Tyson Foods, Inc. (TSN) Cash Flow Statement
Where TSN’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- $2.15B −16.8% vs FY2024
- Capital expenditures
- $978.0M 1.8% of revenue
- Free cash flow
- $1.18B 2.2% margin
- Returned to shareholders
- $893.0M 76% of free cash flow
- Change in cash
- −$488.0M cash at year-end $1.23B
Drawn to scale: where the cash came from and how it was used. Hover for values.
TSN operating cash flow, capex and free cash flow
TSN cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.72BFY2016 | $2.15BFY2025 | −2.5%/yr | |
| Capital expenditures | $695.0MFY2016 | $978.0MFY2025 | +3.9%/yr | |
| Free cash flow | $2.02BFY2016 | $1.18BFY2025 | −5.8%/yr | |
| Free cash flow margin | 5.5%FY2016 | 2.2%FY2025 | −3.3 pts | |
| Operating cash flow / net income | 1.53FY2016 | 4.25FY2025 | +2.72 | |
| Stock-based compensation | $81.0MFY2016 | $100.0MFY2025 | +2.4%/yr | |
| Dividends paid | $216.0MFY2016 | $697.0MFY2025 | +13.9%/yr | |
| Share buybacks (net) | $1.94BFY2016 | $196.0MFY2025 | −22.5%/yr | |
| Capex / revenue | 1.9%FY2016 | 1.8%FY2025 | −0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TSN cash flow by activity
TSN 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).
TSN cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $507.0M | $822.0M | −$649.0M | $3.25B | $3.06B | $2.15B | $2.04B | $3.03B | $1.78B | $1.77B |
| Depreciation & amortization | $1.36B | $1.40B | $1.34B | $1.20B | $1.21B | $1.19B | $1.10B | $943.0M | $761.0M | $705.0M |
| Stock-based compensation | $100.0M | $101.0M | $61.0M | $93.0M | $91.0M | $89.0M | $77.0M | $69.0M | $92.0M | $81.0M |
| Change in working capital | −$106.0M | $224.0M | $187.0M | −$2.10B | $381.0M | $474.0M | −$846.0M | −$286.0M | −$150.0M | $63.0M |
| Other non-cash items | $293.0M | $43.0M | $814.0M | $247.0M | −$906.0M | −$31.0M | $149.0M | −$790.0M | $118.0M | $95.0M |
| Cash from operating activities | $2.15B | $2.59B | $1.75B | $2.69B | $3.84B | $3.87B | $2.51B | $2.96B | $2.60B | $2.72B |
| Investing activities | ||||||||||
| Capital expenditures | −$978.0M | −$1.13B | −$1.94B | −$1.89B | −$1.21B | −$1.20B | −$1.26B | −$1.20B | −$1.07B | −$695.0M |
| Investments (net) | −$665.0M | −$888.0M | −$2.30B | −$178.0M | −$46.0M | −$1.42B | −$1.0M | −$5.0M | −$18.0M | −$9.0M |
| Acquisitions & other investing | $978.0M | $1.13B | $1.94B | $130.0M | $1.31B | $1.20B | −$2.20B | −$701.0M | −$3.08B | $20.0M |
| Cash from investing activities | −$665.0M | −$888.0M | −$2.30B | −$1.94B | $58.0M | −$1.42B | −$3.46B | −$1.91B | −$4.16B | −$684.0M |
| Financing activities | ||||||||||
| Dividends paid | −$697.0M | −$684.0M | −$670.0M | −$653.0M | −$636.0M | −$601.0M | −$537.0M | −$431.0M | −$319.0M | −$216.0M |
| Share repurchases & issuance (net) | −$196.0M | −$49.0M | −$354.0M | −$702.0M | −$67.0M | −$207.0M | −$252.0M | −$427.0M | −$860.0M | −$1.94B |
| Net borrowing (repayment) | −$1.09B | $183.0M | $1.12B | −$1.09B | −$2.05B | −$672.0M | $1.89B | −$332.0M | $2.54B | −$413.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $3.0M | −$31.0M | −$5.0M | $120.0M | $19.0M | $12.0M | $69.0M | $88.0M | $169.0M | $196.0M |
| Cash from financing activities | −$1.98B | −$581.0M | $88.0M | −$2.32B | −$2.73B | −$1.47B | $1.17B | −$1.10B | $1.53B | −$2.38B |
| Summary | ||||||||||
| Net change in cash | −$488.0M | $1.14B | −$458.0M | −$1.61B | $1.04B | $936.0M | $214.0M | −$48.0M | −$31.0M | −$339.0M |
| Cash at end of period | $1.23B | $1.72B | $573.0M | $1.03B | $2.51B | $1.42B | $484.0M | $270.0M | $318.0M | $349.0M |
| Free cash flow | $1.18B | $1.46B | −$187.0M | $800.0M | $2.63B | $2.67B | $1.25B | $1.76B | $1.53B | $2.02B |
| Free cash flow margin | 2.2% | 2.7% | −0.4% | 1.5% | 5.6% | 6.2% | 3.0% | 4.4% | 4.0% | 5.5% |
| Capex / revenue | 1.8% | 2.1% | 3.7% | 3.5% | 2.6% | 2.8% | 3.0% | 3.0% | 2.8% | 1.9% |
| Operating cash flow / net income | 4.25 | 3.15 | — | 0.83 | 1.25 | 1.80 | 1.23 | 0.98 | 1.46 | 1.53 |
| 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 | $186.0M | $264.0M | $90.0M | $47.0M | $69.0M | $14.0M | $366.0M | $364.0M | $196.0M | $148.0M | $114.0M | −$443.0M |
| Depreciation & amortization | $329.0M | $350.0M | $376.0M | $332.0M | $329.0M | $352.0M | $348.0M | $318.0M | $360.0M | $349.0M | $373.0M | $396.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | $753.0M | $495.0M |
| Change in working capital | $66.0M | −$313.0M | $313.0M | $85.0M | $148.0M | −$580.0M | $241.0M | −$41.0M | $193.0M | −$626.0M | $698.0M | $89.0M |
| Other non-cash items | $59.0M | −$414.0M | $163.0M | $71.0M | $228.0M | $29.0M | $76.0M | −$24.0M | $47.0M | $6.0M | −$638.0M | −$214.0M |
| Cash from operating activities | $640.0M | −$113.0M | $942.0M | $535.0M | $774.0M | −$185.0M | $1.03B | $617.0M | $796.0M | −$123.0M | $1.30B | $323.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$159.0M | −$145.0M | −$252.0M | −$287.0M | −$227.0M | −$193.0M | −$271.0M | −$248.0M | −$263.0M | −$267.0M | −$354.0M | −$375.0M |
| Investments (net) | $29.0M | $0 | −$1.0M | −$260.0M | $9.0M | −$181.0M | −$233.0M | −$34.0M | −$233.0M | −$243.0M | −$378.0M | −$427.0M |
| Acquisitions & other investing | $9.0M | $29.0M | $70.0M | $287.0M | $227.0M | $193.0M | $271.0M | $248.0M | $263.0M | $267.0M | $354.0M | −$1.50B |
| Cash from investing activities | −$121.0M | −$116.0M | −$183.0M | −$260.0M | $9.0M | −$181.0M | −$233.0M | −$34.0M | −$233.0M | −$243.0M | −$378.0M | −$2.30B |
| Financing activities | ||||||||||||
| Dividends paid | −$176.0M | −$176.0M | −$177.0M | −$173.0M | −$175.0M | −$174.0M | −$175.0M | −$171.0M | −$171.0M | −$171.0M | −$171.0M | −$167.0M |
| Share repurchases & issuance (net) | −$31.0M | −$45.0M | −$47.0M | −$154.0M | −$26.0M | −$1.0M | −$15.0M | −$5.0M | −$13.0M | −$18.0M | −$13.0M | −$11.0M |
| Net borrowing (repayment) | −$89.0M | −$296.0M | −$486.0M | −$274.0M | −$28.0M | −$765.0M | −$20.0M | −$1.27B | — | — | — | $175.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $17.0M | −$32.0M | −$8.0M | $1.0M | −$16.0M | $3.0M | $15.0M | −$18.0M | $16.0M | $1.27B | $158.0M | −$10.0M |
| Cash from financing activities | −$279.0M | −$549.0M | −$718.0M | −$600.0M | −$245.0M | −$937.0M | −$195.0M | −$1.46B | −$168.0M | $1.08B | −$26.0M | −$13.0M |
| Summary | ||||||||||||
| Net change in cash | $240.0M | −$778.0M | $49.0M | −$318.0M | $555.0M | −$1.30B | $575.0M | −$852.0M | $387.0M | $698.0M | $911.0M | −$126.0M |
| Cash at end of period | $740.0M | $500.0M | $1.28B | $1.23B | $1.55B | $992.0M | $2.29B | $1.72B | $2.57B | $2.18B | $1.48B | $573.0M |
| Free cash flow | $481.0M | −$258.0M | $690.0M | $248.0M | $547.0M | −$378.0M | $760.0M | $369.0M | $533.0M | −$390.0M | $946.0M | −$52.0M |
| Free cash flow margin | 3.5% | −1.9% | 4.8% | 1.8% | 3.9% | −2.9% | 5.6% | 2.7% | 4.0% | −3.0% | 7.1% | −0.4% |
| Capex / revenue | 1.1% | 1.1% | 1.8% | 2.1% | 1.6% | 1.5% | 2.0% | 1.8% | 2.0% | 2.0% | 2.7% | 2.8% |
| Operating cash flow / net income | 3.44 | −0.43 | 10.47 | 11.38 | 11.22 | −13.21 | 2.82 | 1.70 | 4.06 | −0.83 | 11.40 | — |
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.
TSN cash generation
In fiscal 2025 (ended September 30, 2025), Tyson Foods generated $2.2 billion of cash from operations (down 16.8%) and spent $978.0 million on capital expenditures, leaving free cash flow of $1.2 billion, 2.2% of revenue. It returned $893.0 million to shareholders through dividends ($697.0 million) and net share buybacks ($196.0 million). Cash and equivalents fell by $488.0 million over the year.
Related: TSN income statement, TSN balance sheet, TSN dividend history. See the TSN stock overview for the latest quote and news.
TSN cash flow FAQ
What is Tyson Foods's free cash flow?
Tyson Foods's free cash flow was $1.2 billion in fiscal 2025: $2.2 billion of operating cash flow minus $978.0 million of capital expenditures It was $1.5 billion a year earlier..
How much cash does Tyson Foods generate from operations?
Tyson Foods generated $2.2 billion of cash from operating activities in fiscal 2025, 4.25 times its net income of $507.0 million.
How much does Tyson Foods spend on capital expenditures?
Tyson Foods spent $978.0 million on capital expenditures in fiscal 2025, 1.8% of revenue, compared with $1.1 billion the year before.
How much stock does Tyson Foods buy back?
Tyson Foods spent $196.0 million on net share repurchases in fiscal 2025.
How much does Tyson Foods pay in dividends?
Tyson Foods paid $697.0 million in dividends in fiscal 2025, 59.2% of free cash flow.