Business First Bancshares (BFST) Cash Flow: Operating & Free Cash Flow

Business First Bancshares (BFST) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Business First Bancshares generated $92.08M of operating cash flow and spent $66.00K on capital expenditures. That left free cash flow of $92.02M, up 53.8% from $59.85M a year earlier, or 28.8% of revenue. It returned $20.57M to shareholders through $16.84M in dividends and $3.73M in share buybacks.

Business First Bancshares Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Business First Bancshares, Inc. (BFST) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	87.86	65.11	71.04	54.26	52.14	29.99	23.77	14.09	4.85
Depreciation & Amortization	5.68	5.26	4.67	4.82	4.16	3.16	1.59	1.17	1.18
Deferred Income Tax	1.20	-0.96	-2.05	-1.37	0.59	-0.06	0.34	-0.40	3.13
Stock Based Compensation	5.82	3.00	4.00	3.70	2.86	2.45	1.09	1.01	-0.06
Change in Working Capital	-8.57	-13.96	18.26	2.98	1.19	-11.74	-1.51	0.73	-1.96
Change in Accounts Receivable	-2.64	-3.08	-4.25	-3.47	4.30	-10.65	0.20	-0.97	-0.73
Change in Accounts Payable	-1.76	-10.50	12.75	0.52	-1.15	-1.69	0.16	0.18	-0.03
Change in Other Working Capital	-4.18	-0.38	9.76	5.92	-1.96	0.60	-1.87	1.52	-1.20
Other Operating Activities	-10.87	-8.88	-3.49	-7.06	-11.96	5.53	-0.86	2.67	0.83
Net Cash from Operating Activities	92.08	61.41	92.43	69.58	56.44	29.34	24.42	19.28	7.97
Investing Activities
Capital Expenditures	-0.07	-1.56	-11.65	-7.78	-3.97	-2.97	-3.96	-0.92	-0.51
Acquisitions	-43.08	96.82	-14.51	163.46	-13.73	106.00	-17.45	-9.15	0.00
Purchases of Investments	-687.86	-109.18	-146.61	-125.48	-532.50	-234.25	-30.25	-17.28	-11.03
Sales/Maturities of Investments	629.12	110.30	167.26	144.30	128.93	149.25	66.09	48.26	27.70
Other Investing Activities	11.11	-1.56	-515.63	-16.10	-6.31	-493.32	-206.72	-191.23	-169.60
Net Cash from Investing Activities	-281.53	-294.92	-521.14	-700.52	-675.35	-475.30	-192.29	-170.32	-153.44
Financing Activities
Debt Repayment	-6.37	-300.00	92.20	-0.01	-13.70	-89.63	38.00	-3.56	28.31
Common Stock Issued	0.00	-0.03	0.00	48.49	3.56	3.36	0.82	27.65	62.46
Common Stock Repurchased	-3.73	-0.03	0.00	-1.10	-13.92	-5.80	-2.55	0.00	-0.03
Dividends Paid	-16.84	-14.86	-18.06	-10.82	-9.44	-7.52	-5.05	-3.28	-1.79
Other Financing Activities	238.54	524.31	427.94	351.80	474.43	605.30	129.96	118.71	121.96
Net Cash from Financing Activities	281.52	326.50	502.08	715.31	538.16	505.72	161.17	139.52	210.89
Summary
Net Change in Cash	92.08	92.99	73.37	84.37	-80.76	59.76	-6.70	-11.52	65.42
Cash at Beginning of Period	319.10	226.11	152.74	68.38	149.13	89.37	96.07	107.59	42.17
Cash at End of Period	411.18	319.10	226.11	152.74	68.38	149.13	89.37	96.07	107.59
Free Cash Flow	92.02	59.85	80.78	61.80	52.47	26.37	20.46	18.36	7.46
Supplemental Disclosures
Interest Paid	-	196.25	125.45	35.80	17.70	-	-	-	-
Income Taxes Paid	-	17.35	16.10	13.55	15.71	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Business First Bancshares Cash Flow

What is Business First Bancshares's free cash flow?

Business First Bancshares generated free cash flow of $92.02M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $92.08M minus $66.00K of capital expenditures. That was up 53.8% from $59.85M a year earlier. Free cash flow equaled 28.8% of revenue.

How much does Business First Bancshares spend on capital expenditures?

Business First Bancshares spent $66.00K on capital expenditures in fiscal 2025, compared with $1.56M a year earlier. That equals 0.1% of operating cash flow.

Does Business First Bancshares pay dividends or buy back shares?

Yes. In fiscal 2025 Business First Bancshares returned $16.84M in dividends and $3.73M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition