Amdocs (DOX) Cash Flow: Operating & Free Cash Flow

Amdocs (DOX) Cash Flow Statement

In fiscal 2025 (fiscal year ended Sep 30, 2025), Amdocs generated $749.10M of operating cash flow and spent $103.95M on capital expenditures. That left free cash flow of $645.14M, up 4.2% from $618.93M a year earlier, or 14.2% of revenue. It returned $775.73M to shareholders through $224.39M in dividends and $551.34M in share buybacks.

Amdocs 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 Amdocs Limited (DOX) - 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	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021	Sep 2020	Sep 2019	Sep 2018	Sep 2017
Operating Activities
Net Income	567.77	496.32	542.96	549.50	688.37	497.84	479.45	354.40	436.83
Depreciation & Amortization	195.44	193.07	195.70	224.54	208.83	198.41	205.77	207.39	214.89
Deferred Income Tax	20.29	-45.67	-60.21	-3.29	-50.61	30.24	-13.95	21.40	6.55
Stock Based Compensation	104.86	104.54	89.70	71.81	54.25	42.43	38.55	47.48	44.54
Change in Working Capital	-143.36	-30.00	51.14	-79.12	249.10	-110.93	-54.18	-74.74	-62.03
Change in Accounts Receivable	79.61	-104.41	3.46	-64.98	-69.05	134.58	6.59	-67.20	-41.08
Change in Inventory	0.00	0.00	0.00	0.00	-7.36	-32.10	37.13	-48.82	-42.78
Change in Accounts Payable	-77.04	216.32	158.88	-68.28	122.22	-190.35	-60.04	25.35	72.05
Change in Other Working Capital	-138.99	-141.91	-111.19	0.56	-24.55	-23.07	-37.86	15.93	-50.23
Other Operating Activities	24.39	6.17	3.34	0.56	-274.74	0.14	0.74	1.32	-4.66
Net Cash from Operating Activities	749.10	724.43	822.63	756.72	925.81	658.14	656.38	557.25	636.11
Investing Activities
Capital Expenditures	-103.95	-105.50	-124.36	-227.22	-210.77	-205.51	-128.09	-231.15	-133.39
Acquisitions	-86.32	-86.82	-121.82	-24.43	-142.70	-249.36	-60.57	-355.14	-18.06
Purchases of Investments	188.21	-9.06	0.00	-34.28	-276.98	-0.75	0.00	-76.04	-281.98
Sales/Maturities of Investments	169.99	68.66	25.98	21.95	18.21	0.00	101.29	303.09	278.07
Other Investing Activities	18.22	5.32	-4.30	-8.53	-6.08	-6.10	0.62	-3.16	-29.94
Net Cash from Investing Activities	-2.06	-127.41	-224.50	-262.50	-329.00	-461.73	-86.76	-362.39	-185.31
Financing Activities
Debt Repayment	0.00	0.00	0.00	0.00	-100.00	743.92	0.00	0.00	-200.00
Common Stock Issued	21.29	0.00	0.00	0.00	89.06	0.00	0.00	0.00	0.00
Common Stock Repurchased	-551.34	-563.12	-489.52	-508.47	-680.00	-360.91	-398.06	-419.23	-340.60
Dividends Paid	-224.39	-211.97	-199.46	-186.07	-177.47	-164.06	-147.62	-134.29	-121.50
Other Financing Activities	-13.68	4.07	37.55	-18.28	-2.52	96.20	28.90	127.84	92.25
Net Cash from Financing Activities	-768.12	-771.02	-651.43	-629.91	-870.93	315.15	-516.77	-425.69	-569.85
Summary
Net Change in Cash	-21.09	-174.00	-53.30	-135.69	-274.12	511.56	52.85	-230.83	-119.05
Cash at Beginning of Period	346.09	520.08	573.38	709.06	983.19	471.63	418.78	649.61	768.66
Cash at End of Period	325.00	346.09	520.08	573.38	709.06	983.19	471.63	418.78	649.61
Free Cash Flow	645.14	618.93	698.27	529.50	715.04	452.63	528.29	326.10	502.72
Supplemental Disclosures
Interest Paid	41.47	35.40	19.43	16.74	19.37	-	-	-	-
Income Taxes Paid	122.42	187.51	156.39	80.42	146.44	-	-	-	-

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

Frequently Asked Questions About Amdocs Cash Flow

What is Amdocs's free cash flow?

Amdocs generated free cash flow of $645.14M in fiscal 2025 (fiscal year ended Sep 30, 2025), operating cash flow of $749.10M minus $103.95M of capital expenditures. That was up 4.2% from $618.93M a year earlier. Free cash flow equaled 14.2% of revenue.

How much does Amdocs spend on capital expenditures?

Amdocs spent $103.95M on capital expenditures in fiscal 2025, compared with $105.50M a year earlier. That equals 13.9% of operating cash flow.

Does Amdocs pay dividends or buy back shares?

Yes. In fiscal 2025 Amdocs returned $224.39M in dividends and $551.34M 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