Stanley Black & Decker, Inc. (SWK) Cash Flow Statement
Where SWK’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $971.2M −12.3% vs 2024
- Capital expenditures
- $283.3M 1.9% of revenue
- Free cash flow
- $687.9M 4.5% margin
- Returned to shareholders
- $515.3M 75% of free cash flow
- Change in cash
- −$5.4M cash at year-end $287.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
SWK operating cash flow, capex and free cash flow
SWK cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.49B2016 | $971.2M2025 | −4.6%/yr | |
| Capital expenditures | $347.0M2016 | $283.3M2025 | −2.2%/yr | |
| Free cash flow | $1.14B2016 | $687.9M2025 | −5.4%/yr | |
| Free cash flow margin | 10.0%2016 | 4.5%2025 | −5.4 pts | |
| Operating cash flow / net income | 1.542016 | 2.422025 | +0.88 | |
| Stock-based compensation | $81.2M2016 | $82.8M2025 | +0.2%/yr | |
| Dividends paid | $330.9M2016 | $500.6M2025 | +4.7%/yr | |
| Share buybacks (net) | $374.1M2016 | $14.7M2025 | −30.2%/yr | |
| Capex / revenue | 3.0%2016 | 1.9%2025 | −1.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SWK cash flow by activity
SWK 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).
SWK cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $401.9M | $294.3M | −$310.5M | $1.06B | $1.69B | $1.23B | $958.0M | $645.9M | $1.23B | $964.9M |
| Depreciation & amortization | $512.4M | $589.5M | $625.1M | $572.2M | $577.1M | $578.1M | $560.2M | $506.5M | $460.7M | $408.0M |
| Stock-based compensation | $82.8M | $105.4M | $83.8M | $90.7M | $118.3M | $109.1M | $88.8M | $76.5M | $78.7M | $81.2M |
| Change in working capital | −$123.1M | $74.4M | $754.1M | −$1.70B | −$1.49B | −$131.0M | $114.9M | −$237.9M | −$261.1M | $57.2M |
| Other non-cash items | $97.2M | $43.3M | $38.8M | −$1.48B | −$229.0M | $231.2M | −$216.2M | $269.9M | −$85.3M | −$26.1M |
| Cash from operating activities | $971.2M | $1.11B | $1.19B | −$1.46B | $663.1M | $2.02B | $1.51B | $1.26B | $1.42B | $1.49B |
| Investing activities | ||||||||||
| Capital expenditures | −$283.3M | −$353.9M | −$338.7M | −$530.4M | −$519.1M | −$348.1M | −$424.7M | −$492.1M | −$442.4M | −$347.0M |
| Investments (net) | — | $394.2M | −$331.4M | $3.60B | −$15.4M | $22.3M | $260.6M | −$25.7M | −$23.3M | $104.7M |
| Acquisitions & other investing | $20.5M | $353.9M | $342.4M | $1.52B | −$2.09B | −$1.25B | −$1.04B | −$476.2M | −$1.84B | −$59.3M |
| Cash from investing activities | −$262.8M | $394.2M | −$327.7M | $4.59B | −$2.62B | −$1.58B | −$1.21B | −$994.0M | −$2.31B | −$301.6M |
| Financing activities | ||||||||||
| Dividends paid | −$500.6M | −$491.2M | −$482.6M | −$471.6M | −$493.7M | −$450.6M | −$402.0M | −$384.9M | −$362.9M | −$330.9M |
| Share repurchases & issuance (net) | −$14.7M | −$17.7M | −$16.1M | −$3.07B | −$784.3M | −$26.2M | −$27.5M | −$527.1M | −$28.7M | −$374.1M |
| Net borrowing (repayment) | −$277.6M | −$1.06B | −$299.4M | $854.5M | $2.22B | $676.9M | $1.15B | $977.5M | −$76.7M | $1.9M |
| Shares issued | $8.9M | $24.8M | $777.2M | $788.7M | $131.4M | $897.0M | $881.0M | $38.5M | $0 | $0 |
| Other financing | −$9.1M | −$15.7M | −$795.1M | −$94.2M | −$161.9M | −$487.1M | −$1.91B | −$660.7M | $784.3M | $287.6M |
| Cash from financing activities | −$793.1M | −$1.56B | −$816.0M | −$2.00B | $914.6M | $610.0M | −$307.1M | −$556.7M | $316.0M | −$415.5M |
| Summary | ||||||||||
| Net change in cash | −$5.4M | −$161.8M | $49.7M | $110.1M | −$1.10B | $1.08B | $3.2M | −$343.7M | −$494.3M | $666.4M |
| Cash at end of period | $287.4M | $292.8M | $454.6M | $404.9M | $294.8M | $1.40B | $314.6M | $311.4M | $637.5M | $1.13B |
| Free cash flow | $687.9M | $753.0M | $852.6M | −$1.99B | $144.0M | $1.67B | $1.08B | $768.8M | $976.2M | $1.14B |
| Free cash flow margin | 4.5% | 4.9% | 5.4% | −11.7% | 0.9% | 11.5% | 8.4% | 5.5% | 7.5% | 10.0% |
| Capex / revenue | 1.9% | 2.3% | 2.1% | 3.1% | 3.4% | 2.4% | 3.3% | 3.5% | 3.4% | 3.0% |
| Operating cash flow / net income | 2.42 | 3.76 | — | −1.37 | 0.39 | 1.64 | 1.57 | 1.95 | 1.16 | 1.54 |
| 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 | $351.3M | $59.6M | $158.2M | $51.4M | $101.9M | $90.4M | $194.9M | $91.1M | −$11.2M | $19.5M | −$276.1M | $4.7M |
| Depreciation & amortization | $129.4M | $113.0M | $123.7M | $130.2M | $130.1M | $128.4M | $139.6M | $154.7M | $155.0M | $140.2M | $148.4M | $151.1M |
| Stock-based compensation | $24.4M | $22.8M | $11.3M | $18.4M | $28.0M | $36.4M | $19.6M | $21.1M | $23.4M | $41.3M | $18.3M | $18.7M |
| Change in working capital | $579.0M | −$388.8M | $620.8M | −$147.9M | −$45.7M | −$469.0M | $343.7M | −$28.0M | $416.2M | −$657.5M | $1.00B | $155.6M |
| Other non-cash items | −$321.0M | −$195.4M | $41.7M | $169.1M | $0 | −$206.2M | −$18.7M | $46.9M | −$10.4M | $25.5M | −$121.9M | $113.8M |
| Cash from operating activities | $763.1M | −$388.8M | $955.7M | $221.2M | $214.3M | −$420.0M | $679.1M | $285.8M | $573.0M | −$431.0M | $769.3M | $443.9M |
| Investing activities | ||||||||||||
| Capital expenditures | −$64.9M | −$58.5M | −$72.8M | −$65.9M | −$79.6M | −$65.0M | −$114.5M | −$86.5M | −$87.2M | −$65.7M | −$122.3M | −$79.9M |
| Investments (net) | — | — | — | −$65.1M | −$67.2M | −$57.7M | −$106.6M | −$85.4M | $649.4M | −$63.2M | −$120.9M | −$79.9M |
| Acquisitions & other investing | $1.82B | $3.0M | $0 | $65.9M | $79.6M | $65.0M | $114.5M | $86.5M | $87.2M | $65.7M | $122.3M | −$47.0M |
| Cash from investing activities | $1.75B | −$55.5M | −$72.8M | −$65.1M | −$67.2M | −$57.7M | −$106.6M | −$85.4M | $649.4M | −$63.2M | −$120.9M | −$206.8M |
| Financing activities | ||||||||||||
| Dividends paid | −$124.3M | −$126.0M | −$126.3M | −$125.8M | −$124.0M | −$124.5M | −$124.0M | −$123.6M | −$121.8M | −$121.8M | −$121.8M | −$121.3M |
| Share repurchases & issuance (net) | −$252.1M | −$15.3M | −$5.4M | −$2.2M | −$800,000 | −$11.7M | −$17.7M | −$2.3M | −$1.4M | −$6.3M | −$9.3M | −$1.2M |
| Net borrowing (repayment) | −$1.75B | $645.3M | −$753.1M | −$62.2M | −$98.5M | $636.2M | −$364.6M | −$121.5M | — | — | — | −$267.0M |
| Shares issued | $3.1M | $4.6M | $1.6M | $2.4M | $2.2M | $2.7M | $0 | $0 | $3.7M | $3.8M | $7.5M | $4.4M |
| Other financing | −$127.6M | −$400,000 | −$800,000 | −$300,000 | −$1.9M | −$700,000 | $3.4M | $13.1M | −$1.25B | $672.9M | −$453.1M | −$22.7M |
| Cash from financing activities | −$2.25B | $508.2M | −$884.0M | −$188.1M | −$223.0M | $502.0M | −$502.9M | −$234.3M | −$1.37B | $548.6M | −$576.7M | −$407.8M |
| Summary | ||||||||||||
| Net change in cash | $259.6M | $57.0M | $9.9M | −$37.8M | −$33.3M | $55.8M | −$8.1M | −$19.8M | −$160.7M | $26.8M | $102.5M | −$43.8M |
| Cash at end of period | $604.0M | $344.4M | $287.4M | $277.5M | $315.3M | $348.6M | $292.8M | $300.9M | $320.7M | $481.4M | $454.6M | $352.1M |
| Free cash flow | $698.2M | −$447.3M | $882.9M | $155.3M | $134.7M | −$485.0M | $564.6M | $199.3M | $485.8M | −$496.7M | $647.0M | $364.0M |
| Free cash flow margin | 17.6% | −11.6% | 24.0% | 4.1% | 3.4% | −13.0% | 15.2% | 5.3% | 12.1% | −12.8% | 17.3% | 9.2% |
| Capex / revenue | 1.6% | 1.5% | 2.0% | 1.8% | 2.0% | 1.7% | 3.1% | 2.3% | 2.2% | 1.7% | 3.3% | 2.0% |
| Operating cash flow / net income | 2.17 | −6.52 | 6.04 | 4.30 | 2.10 | −4.65 | 3.48 | 3.14 | — | −22.10 | — | 94.45 |
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.
SWK cash generation
In fiscal 2025 (ended December 31, 2025), Stanley Black & Decker generated $971.2 million of cash from operations (down 12.3%) and spent $283.3 million on capital expenditures, leaving free cash flow of $687.9 million, 4.5% of revenue. It returned $515.3 million to shareholders through dividends ($500.6 million) and net share buybacks ($14.7 million). Cash and equivalents fell by $5.4 million over the year.
Related: SWK income statement, SWK balance sheet, SWK dividend history. See the SWK stock overview for the latest quote and news.
SWK cash flow FAQ
What is Stanley Black & Decker's free cash flow?
Stanley Black & Decker's free cash flow was $687.9 million in fiscal 2025: $971.2 million of operating cash flow minus $283.3 million of capital expenditures It was $753.0 million a year earlier..
How much cash does Stanley Black & Decker generate from operations?
Stanley Black & Decker generated $971.2 million of cash from operating activities in fiscal 2025, 2.42 times its net income of $401.9 million.
How much does Stanley Black & Decker spend on capital expenditures?
Stanley Black & Decker spent $283.3 million on capital expenditures in fiscal 2025, 1.9% of revenue, compared with $353.9 million the year before.
How much stock does Stanley Black & Decker buy back?
Stanley Black & Decker spent $14.7 million on net share repurchases in fiscal 2025.
How much does Stanley Black & Decker pay in dividends?
Stanley Black & Decker paid $500.6 million in dividends in fiscal 2025, 72.8% of free cash flow.