Waterstone Financial (WSBF) Cash Flow: Operating & Free Cash Flow

Waterstone Financial (WSBF) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Waterstone Financial generated $24.18M of operating cash flow and spent $1.17M on capital expenditures. That left free cash flow of $23.02M, down 51.0% from $46.96M a year earlier, or 16.1% of revenue. It returned $26.98M to shareholders through $10.77M in dividends and $16.21M in share buybacks.

Waterstone Financial 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 Waterstone Financial, Inc. (WSBF) - 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	26.40	18.69	9.38	19.49	70.79	81.15	35.90	30.75	25.96
Depreciation & Amortization	2.55	2.47	3.30	4.03	6.05	5.61	4.70	4.73	2.16
Deferred Income Tax	0.71	0.98	-1.07	-0.48	1.38	-2.62	0.64	0.54	3.08
Stock Based Compensation	0.30	0.32	0.28	0.58	0.75	0.72	1.07	1.76	3.86
Change in Working Capital	5.66	-1.72	-4.27	3.33	-8.16	1.44	-2.46	-2.39	-2.73
Change in Accounts Receivable	-0.48	-0.43	-1.70	-1.71	0.94	0.39	-0.01	-0.41	-0.64
Change in Accounts Payable	0.22	0.73	1.26	0.40	-0.18	-0.42	0.16	0.51	-0.03
Change in Other Working Capital	70.68	-2.02	35.80	-11.62	-3.79	1.48	-2.62	-2.48	-2.06
Other Operating Activities	70.68	27.33	35.80	-79.44	-206.09	-179.88	-80.07	6.11	74.77
Net Cash from Operating Activities	24.18	48.06	-27.58	206.67	142.01	-93.58	-40.22	41.50	107.10
Investing Activities
Capital Expenditures	-1.17	-1.10	-0.70	-0.70	-0.78	-1.23	-3.11	-3.96	-1.58
Acquisitions	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.16	0.00
Purchases of Investments	-50.01	-35.39	-29.51	-90.00	-73.69	-29.50	0.00	0.00	-22.97
Sales/Maturities of Investments	36.92	31.04	24.85	50.75	49.50	50.54	8.08	10.44	16.13
Other Investing Activities	5.51	-18.52	-153.87	1.00	0.00	17.37	-6.12	-84.75	-86.47
Net Cash from Investing Activities	-8.75	-23.96	-159.22	-335.74	160.07	37.19	-1.15	-78.44	-94.88
Financing Activities
Debt Repayment	-90.00	-164.54	-304.00	-470.00	-30.95	24.51	48.52	48.76	-0.87
Common Stock Issued	2.41	0.00	0.00	0.56	2.31	0.00	0.00	0.00	0.00
Common Stock Repurchased	-16.21	-14.92	-26.03	-47.83	-10.18	-36.24	-22.77	-19.20	-2.19
Dividends Paid	-10.77	-11.27	-15.36	-30.26	-30.39	-31.52	-25.96	-27.05	-26.95
Other Financing Activities	-2.63	169.96	1.27	1.24	0.57	120.11	29.78	71.91	19.18
Net Cash from Financing Activities	15.91	-20.76	176.58	-201.00	-20.12	76.86	29.57	74.43	-10.83
Summary
Net Change in Cash	31.35	3.34	-10.22	-330.08	281.96	20.47	-11.80	37.49	1.39
Cash at Beginning of Period	39.76	36.42	46.64	376.72	94.77	74.30	86.10	48.61	47.22
Cash at End of Period	71.11	39.76	36.42	46.64	376.72	94.77	74.30	86.10	48.61
Free Cash Flow	23.02	46.96	-28.28	205.96	141.23	-94.81	-43.33	37.54	105.52
Supplemental Disclosures
Interest Paid	-	66.27	47.74	12.89	14.55	-	-	-	-
Income Taxes Paid	-	-0.88	1.17	4.09	22.66	-	-	-	-

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

Frequently Asked Questions About Waterstone Financial Cash Flow

What is Waterstone Financial's free cash flow?

Waterstone Financial generated free cash flow of $23.02M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $24.18M minus $1.17M of capital expenditures. That was down 51.0% from $46.96M a year earlier. Free cash flow equaled 16.1% of revenue.

How much does Waterstone Financial spend on capital expenditures?

Waterstone Financial spent $1.17M on capital expenditures in fiscal 2025, compared with $1.10M a year earlier. That equals 4.8% of operating cash flow.

Does Waterstone Financial pay dividends or buy back shares?

Yes. In fiscal 2025 Waterstone Financial returned $10.77M in dividends and $16.21M 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