Bridgewater Bancshares (BWB) Cash Flow: Operating & Free Cash Flow

Bridgewater Bancshares (BWB) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Bridgewater Bancshares generated $27.81M of operating cash flow and spent $5.85M on capital expenditures. That left free cash flow of $21.96M, down 48.1% from $42.30M a year earlier, or 15.5% of revenue. It returned $6.25M to shareholders through $4.05M in dividends and $2.19M in share buybacks.

Bridgewater 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 Bridgewater Bancshares, Inc. (BWB) - 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	46.09	32.83	39.96	53.39	45.69	27.19	31.40	26.92	16.89
Depreciation & Amortization	3.95	3.01	3.14	3.25	2.56	1.40	1.20	0.95	0.89
Deferred Income Tax	-2.00	0.02	0.68	-1.40	-4.52	-2.59	-0.75	-1.30	-2.06
Stock Based Compensation	4.20	3.91	3.95	3.34	2.43	1.67	0.75	0.80	0.37
Change in Working Capital	-23.24	5.84	-17.00	17.26	-0.12	-18.81	2.17	-5.02	1.93
Change in Accounts Receivable	-13.95	2.36	-20.90	-13.32	-4.06	-5.12	0.53	-7.63	-0.12
Change in Accounts Payable	-9.29	3.48	3.91	30.58	3.95	-13.69	1.64	2.61	2.05
Change in Other Working Capital	0.00	0.00	0.00	0.00	0.44	0.00	0.00	0.00	0.00
Other Operating Activities	-1.18	0.78	0.13	0.06	0.44	14.16	4.75	7.06	6.89
Net Cash from Operating Activities	27.81	46.38	30.02	85.00	54.24	23.02	39.53	29.41	24.90
Investing Activities
Capital Expenditures	-5.85	-4.08	-2.97	-1.63	-0.78	-24.69	-15.57	-3.72	-1.24
Acquisitions	0.00	17.28	0.00	-7.41	0.00	0.00	0.00	0.00	0.00
Purchases of Investments	-206.10	-245.18	-113.65	-268.26	-109.90	-170.49	-98.82	-78.37	-68.45
Sales/Maturities of Investments	235.39	167.21	61.50	102.67	56.11	73.44	83.98	47.65	59.62
Other Investing Activities	-436.28	-30.48	1.18	50.08	-516.86	-408.60	-245.80	-319.80	-340.11
Net Cash from Investing Activities	-417.47	-95.24	-209.18	-938.24	-571.43	-530.33	-276.21	-354.24	-350.18
Financing Activities
Debt Repayment	54.86	40.00	-457.00	-127.25	-37.25	-32.22	10.50	54.00	37.48
Common Stock Issued	1.94	0.00	0.96	0.58	0.00	0.00	0.00	58.86	0.18
Common Stock Repurchased	-2.19	-5.90	-5.13	-11.52	-2.74	-10.37	-14.96	0.00	0.00
Dividends Paid	-4.05	-4.05	-4.05	-4.05	-1.17	0.00	0.00	0.00	0.00
Other Financing Activities	232.86	120.01	7.37	757.88	511.84	678.64	244.63	216.69	295.02
Net Cash from Financing Activities	283.41	150.06	220.69	796.81	499.99	636.05	240.18	329.55	332.51
Summary
Net Change in Cash	-106.25	101.20	41.52	-56.43	-17.20	128.74	3.49	4.72	7.23
Cash at Beginning of Period	229.76	128.56	87.04	143.47	160.68	31.94	28.44	23.73	16.50
Cash at End of Period	123.51	229.76	128.56	87.04	143.47	160.68	31.94	28.44	23.73
Free Cash Flow	21.97	42.30	27.05	83.37	53.46	-1.67	23.96	25.69	23.67
Supplemental Disclosures
Interest Paid	-	144.60	114.35	32.16	19.14	-	-	-	-
Income Taxes Paid	-	5.75	10.39	20.57	19.38	-	-	-	-

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

Frequently Asked Questions About Bridgewater Bancshares Cash Flow

What is Bridgewater Bancshares's free cash flow?

Bridgewater Bancshares generated free cash flow of $21.96M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $27.81M minus $5.85M of capital expenditures. That was down 48.1% from $42.30M a year earlier. Free cash flow equaled 15.5% of revenue.

How much does Bridgewater Bancshares spend on capital expenditures?

Bridgewater Bancshares spent $5.85M on capital expenditures in fiscal 2025, compared with $4.08M a year earlier. That equals 21.0% of operating cash flow.

Does Bridgewater Bancshares pay dividends or buy back shares?

Yes. In fiscal 2025 Bridgewater Bancshares returned $4.05M in dividends and $2.19M 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