Tetra Tech, Inc. (TTEK) Cash Flow Statement
Where TTEK’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- $457.7M +27.6% vs FY2024
- Capital expenditures
- $18.6M 0.3% of revenue
- Free cash flow
- $439.1M 8.1% margin
- Returned to shareholders
- $315.0M 72% of free cash flow
- Change in cash
- −$64.3M cash at year-end $168.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
TTEK operating cash flow, capex and free cash flow
TTEK cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $142.0MFY2016 | $457.7MFY2025 | +13.9%/yr | |
| Capital expenditures | $11.9MFY2016 | $18.6MFY2025 | +5.1%/yr | |
| Free cash flow | $130.1MFY2016 | $439.1MFY2025 | +14.5%/yr | |
| Free cash flow margin | 5.0%FY2016 | 8.1%FY2025 | +3.0 pts | |
| Operating cash flow / net income | 1.69FY2016 | 0.90FY2025 | −0.79 | |
| Stock-based compensation | $13.0MFY2016 | $18.9MFY2025 | +4.3%/yr | |
| Dividends paid | $19.7MFY2016 | $65.0MFY2025 | +14.2%/yr | |
| Share buybacks (net) | $99.5MFY2016 | $250.0MFY2025 | +10.8%/yr | |
| Capex / revenue | 0.5%FY2016 | 0.3%FY2025 | −0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TTEK cash flow by activity
TTEK 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).
TTEK cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $507.3M | $333.4M | $273.5M | $263.2M | $232.8M | $173.9M | $158.8M | $137.0M | $117.9M | $83.9M |
| Depreciation & amortization | $58.3M | $73.7M | $61.2M | $27.0M | $23.8M | $24.6M | $28.8M | $38.6M | $45.8M | $45.6M |
| Stock-based compensation | $18.9M | $31.2M | $28.6M | $26.2M | $23.1M | $19.4M | $17.6M | $19.6M | $13.4M | $13.0M |
| Change in working capital | $36.4M | −$66.7M | $86.2M | $38.4M | $71.1M | $53.3M | $10.1M | −$11.4M | −$24.3M | −$16.4M |
| Other non-cash items | −$163.2M | −$12.9M | −$81.0M | −$18.6M | −$46.4M | −$8.7M | −$6.8M | −$6.9M | −$14.8M | $16.0M |
| Cash from operating activities | $457.7M | $358.7M | $368.5M | $336.2M | $304.4M | $262.5M | $208.5M | $176.9M | $138.0M | $142.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$18.6M | −$18.1M | −$26.9M | −$10.6M | −$8.6M | −$12.2M | −$16.2M | −$9.7M | −$9.7M | −$11.9M |
| Investments (net) | −$106.8M | −$111.0M | −$771.2M | −$55.7M | −$93.0M | −$63.0M | −$99.7M | −$42.6M | −$85,000 | −$1.4M |
| Acquisitions & other investing | $18.6M | $18.1M | $742.4M | $10.6M | $8.6M | $12.2M | $16.2M | $9.7M | −$7.1M | −$80.7M |
| Cash from investing activities | −$106.8M | −$111.0M | −$55.7M | −$55.7M | −$93.0M | −$63.0M | −$99.7M | −$42.6M | −$17.0M | −$94.0M |
| Financing activities | ||||||||||
| Dividends paid | −$65.0M | −$58.8M | −$52.1M | −$46.1M | −$40.0M | −$34.7M | −$29.7M | −$24.5M | −$21.7M | −$19.7M |
| Share repurchases & issuance (net) | −$250.0M | −$13.0M | −$50.0M | −$200.0M | −$60.0M | −$117.2M | −$100.0M | −$75.0M | −$100.0M | −$99.5M |
| Net borrowing (repayment) | −$63.9M | −$76.5M | $538.2M | $40.0M | −$83.4M | $13.9M | $1.8M | −$85.7M | $9.7M | $78.6M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $13.5M | $0 | $0 |
| Other financing | −$31.4M | −$43.0M | −$53.7M | −$43.5M | −$26.6M | −$25.0M | −$7.2M | −$10.3M | $17.2M | $15.2M |
| Cash from financing activities | −$410.2M | −$191.4M | $382.4M | −$249.6M | −$210.1M | −$163.0M | −$135.1M | −$182.0M | −$94.8M | −$25.4M |
| Summary | ||||||||||
| Net change in cash | −$64.3M | $63.9M | −$16.3M | $18.5M | $9.1M | $36.6M | −$28.0M | −$43.8M | $29.5M | $25.1M |
| Cash at end of period | $168.4M | $232.7M | $168.8M | $185.1M | $166.6M | $157.5M | $120.9M | $146.2M | $190.0M | $160.5M |
| Free cash flow | $439.1M | $340.6M | $341.6M | $325.6M | $295.8M | $250.2M | $192.3M | $167.1M | $128.3M | $130.1M |
| Free cash flow margin | 8.1% | 6.6% | 7.6% | 11.5% | 9.2% | 10.7% | 6.2% | 5.6% | 4.7% | 5.0% |
| Capex / revenue | 0.3% | 0.3% | 0.6% | 0.4% | 0.3% | 0.5% | 0.5% | 0.3% | 0.4% | 0.5% |
| Operating cash flow / net income | 0.90 | 1.08 | 1.35 | 1.28 | 1.31 | 1.51 | 1.31 | 1.29 | 1.17 | 1.69 |
| 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 | $109.8M | $94.0M | $105.0M | $127.7M | $113.9M | $5.4M | $778,000 | $96.2M | $85.8M | $76.4M | $75.0M | $53.7M |
| Depreciation & amortization | $14.8M | $14.3M | $14.0M | $14.6M | $13.7M | $13.9M | $16.1M | $17.0M | $19.5M | $17.7M | $19.5M | $18.0M |
| Stock-based compensation | $9.8M | −$106.8M | −$126.7M | $8.2M | $8.8M | $8.9M | $8.1M | $7.4M | $8.1M | $8.0M | $7.6M | $7.0M |
| Change in working capital | −$83.3M | $37.9M | −$54.9M | −$42.9M | $215.2M | −$117.7M | −$10.7M | −$7.6M | $26.0M | $6.3M | −$91.4M | $64.5M |
| Other non-cash items | $177.9M | $126.0M | $134.8M | −$6.8M | −$2.0M | $83.7M | −$1.2M | −$7.4M | $1.5M | −$5.5M | −$1.5M | −$20.7M |
| Cash from operating activities | $228.9M | $165.3M | $72.3M | $100.8M | $349.6M | −$5.8M | $13.1M | $105.6M | $140.9M | $102.9M | $9.2M | $122.4M |
| Investing activities | ||||||||||||
| Capital expenditures | −$3.8M | −$6.0M | −$4.2M | −$5.2M | −$4.0M | −$5.6M | −$3.4M | −$6.8M | −$3.9M | −$4.0M | −$3.5M | −$9.6M |
| Investments (net) | — | — | — | $1.5M | −$95.5M | −$9.3M | −$3.4M | −$6.7M | −$25.1M | −$75.7M | −$3.4M | −$9.3M |
| Acquisitions & other investing | −$16.9M | −$176.3M | $41.6M | $5.2M | $4.0M | $5.6M | $3.4M | $6.8M | $3.9M | $4.0M | $3.5M | $9.6M |
| Cash from investing activities | −$20.7M | −$182.3M | $37.5M | $1.5M | −$95.5M | −$9.3M | −$3.4M | −$6.7M | −$25.1M | −$75.7M | −$3.4M | −$9.3M |
| Financing activities | ||||||||||||
| Dividends paid | −$18.6M | −$16.9M | −$16.9M | −$17.0M | −$17.1M | −$15.4M | −$15.5M | −$15.5M | −$15.5M | −$13.9M | −$13.9M | −$13.8M |
| Share repurchases & issuance (net) | −$100.0M | −$52.0M | −$50.0M | −$50.0M | −$25.0M | −$150.0M | −$25.0M | −$76,000 | −$125,000 | −$111,000 | −$12.7M | −$201,000 |
| Net borrowing (repayment) | −$82.0M | $43.2M | $67.9M | −$108.1M | −$152.3M | $123.3M | $73.3M | −$51.7M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $55,000 | −$3.0M | −$11.9M | −$102,000 | −$3.1M | −$14.8M | −$13.3M | −$16.6M | −$97.4M | $1.3M | $44.9M | −$98.0M |
| Cash from financing activities | −$200.5M | −$28.6M | −$10.9M | −$175.3M | −$197.6M | −$56.8M | $19.4M | −$83.9M | −$113.1M | −$12.8M | $18.4M | −$112.0M |
| Summary | ||||||||||||
| Net change in cash | $7.2M | −$45.8M | $101.1M | −$75.4M | $63.4M | −$68.7M | $15.4M | $20.4M | $2.0M | $11.6M | $29.9M | −$7.2M |
| Cash at end of period | $230.8M | $223.6M | $269.4M | $167.5M | $242.8M | $179.4M | $248.1M | $232.7M | $212.3M | $210.3M | $198.7M | $168.8M |
| Free cash flow | $225.1M | $159.4M | $68.1M | $95.6M | $345.6M | −$11.4M | $9.6M | $98.8M | $137.1M | $98.9M | $5.8M | $112.8M |
| Free cash flow margin | 17.2% | 13.1% | 5.6% | 7.2% | 30.0% | −1.0% | 0.8% | 8.6% | 12.4% | 9.4% | 0.6% | 10.7% |
| Capex / revenue | 0.3% | 0.5% | 0.3% | 0.4% | 0.3% | 0.5% | 0.3% | 0.6% | 0.3% | 0.4% | 0.3% | 0.9% |
| Operating cash flow / net income | 2.09 | 1.76 | 0.69 | 0.79 | 3.07 | −1.08 | 16.79 | 1.10 | 1.64 | 1.35 | 0.12 | 2.28 |
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.
TTEK cash generation
In fiscal 2025 (ended September 30, 2025), Tetra Tech generated $457.7 million of cash from operations (up 27.6%) and spent $18.6 million on capital expenditures, leaving free cash flow of $439.1 million, 8.1% of revenue. It returned $315.0 million to shareholders through dividends ($65.0 million) and net share buybacks ($250.0 million). Cash and equivalents fell by $64.3 million over the year.
Related: TTEK income statement, TTEK balance sheet, TTEK dividend history. See the TTEK stock overview for the latest quote and news.
TTEK cash flow FAQ
What is Tetra Tech's free cash flow?
Tetra Tech's free cash flow was $439.1 million in fiscal 2025: $457.7 million of operating cash flow minus $18.6 million of capital expenditures It was $340.6 million a year earlier..
How much cash does Tetra Tech generate from operations?
Tetra Tech generated $457.7 million of cash from operating activities in fiscal 2025, 0.90 times its net income of $507.3 million.
How much does Tetra Tech spend on capital expenditures?
Tetra Tech spent $18.6 million on capital expenditures in fiscal 2025, 0.3% of revenue, compared with $18.1 million the year before.
How much stock does Tetra Tech buy back?
Tetra Tech spent $250.0 million on net share repurchases in fiscal 2025.
How much does Tetra Tech pay in dividends?
Tetra Tech paid $65.0 million in dividends in fiscal 2025, 14.8% of free cash flow.