Unitil (UTL) Cash Flow: Operating & Free Cash Flow

Unitil 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 Unitil Corporation (UTL) - 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	50.20	47.10	45.20	41.40	36.10	32.20	44.20	33.00	29.00
Depreciation & Amortization	88.70	76.10	67.40	62.60	59.50	54.50	52.00	50.40	46.90
Deferred Income Tax	9.60	13.20	7.40	11.00	10.80	9.30	13.50	8.00	17.50
Stock Based Compensation	0.00	0.00	0.00	0.00	1.40	2.20	0.00	2.20	2.70
Change in Working Capital	-17.20	-1.60	-4.60	-6.00	6.20	-15.30	13.90	3.90	-9.70
Change in Accounts Receivable	-22.10	-14.00	8.20	-29.10	-4.90	-6.90	18.40	0.60	-14.50
Change in Inventory	0.00	0.00	0.00	0.00	-8.80	-1.60	0.00	-1.40	-2.50
Change in Accounts Payable	7.00	2.00	-20.90	16.20	19.20	-4.40	-5.00	1.10	9.10
Change in Other Working Capital	-2.10	3.50	-8.40	6.90	0.70	-2.40	0.50	3.60	-1.80
Other Operating Activities	0.00	11.20	-8.40	-11.30	-6.20	-7.20	-18.70	-16.80	2.50
Net Cash from Operating Activities	131.30	125.90	107.00	97.70	107.80	75.70	104.90	78.50	86.20
Investing Activities
Capital Expenditures	-185.10	-169.90	-141.00	-122.10	-115.00	-122.60	-119.20	-102.40	-119.30
Acquisitions	-160.40	0.00	0.00	0.00	0.00	0.00	13.40	0.00	0.00
Net Cash from Investing Activities	-345.50	-169.90	-141.00	-122.10	-115.00	-122.60	-105.80	-102.40	-119.30
Financing Activities
Debt Repayment	177.10	-4.90	-6.90	41.40	-16.50	70.90	21.70	41.30	26.00
Common Stock Issued	73.50	1.10	1.10	1.00	45.50	1.10	1.10	1.20	33.00
Dividends Paid	-30.10	-27.50	-26.20	-25.10	-23.60	-22.60	-22.10	-21.80	-20.40
Other Financing Activities	3.00	-3.70	-7.80	9.60	2.30	-1.70	-2.40	3.20	-2.40
Net Cash from Financing Activities	223.50	43.80	31.50	26.90	7.70	47.70	-1.70	22.80	36.20
Summary
Net Change in Cash	9.30	-0.20	-2.50	2.50	0.50	0.80	-2.60	-1.10	3.10
Cash at Beginning of Period	6.30	6.50	9.00	6.50	6.00	5.20	7.80	8.90	5.80
Cash at End of Period	15.60	6.30	6.50	9.00	6.50	6.00	5.20	7.80	8.90
Free Cash Flow	-53.80	-44.00	-34.00	-24.40	-7.20	-46.90	-14.30	-23.90	-33.10
Supplemental Disclosures
Interest Paid	39.30	31.20	30.90	26.00	26.00	-	-	-	-
Income Taxes Paid	4.90	2.50	-	1.20	1.40	-	-	-	-

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

Frequently Asked Questions About Unitil Cash Flow

What is Unitil's free cash flow?

Unitil had negative free cash flow of $53.80M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $131.30M minus $185.10M of capital expenditures.

How much does Unitil spend on capital expenditures?

Unitil spent $185.10M on capital expenditures in fiscal 2025, compared with $169.90M a year earlier. That equals 141.0% of operating cash flow.

Does Unitil pay dividends or buy back shares?

Yes. In fiscal 2025 Unitil returned $30.10M 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