Valley National Bancorp (VLY) Cash Flow Statement
Where VLY’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $343.8M −37.3% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $343.8M 9.8% margin
- Returned to shareholders
- $350.7M 102% of free cash flow
- Change in cash
- −$306.6M cash at year-end $1.58B
Cash from operations
$343.8M
Investments (net)
−$701.5M
Acquisitions & other
−$1.46B
Dividends
−$277.9M
Share buybacks (net)
−$72.8M
Net borrowing (repayment)
−$259.2M
Shares issued
+$17.5M
Other financing
+$2.11B
Change in cash
−$306.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
VLY operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
VLY cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $419.2M2016 | $343.8M2025 | −2.2%/yr | |
| Capital expenditures | $20.7M2016 | $02025 | −100.0% | |
| Free cash flow | $419.2M2016 | $343.8M2025 | −2.2%/yr | |
| Free cash flow margin | 48.2%2016 | 9.8%2025 | −38.3 pts | |
| Operating cash flow / net income | 2.492016 | 0.572025 | −1.92 | |
| Stock-based compensation | $10.0M2016 | $27.3M2025 | +11.8%/yr | |
| Dividends paid | $119.0M2016 | $277.9M2025 | +9.9%/yr | |
| Share buybacks (net) | $3.2M2016 | $72.8M2025 | +41.6%/yr | |
| Capex / revenue | 2.4%2016 | 0.0%2025 | −2.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VLY cash flow by activity
OperatingInvestingFinancingChange in cash
VLY net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
VLY cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $598.0M | $380.3M | $498.5M | $568.9M | $473.8M | $390.6M | $309.8M | $261.4M | $161.9M | $168.1M |
| Depreciation & amortization | $68.7M | $78.8M | $83.2M | $110.5M | $76.8M | $82.3M | $71.4M | $46.0M | $34.9M | $35.8M |
| Stock-based compensation | $27.3M | $29.0M | $33.1M | $28.8M | $20.9M | $16.2M | $14.7M | $19.5M | $12.2M | $10.0M |
| Change in working capital | −$497.3M | −$250.0M | −$262.9M | $528.9M | $19.8M | −$264.2M | −$112.2M | −$58.6M | −$71.7M | $19.3M |
| Other non-cash items | $147.2M | $310.5M | $26.3M | $191.4M | $245.9M | −$73.3M | $1.18B | $35.7M | $482.0M | $185.9M |
| Cash from operating activities | $343.8M | $548.5M | $378.2M | $1.43B | $837.1M | $151.5M | $1.46B | $304.0M | $619.2M | $419.2M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | −$16.1M | −$76.0M | −$125.8M | −$1.06B | −$24.6M | −$2.45B | −$3.28B | −$18.1M | −$20.7M |
| Investments (net) | −$701.5M | −$709.3M | −$5.10B | −$7.05B | −$344.6M | −$2.07B | −$2.26B | −$3.27B | −$1.55B | −$1.53B |
| Acquisitions & other investing | −$1.46B | $16.1M | $1.83B | $385.9M | $326.7M | $54.3M | $2.58B | $3.71B | $22.4M | $22.8M |
| Cash from investing activities | −$2.16B | −$709.3M | −$3.35B | −$6.79B | −$1.08B | −$2.04B | −$2.13B | −$2.84B | −$1.55B | −$1.53B |
| Financing activities | ||||||||||
| Dividends paid | −$277.9M | −$249.6M | −$239.7M | −$219.1M | −$192.4M | −$190.7M | −$159.2M | −$154.7M | −$122.2M | −$119.0M |
| Share repurchases & issuance (net) | −$72.8M | −$8.9M | −$11.5M | −$24.1M | −$23.9M | −$5.4M | −$1.8M | −$3.8M | −$2.6M | −$3.2M |
| Net borrowing (repayment) | −$259.2M | −$8.3M | $1.56B | −$473.3M | −$1.36B | $225.3M | −$976.1M | −$30.4M | $547.7M | −$380.2M |
| Shares issued | $17.5M | $595.8M | $3.8M | $120,000 | $11.2M | $2.2M | $3.0M | $2.7M | $0 | $0 |
| Other financing | $2.11B | $830.6M | $1.61B | $4.97B | $2.53B | $2.75B | $1.81B | $2.73B | $529.1M | $1.59B |
| Cash from financing activities | $1.51B | $1.16B | $2.91B | $4.26B | $964.4M | $2.78B | $673.4M | $2.55B | $951.9M | $1.09B |
| Summary | ||||||||||
| Net change in cash | −$306.6M | $998.9M | −$56.7M | −$1.10B | $720.7M | $894.5M | $6.1M | $12.5M | $23.6M | −$21.3M |
| Cash at end of period | $1.58B | $1.89B | $891.2M | $947.9M | $2.05B | $1.33B | $434.7M | $428.6M | $416.1M | $392.5M |
| Free cash flow | $343.8M | $548.5M | $378.2M | $1.43B | −$225.8M | $151.5M | −$989.3M | $304.0M | $619.2M | $419.2M |
| Free cash flow margin | 9.8% | 15.4% | 11.3% | 65.4% | −15.2% | 9.7% | −64.4% | 23.5% | 65.5% | 48.2% |
| Capex / revenue | 0.0% | 0.5% | 2.3% | 5.8% | 71.4% | 1.6% | 159.8% | 253.4% | 1.9% | 2.4% |
| Operating cash flow / net income | 0.57 | 1.44 | 0.76 | 2.51 | 1.77 | 0.39 | 4.73 | 1.16 | 3.82 | 2.49 |
| 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 | $170.9M | $163.9M | $195.4M | $163.4M | $133.2M | $106.1M | $115.7M | $97.9M | $70.4M | $96.3M | $71.6M | $141.3M |
| Depreciation & amortization | $15.0M | $16.0M | $17.0M | $16.4M | $17.5M | $17.9M | $20.9M | $18.4M | $19.3M | $20.2M | $21.0M | $20.4M |
| Stock-based compensation | $54.8M | $7.7M | $9.3M | $4.4M | $6.8M | $6.8M | $6.0M | $7.3M | $7.6M | $8.1M | $7.7M | $8.6M |
| Change in working capital | $836,000 | −$418,000 | −$48.0M | −$199.6M | −$33.5M | −$216.2M | $144.2M | −$354.2M | $28.2M | −$68.3M | −$389.7M | −$11.9M |
| Other non-cash items | −$78.0M | $22.5M | $23.0M | $20.7M | $35.2M | $68.3M | $105.3M | $73.5M | $88.4M | $43.2M | $10.8M | $215.6M |
| Cash from operating activities | $163.5M | $209.6M | $196.6M | $5.2M | $159.2M | −$17.1M | $392.2M | −$157.2M | $214.0M | $99.5M | −$278.6M | $374.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$3.3M | −$1.4M | −$9.1M | −$5.9M | −$3.1M | −$3.0M | −$6.4M | −$3.3M | −$2.7M | −$3.6M | −$4.5M | −$22.1M |
| Investments (net) | −$279.4M | −$106.0M | −$22.1M | −$92.7M | −$981.3M | −$175.3M | $469.4M | −$163.5M | −$1.11B | $92.0M | −$103.1M | −$266.0M |
| Acquisitions & other investing | −$1.66B | −$698.0M | −$884.0M | $5.9M | $3.1M | $3.0M | $6.4M | $3.3M | $2.7M | $3.6M | $4.5M | $22.1M |
| Cash from investing activities | −$1.94B | −$805.5M | −$915.2M | −$92.7M | −$981.3M | −$175.3M | $469.4M | −$163.5M | −$1.11B | $92.0M | −$103.1M | −$266.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$68.4M | −$70.2M | −$69.3M | −$69.5M | −$69.3M | −$69.9M | −$63.1M | −$64.0M | −$60.4M | −$62.1M | −$58.2M | −$60.0M |
| Share repurchases & issuance (net) | $8.3M | −$80.2M | −$47.1M | −$12.8M | −$3.7M | −$9.2M | −$390,000 | −$206,000 | −$890,000 | −$7.4M | −$201,000 | −$141,000 |
| Net borrowing (repayment) | $413.7M | −$377.6M | $40.4M | −$111.2M | $98.2M | −$286.7M | −$85.5M | −$3.7M | — | — | — | — |
| Shares issued | $665,000 | $3.0M | $0 | $14.0M | $339,000 | $3.4M | $451.1M | $144.7M | $0 | $51,000 | $207,000 | $49,000 |
| Other financing | $1.23B | $696.7M | $1.01B | $451.0M | $759.3M | −$111.6M | −$313.4M | $274.7M | $1.02B | −$72.5M | $187.3M | −$858.6M |
| Cash from financing activities | $1.59B | $171.7M | $931.7M | $271.5M | $784.9M | −$474.0M | −$11.4M | $351.5M | $961.5M | −$141.9M | $129.1M | −$918.7M |
| Summary | ||||||||||||
| Net change in cash | −$192.5M | −$424.1M | $213.1M | $184.0M | −$37.3M | −$666.4M | $850.2M | $30.8M | $68.2M | $49.6M | −$252.6M | −$810.6M |
| Cash at end of period | $966.9M | $1.16B | $1.58B | $1.37B | $1.19B | $1.22B | $1.89B | $1.04B | $1.01B | $940.8M | $891.2M | $1.14B |
| Free cash flow | $160.2M | $208.2M | $187.5M | −$758,000 | $159.2M | −$17.1M | $392.2M | −$157.2M | $214.0M | $99.5M | −$278.6M | $374.1M |
| Free cash flow margin | 49.1% | 23.9% | 21.0% | −0.1% | 18.3% | −2.0% | 44.2% | −17.2% | 24.2% | 11.2% | −32.0% | 43.2% |
| Capex / revenue | 1.0% | 0.2% | 1.0% | 0.7% | 0.4% | 0.4% | 0.7% | 0.4% | 0.3% | 0.4% | 0.5% | 2.6% |
| Operating cash flow / net income | 0.96 | 1.28 | 1.01 | 0.03 | 1.20 | −0.16 | 3.39 | −1.61 | 3.04 | 1.03 | −3.89 | 2.65 |
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.
VLY cash generation
In fiscal 2025 (ended December 31, 2025), Valley National Bancorp generated $343.8 million of cash from operations (down 37.3%) and spent $0 on capital expenditures, leaving free cash flow of $343.8 million, 9.8% of revenue. It returned $350.7 million to shareholders through dividends ($277.9 million) and net share buybacks ($72.8 million). Cash and equivalents fell by $306.6 million over the year.
Related: VLY income statement, VLY balance sheet, VLY dividend history. See the VLY stock overview for the latest quote and news.
VLY cash flow FAQ
What is Valley National Bancorp's free cash flow?
Valley National Bancorp's free cash flow was $343.8 million in fiscal 2025: $343.8 million of operating cash flow minus $0 of capital expenditures It was $548.5 million a year earlier..
How much cash does Valley National Bancorp generate from operations?
Valley National Bancorp generated $343.8 million of cash from operating activities in fiscal 2025, 0.57 times its net income of $598.0 million.
How much stock does Valley National Bancorp buy back?
Valley National Bancorp spent $72.8 million on net share repurchases in fiscal 2025.
How much does Valley National Bancorp pay in dividends?
Valley National Bancorp paid $277.9 million in dividends in fiscal 2025, 80.8% of free cash flow.