Exponent (EXPO) Cash Flow: Operating & Free Cash Flow

Exponent (EXPO) Cash Flow Statement

In fiscal 2025 (fiscal year ended Jan 2, 2026), Exponent generated $131.73M of operating cash flow and spent $9.39M on capital expenditures. That left free cash flow of $122.34M, down 11.1% from $137.60M a year earlier, or 22.8% of revenue. It returned $158.63M to shareholders through $61.54M in dividends and $97.09M in share buybacks.

Exponent 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 Exponent, Inc. (EXPO) - Annual data in millions USD
Breakdown	FY 2025	FY 2025	FY 2024	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Jan 2026	Dec 2025	Jan 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	106.01	106.01	109.00	109.00	100.34	102.33	101.20	82.55	82.46	72.25	41.31
Depreciation & Amortization	10.08	10.08	9.69	9.69	8.92	7.08	6.49	6.87	6.81	6.29	6.29
Deferred Income Tax	-	-9.95	-	-3.30	0.09	-7.36	-6.01	-3.64	-2.85	-3.72	11.79
Stock Based Compensation	23.80	23.80	23.24	23.24	20.36	20.36	19.26	17.28	17.47	16.99	16.16
Change in Working Capital	-	-1.20	1.46	1.46	-5.57	-31.68	1.67	-1.44	2.46	-2.55	-9.84
Change in Accounts Receivable	-23.09	-23.09	1.50	1.50	-0.47	-33.33	-30.25	6.72	-16.55	2.44	-25.20
Change in Inventory	-	0.00	-	0.00	0.00	0.00	0.00	0.00	8.55	-1.23	8.70
Change in Accounts Payable	7.68	7.68	0.44	0.44	-5.06	2.22	8.44	-2.65	6.72	-4.62	5.98
Change in Other Working Capital	10.91	14.21	4.37	-0.48	-0.04	-0.57	23.49	-5.51	3.75	0.86	0.68
Other Operating Activities	-6.96	2.99	1.15	4.45	3.23	3.08	1.95	1.69	1.71	1.91	2.14
Net Cash from Operating Activities	131.73	131.73	144.54	144.54	127.35	93.81	124.57	103.31	108.06	91.19	67.84
Investing Activities
Capital Expenditures	-9.39	-9.39	-6.94	-6.94	-16.36	-12.04	-6.83	-4.99	-23.04	-16.30	-4.73
Acquisitions	-	0.00	-	0.00	0.00	0.00	0.00	0.00	23.04	0.00	0.00
Purchases of Investments	-	0.00	-	0.00	0.00	0.00	-34.99	-39.99	-38.69	-52.52	-29.00
Sales/Maturities of Investments	-	0.00	-	0.00	0.00	0.00	80.00	50.00	66.00	43.00	16.00
Other Investing Activities	-	0.00	-	0.00	0.00	0.00	0.00	0.00	-23.04	-9.52	-13.00
Net Cash from Investing Activities	-9.39	-9.39	-6.94	-6.94	-16.36	-12.04	38.18	5.02	4.27	-25.82	-17.72
Financing Activities
Common Stock Issued	2.37	2.37	5.74	0.00	2.18	2.02	0.00	0.00	0.00	0.00	0.00
Common Stock Repurchased	-97.10	-97.10	-5.71	-5.71	-24.21	-155.86	-7.00	-40.05	-21.96	-27.92	-11.93
Dividends Paid	-61.54	-61.54	-58.21	-58.21	-54.04	-49.24	-43.20	-39.78	-33.50	-27.22	-21.84
Other Financing Activities	-4.17	-4.17	-6.92	-1.18	-9.94	-12.90	-12.56	-8.53	-7.95	-7.37	-7.50
Net Cash from Financing Activities	-160.43	-160.43	-65.11	-65.11	-86.01	-215.98	-62.75	-88.36	-63.41	-62.50	-41.26
Summary
Effect of Forex Changes on Cash	1.12	1.12	-0.74	-0.74	0.71	-2.02	0.17	1.11	0.46	-0.60	0.97
Net Change in Cash	-36.97	-36.97	71.75	71.75	25.69	-136.23	100.16	21.09	49.38	2.27	9.83
Cash at Beginning of Period	-	258.90	-	187.15	161.46	297.69	197.53	176.44	127.06	124.79	114.97
Cash at End of Period	-	221.93	-	258.90	187.15	161.46	297.69	197.53	176.44	127.06	124.79
Free Cash Flow	122.34	122.34	137.60	137.60	111.00	81.76	117.74	98.33	85.02	74.89	63.11
Supplemental Disclosures
Income Taxes Paid	-	-	39.72	-	38.94	40.12	27.91	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jul 3, 2026. Data sources and methodology

Frequently Asked Questions About Exponent Cash Flow

What is Exponent's free cash flow?

Exponent generated free cash flow of $122.34M in fiscal 2025 (fiscal year ended Jan 2, 2026), operating cash flow of $131.73M minus $9.39M of capital expenditures. That was down 11.1% from $137.60M a year earlier. Free cash flow equaled 22.8% of revenue.

How much does Exponent spend on capital expenditures?

Exponent spent $9.39M on capital expenditures in fiscal 2025, compared with $6.94M a year earlier. That equals 7.1% of operating cash flow.

Does Exponent pay dividends or buy back shares?

Yes. In fiscal 2025 Exponent returned $61.54M in dividends and $97.09M 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