CGI (GIB) Cash Flow: Operating & Free Cash Flow

CGI (GIB) Cash Flow Statement

In fiscal 2025 (fiscal year ended Sep 30, 2025), CGI generated CAD 2.23B of operating cash flow and spent CAD 116.61M on capital expenditures. That left free cash flow of CAD 2.12B, up 9.1% from CAD 1.94B a year earlier, or 13.3% of revenue. It returned CAD 1.42B to shareholders through CAD 135.05M in dividends and CAD 1.29B in share buybacks.

CGI Cash Flow Statement Analysis

Values in billions CAD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for CGI Inc. (GIB) - Annual data in billions CAD
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	1.66	1.69	1.63	1.47	1.37	1.12	1.26	1.14	1.04
Depreciation & Amortization	0.61	0.45	0.50	0.47	0.50	0.54	0.39	0.38	0.37
Deferred Income Tax	0.00	-0.15	-0.11	-0.01	-0.03	0.01	-0.01	-0.04	0.06
Stock Based Compensation	0.07	0.07	0.00	0.05	0.00	0.00	0.00	0.00	0.00
Change in Working Capital	-0.12	0.06	0.02	-0.11	0.21	0.22	-0.06	-0.04	-0.15
Change in Accounts Receivable	0.02	0.10	0.05	-0.16	-0.05	0.31	0.04	-0.10	-0.17
Change in Inventory	-0.06	-0.01	0.00	-0.12	0.00	0.00	0.00	0.00	0.00
Change in Accounts Payable	-0.17	0.02	-0.13	0.11	0.06	-0.11	-0.05	0.11	-0.09
Change in Other Working Capital	-0.12	0.06	0.10	-0.01	0.21	0.02	-0.05	-0.05	0.12
Other Operating Activities	0.01	0.06	0.07	-0.01	0.06	0.06	0.05	0.05	0.04
Net Cash from Operating Activities	2.23	2.20	2.11	1.86	2.12	1.94	1.63	1.49	1.36
Investing Activities
Capital Expenditures	-0.12	-0.26	-0.31	-0.29	-0.24	-0.24	-0.27	-0.24	-0.22
Acquisitions	-1.83	-0.38	-0.01	-0.57	-0.10	-0.27	-0.62	-0.24	-0.28
Purchases of Investments	-0.12	-0.16	-0.17	-0.02	-0.01	-0.01	-0.01	-0.02	-0.01
Sales/Maturities of Investments	0.09	0.11	0.05	0.05	0.01	0.02	0.01	0.01	0.01
Other Investing Activities	0.02	0.07	-0.02	0.00	0.00	0.00	0.00	0.00	0.00
Net Cash from Investing Activities	-2.20	-0.78	-0.56	-0.91	-0.40	-0.57	-0.95	-0.58	-0.59
Financing Activities
Debt Repayment	-0.23	-1.46	-0.14	-0.67	0.00	1.34	0.47	-0.14	0.01
Common Stock Issued	0.06	0.08	0.09	0.04	0.06	0.06	0.06	0.08	0.05
Common Stock Repurchased	-1.29	-1.00	-0.86	-0.98	-1.53	-1.10	-1.16	-0.82	-1.25
Dividends Paid	-0.14	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Financing Activities	0.47	0.03	-0.28	0.02	-0.18	-0.20	0.00	0.00	0.00
Net Cash from Financing Activities	-0.25	-1.61	-1.19	-1.59	-1.65	0.09	-0.63	-0.88	-1.18
Summary
Effect of Forex Changes on Cash	0.09	0.03	0.24	-0.05	-0.07	0.03	-0.02	-0.02	-0.01
Net Change in Cash	-0.13	-0.14	0.60	-0.68	-0.01	1.49	0.03	0.02	-0.43
Cash at Beginning of Period	1.69	1.84	0.97	2.16	1.71	0.21	0.18	0.17	0.60
Cash at End of Period	1.57	1.69	1.57	1.47	1.70	1.71	0.21	0.18	0.17
Free Cash Flow	2.12	1.94	1.81	1.57	1.88	1.70	1.37	1.25	1.14
Supplemental Disclosures
Interest Paid	0.13	0.10	0.13	0.12	0.13	-	-	-	-
Income Taxes Paid	0.60	0.74	0.48	0.44	0.38	-	-	-	-

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

Frequently Asked Questions About CGI Cash Flow

What is CGI's free cash flow?

CGI generated free cash flow of CAD 2.12B in fiscal 2025 (fiscal year ended Sep 30, 2025), operating cash flow of CAD 2.23B minus CAD 116.61M of capital expenditures. That was up 9.1% from CAD 1.94B a year earlier. Free cash flow equaled 13.3% of revenue.

How much does CGI spend on capital expenditures?

CGI spent CAD 116.61M on capital expenditures in fiscal 2025, compared with CAD 263.64M a year earlier. That equals 5.2% of operating cash flow.

Does CGI pay dividends or buy back shares?

Yes. In fiscal 2025 CGI returned CAD 135.05M in dividends and CAD 1.29B 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