Three-Statement Breakdown
FCF UP
Free cash flow rose 18% to $694.9M — the highest of its last 8 readings, and covered net income 1.38×.
CASH FROM OPS
+18.8%
762
CAPITAL EXPENDITURE
+25.8%
67
FREE CASH FLOW
+18.1%
695
FCF / NET INCOME
+7.1%
1.38×
| Cash flow | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | YoY | TTM | 8Q | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net income |
|
272 | 297 | 311 | 363 | 367 | 382 | 456 | 503 | +10.3% | 503 | |
| Stock-based comp |
|
13 | 17 | 21 | 25 | 29 | 29 | 28 | 32 | +14.3% | 32 | |
| Cash from operations |
|
431 | 511 | 462 | 505 | 382 | 568 | 642 | 762 | +18.8% | 762 | |
| Cash conversion |
|
1.59× | 1.72× | 1.48× | 1.39× | 1.04× | 1.49× | 1.41× | 1.52× | +7.7% | 1.52× | |
| Capital expenditures |
|
(54) | (54) | (23) | (35) | (39) | (58) | (53) | (67) | +25.8% | (67) | |
| Free cash flow |
|
378 | 457 | 439 | 470 | 342 | 510 | 588 | 695 | +18.1% | 695 | |
| FCF margin |
|
24.3% | 26.9% | 25.0% | 24.2% | 16.5% | 23.0% | 24.8% | 27.3% | +10.3% | 27.3% | |
| Cash from investing |
|
-191 | -198 | -162 | -196 | -410 | -240 | -232 | -278 | — | -278 | |
| Dividends paid |
|
119 | 127 | 134 | 139 | 147 | 156 | 165 | 170 | +3.5% | 170 | |
| Share repurchases |
|
55 | 72 | 432 | 194 | 25 | 28 | 35 | 448 | 12.8× | 448 | |
| Debt repayment |
|
35 | 55 | 100 | 317 | 650 | 600 | 500 | 440 | -12.0% | — | |
| Cash from financing |
|
-178 | -193 | -462 | -310 | -8 | -302 | -346 | -574 | — | -574 | |
| Net change in cash |
|
62 | 120 | -162 | -2 | -37 | 26 | 64 | -90 | — | -90 | |
| Ending cash balance |
|
94 | 213 | 51 | 49 | 12 | 38 | 102 | 12 | -88.2% | 12 | |
Click a line to select it — Enter or the EXPAND pill folds out its quarter-by-quarter history.
SELECTED · FREE CASH FLOW · QoQ BRIDGE
FROM588
CASH FROM OPERATIONS+120
CAPITAL EXPENDITURES-14
ROUNDING+1
TO695
No bridge for this line yet — select Free cash flow to see its QoQ walk.
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SRC 10-K FILED 2026-08-28 ↗