Zurn Elkay Water Solutions Corporation (ZWS) Cash Flow Statement
Where ZWS’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $346.5M +18.1% vs 2024
- Capital expenditures
- $29.9M 1.8% of revenue
- Free cash flow
- $316.6M 18.7% margin
- Returned to shareholders
- $223.8M 71% of free cash flow
- Change in cash
- $102.5M cash at year-end $300.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ZWS operating cash flow, capex and free cash flow
ZWS cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $195.1M2016 | $346.5M2025 | +6.6%/yr | |
| Capital expenditures | $54.5M2016 | $29.9M2025 | −6.5%/yr | |
| Free cash flow | $140.6M2016 | $316.6M2025 | +9.4%/yr | |
| Free cash flow margin | 8.2%2016 | 18.7%2025 | +10.5 pts | |
| Operating cash flow / net income | 2.632016 | 1.752025 | −0.88 | |
| Stock-based compensation | $13.4M2016 | $40.6M2025 | +13.1%/yr | |
| Dividends paid | $4.4M2016 | $63.9M2025 | +34.6%/yr | |
| Share buybacks (net) | $02016 | $159.9M2025 | — | |
| Capex / revenue | 3.2%2016 | 1.8%2025 | −1.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ZWS cash flow by activity
ZWS 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).
ZWS cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $198.0M | $160.2M | $112.7M | $61.7M | $120.9M | $118.2M | $34.3M | $34.3M | $76.0M | $74.1M |
| Depreciation & amortization | $88.7M | $88.3M | $87.9M | $54.5M | $77.5M | $67.0M | $92.3M | $92.3M | $89.7M | $105.4M |
| Stock-based compensation | $40.6M | $37.9M | $40.0M | $25.0M | $51.4M | $36.6M | $22.6M | $22.6M | $20.5M | $13.4M |
| Change in working capital | $26.3M | $9.6M | $20.6M | −$47.9M | −$24.4M | −$19.2M | −$15.8M | −$15.8M | −$5.9M | $12.3M |
| Other non-cash items | −$7.1M | −$2.5M | −$7.3M | $3.7M | −$1.8M | −$6.3M | $124.7M | $124.7M | $48.2M | −$10.1M |
| Cash from operating activities | $346.5M | $293.5M | $253.9M | $97.0M | $223.6M | $196.3M | $258.1M | $258.1M | $228.5M | $195.1M |
| Investing activities | ||||||||||
| Capital expenditures | −$29.9M | −$21.8M | −$21.3M | −$7.6M | −$23.3M | −$28.3M | −$44.9M | −$44.9M | −$40.7M | −$54.5M |
| Investments (net) | — | −$20.2M | −$4.6M | −$6.6M | −$21.9M | −$122.5M | −$123.1M | −$53.3M | −$208.8M | — |
| Acquisitions & other investing | $0 | $21.8M | $21.3M | $7.6M | $23.3M | −$45.8M | $44.9M | $44.9M | $40.7M | −$209.5M |
| Cash from investing activities | −$29.9M | −$20.2M | −$4.6M | −$6.6M | −$21.9M | −$196.6M | −$123.1M | −$53.3M | −$208.8M | −$264.0M |
| Financing activities | ||||||||||
| Dividends paid | −$63.9M | −$56.6M | −$50.4M | −$32.5M | −$36.4M | −$28.8M | −$23.2M | −$23.2M | −$23.2M | −$4.4M |
| Share repurchases & issuance (net) | −$159.9M | −$150.2M | −$125.1M | −$24.7M | −$900,000 | −$59.3M | −$100.7M | −$3.2M | $6.0M | $1.62B |
| Net borrowing (repayment) | −$800,000 | −$800,000 | −$64.9M | −$5.7M | −$576.7M | −$5.7M | $214.4M | −$98.2M | −$280.6M | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $7.3M | $100,000 | $1.2M | $1.8M | $257.8M | −$315.8M | −$207.2M | $7.9M | −$11.0M | −$1.53B |
| Cash from financing activities | −$217.3M | −$207.5M | −$239.2M | −$61.1M | −$356.2M | −$409.6M | −$116.7M | −$116.7M | −$308.8M | $79.9M |
| Summary | ||||||||||
| Net change in cash | $102.5M | $61.3M | $11.9M | $28.2M | −$159.0M | −$317.8M | $74.9M | $74.9M | −$272.5M | $5.5M |
| Cash at end of period | $300.5M | $198.0M | $136.7M | $124.8M | $96.6M | $255.6M | $292.5M | $292.5M | $217.6M | $490.1M |
| Free cash flow | $316.6M | $271.7M | $232.6M | $89.4M | $200.3M | $168.0M | $213.2M | $213.2M | $187.8M | $140.6M |
| Free cash flow margin | 18.7% | 17.3% | 15.2% | 7.0% | 22.0% | 29.9% | 30.0% | 10.4% | 10.1% | 8.2% |
| Capex / revenue | 1.8% | 1.4% | 1.4% | 0.6% | 2.6% | 5.0% | 6.3% | 2.2% | 2.2% | 3.2% |
| Operating cash flow / net income | 1.75 | 1.83 | 2.25 | 1.57 | 1.85 | 1.66 | 7.52 | 7.52 | 3.01 | 2.63 |
| 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 | $112.5M | $58.9M | $42.1M | $61.8M | $50.5M | $43.6M | $36.4M | $43.5M | $46.0M | $34.3M | $13.9M | $41.4M |
| Depreciation & amortization | $21.3M | $21.0M | $22.1M | $21.8M | $22.1M | $22.7M | $23.1M | $21.9M | $21.7M | $21.6M | $21.6M | $21.7M |
| Stock-based compensation | $9.2M | $11.7M | $11.5M | $9.6M | $9.0M | $10.5M | $8.7M | $9.8M | $9.4M | $10.0M | $9.5M | $10.0M |
| Change in working capital | $26.7M | −$65.7M | $3.2M | $18.3M | $37.2M | −$32.4M | −$9.4M | $17.9M | $19.0M | −$17.9M | $17.7M | $34.4M |
| Other non-cash items | −$7.4M | $20.2M | $12.8M | −$10.2M | −$8.2M | −$1.5M | $4.8M | −$2.2M | −$11.0M | $5.9M | −$4.5M | −$4.0M |
| Cash from operating activities | $162.3M | $46.1M | $91.7M | $101.3M | $110.6M | $42.9M | $63.6M | $90.9M | $85.1M | $53.9M | $58.2M | $103.5M |
| Investing activities | ||||||||||||
| Capital expenditures | −$6.3M | −$3.4M | −$9.2M | −$7.4M | −$9.0M | −$4.3M | −$9.1M | −$4.1M | −$4.9M | −$3.7M | −$5.4M | −$4.8M |
| Investments (net) | — | — | — | −$7.4M | −$9.0M | −$4.3M | −$9.1M | −$4.1M | −$4.9M | −$2.1M | $2.0M | −$4.8M |
| Acquisitions & other investing | $3.4M | $0 | $0 | $7.4M | $9.0M | $4.3M | $9.1M | $4.1M | $4.9M | $3.7M | $5.4M | $3.0M |
| Cash from investing activities | −$2.9M | −$3.4M | −$9.2M | −$7.4M | −$9.0M | −$4.3M | −$9.1M | −$4.1M | −$4.9M | −$2.1M | $2.0M | −$6.6M |
| Financing activities | ||||||||||||
| Dividends paid | −$18.4M | −$18.4M | −$18.5M | −$15.1M | −$15.1M | −$15.2M | −$15.3M | −$13.6M | −$13.8M | −$13.9M | −$13.8M | −$12.1M |
| Share repurchases & issuance (net) | −$49.6M | −$50.0M | −$25.0M | −$25.0M | −$32.5M | −$77.4M | −$20.3M | −$50.0M | −$61.0M | −$18.9M | −$24.9M | −$13.1M |
| Net borrowing (repayment) | −$300,000 | −$300,000 | −$200,000 | −$200,000 | −$200,000 | −$200,000 | −$200,000 | −$200,000 | — | — | — | −$1.6M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $700,000 | −$500,000 | $500,000 | $4.9M | $1.2M | $700,000 | −$5.9M | $2.2M | $1.5M | $1.9M | −$59.0M | −$1.2M |
| Cash from financing activities | −$67.6M | −$69.2M | −$43.2M | −$35.4M | −$46.6M | −$92.1M | −$41.7M | −$61.6M | −$73.3M | −$30.9M | −$97.7M | −$28.0M |
| Summary | ||||||||||||
| Net change in cash | $91.2M | −$27.0M | $40.4M | $58.2M | $57.2M | −$53.3M | $10.1M | $25.2M | $5.6M | $20.4M | −$36.4M | $70.1M |
| Cash at end of period | $365.0M | $273.5M | $300.5M | $260.1M | $201.9M | $144.7M | $198.0M | $187.9M | $162.7M | $157.1M | $136.7M | $173.1M |
| Free cash flow | $156.0M | $42.7M | $82.5M | $93.9M | $101.6M | $38.6M | $54.5M | $86.8M | $80.2M | $50.2M | $52.8M | $98.7M |
| Free cash flow margin | 35.3% | 9.9% | 20.3% | 20.6% | 22.9% | 9.9% | 14.7% | 21.2% | 19.5% | 13.4% | 14.8% | 24.8% |
| Capex / revenue | 1.4% | 0.8% | 2.3% | 1.6% | 2.0% | 1.1% | 2.5% | 1.0% | 1.2% | 1.0% | 1.5% | 1.2% |
| Operating cash flow / net income | 1.44 | 0.78 | 2.18 | 1.64 | 2.19 | 0.98 | 1.75 | 2.09 | 1.85 | 1.57 | 4.19 | 2.50 |
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.
ZWS cash generation
In fiscal 2025 (ended December 31, 2025), Zurn Elkay Water Solutions generated $346.5 million of cash from operations (up 18.1%) and spent $29.9 million on capital expenditures, leaving free cash flow of $316.6 million, 18.7% of revenue. It returned $223.8 million to shareholders through dividends ($63.9 million) and net share buybacks ($159.9 million). Cash and equivalents rose by $102.5 million over the year.
Related: ZWS income statement, ZWS balance sheet, ZWS dividend history. See the ZWS stock overview for the latest quote and news.
ZWS cash flow FAQ
What is Zurn Elkay Water Solutions's free cash flow?
Zurn Elkay Water Solutions's free cash flow was $316.6 million in fiscal 2025: $346.5 million of operating cash flow minus $29.9 million of capital expenditures It was $271.7 million a year earlier..
How much cash does Zurn Elkay Water Solutions generate from operations?
Zurn Elkay Water Solutions generated $346.5 million of cash from operating activities in fiscal 2025, 1.75 times its net income of $198.0 million.
How much does Zurn Elkay Water Solutions spend on capital expenditures?
Zurn Elkay Water Solutions spent $29.9 million on capital expenditures in fiscal 2025, 1.8% of revenue, compared with $21.8 million the year before.
How much stock does Zurn Elkay Water Solutions buy back?
Zurn Elkay Water Solutions spent $159.9 million on net share repurchases in fiscal 2025.
How much does Zurn Elkay Water Solutions pay in dividends?
Zurn Elkay Water Solutions paid $63.9 million in dividends in fiscal 2025, 20.2% of free cash flow.