West Fraser Timber Co. Ltd. (WFG) Cash Flow Statement
Where WFG’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $96.0M −85.5% vs 2024
- Capital expenditures
- $411.0M 7.4% of revenue
- Free cash flow
- −$315.0M −5.7% margin
- Returned to shareholders
- $230.0M
- Change in cash
- −$439.0M cash at year-end $202.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
WFG operating cash flow, capex and free cash flow
WFG cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $512.6M2016 | $96.0M2025 | −17.0%/yr | |
| Capital expenditures | $203.1M2016 | $411.0M2025 | +8.1%/yr | |
| Free cash flow | $309.5M2016 | −$315.0M2025 | — | |
| Free cash flow margin | 9.3%2016 | −5.7%2025 | −15.0 pts | |
| Operating cash flow / net income | 2.112016 | 1.122022 | −1.00 | |
| Stock-based compensation | −$5.0M2016 | $6.8M2023 | — | |
| Dividends paid | $16.4M2016 | $101.0M2025 | +22.4%/yr | |
| Share buybacks (net) | $141.4M2016 | $129.0M2025 | −1.0%/yr | |
| Capex / revenue | 6.1%2016 | 7.4%2025 | +1.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
WFG cash flow by activity
WFG 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).
WFG cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$937.0M | −$5.0M | −$167.0M | $1.98B | $2.95B | $608.6M | −$114.8M | $594.7M | $474.0M | $242.5M |
| Depreciation & amortization | $544.0M | $550.0M | $540.0M | $589.0M | $584.0M | $213.3M | $198.3M | $188.7M | $167.0M | $190.0M |
| Stock-based compensation | — | — | $6.8M | $6.8M | −$835.0M | $129.4M | $19.1M | −$181.3M | −$795,229 | −$5.0M |
| Change in working capital | −$2.0M | −$15.0M | $11.0M | $55.0M | −$69.0M | −$14.1M | $49.8M | −$54.3M | −$49.3M | $67.0M |
| Other non-cash items | $491.0M | $131.0M | $134.2M | −$418.8M | $925.0M | $78.4M | −$64.3M | $119.7M | $126.4M | $18.1M |
| Cash from operating activities | $96.0M | $661.0M | $525.0M | $2.21B | $3.55B | $1.02B | $88.0M | $667.4M | $717.3M | $512.6M |
| Investing activities | ||||||||||
| Capital expenditures | −$411.0M | −$487.0M | −$477.0M | −$477.0M | −$635.0M | −$189.0M | −$313.9M | −$271.7M | −$267.2M | −$203.1M |
| Investments (net) | — | −$318.0M | −$530.0M | −$459.0M | −$286.0M | −$222.0M | −$391.0M | −$354.0M | −$854.0M | — |
| Acquisitions & other investing | $31.0M | $487.0M | $477.0M | $477.0M | $635.0M | $189.0M | $313.9M | $365.7M | $442.1M | $7.4M |
| Cash from investing activities | −$380.0M | −$318.0M | −$530.0M | −$459.0M | −$286.0M | −$222.0M | −$391.0M | −$259.9M | −$679.1M | −$195.7M |
| Financing activities | ||||||||||
| Dividends paid | −$101.0M | −$101.0M | −$100.0M | −$99.0M | −$75.0M | −$43.1M | −$42.1M | −$27.2M | −$22.3M | −$16.4M |
| Share repurchases & issuance (net) | −$129.0M | −$140.0M | −$129.0M | −$1.99B | −$1.32B | $0 | −$62.0M | −$495.6M | −$13.5M | −$141.4M |
| Net borrowing (repayment) | $85.0M | −$315.0M | −$15.0M | −$14.0M | −$667.0M | −$377.0M | $314.0M | $63.0M | $250.0M | −$181.0M |
| Shares issued | $0 | $1.0M | $0 | $0 | $7.0M | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$22.0M | −$27.0M | −$24.0M | −$23.0M | −$110.0M | $46.8M | −$110.4M | −$40.2M | −$70.3M | $30.7M |
| Cash from financing activities | −$167.0M | −$582.0M | −$268.0M | −$2.13B | −$2.16B | −$373.3M | $99.5M | −$500.0M | $143.9M | −$308.0M |
| Summary | ||||||||||
| Net change in cash | −$439.0M | −$259.0M | −$262.0M | −$406.0M | $1.11B | $460.3M | −$112.5M | −$81.5M | $177.3M | $37.9M |
| Cash at end of period | $202.0M | $641.0M | $900.0M | $1.16B | $1.57B | $460.3M | $12.3M | $107.9M | $205.2M | $26.0M |
| Free cash flow | −$315.0M | $174.0M | $48.0M | $1.73B | $2.92B | $826.6M | −$225.8M | $395.7M | $450.1M | $309.5M |
| Free cash flow margin | −5.7% | 2.8% | 0.7% | 17.8% | 27.7% | 14.9% | −4.5% | 8.8% | 11.0% | 9.3% |
| Capex / revenue | 7.4% | 7.9% | 7.4% | 4.9% | 6.0% | 3.4% | 6.3% | 6.0% | 6.5% | 6.1% |
| Operating cash flow / net income | — | — | — | 1.12 | 1.21 | 1.67 | — | 1.12 | 1.51 | 2.11 |
| 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 | −$59.5M | −$188.0M | −$751.0M | −$201.7M | −$24.0M | $41.9M | −$62.0M | −$83.0M | $105.0M | $34.8M | $35.0M | $159.0M |
| Depreciation & amortization | $129.6M | $138.0M | $143.0M | $133.0M | $134.0M | $133.6M | $138.0M | $136.0M | $138.0M | $137.4M | $138.0M | $132.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | $5.4M | $5.4M | $47.0M |
| Change in working capital | $162.9M | −$228.0M | −$106.0M | $155.0M | $181.0M | −$230.0M | $35.0M | $80.0M | $122.0M | −$250.9M | −$252.0M | $72.0M |
| Other non-cash items | −$54.4M | $108.0M | $542.0M | −$30.4M | −$6.0M | −$20.5M | $62.0M | $17.0M | $13.0M | $40.4M | $32.6M | −$55.0M |
| Cash from operating activities | $178.7M | −$170.0M | −$172.0M | $55.9M | $285.0M | −$75.0M | $173.0M | $150.0M | $378.0M | −$32.9M | −$41.0M | $355.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$63.5M | −$94.0M | −$138.0M | −$90.3M | −$78.0M | −$104.0M | −$156.0M | −$107.0M | −$102.0M | −$121.5M | −$122.0M | −$115.0M |
| Investments (net) | — | — | — | −$81.0M | −$70.0M | −$99.0M | −$144.0M | −$95.0M | $28.0M | −$106.0M | −$242.0M | −$104.0M |
| Acquisitions & other investing | $20.4M | $3.0M | $8.0M | $85.0M | $78.0M | $104.0M | $156.0M | $107.0M | $102.0M | — | $258.0M | $115.0M |
| Cash from investing activities | −$43.1M | −$91.0M | −$130.0M | −$86.3M | −$70.0M | −$99.0M | −$144.0M | −$95.0M | $28.0M | — | −$106.0M | −$104.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$215,156 | −$50.0M | −$25.0M | −$24.8M | −$25.0M | −$26.0M | −$26.0M | −$26.0M | −$24.0M | −$32.5M | −$24.0M | −$25.0M |
| Share repurchases & issuance (net) | $0 | $0 | −$8.0M | −$40.7M | −$34.0M | −$46.0M | −$23.0M | −$39.0M | −$71.0M | −$7.0M | −$7.0M | $0 |
| Net borrowing (repayment) | −$151.0M | $199.0M | −$4.0M | −$3.0M | $96.0M | −$4.0M | −$305.0M | −$4.0M | — | — | — | −$3.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.0M | $0 | $1.0M | $0 | $0 |
| Other financing | $6.4M | −$6.0M | −$7.0M | −$585,000 | −$5.0M | −$4.0M | −$11.0M | −$2.0M | −$15.0M | $3.6M | −$7.0M | −$3.0M |
| Cash from financing activities | −$144.9M | $143.0M | −$44.0M | −$69.1M | $32.0M | −$80.0M | −$365.0M | −$70.0M | −$110.0M | −$34.8M | −$38.0M | −$31.0M |
| Summary | ||||||||||||
| Net change in cash | −$7.4M | −$121.0M | −$344.0M | −$102.0M | $256.0M | −$251.0M | −$356.0M | −$7.0M | $293.0M | −$185.1M | −$189.0M | $210.0M |
| Cash at end of period | $73.9M | $81.0M | $202.0M | $545.5M | $646.0M | $390.0M | $641.0M | $997.0M | $1.00B | $710.3M | $711.0M | $1.20B |
| Free cash flow | $115.2M | −$264.0M | −$310.0M | −$34.4M | $207.0M | −$179.0M | $17.0M | $43.0M | $276.0M | −$154.3M | −$163.0M | $240.0M |
| Free cash flow margin | 8.2% | −27.6% | −26.2% | −2.7% | 13.3% | −12.3% | 1.2% | 3.0% | 16.2% | −9.5% | −10.0% | 14.1% |
| Capex / revenue | 4.5% | 9.8% | 11.7% | 7.0% | 5.0% | 7.1% | 11.1% | 7.4% | 6.0% | 7.5% | 7.5% | 6.7% |
| Operating cash flow / net income | — | — | — | — | — | −1.79 | — | — | 3.60 | −0.94 | −1.17 | 2.23 |
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.
WFG cash generation
In fiscal 2025 (ended December 31, 2025), West Fraser Timber generated $96.0 million of cash from operations (down 85.5%) and spent $411.0 million on capital expenditures, leaving free cash flow of -$315.0 million, −5.7% of revenue. It returned $230.0 million to shareholders through dividends ($101.0 million) and net share buybacks ($129.0 million). Cash and equivalents fell by $439.0 million over the year.
Related: WFG income statement, WFG balance sheet, WFG dividend history. See the WFG stock overview for the latest quote and news.
WFG cash flow FAQ
What is West Fraser Timber's free cash flow?
West Fraser Timber's free cash flow was -$315.0 million in fiscal 2025: $96.0 million of operating cash flow minus $411.0 million of capital expenditures It was $174.0 million a year earlier..
How much cash does West Fraser Timber generate from operations?
West Fraser Timber generated $96.0 million of cash from operating activities in fiscal 2025.
How much does West Fraser Timber spend on capital expenditures?
West Fraser Timber spent $411.0 million on capital expenditures in fiscal 2025, 7.4% of revenue, compared with $487.0 million the year before.
How much stock does West Fraser Timber buy back?
West Fraser Timber spent $129.0 million on net share repurchases in fiscal 2025.
How much does West Fraser Timber pay in dividends?
West Fraser Timber paid $101.0 million in dividends in fiscal 2025.