The Descartes Systems Group (DSGX) Cash Flow: Operating & Free Cash Flow

The Descartes Systems Group (DSGX) Cash Flow Statement

In fiscal 2026 (fiscal year ended Jan 31, 2026), The Descartes Systems Group generated $271.46M of operating cash flow and spent $5.84M on capital expenditures. That left free cash flow of $265.61M, up 25.0% from $212.53M a year earlier, or 36.4% of revenue. It repurchased $909.59K of its own shares.

The Descartes Systems Group 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 The Descartes Systems Group Inc. (DSGX) - Annual data in millions USD
Breakdown	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Jan 2026	Jan 2025	Jan 2024	Jan 2023	Jan 2022	Jan 2021	Jan 2020	Jan 2019	Jan 2018	Jan 2017
Operating Activities
Net Income	167.00	143.27	143.27	115.91	86.28	86.28	52.10	37.00	26.88	23.84
Depreciation & Amortization	88.85	74.99	74.99	65.40	64.23	64.23	61.66	61.52	37.58	33.63
Deferred Income Tax	11.29	-5.04	0.00	3.24	1.51	1.51	14.52	5.74	1.27	4.00
Stock Based Compensation	0.00	19.96	19.96	13.67	11.02	11.02	6.31	4.91	2.81	2.02
Change in Working Capital	-17.38	-13.93	-22.58	7.79	12.79	12.79	-3.58	-5.26	4.40	10.12
Change in Accounts Receivable	-15.07	1.50	1.50	-6.57	-2.88	-2.88	0.14	3.73	-1.96	2.73
Change in Inventory	0.00	0.00	0.00	0.10	-0.50	-0.50	0.10	-0.35	0.05	0.00
Change in Accounts Payable	-1.16	1.87	1.87	0.13	2.76	2.34	-0.69	1.77	1.43	-0.32
Change in Other Working Capital	-1.15	-17.30	-25.88	0.05	0.31	13.84	-3.13	-10.41	4.88	7.71
Other Operating Activities	21.70	0.02	3.63	0.05	0.31	0.31	0.21	0.34	-0.78	-1.03
Net Cash from Operating Activities	271.46	219.27	219.27	192.40	176.14	176.14	131.23	104.25	72.14	72.58
Investing Activities
Capital Expenditures	-5.84	-6.74	-6.74	-6.07	-4.83	-4.83	-3.76	-4.90	-5.09	-4.91
Acquisitions	-154.61	-290.20	-290.20	-115.56	-90.28	-90.28	-48.40	-292.05	-111.87	-71.35
Purchases of Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.24
Sales/Maturities of Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	6.14
Other Investing Activities	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.90
Net Cash from Investing Activities	-160.45	-296.95	-296.95	-121.63	-95.11	-95.11	-52.16	-296.95	-116.95	-70.36
Financing Activities
Debt Repayment	0.00	0.00	0.00	0.00	-1.07	-1.07	-0.60	-25.62	37.00	0.60
Common Stock Issued	14.38	12.39	12.39	1.73	2.66	2.66	6.19	237.97	1.00	0.15
Common Stock Repurchased	-0.91	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Financing Activities	-8.32	-16.02	-16.02	-6.33	-0.07	-0.07	-0.04	-2.19	0.00	-0.96
Net Cash from Financing Activities	5.15	-3.63	-3.63	-4.60	1.52	1.52	5.56	210.17	38.00	-0.21
Summary
Effect of Forex Changes on Cash	-13.05	-3.51	-3.51	-3.21	-2.77	-2.77	4.63	-0.36	3.82	-1.09
Net Change in Cash	103.11	-84.81	-84.81	62.95	82.55	79.78	89.26	17.11	-2.99	0.92
Cash at Beginning of Period	250.44	320.95	320.95	213.44	133.66	133.66	44.40	27.30	38.14	37.21
Cash at End of Period	353.55	236.14	236.14	276.39	213.44	213.44	133.66	44.40	35.15	38.14
Free Cash Flow	265.61	212.53	212.53	186.32	171.31	171.31	127.47	99.35	67.06	67.67
Supplemental Disclosures
Interest Paid	-	-	-	-	-	0.09	-	-	-	-
Income Taxes Paid	-	53.41	44.94	23.79	12.58	8.21	-	-	-	-

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

Frequently Asked Questions About The Descartes Systems Group Cash Flow

What is The Descartes Systems Group's free cash flow?

The Descartes Systems Group generated free cash flow of $265.61M in fiscal 2026 (fiscal year ended Jan 31, 2026), operating cash flow of $271.46M minus $5.84M of capital expenditures. That was up 25.0% from $212.53M a year earlier. Free cash flow equaled 36.4% of revenue.

How much does The Descartes Systems Group spend on capital expenditures?

The Descartes Systems Group spent $5.84M on capital expenditures in fiscal 2026, compared with $6.74M a year earlier. That equals 2.2% of operating cash flow.

Does The Descartes Systems Group pay dividends or buy back shares?

Yes. In fiscal 2026 The Descartes Systems Group returned $909.59K 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