FirstService (FSV) Cash Flow: Operating & Free Cash Flow

FirstService 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 FirstService Corporation (FSV) - 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	190.75	187.77	102.23	145.01	156.13	109.59	-227.63	90.28	76.67
Depreciation & Amortization	185.21	165.27	127.93	110.14	98.97	98.38	79.56	52.77	42.05
Deferred Income Tax	2.47	-13.99	-19.05	7.44	-2.62	-18.05	-8.99	1.99	-7.11
Stock Based Compensation	27.39	25.31	21.39	18.97	15.76	11.63	259.63	5.77	4.13
Change in Working Capital	54.33	-37.92	-5.63	-175.06	-78.12	89.54	-27.11	-51.42	-7.79
Change in Accounts Receivable	59.59	-42.31	-95.54	-69.67	-86.94	8.91	-17.40	-37.10	-15.03
Change in Inventory	18.13	-19.41	22.24	-71.52	-15.51	-44.24	-7.11	-5.78	-0.82
Change in Accounts Payable	-32.40	14.22	-6.25	-2.27	-15.15	13.71	0.86	-3.25	5.01
Change in Other Working Capital	-15.77	9.58	13.05	-0.59	-3.04	111.16	-3.46	-5.29	3.05
Other Operating Activities	0.40	-40.77	13.05	-0.59	-3.04	0.68	32.35	5.84	5.66
Net Cash from Operating Activities	445.94	285.67	280.36	105.89	167.27	291.77	107.81	99.46	115.64
Investing Activities
Capital Expenditures	-127.71	-112.80	-92.73	-77.61	-58.20	-39.42	-46.63	-40.60	-36.26
Acquisitions	-107.16	-212.25	-547.18	-51.99	-163.22	-98.56	-566.83	-59.44	-39.57
Other Investing Activities	-10.33	1.34	-6.41	-31.20	-0.68	-4.29	-1.50	-6.16	-0.09
Net Cash from Investing Activities	-245.20	-323.70	-646.33	-160.80	-206.32	-142.26	-614.97	-106.20	-75.92
Financing Activities
Debt Repayment	-350.69	103.58	-141.00	-70.00	-68.42	-179.29	429.86	62.29	17.42
Common Stock Issued	62.04	58.35	34.23	12.30	21.58	150.01	191.74	0.00	0.00
Common Stock Repurchased	0.00	0.00	0.00	-11.81	-21.39	0.00	0.00	-9.00	-17.09
Dividends Paid	-48.89	-43.83	-39.06	-34.88	-31.21	-28.90	-22.56	-18.78	-17.14
Other Financing Activities	-61.75	14.66	-27.46	-38.79	-28.00	-18.47	-38.41	-14.07	-9.52
Net Cash from Financing Activities	-263.33	74.41	413.95	18.78	24.43	-75.20	561.14	20.44	-26.33
Summary
Effect of Forex Changes on Cash	-1.01	0.43	-0.45	1.20	-0.05	0.34	0.46	-0.75	0.41
Net Change in Cash	-63.60	36.81	47.53	-34.92	-14.62	74.65	54.45	12.95	13.80
Cash at Beginning of Period	255.21	206.88	159.35	194.27	208.94	134.29	79.84	66.89	43.38
Cash at End of Period	179.76	243.69	206.88	159.35	194.27	208.94	134.29	79.84	57.19
Free Cash Flow	318.24	172.88	187.63	28.28	109.07	252.35	61.18	58.86	79.38
Supplemental Disclosures
Interest Paid	-	77.39	49.72	23.69	14.63	-	-	-	-
Income Taxes Paid	-	82.31	64.65	55.11	60.09	-	-	-	-

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

Frequently Asked Questions About FirstService Cash Flow

What is FirstService's free cash flow?

FirstService generated free cash flow of $318.24M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $445.94M minus $127.70M of capital expenditures. That was up 84.1% from $172.88M a year earlier. Free cash flow equaled 5.7% of revenue.

How much does FirstService spend on capital expenditures?

FirstService spent $127.70M on capital expenditures in fiscal 2025, compared with $112.80M a year earlier. That equals 28.6% of operating cash flow.

Does FirstService pay dividends or buy back shares?

Yes. In fiscal 2025 FirstService returned $48.89M in dividends 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