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.
STM cash generation
In fiscal 2025 (ended December 31, 2025), STMicroelectronics generated $2.2 billion of cash from operations (down 27.4%) and spent $2.2 billion on capital expenditures, leaving free cash flow of -$52.0 million, −0.4% of revenue. It returned $688.0 million to shareholders through dividends ($321.0 million) and net share buybacks ($367.0 million). Cash and equivalents rose by $555.0 million over the year.
Related: STM income statement, STM balance sheet, STM dividend history. See the STM stock overview for the latest quote and news.
STM cash flow FAQ
What is STMicroelectronics's free cash flow?
STMicroelectronics's free cash flow was -$52.0 million in fiscal 2025: $2.2 billion of operating cash flow minus $2.2 billion of capital expenditures It was -$216.0 million a year earlier..
How much cash does STMicroelectronics generate from operations?
STMicroelectronics generated $2.2 billion of cash from operating activities in fiscal 2025, 11.96 times its net income of $180.0 million.
How much does STMicroelectronics spend on capital expenditures?
STMicroelectronics spent $2.2 billion on capital expenditures in fiscal 2025, 18.6% of revenue, compared with $3.2 billion the year before.
How much stock does STMicroelectronics buy back?
STMicroelectronics spent $367.0 million on net share repurchases in fiscal 2025.
How much does STMicroelectronics pay in dividends?
STMicroelectronics paid $321.0 million in dividends in fiscal 2025.