XBP Europe Holdings, Inc. (XBP) Cash Flow Statement
Where XBP’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$141.7M
- Capital expenditures
- $8.9M 1.1% of revenue
- Free cash flow
- −$150.6M −19.0% margin
- Returned to shareholders
- —
- Change in cash
- $4.6M cash at year-end $68.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
XBP operating cash flow, capex and free cash flow
XBP cash flow trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $5.4M2020 | −$141.7M2025 | — | |
| Capital expenditures | $2.2M2020 | $8.9M2025 | +16.8%/yr | |
| Free cash flow | $3.2M2020 | −$150.6M2025 | — | |
| Free cash flow margin | 1.5%2020 | −19.0%2025 | −20.5 pts | |
| Stock-based compensation | −$4.2M2023 | $1.1M2025 | — | |
| Capex / revenue | 1.0%2020 | 1.1%2025 | +0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
XBP cash flow by activity
XBP 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).
XBP cash flow statement
| 2025 | 2024 | 2023 | 2023 | 2022 | 2022 | 2021 | 2021 | 2020 | 2020 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.10B | −$12.4M | −$11.0M | −$11.0M | −$7.9M | −$7.9M | −$12.7M | −$12.7M | −$28.4M | −$28.4M |
| Depreciation & amortization | $48.5M | $3.7M | $3.9M | $3.9M | $4.4M | $4.4M | $4.9M | $4.9M | $6.3M | $6.3M |
| Stock-based compensation | $1.1M | $1.6M | −$4.2M | — | — | — | — | — | — | — |
| Change in working capital | −$56.7M | −$644,000 | $7.0M | $7.8M | $9.9M | $9.9M | −$284,000 | −$284,000 | $23.0M | $23.0M |
| Other non-cash items | −$1.24B | $2.5M | $2.9M | −$1.3M | $3.5M | $3.5M | $5.1M | $5.1M | $4.4M | $4.4M |
| Cash from operating activities | −$141.7M | −$5.2M | −$1.5M | −$691,999 | $9.9M | $9.9M | −$3.0M | −$3.0M | $5.4M | $5.4M |
| Investing activities | ||||||||||
| Capital expenditures | −$8.9M | −$1.3M | −$2.3M | −$2.7M | −$6.4M | −$6.4M | −$1.9M | −$1.9M | −$2.2M | −$2.2M |
| Investments (net) | — | −$1.7M | −$2.8M | — | −$6.4M | — | $1.2M | — | −$2.2M | — |
| Acquisitions & other investing | −$143,000 | $1.3M | $2.5M | — | $6.4M | — | $1.9M | — | $2.2M | — |
| Cash from investing activities | −$9.0M | −$1.7M | −$2.7M | — | −$6.4M | — | $1.2M | — | −$2.2M | — |
| Financing activities | ||||||||||
| Net borrowing (repayment) | — | $14.0M | −$5.5M | — | −$1.3M | — | −$4.6M | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $158.4M | −$1.5M | $5.2M | −$1.1M | $1,000 | −$1.3M | $0 | −$4.6M | $6.2M | $6.2M |
| Cash from financing activities | $158.4M | $12.4M | −$305,000 | −$1.1M | −$1.3M | −$1.3M | −$4.6M | −$4.6M | $6.2M | $6.2M |
| Summary | ||||||||||
| Net change in cash | $4.6M | $5.2M | −$568,000 | −$568,000 | $4.6M | $4.6M | −$6.3M | −$6.3M | $5.9M | $5.9M |
| Cash at end of period | $68.7M | $12.1M | $6.9M | $6.9M | $7.5M | $7.5M | $2.9M | $2.9M | $9.3M | $9.3M |
| Free cash flow | −$150.6M | −$6.5M | −$3.9M | −$3.4M | $3.5M | $3.5M | −$5.0M | −$5.0M | $3.2M | $3.2M |
| Free cash flow margin | −19.0% | −4.5% | −2.5% | −2.0% | 2.0% | 2.0% | −2.4% | −2.4% | 1.5% | 1.5% |
| Capex / revenue | 1.1% | 0.9% | 1.5% | 1.6% | 3.5% | 3.5% | 0.9% | 0.9% | 1.0% | 1.0% |
| Operating cash flow / net income | −0.13 | — | — | — | — | — | — | — | — | — |
| 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 | −$16.7M | −$26.8M | −$45.3M | $1.17B | −$6.9M | −$4.3M | −$2.7M | −$2.8M | −$4.7M | −$2.2M | −$2.2M | −$2.9M |
| Depreciation & amortization | $15.3M | $14.8M | $17.1M | $12.3M | $641,000 | $627,000 | $896,000 | $939,000 | $923,000 | $957,000 | $957,000 | $1.1M |
| Stock-based compensation | $533,000 | $484,000 | $628,000 | −$3.5M | $424,000 | $3.6M | $726,000 | $725,000 | $160,000 | $0 | — | $0 |
| Change in working capital | −$12.1M | $8.5M | $2.9M | −$58.9M | $2.6M | −$1,000 | $6.0M | −$4.6M | $1.8M | −$3.3M | −$1.6M | $5.7M |
| Other non-cash items | $2.8M | −$2.2M | $29.1M | −$1.27B | $183,000 | −$792,000 | $951,000 | $127,000 | $396,000 | $983,000 | $983,000 | −$699,000 |
| Cash from operating activities | −$10.1M | −$5.0M | $4.4M | −$149.6M | −$3.1M | −$929,000 | $5.9M | −$5.6M | −$1.4M | −$3.6M | −$1.9M | $3.2M |
| Investing activities | ||||||||||||
| Capital expenditures | −$1.3M | −$1.1M | −$2.5M | −$6.2M | −$1.0M | −$968,000 | −$269,000 | −$715,000 | −$341,000 | −$385,000 | −$385,000 | −$261,000 |
| Investments (net) | — | — | — | — | −$1.0M | −$1.1M | −$269,000 | −$715,000 | −$341,000 | −$385,000 | −$385,000 | −$261,000 |
| Acquisitions & other investing | −$450,000 | −$468,000 | −$529,000 | $2.3M | $1.0M | $968,000 | $269,000 | $715,000 | $341,000 | $385,000 | — | $261,000 |
| Cash from investing activities | −$1.8M | −$1.6M | −$3.1M | −$3.8M | −$1.0M | −$1.1M | −$269,000 | −$715,000 | −$341,000 | −$385,000 | — | −$261,000 |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | — | — | — | −$8.1M | −$8.1M | $8.1M | — | — | — | −$8.1M |
| Net borrowing (repayment) | −$11.7M | −$7.5M | — | — | $79,000 | −$450,000 | −$994,000 | −$18.7M | $14.9M | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$1.6M | −$907,000 | $3.1M | $163.2M | $0 | $8.1M | $7.3M | $9.2M | −$510,000 | $678,000 | −$1.0M | $5.6M |
| Cash from financing activities | −$13.3M | −$8.5M | $3.1M | $163.2M | $79,000 | −$450,000 | −$1.8M | −$1.4M | $14.4M | $678,000 | −$1.0M | −$2.5M |
| Summary | ||||||||||||
| Net change in cash | −$25.1M | −$15.6M | $4.4M | $58.1M | −$3.5M | −$2.4M | $4.1M | −$7.6M | $12.1M | −$3.4M | $3.4M | $340,000 |
| Cash at end of period | $28.0M | $53.1M | $68.7M | $64.2M | $6.2M | $9.7M | $12.1M | $8.0M | $15.6M | $3.5M | $3.5M | $2.8M |
| Free cash flow | −$11.5M | −$6.1M | $1.8M | −$155.8M | −$4.1M | −$1.9M | $5.7M | −$6.3M | −$1.8M | −$4.0M | −$2.3M | $3.0M |
| Free cash flow margin | −6.0% | −3.1% | 0.9% | −74.5% | −10.4% | −5.0% | 15.8% | −2.7% | −5.2% | −10.5% | −7.0% | 7.9% |
| Capex / revenue | 0.7% | 0.6% | 1.2% | 2.9% | 2.6% | 2.6% | 0.8% | 0.3% | 1.0% | 1.0% | 1.2% | 0.7% |
| Operating cash flow / net income | — | — | — | −0.13 | — | — | — | — | — | — | — | — |
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.
XBP cash generation
In fiscal 2025 (ended December 31, 2025), XBP Europe generated -$141.7 million of cash from operations and spent $8.9 million on capital expenditures, leaving free cash flow of -$150.6 million, −19.0% of revenue. Cash and equivalents rose by $4.6 million over the year.
Related: XBP income statement, XBP balance sheet. See the XBP stock overview for the latest quote and news.
XBP cash flow FAQ
What is XBP Europe's free cash flow?
XBP Europe's free cash flow was -$150.6 million in fiscal 2025: -$141.7 million of operating cash flow minus $8.9 million of capital expenditures It was -$6.5 million a year earlier..
How much cash does XBP Europe generate from operations?
XBP Europe generated -$141.7 million of cash from operating activities in fiscal 2025, −0.13 times its net income of $1.1 billion.
How much does XBP Europe spend on capital expenditures?
XBP Europe spent $8.9 million on capital expenditures in fiscal 2025, 1.1% of revenue, compared with $1.3 million the year before.