Gates Industrial Corporation (GTES) Cash Flow: Operating & Free Cash Flow

Gates Industrial Corporation (GTES) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Gates Industrial Corporation generated $478.10M of operating cash flow and spent $113.90M on capital expenditures. That left free cash flow of $364.20M, up 22.8% from $296.50M a year earlier, or 10.6% of revenue. It repurchased $119.30M of its own shares.

Gates Industrial Corporation 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 Gates Industrial Corporation plc (GTES) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Jan 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	276.30	219.90	256.40	242.50	331.30	331.30	90.00	694.10	271.10	182.70
Depreciation & Amortization	213.80	216.90	217.50	217.20	222.60	222.60	218.60	222.20	218.50	212.20
Deferred Income Tax	-26.00	-12.10	-65.70	-79.70	-	-94.30	-47.70	-648.40	-64.90	-162.80
Stock Based Compensation	27.20	28.80	27.40	44.30	24.60	24.60	19.80	15.00	6.00	5.40
Change in Working Capital	21.30	-26.00	74.70	-157.50	-126.00	-126.00	6.10	58.80	-164.50	-27.10
Change in Accounts Receivable	18.40	8.40	45.60	-129.30	-22.30	-22.30	9.70	41.80	-49.60	-24.60
Change in Inventory	14.30	-64.00	24.50	2.90	-192.40	-192.40	-22.10	65.10	-96.10	-45.40
Change in Accounts Payable	-14.30	-27.60	-17.80	-15.90	99.60	99.60	28.60	-48.20	42.10	49.90
Change in Other Working Capital	4.30	57.20	22.40	15.80	-45.90	-10.90	-10.10	0.10	-60.90	-7.00
Other Operating Activities	4.30	-47.90	-29.30	-87.30	-73.80	24.20	22.20	7.20	47.30	103.10
Net Cash from Operating Activities	478.10	379.60	481.00	265.80	382.40	382.40	309.00	348.90	313.50	313.50
Investing Activities
Capital Expenditures	-113.90	-83.10	-71.40	-77.60	-77.70	-87.00	-67.40	-83.10	-182.70	-111.10
Acquisitions	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00	-50.90	-110.70
Purchases of Investments	0.00	-11.30	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00
Sales/Maturities of Investments	0.00	5.00	0.00	-9.40	-9.30	0.00	0.00	0.00	0.00	0.00
Other Investing Activities	-45.80	-15.00	-20.60	-3.70	1.00	1.00	-10.10	5.10	-10.00	1.20
Net Cash from Investing Activities	-119.00	-104.40	-81.80	-90.70	-86.00	-86.00	-77.50	-78.00	-243.60	-220.60
Financing Activities
Debt Repayment	-123.40	-108.40	-19.60	-676.90	-91.00	-91.00	-331.20	-25.10	-933.50	-32.20
Common Stock Issued	10.40	14.90	18.70	15.90	4.60	4.60	3.10	1.80	799.70	0.60
Common Stock Repurchased	-119.30	-176.10	-251.70	-175.90	-10.60	-10.60	0.00	0.00	0.00	-1.60
Other Financing Activities	-18.80	-17.10	-5.70	-61.20	-51.60	-51.60	-25.70	-36.00	-65.10	-42.10
Net Cash from Financing Activities	-251.10	-286.70	-258.30	-253.10	-148.60	-148.60	-353.80	-59.30	-198.90	-75.30
Summary
Effect of Forex Changes on Cash	22.20	-27.70	1.70	-1.50	-11.00	-11.00	9.80	0.40	-12.40	19.60
Net Change in Cash	130.20	-39.20	142.60	-79.50	136.80	136.80	-112.50	212.00	-141.40	37.20
Cash at Beginning of Period	684.80	724.00	581.40	660.90	-	524.10	636.60	424.60	566.00	527.20
Cash at End of Period	815.00	684.80	724.00	581.40	-	660.90	524.10	636.60	424.60	564.40
Free Cash Flow	364.20	296.50	409.60	188.20	304.70	295.40	241.60	265.80	130.80	202.40
Supplemental Disclosures
Interest Paid	120.70	132.60	155.10	118.70	121.20	-	-	-	-	-
Income Taxes Paid	111.50	122.30	110.50	117.80	83.00	-	-	-	-	-

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

Frequently Asked Questions About Gates Industrial Corporation Cash Flow

What is Gates Industrial Corporation's free cash flow?

Gates Industrial Corporation generated free cash flow of $364.20M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $478.10M minus $113.90M of capital expenditures. That was up 22.8% from $296.50M a year earlier. Free cash flow equaled 10.6% of revenue.

How much does Gates Industrial Corporation spend on capital expenditures?

Gates Industrial Corporation spent $113.90M on capital expenditures in fiscal 2025, compared with $83.10M a year earlier. That equals 23.8% of operating cash flow.

Does Gates Industrial Corporation pay dividends or buy back shares?

Yes. In fiscal 2025 Gates Industrial Corporation returned $119.30M 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