Safe Bulkers (SB) Cash Flow: Operating & Free Cash Flow

Safe Bulkers (SB) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Safe Bulkers generated $102.29M of operating cash flow and spent $41.99M on capital expenditures. That left free cash flow of $60.30M, or 21.9% of revenue. It returned $39.62M to shareholders through $28.61M in dividends and $11.01M in share buybacks.

Safe Bulkers 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 Safe Bulkers, Inc. (SB) - 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	38.56	97.38	77.35	172.55	174.35	-12.91	16.04	27.68	-84.68
Depreciation & Amortization	59.88	58.14	54.13	49.52	52.36	54.27	50.31	48.07	51.42
Deferred Income Tax	0.00	0.00	0.00	0.00	0.00	0.00	0.11	0.18	81.93
Stock Based Compensation	0.15	0.15	0.14	0.12	0.12	0.00	0.12	0.12	0.12
Change in Working Capital	-4.40	-9.98	-4.07	-9.07	6.70	18.48	-10.42	7.61	-2.43
Change in Accounts Receivable	3.29	-5.71	-1.98	1.65	-3.47	10.97	-4.22	-0.53	-2.37
Change in Inventory	-7.96	0.93	-0.68	-13.18	3.90	-3.53	-5.54	0.09	0.95
Change in Accounts Payable	3.51	-1.12	0.39	0.51	-3.99	2.45	5.05	2.63	-0.49
Change in Other Working Capital	6.59	-4.08	-1.79	1.95	10.25	8.59	-5.71	5.42	-0.52
Other Operating Activities	6.59	-15.22	-5.35	4.88	-16.33	3.54	2.12	1.79	2.83
Net Cash from Operating Activities	102.29	130.46	122.21	218.00	217.20	63.38	58.28	85.45	49.20
Investing Activities
Capital Expenditures	-41.99	-144.78	-209.10	-183.28	-109.23	-50.44	-39.24	-45.93	-59.94
Acquisitions	23.39	0.00	0.00	16.93	0.00	0.00	-2.46	0.00	21.94
Purchases of Investments	-123.51	-81.99	-52.87	-79.82	-2.31	-93.79	-84.97	-60.80	-37.64
Sales/Maturities of Investments	151.81	77.04	79.47	16.76	13.01	109.45	87.42	43.06	37.48
Other Investing Activities	18.20	78.00	30.77	0.00	107.08	0.00	2.46	-17.74	-0.04
Net Cash from Investing Activities	9.70	-71.73	-151.73	-229.40	8.55	-34.78	-36.79	-63.67	-38.20
Financing Activities
Debt Repayment	-225.49	36.16	89.97	61.87	-265.73	10.41	26.24	7.79	-7.55
Common Stock Issued	0.00	0.00	0.00	0.00	71.16	-0.34	0.00	0.00	0.00
Common Stock Repurchased	-11.01	-28.92	-26.22	-46.37	-17.71	-6.10	-4.15	-10.11	0.00
Dividends Paid	-28.61	-29.50	-30.68	-33.63	-11.20	-11.50	-11.50	-11.39	-12.32
Other Financing Activities	-2.21	-3.60	-3.93	-21.97	-2.81	-1.76	-2.05	-11.36	-26.87
Net Cash from Financing Activities	-52.37	-25.86	29.14	-40.10	-225.90	-9.29	8.54	-15.58	-46.70
Summary
Effect of Forex Changes on Cash	0.08	-0.37	0.35	-0.71	-0.79	-4.80	0.01	-0.12	0.24
Net Change in Cash	59.62	32.50	-0.03	-52.21	-0.94	14.50	30.05	6.08	-36.31
Cash at Beginning of Period	91.56	59.06	59.09	111.25	112.19	78.94	62.59	56.51	92.82
Cash at End of Period	151.25	91.56	59.06	59.05	111.25	93.44	92.64	62.59	56.51
Free Cash Flow	60.30	-14.32	-86.90	34.72	107.97	12.93	19.04	39.52	-10.74
Supplemental Disclosures
Interest Paid	-	29.45	22.34	13.67	13.69	-	-	-	-

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

Frequently Asked Questions About Safe Bulkers Cash Flow

What is Safe Bulkers's free cash flow?

Safe Bulkers generated free cash flow of $60.30M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $102.29M minus $41.99M of capital expenditures. Free cash flow equaled 21.9% of revenue.

How much does Safe Bulkers spend on capital expenditures?

Safe Bulkers spent $41.99M on capital expenditures in fiscal 2025, compared with $144.78M a year earlier. That equals 41.1% of operating cash flow.

Does Safe Bulkers pay dividends or buy back shares?

Yes. In fiscal 2025 Safe Bulkers returned $28.61M in dividends and $11.01M 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