Donnelley Financial Solutions (DFIN) Cash Flow: Operating & Free Cash Flow

Donnelley Financial Solutions (DFIN) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Donnelley Financial Solutions generated $164.90M of operating cash flow and spent $57.10M on capital expenditures. That left free cash flow of $107.80M, up 2.5% from $105.20M a year earlier, or 14.1% of revenue. It repurchased $185.00M of its own shares.

Donnelley Financial Solutions 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 Donnelley Financial Solutions, Inc. (DFIN) - 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	32.40	92.40	82.20	102.50	145.90	-25.90	37.60	73.60	9.70
Depreciation & Amortization	66.10	69.50	72.10	62.70	57.60	74.20	71.70	45.80	44.50
Deferred Income Tax	-10.00	-9.40	-14.60	-0.50	-0.30	-26.40	2.50	10.50	12.40
Stock Based Compensation	31.40	25.20	22.50	19.30	19.50	13.60	8.90	9.20	6.80
Change in Working Capital	-40.00	-15.70	-49.40	-41.40	-52.50	58.60	-51.60	-7.50	16.80
Change in Accounts Receivable	-15.20	17.60	-2.30	24.40	-28.80	-14.80	8.70	-25.30	18.00
Change in Inventory	0.00	0.00	0.00	0.00	-0.80	6.20	1.00	-1.60	0.80
Change in Accounts Payable	-4.40	-5.70	-15.30	12.10	-19.80	-4.40	-13.60	10.70	-18.30
Change in Other Working Capital	-12.20	-27.60	-0.90	-0.40	-0.60	71.60	-47.70	8.70	16.30
Other Operating Activities	-12.20	9.10	-0.90	-0.40	-0.60	60.10	-14.60	-65.30	1.20
Net Cash from Operating Activities	164.90	171.10	124.00	150.20	180.00	154.20	54.50	66.30	91.40
Investing Activities
Capital Expenditures	-57.10	-65.90	-61.80	-54.20	-42.30	-31.10	-44.80	-37.10	-27.80
Acquisitions	0.00	12.40	0.50	3.30	-3.60	31.10	-8.50	65.00	0.00
Purchases of Investments	0.10	0.00	0.00	0.00	0.00	-1.20	-2.30	0.00	-3.40
Sales/Maturities of Investments	0.10	0.20	10.00	0.00	0.00	12.80	12.80	3.10	0.00
Other Investing Activities	0.00	0.00	0.00	0.00	0.90	-31.40	30.60	-0.80	0.20
Net Cash from Investing Activities	-57.00	-53.30	-51.30	-50.90	-45.00	-19.80	-12.20	30.20	-31.00
Financing Activities
Debt Repayment	-381.00	-2.90	-349.40	-302.30	-591.60	-63.80	-72.50	-97.50	-129.90
Common Stock Issued	1.90	2.40	3.10	0.40	2.30	0.00	0.00	1.20	18.80
Common Stock Repurchased	-185.00	-81.60	-40.30	-164.70	-40.90	-11.80	-1.80	-1.50	-0.90
Other Financing Activities	-2.20	0.00	0.00	-1.80	-2.70	-1.90	-0.20	-1.20	66.30
Net Cash from Financing Activities	-141.80	-82.10	-84.60	-121.10	-154.90	-77.50	-74.50	-99.00	-45.70
Summary
Effect of Forex Changes on Cash	1.10	-1.50	0.80	1.50	0.80	-0.50	2.10	-2.20	1.10
Net Change in Cash	-32.80	34.20	-11.10	-20.30	-19.90	56.40	-30.10	-4.70	15.80
Cash at Beginning of Period	57.30	23.10	34.20	54.50	73.60	17.20	47.30	52.00	36.20
Cash at End of Period	24.50	57.30	23.10	34.20	54.50	73.60	17.20	47.30	52.00
Free Cash Flow	107.80	105.20	62.20	96.00	137.70	123.10	9.70	29.20	63.60
Supplemental Disclosures
Interest Paid	11.60	13.30	16.60	7.60	21.80	-	-	-	-
Income Taxes Paid	24.60	40.80	38.30	38.40	65.00	-	-	-	-

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

Frequently Asked Questions About Donnelley Financial Solutions Cash Flow

What is Donnelley Financial Solutions's free cash flow?

Donnelley Financial Solutions generated free cash flow of $107.80M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $164.90M minus $57.10M of capital expenditures. That was up 2.5% from $105.20M a year earlier. Free cash flow equaled 14.1% of revenue.

How much does Donnelley Financial Solutions spend on capital expenditures?

Donnelley Financial Solutions spent $57.10M on capital expenditures in fiscal 2025, compared with $65.90M a year earlier. That equals 34.6% of operating cash flow.

Does Donnelley Financial Solutions pay dividends or buy back shares?

Yes. In fiscal 2025 Donnelley Financial Solutions returned $185.00M 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