Bank of Montreal (BMO) Cash Flow: Operating & Free Cash Flow

Bank of Montreal (BMO) Cash Flow Statement

In fiscal 2025 (fiscal year ended Oct 31, 2025), Bank of Montreal generated CAD 10.24B of operating cash flow and spent CAD 1.73B on capital expenditures. That left free cash flow of CAD 8.51B, or 23.6% of revenue. It returned CAD 8.43B to shareholders through CAD 5.03B in dividends and CAD 3.40B in share buybacks.

Bank of Montreal Cash Flow Statement Analysis

Values in billions CAD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Bank of Montreal (BMO) - Annual data in billions CAD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Oct 2025	Oct 2024	Oct 2023	Oct 2022	Oct 2021	Oct 2020	Oct 2019	Oct 2018	Oct 2017
Operating Activities
Net Income	8.73	7.33	4.44	13.54	7.75	5.10	5.76	5.45	5.35
Depreciation & Amortization	2.18	2.11	2.09	1.48	1.57	1.62	1.21	1.13	1.10
Deferred Income Tax	0.01	0.15	-0.71	0.48	0.18	0.11	0.48	0.83	0.16
Stock Based Compensation	0.00	0.00	0.60	0.76	0.00	0.37	0.69	0.68	0.85
Change in Working Capital	-4.01	13.73	1.96	-10.60	34.52	41.29	21.23	10.08	-18.52
Change in Accounts Receivable	0.00	0.26	1.95	-1.17	0.08	0.18	-0.30	-0.37	-0.13
Change in Inventory	0.00	0.00	0.00	0.00	-12.32	-26.93	-39.95	0.00	0.00
Change in Accounts Payable	0.00	0.00	0.00	1.47	-0.37	-0.35	0.31	0.34	0.00
Change in Other Working Capital	-4.01	48.13	14.73	0.10	27.88	68.40	61.17	10.11	-18.39
Other Operating Activities	3.33	-0.23	-1.07	0.10	0.37	2.35	-0.07	-34.39	13.98
Net Cash from Operating Activities	10.24	-39.41	-23.13	4.96	-8.20	50.84	29.30	17.91	2.91
Investing Activities
Capital Expenditures	-1.73	-1.56	-1.68	-1.45	-0.48	-1.03	-1.13	-0.89	-0.79
Acquisitions	0.00	0.00	-15.10	1.23	0.06	-0.19	1.13	-0.37	-0.03
Purchases of Investments	-78.69	-86.98	-50.15	-96.60	-49.62	-86.66	-63.50	-46.75	-51.92
Sales/Maturities of Investments	80.17	63.50	44.09	64.03	50.10	56.88	44.72	38.32	51.82
Other Investing Activities	0.85	0.52	1.68	3.32	0.14	-0.98	-0.80	-1.65	-2.25
Net Cash from Investing Activities	0.61	-24.53	-21.16	-29.47	-0.30	-31.97	-19.58	-11.33	-3.16
Financing Activities
Debt Repayment	-0.32	-1.36	-12.28	-6.97	-6.65	0.27	0.40	4.38	20.53
Common Stock Issued	0.16	0.07	3.34	3.11	0.16	0.00	0.05	0.48	1.04
Common Stock Repurchased	-3.40	0.00	0.01	-1.52	-1.05	-0.08	-0.09	-1.29	-0.94
Dividends Paid	-5.03	-3.84	-2.70	-2.60	-2.98	-2.48	-2.75	-2.58	-2.01
Other Financing Activities	-0.08	-12.07	2.07	6.93	51.20	-8.02	-0.23	34.23	-16.62
Net Cash from Financing Activities	-8.67	51.03	32.99	15.98	47.12	-10.30	-2.61	36.88	2.00
Summary
Effect of Forex Changes on Cash	0.21	0.08	1.77	2.74	-2.78	0.05	-0.45	0.23	-0.80
Net Change in Cash	2.39	-12.84	-9.53	-5.80	35.85	8.61	6.66	9.54	0.95
Cash at Beginning of Period	65.10	77.93	87.47	93.26	57.41	48.80	42.14	32.60	31.65
Cash at End of Period	67.48	65.10	77.93	87.47	93.26	57.41	48.80	42.14	32.60
Free Cash Flow	8.51	-40.98	-24.81	3.51	-8.68	49.80	28.18	17.03	2.12
Supplemental Disclosures
Interest Paid	43.14	45.09	33.75	9.56	5.86	-	-	-	-
Income Taxes Paid	2.83	2.45	2.59	2.37	2.17	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jul 31, 2026. Data sources and methodology

Frequently Asked Questions About Bank of Montreal Cash Flow

What is Bank of Montreal's free cash flow?

Bank of Montreal generated free cash flow of CAD 8.51B in fiscal 2025 (fiscal year ended Oct 31, 2025), operating cash flow of CAD 10.24B minus CAD 1.73B of capital expenditures. Free cash flow equaled 23.6% of revenue.

How much does Bank of Montreal spend on capital expenditures?

Bank of Montreal spent CAD 1.73B on capital expenditures in fiscal 2025, compared with CAD 1.56B a year earlier. That equals 16.9% of operating cash flow.

Does Bank of Montreal pay dividends or buy back shares?

Yes. In fiscal 2025 Bank of Montreal returned CAD 5.03B in dividends and CAD 3.40B 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