Steven Madden (SHOO) Cash Flow: Operating & Free Cash Flow

Steven Madden (SHOO) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Steven Madden generated $162.20M of operating cash flow and spent $42.66M on capital expenditures. That left free cash flow of $119.54M, down 30.6% from $172.19M a year earlier, or 4.7% of revenue. It returned $74.48M to shareholders through $60.96M in dividends and $13.52M in share buybacks.

Steven Madden 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 Steven Madden, Ltd. (SHOO) - 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	49.02	175.90	171.55	217.22	190.68	-18.40	141.72	130.50	119.14
Depreciation & Amortization	33.44	20.01	15.50	20.58	15.21	14.35	21.34	22.48	21.39
Deferred Income Tax	-4.67	-4.70	6.11	3.60	1.28	-8.35	5.14	-2.51	-19.27
Stock Based Compensation	29.64	26.54	24.15	24.40	0.00	22.64	23.17	21.08	20.85
Change in Working Capital	22.35	-35.45	2.41	10.55	-79.26	-42.35	28.77	-30.41	17.72
Change in Accounts Receivable	29.12	-38.49	-19.96	-9.68	-112.49	-23.08	-17.84	4.97	22.68
Change in Inventory	4.43	-30.57	25.30	29.07	-153.79	35.48	8.44	-26.92	21.14
Change in Accounts Payable	9.89	37.34	7.05	-108.79	185.74	-34.21	38.42	21.25	9.50
Change in Other Working Capital	26.28	2.15	-9.99	99.95	1.28	-20.54	-0.25	-29.70	-35.60
Other Operating Activities	26.28	2.15	9.52	-8.46	31.56	-16.78	13.64	13.24	-1.89
Net Cash from Operating Activities	162.20	198.10	229.24	267.88	159.46	44.21	233.78	154.38	157.94
Investing Activities
Capital Expenditures	-42.66	-25.91	-19.47	-18.35	-6.61	-6.56	-18.31	-12.45	-14.78
Acquisitions	-371.55	-13.98	-75.27	3.52	6.61	6.56	-37.17	0.19	-16.80
Purchases of Investments	0.00	-21.41	-25.69	-45.13	-68.47	1.68	-67.94	-77.26	-61.21
Sales/Maturities of Investments	13.55	22.14	25.87	74.00	63.87	75.47	95.67	100.78	17.93
Other Investing Activities	-0.26	-0.34	-5.34	-8.52	1.39	-6.56	0.00	-0.19	61.43
Net Cash from Investing Activities	-400.92	-39.49	-99.89	5.52	-3.21	-4.88	-27.75	11.07	-13.42
Financing Activities
Debt Repayment	-227.50	0.00	0.00	0.00	0.00	-176.78	0.00	0.00	0.00
Common Stock Issued	0.03	1.61	0.00	0.00	0.00	1.61	0.00	0.00	0.00
Common Stock Repurchased	-13.52	-98.43	-142.35	-148.88	-123.16	-46.58	-101.77	-105.92	-99.41
Dividends Paid	-60.96	-61.04	-63.18	-66.01	-49.16	-12.46	-48.43	-47.32	0.00
Other Financing Activities	-8.40	-10.05	4.59	-0.95	-12.33	0.36	8.02	7.43	9.07
Net Cash from Financing Activities	157.15	-167.91	-200.94	-215.83	-184.65	-57.07	-142.18	-145.81	-90.34
Summary
Effect of Forex Changes on Cash	4.07	-5.41	1.52	-2.36	0.04	1.52	0.22	-0.81	0.92
Net Change in Cash	-77.50	-14.72	-70.07	55.21	-28.37	-16.24	64.07	18.82	55.10
Cash at Beginning of Period	189.92	204.64	274.71	219.50	247.86	264.10	200.03	181.21	126.12
Cash at End of Period	112.42	189.92	204.64	274.71	219.50	247.86	264.10	200.03	181.21
Free Cash Flow	119.54	172.19	209.77	249.53	152.86	37.64	215.47	141.93	143.16
Supplemental Disclosures
Interest Paid	-	-	-	-	-	0.35	-	-	-
Income Taxes Paid	-	51.15	45.53	65.40	46.81	5.15	-	-	-

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

Frequently Asked Questions About Steven Madden Cash Flow

What is Steven Madden's free cash flow?

Steven Madden generated free cash flow of $119.54M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $162.20M minus $42.66M of capital expenditures. That was down 30.6% from $172.19M a year earlier. Free cash flow equaled 4.7% of revenue.

How much does Steven Madden spend on capital expenditures?

Steven Madden spent $42.66M on capital expenditures in fiscal 2025, compared with $25.91M a year earlier. That equals 26.3% of operating cash flow.

Does Steven Madden pay dividends or buy back shares?

Yes. In fiscal 2025 Steven Madden returned $60.96M in dividends and $13.52M 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