PC Connection (CNXN) Cash Flow: Operating & Free Cash Flow

PC Connection (CNXN) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), PC Connection generated $65.44M of operating cash flow and spent $7.39M on capital expenditures. That left free cash flow of $58.05M, down 65.1% from $166.29M a year earlier, or 2.0% of revenue. It returned $91.56M to shareholders through $15.30M in dividends and $76.27M in share buybacks.

PC Connection 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 PC Connection, Inc. (CNXN) - 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	83.72	87.10	83.27	89.22	69.91	55.77	82.11	64.59	54.86
Depreciation & Amortization	11.70	12.98	12.65	11.98	12.20	13.60	13.31	14.06	11.84
Deferred Income Tax	4.84	-0.78	-2.15	-1.31	0.75	-1.65	2.99	1.49	-3.91
Stock Based Compensation	9.34	8.48	7.02	5.68	4.23	2.67	1.86	1.08	0.74
Change in Working Capital	-46.57	68.35	96.26	-73.94	-32.61	-36.58	-63.91	3.89	-45.89
Change in Accounts Receivable	-38.45	-6.51	1.60	-6.00	-1.32	-63.65	-101.95	14.87	-39.46
Change in Inventory	-48.51	29.13	84.50	-2.13	-65.69	-16.20	-5.47	-23.31	-16.22
Change in Accounts Payable	38.08	36.45	31.15	-49.06	14.81	32.52	34.96	5.72	24.93
Change in Other Working Capital	-8.39	3.31	-20.99	-2.03	19.58	10.76	8.56	6.60	-15.15
Other Operating Activities	7.24	-3.04	0.90	1.96	3.27	2.28	0.24	1.73	1.68
Net Cash from Operating Activities	65.44	173.87	197.95	34.89	57.75	36.10	36.60	86.84	19.32
Investing Activities
Capital Expenditures	-7.39	-7.58	-9.60	-9.08	-10.30	-11.03	-25.66	-21.24	-11.80
Purchases of Investments	-264.14	-358.32	-150.61	0.00	0.00	0.00	0.00	0.00	0.00
Sales/Maturities of Investments	314.36	250.61	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Investing Activities	0.08	0.00	0.00	0.00	1.57	0.00	0.00	-21.24	-0.01
Net Cash from Investing Activities	42.83	-115.29	-160.20	-9.08	-8.73	-11.03	-25.66	-21.24	-11.80
Financing Activities
Debt Repayment	-0.73	-26.05	0.00	-36.46	0.00	0.00	0.00	0.00	0.00
Common Stock Issued	1.23	1.11	0.00	0.00	0.00	0.00	0.00	1.25	2.95
Common Stock Repurchased	-76.27	-12.38	-5.39	-2.24	0.00	-10.22	-4.48	-15.38	-0.61
Dividends Paid	-15.30	-10.53	-8.41	-8.95	-34.60	-8.43	-8.45	-9.12	-9.04
Other Financing Activities	-3.04	-3.42	-1.93	-2.24	-1.77	-0.82	0.34	0.61	2.33
Net Cash from Financing Activities	-93.37	-25.22	-15.73	-11.19	-36.37	-19.47	-12.59	-23.89	-6.71
Summary
Net Change in Cash	14.90	33.36	22.02	14.62	12.66	5.60	-1.64	41.71	0.81
Cash at Beginning of Period	178.32	144.95	122.93	108.31	95.66	90.06	91.70	49.99	49.18
Cash at End of Period	193.22	178.32	144.95	122.93	108.31	95.66	90.06	91.70	49.99
Free Cash Flow	58.05	166.29	188.36	25.81	47.45	25.07	10.95	65.60	7.52
Supplemental Disclosures
Interest Paid	-	0.01	0.02	0.00	-	-	-	-	-
Income Taxes Paid	-	29.30	41.67	33.69	21.47	-	-	-	-

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

Frequently Asked Questions About PC Connection Cash Flow

What is PC Connection's free cash flow?

PC Connection generated free cash flow of $58.05M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $65.44M minus $7.39M of capital expenditures. That was down 65.1% from $166.29M a year earlier. Free cash flow equaled 2.0% of revenue.

How much does PC Connection spend on capital expenditures?

PC Connection spent $7.39M on capital expenditures in fiscal 2025, compared with $7.58M a year earlier. That equals 11.3% of operating cash flow.

Does PC Connection pay dividends or buy back shares?

Yes. In fiscal 2025 PC Connection returned $15.30M in dividends and $76.27M 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