TransDigm Group Incorporated (TDG) Cash Flow Statement
Where TDG’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- $2.04B −0.3% vs FY2024
- Capital expenditures
- $222.0M 2.5% of revenue
- Free cash flow
- $1.82B 20.6% margin
- Returned to shareholders
- $10.13B 558% of free cash flow
- Change in cash
- −$3.45B cash at year-end $2.81B
Drawn to scale: where the cash came from and how it was used. Hover for values.
TDG operating cash flow, capex and free cash flow
TDG cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $668.9MFY2016 | $2.04BFY2025 | +13.2%/yr | |
| Capital expenditures | $44.0MFY2016 | $222.0MFY2025 | +19.7%/yr | |
| Free cash flow | $624.9MFY2016 | $1.82BFY2025 | +12.6%/yr | |
| Free cash flow margin | 19.7%FY2016 | 20.6%FY2025 | +0.9 pts | |
| Operating cash flow / net income | 1.14FY2016 | 0.98FY2025 | −0.16 | |
| Stock-based compensation | $48.3MFY2016 | $157.0MFY2025 | +14.0%/yr | |
| Dividends paid | $3.0MFY2016 | $9.63BFY2025 | +145.2%/yr | |
| Share buybacks (net) | $207.8MFY2016 | $500.0MFY2025 | +10.3%/yr | |
| Capex / revenue | 1.4%FY2016 | 2.5%FY2025 | +1.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TDG cash flow by activity
TDG 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).
TDG cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $2.07B | $1.72B | $1.30B | $867.0M | $681.0M | $700.0M | $891.3M | $957.1M | $596.9M | $586.4M |
| Depreciation & amortization | $367.0M | $312.0M | $268.0M | $253.0M | $253.0M | $283.0M | $226.0M | $129.0M | $141.0M | $121.7M |
| Stock-based compensation | $157.0M | $217.0M | $157.0M | $153.0M | $129.0M | $93.0M | $93.4M | $58.5M | $45.5M | $48.3M |
| Change in working capital | −$558.0M | −$302.0M | −$461.0M | −$260.0M | −$124.0M | $135.0M | −$213.7M | −$4.6M | −$86.4M | −$110.9M |
| Other non-cash items | −$2.0M | $103.0M | $112.0M | −$65.0M | −$26.0M | $2.0M | $18.5M | −$117.8M | $91.6M | $23.4M |
| Cash from operating activities | $2.04B | $2.04B | $1.38B | $948.0M | $913.0M | $1.21B | $1.02B | $1.02B | $788.7M | $668.9M |
| Investing activities | ||||||||||
| Capital expenditures | −$222.0M | −$165.0M | −$139.0M | −$119.0M | −$105.0M | −$105.0M | −$101.6M | −$73.3M | −$71.0M | −$44.0M |
| Investments (net) | −$595.0M | −$2.44B | −$900.0M | −$553.0M | −$785.0M | $799.0M | −$3.89B | −$683.6M | −$287.0M | −$1.44B |
| Acquisitions & other investing | $222.0M | $165.0M | $139.0M | $119.0M | $105.0M | $105.0M | $101.6M | $73.3M | $71.0M | $44.0M |
| Cash from investing activities | −$595.0M | −$2.44B | −$900.0M | −$553.0M | −$785.0M | $799.0M | −$3.89B | −$683.6M | −$287.0M | −$1.44B |
| Financing activities | ||||||||||
| Dividends paid | −$9.63B | −$2.04B | −$38.0M | −$1.09B | −$73.0M | −$1.93B | −$1.71B | −$56.1M | −$2.58B | −$3.0M |
| Share repurchases & issuance (net) | −$500.0M | $245.0M | $215.0M | −$912.0M | −$667.0M | −$19.0M | −$81.9M | $57.6M | −$389.8M | −$207.8M |
| Net borrowing (repayment) | $5.07B | $4.97B | −$173.0M | −$275.0M | −$125.0M | $200.0M | $3.90B | $12.78B | $2.94B | $1.73B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $156.0M | −$8.0M | −$20.0M | $130.0M | $795.0M | $2.98B | $163.4M | −$11.70B | −$1.41B | $131.7M |
| Cash from financing activities | −$4.90B | $3.17B | −$16.0M | −$2.15B | −$70.0M | $1.23B | $2.27B | $1.09B | −$1.44B | $1.65B |
| Summary | ||||||||||
| Net change in cash | −$3.45B | $2.79B | $471.0M | −$1.79B | $70.0M | $3.25B | −$605.5M | $1.42B | −$936.4M | $873.0M |
| Cash at end of period | $2.81B | $6.26B | $3.47B | $3.00B | $4.79B | $4.72B | $1.47B | $2.07B | $650.6M | $1.59B |
| Free cash flow | $1.82B | $1.88B | $1.24B | $829.0M | $808.0M | $1.11B | $913.9M | $948.8M | $717.7M | $624.9M |
| Free cash flow margin | 20.6% | 23.7% | 18.8% | 15.3% | 16.8% | 21.7% | 17.5% | 24.9% | 20.5% | 19.7% |
| Capex / revenue | 2.5% | 2.1% | 2.1% | 2.2% | 2.2% | 2.1% | 1.9% | 1.9% | 2.0% | 1.4% |
| Operating cash flow / net income | 0.98 | 1.19 | 1.06 | 1.09 | 1.34 | 1.73 | 1.14 | 1.07 | 1.32 | 1.14 |
| 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 | $540.0M | $536.0M | $445.0M | $609.0M | $493.0M | $479.0M | $493.0M | $468.0M | $461.0M | $403.0M | $382.0M | $414.0M |
| Depreciation & amortization | $119.0M | $105.0M | $100.0M | $96.0M | $92.0M | $89.0M | $90.0M | $93.0M | $76.0M | $72.0M | $71.0M | $69.0M |
| Stock-based compensation | $65.0M | $26.0M | $27.0M | $33.0M | $51.0M | $48.0M | $25.0M | $59.0M | $48.0M | $60.0M | $51.0M | $26.0M |
| Change in working capital | −$11.0M | −$544.0M | $223.0M | −$232.0M | −$37.0M | −$477.0M | $188.0M | −$84.0M | −$19.0M | −$326.0M | $111.0M | −$63.0M |
| Other non-cash items | $11.0M | $12.0M | $37.0M | $1.0M | $32.0M | $9.0M | −$44.0M | $36.0M | $42.0M | $20.0M | $21.0M | $16.0M |
| Cash from operating activities | $724.0M | $135.0M | $832.0M | $507.0M | $631.0M | $148.0M | $752.0M | $572.0M | $608.0M | $229.0M | $636.0M | $462.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$74.0M | −$71.0M | −$60.0M | −$66.0M | −$58.0M | −$56.0M | −$42.0M | −$41.0M | −$40.0M | −$48.0M | −$36.0M | −$37.0M |
| Investments (net) | — | — | — | −$246.0M | −$158.0M | −$167.0M | −$24.0M | −$702.0M | −$1.57B | −$121.0M | −$50.0M | −$48.0M |
| Acquisitions & other investing | −$2.16B | −$93.0M | −$913.0M | $66.0M | $58.0M | $56.0M | $42.0M | $41.0M | $40.0M | $48.0M | $36.0M | $37.0M |
| Cash from investing activities | −$2.23B | −$164.0M | −$973.0M | −$246.0M | −$158.0M | −$167.0M | −$24.0M | −$702.0M | −$1.57B | −$121.0M | −$50.0M | −$48.0M |
| Financing activities | ||||||||||||
| Dividends paid | $0 | $0 | −$59.0M | −$5.23B | −$49.0M | −$4.40B | −$4.40B | −$2.04B | $0 | $0 | −$2.04B | −$38.0M |
| Share repurchases & issuance (net) | −$1.09B | −$615.0M | −$106.0M | −$334.0M | −$131.0M | −$53.0M | −$316.0M | $245.0M | $0 | $0 | $0 | $215.0M |
| Net borrowing (repayment) | $1.46B | $1.95B | $0 | $4.99B | −$57.0M | −$22.0M | $163.0M | $2.99B | — | — | — | −$39.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $30.0M | $53.0M | $24.0M | $347.0M | $108.0M | $4.45B | $33.0M | $1.82B | −$516.0M | $601.0M | $2.10B | −$143.0M |
| Cash from financing activities | $403.0M | $1.39B | −$141.0M | −$231.0M | −$129.0M | −$24.0M | −$4.52B | $3.02B | −$516.0M | $601.0M | $67.0M | −$5.0M |
| Summary | ||||||||||||
| Net change in cash | −$1.11B | $1.36B | −$280.0M | $16.0M | $366.0M | −$33.0M | −$3.80B | $2.90B | −$1.48B | $703.0M | $663.0M | $401.0M |
| Cash at end of period | $2.77B | $3.88B | $2.53B | $2.81B | $2.79B | $2.43B | $2.46B | $6.26B | $3.36B | $4.84B | $4.13B | $3.47B |
| Free cash flow | $650.0M | $64.0M | $772.0M | $441.0M | $573.0M | $92.0M | $710.0M | $531.0M | $568.0M | $181.0M | $600.0M | $425.0M |
| Free cash flow margin | 23.7% | 2.5% | 33.8% | 18.1% | 25.6% | 4.3% | 35.4% | 24.3% | 27.8% | 9.4% | 33.5% | 22.9% |
| Capex / revenue | 2.7% | 2.8% | 2.6% | 2.7% | 2.6% | 2.6% | 2.1% | 1.9% | 2.0% | 2.5% | 2.0% | 2.0% |
| Operating cash flow / net income | 1.34 | 0.25 | 1.87 | 0.83 | 1.28 | 0.31 | 1.53 | 1.22 | 1.32 | 0.57 | 1.66 | 1.12 |
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.
TDG cash generation
In fiscal 2025 (ended September 30, 2025), TransDigm generated $2.0 billion of cash from operations (down 0.3%) and spent $222.0 million on capital expenditures, leaving free cash flow of $1.8 billion, 20.6% of revenue. It returned $10.1 billion to shareholders through dividends ($9.6 billion) and net share buybacks ($500.0 million). Cash and equivalents fell by $3.5 billion over the year.
Related: TDG income statement, TDG balance sheet, TDG dividend history. See the TDG stock overview for the latest quote and news.
TDG cash flow FAQ
What is TransDigm's free cash flow?
TransDigm's free cash flow was $1.8 billion in fiscal 2025: $2.0 billion of operating cash flow minus $222.0 million of capital expenditures It was $1.9 billion a year earlier..
How much cash does TransDigm generate from operations?
TransDigm generated $2.0 billion of cash from operating activities in fiscal 2025, 0.98 times its net income of $2.1 billion.
How much does TransDigm spend on capital expenditures?
TransDigm spent $222.0 million on capital expenditures in fiscal 2025, 2.5% of revenue, compared with $165.0 million the year before.
How much stock does TransDigm buy back?
TransDigm spent $500.0 million on net share repurchases in fiscal 2025.
How much does TransDigm pay in dividends?
TransDigm paid $9.6 billion in dividends in fiscal 2025, 530.2% of free cash flow.