UniFirst Corporation (UNF) Cash Flow Statement
Where UNF’s cash came from and went, FY2025
August 31, 2025 · U.S. dollars- Cash from operations
- $295.7M +0.1% vs FY2024
- Capital expenditures
- $154.3M 6.3% of revenue
- Free cash flow
- $141.4M 5.8% margin
- Returned to shareholders
- $95.5M 68% of free cash flow
- Change in cash
- $41.9M cash at year-end $203.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
UNF operating cash flow, capex and free cash flow
UNF cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $207.6MFY2016 | $295.7MFY2025 | +4.0%/yr | |
| Capital expenditures | $98.2MFY2016 | $154.3MFY2025 | +5.1%/yr | |
| Free cash flow | $109.4MFY2016 | $141.4MFY2025 | +2.9%/yr | |
| Free cash flow margin | 7.5%FY2016 | 5.8%FY2025 | −1.6 pts | |
| Operating cash flow / net income | 1.66FY2016 | 1.99FY2025 | +0.33 | |
| Stock-based compensation | $5.6MFY2016 | $12.2MFY2025 | +8.9%/yr | |
| Dividends paid | $2.9MFY2016 | $24.6MFY2025 | +26.9%/yr | |
| Share buybacks (net) | $6.0MFY2016 | $70.9MFY2025 | +31.7%/yr | |
| Capex / revenue | 6.7%FY2016 | 6.3%FY2025 | −0.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
UNF cash flow by activity
UNF 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).
UNF cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $148.3M | $145.5M | $103.7M | $103.4M | $151.1M | $135.8M | $179.1M | $163.9M | $70.2M | $125.0M |
| Depreciation & amortization | $142.5M | $141.4M | $121.2M | $108.8M | $106.0M | $104.7M | $103.3M | $96.7M | $88.9M | $81.6M |
| Stock-based compensation | $12.2M | $9.8M | $9.1M | $9.1M | $7.0M | $6.0M | $5.8M | $4.6M | $12.5M | $5.6M |
| Change in working capital | −$8.3M | −$9.9M | −$43.3M | −$119.2M | −$54.0M | $48.3M | −$9.1M | −$28.8M | −$11.0M | −$16.2M |
| Other non-cash items | $1.1M | $8.5M | $25.1M | $20.6M | $2.3M | −$8.1M | $3.0M | −$6.4M | $57.8M | $11.6M |
| Cash from operating activities | $295.7M | $295.3M | $215.8M | $122.6M | $212.3M | $286.7M | $282.1M | $230.1M | $218.3M | $207.6M |
| Investing activities | ||||||||||
| Capital expenditures | −$154.3M | −$160.4M | −$172.0M | −$144.3M | −$133.6M | −$116.7M | −$119.8M | −$112.7M | −$108.6M | −$98.2M |
| Investments (net) | −$155.0M | −$162.2M | −$487.6M | −$186.5M | −$141.5M | −$157.6M | −$124.3M | −$153.9M | −$233.0M | −$114.7M |
| Acquisitions & other investing | $154.3M | $160.4M | $172.0M | $144.3M | $133.6M | $116.7M | $119.8M | $112.7M | $108.6M | $98.2M |
| Cash from investing activities | −$155.0M | −$162.2M | −$487.6M | −$186.5M | −$141.5M | −$157.6M | −$124.3M | −$153.9M | −$233.0M | −$114.7M |
| Financing activities | ||||||||||
| Dividends paid | −$24.6M | −$23.3M | −$22.1M | −$20.8M | −$18.1M | −$15.7M | −$8.3M | −$4.2M | −$2.9M | −$2.9M |
| Share repurchases & issuance (net) | −$70.9M | −$23.8M | −$255,000 | −$44.4M | −$11.2M | −$21.7M | −$30.5M | −$146.0M | −$2.4M | −$6.0M |
| Net borrowing (repayment) | $0 | $0 | $0 | $0 | −$822,000 | — | — | — | — | −$2.1M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$4.5M | −$3.2M | −$3.5M | −$4.2M | −$4.1M | −$3.7M | −$2.7M | −$2.7M | $3.1M | $5.3M |
| Cash from financing activities | −$100.0M | −$50.4M | −$25.8M | −$69.4M | −$34.3M | −$41.1M | −$41.5M | −$152.9M | −$2.2M | −$5.6M |
| Summary | ||||||||||
| Net change in cash | $41.9M | $82.1M | −$297.0M | −$136.5M | $38.0M | $89.5M | $114.8M | −$79.2M | −$14.0M | $87.2M |
| Cash at end of period | $203.5M | $161.6M | $79.4M | $376.4M | $512.9M | $474.8M | $385.3M | $270.5M | $349.8M | $363.8M |
| Free cash flow | $141.4M | $134.9M | $43.8M | −$21.7M | $78.7M | $170.0M | $162.3M | $117.3M | $109.7M | $109.4M |
| Free cash flow margin | 5.8% | 5.6% | 2.0% | −1.1% | 4.3% | 9.4% | 9.0% | 6.9% | 6.9% | 7.5% |
| Capex / revenue | 6.3% | 6.6% | 7.7% | 7.2% | 7.3% | 6.5% | 6.6% | 6.6% | 6.8% | 6.7% |
| Operating cash flow / net income | 1.99 | 2.03 | 2.08 | 1.19 | 1.40 | 2.11 | 1.58 | 1.40 | 3.11 | 1.66 |
| May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | Aug '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $19.9M | −$34.4M | $34.4M | $41.0M | $39.7M | −$43.1M | $43.1M | $44.6M | $38.1M | $20.5M | $42.3M | $27.6M |
| Depreciation & amortization | $35.8M | $35.4M | $35.2M | $35.9M | $34.7M | $34.9M | $34.8M | $38.0M | $34.6M | $36.3M | $33.7M | $33.1M |
| Stock-based compensation | $3.4M | −$2.6M | $2.6M | $3.1M | $3.0M | −$2.8M | $2.8M | $2.6M | $2.3M | $2.3M | $2.5M | $2.2M |
| Change in working capital | −$2.9M | $15.3M | −$60.4M | $18.7M | −$8.6M | $6.4M | −$24.8M | $15.3M | $7.5M | $1.4M | −$34.2M | −$1.9M |
| Other non-cash items | −$5.4M | $59.9M | $3.1M | $497,000 | −$670,000 | $74.8M | $2.2M | $1.7M | $3.8M | $592,000 | $1.3M | $11.9M |
| Cash from operating activities | $50.9M | $73.6M | $14.9M | $99.2M | $68.2M | $70.2M | $58.1M | $102.3M | $86.3M | $61.1M | $45.7M | $73.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$29.7M | −$38.4M | −$38.9M | −$44.5M | −$43.7M | −$32.5M | −$33.6M | −$38.5M | −$49.0M | −$33.9M | −$39.0M | −$47.9M |
| Investments (net) | $98,000 | $0 | $0 | −$5.7M | −$31.2M | −$29.8M | −$37.5M | −$37.9M | −$50.8M | −$33.8M | −$39.6M | −$47.9M |
| Acquisitions & other investing | −$913,000 | −$1.0M | −$13.2M | −$6.4M | $43.7M | $32.5M | $33.6M | $38.5M | $49.0M | $33.9M | $39.0M | −$391.8M |
| Cash from investing activities | −$30.5M | −$39.4M | −$52.1M | −$56.6M | −$31.2M | −$29.8M | −$37.5M | −$37.9M | −$50.8M | −$33.8M | −$39.6M | −$487.6M |
| Financing activities | ||||||||||||
| Dividends paid | −$6.3M | −$6.3M | −$6.1M | −$6.2M | −$6.2M | −$6.3M | −$5.9M | −$5.9M | −$5.9M | −$5.9M | −$5.6M | −$5.6M |
| Share repurchases & issuance (net) | −$539,000 | −$32.7M | −$32.7M | −$45.3M | −$13.1M | −$6.2M | −$6.4M | −$7.8M | −$7.8M | −$7.9M | −$255,000 | $3,000 |
| Net borrowing (repayment) | — | — | — | — | — | — | — | $0 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$1.7M | $31.8M | −$3.2M | −$116,000 | −$139,000 | −$933,000 | −$3.3M | −$507,000 | −$93,000 | −$347,000 | −$2.3M | −$44,000 |
| Cash from financing activities | −$8.5M | −$7.3M | −$42.1M | −$51.6M | −$19.5M | −$13.3M | −$15.6M | −$14.2M | −$13.9M | −$14.2M | −$8.1M | −$5.6M |
| Summary | ||||||||||||
| Net change in cash | $11.4M | $27.8M | −$79.5M | −$8.4M | $19.7M | $25.9M | $4.7M | $49.3M | $21.7M | $13.2M | −$2.1M | $20.1M |
| Cash at end of period | $163.2M | $151.8M | $124.0M | $203.5M | $211.9M | $192.2M | $166.2M | $161.6M | $112.2M | $90.5M | $77.4M | $79.4M |
| Free cash flow | $21.2M | $35.2M | −$24.0M | $54.7M | $24.4M | $37.7M | $24.6M | $63.8M | $37.3M | $27.2M | $6.6M | $25.0M |
| Free cash flow margin | 3.3% | 5.7% | −3.9% | 8.9% | 4.0% | 6.3% | 4.1% | 10.0% | 6.2% | 4.6% | 1.1% | 4.4% |
| Capex / revenue | 4.7% | 6.2% | 6.3% | 7.2% | 7.2% | 5.4% | 5.5% | 6.0% | 8.1% | 5.7% | 6.6% | 8.4% |
| Operating cash flow / net income | 2.55 | — | 0.43 | 2.42 | 1.72 | — | 1.35 | 2.29 | 2.27 | 2.98 | 1.08 | 2.64 |
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.
UNF cash generation
In fiscal 2025 (ended August 31, 2025), UniFirst generated $295.7 million of cash from operations (up 0.1%) and spent $154.3 million on capital expenditures, leaving free cash flow of $141.4 million, 5.8% of revenue. It returned $95.5 million to shareholders through dividends ($24.6 million) and net share buybacks ($70.9 million). Cash and equivalents rose by $41.9 million over the year.
Related: UNF income statement, UNF balance sheet, UNF dividend history. See the UNF stock overview for the latest quote and news.
UNF cash flow FAQ
What is UniFirst's free cash flow?
UniFirst's free cash flow was $141.4 million in fiscal 2025: $295.7 million of operating cash flow minus $154.3 million of capital expenditures It was $134.9 million a year earlier..
How much cash does UniFirst generate from operations?
UniFirst generated $295.7 million of cash from operating activities in fiscal 2025, 1.99 times its net income of $148.3 million.
How much does UniFirst spend on capital expenditures?
UniFirst spent $154.3 million on capital expenditures in fiscal 2025, 6.3% of revenue, compared with $160.4 million the year before.
How much stock does UniFirst buy back?
UniFirst spent $70.9 million on net share repurchases in fiscal 2025.
How much does UniFirst pay in dividends?
UniFirst paid $24.6 million in dividends in fiscal 2025, 17.4% of free cash flow.