Benchmark Electronics (BHE) Cash Flow: Operating & Free Cash Flow

Benchmark Electronics (BHE) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Benchmark Electronics generated $123.96M of operating cash flow and spent $38.54M on capital expenditures. That left free cash flow of $85.42M, down 45.2% from $155.97M a year earlier, or 3.2% of revenue. It returned $51.27M to shareholders through $24.43M in dividends and $26.85M in share buybacks.

Benchmark Electronics 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 Benchmark Electronics, Inc. (BHE) - 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	24.85	64.32	64.32	68.23	35.77	14.06	23.43	22.82	-31.97
Depreciation & Amortization	47.63	45.63	45.41	44.25	44.15	48.79	47.97	51.84	48.67
Deferred Income Tax	-5.74	-5.93	-13.01	-7.25	-6.88	-7.31	-2.37	7.63	9.26
Stock Based Compensation	17.20	13.37	15.29	18.49	15.26	10.40	0.00	10.09	7.82
Change in Working Capital	31.24	71.65	55.37	-300.99	-95.43	45.55	8.96	-8.06	121.32
Change in Accounts Receivable	25.67	41.35	50.68	-136.46	-46.97	31.87	113.95	-33.95	6.35
Change in Inventory	75.17	127.84	45.07	-206.25	-197.87	-10.80	-5.24	-43.26	-14.02
Change in Accounts Payable	32.40	-18.28	-35.32	-16.66	139.95	-15.55	-121.86	61.39	29.54
Change in Other Working Capital	-41.85	-79.27	1.55	-34.40	-24.83	40.03	22.11	7.77	99.44
Other Operating Activities	3.04	0.20	2.30	-7.44	-2.38	8.96	15.15	-7.63	-9.26
Net Cash from Operating Activities	123.96	189.23	174.29	-177.47	-2.62	120.44	93.14	76.69	145.84
Investing Activities
Capital Expenditures	-38.54	-33.25	-77.74	-46.77	-42.18	-39.52	-32.58	-66.73	-54.51
Acquisitions	5.06	0.00	0.00	5.69	0.00	4.71	0.26	-2.73	0.28
Purchases of Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.92	0.00
Sales/Maturities of Investments	0.00	0.00	0.00	-3.42	-3.38	0.00	0.05	0.52	0.25
Other Investing Activities	0.00	0.49	-3.66	-0.09	0.06	-4.51	-0.05	-3.83	-1.87
Net Cash from Investing Activities	-32.70	-32.77	-77.14	-41.17	-41.88	-34.38	-34.86	-68.85	-56.12
Financing Activities
Debt Repayment	-936.19	-74.28	-743.78	-633.17	-156.50	-7.99	-6.79	-58.02	-12.40
Common Stock Issued	0.00	0.00	0.00	0.72	0.35	0.00	1.59	0.00	0.00
Common Stock Repurchased	-26.85	-5.10	0.00	-9.39	-40.22	-25.22	-122.11	-211.86	-29.35
Dividends Paid	-24.43	-23.91	-23.46	-23.16	-23.26	-23.04	-23.29	-21.01	0.00
Other Financing Activities	-9.54	-5.81	-5.98	-3.78	-4.32	-1.28	-2.23	3.55	10.39
Net Cash from Financing Activities	-105.90	-109.11	-23.58	159.23	-73.95	-57.53	-152.84	-290.97	-31.35
Summary
Effect of Forex Changes on Cash	9.01	-2.54	2.21	-4.91	-5.79	3.51	0.42	-1.32	2.74
Net Change in Cash	-5.63	44.81	75.78	-64.32	-118.45	32.03	-94.15	-284.44	61.11
Cash at Beginning of Period	328.03	283.21	207.43	271.75	395.99	363.96	458.10	742.55	681.43
Cash at End of Period	322.40	328.03	283.21	207.43	271.75	395.99	363.96	458.10	742.55
Free Cash Flow	85.42	155.97	96.56	-224.24	-44.80	80.92	60.56	9.96	91.34
Supplemental Disclosures
Interest Paid	-	28.03	30.55	11.63	8.21	-	-	-	-
Income Taxes Paid	-	46.73	37.66	28.48	20.56	-	-	-	-

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

Frequently Asked Questions About Benchmark Electronics Cash Flow

What is Benchmark Electronics's free cash flow?

Benchmark Electronics generated free cash flow of $85.42M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $123.96M minus $38.54M of capital expenditures. That was down 45.2% from $155.97M a year earlier. Free cash flow equaled 3.2% of revenue.

How much does Benchmark Electronics spend on capital expenditures?

Benchmark Electronics spent $38.54M on capital expenditures in fiscal 2025, compared with $33.25M a year earlier. That equals 31.1% of operating cash flow.

Does Benchmark Electronics pay dividends or buy back shares?

Yes. In fiscal 2025 Benchmark Electronics returned $24.43M in dividends and $26.85M 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