Ziff Davis (ZD) Cash Flow: Operating & Free Cash Flow

Ziff Davis 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 Ziff Davis, Inc. (ZD) - 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	106.19	63.05	41.50	63.76	496.71	150.67	218.81	128.69	139.43
Depreciation & Amortization	228.69	211.92	236.97	233.40	258.30	228.74	232.03	187.17	162.04
Deferred Income Tax	0.00	-18.82	-30.02	-12.99	-13.43	5.84	-63.44	25.05	-26.04
Stock Based Compensation	44.93	40.92	31.92	26.60	25.25	24.01	23.92	28.09	22.74
Change in Working Capital	-27.19	-9.65	-73.64	-66.02	-49.36	-19.02	-57.99	-25.85	-42.04
Change in Accounts Receivable	-8.38	-153.12	-35.37	14.95	-18.05	-31.61	-30.68	4.03	-37.55
Change in Inventory	0.00	0.00	0.00	0.00	0.00	5.68	0.00	-6.66	28.69
Change in Accounts Payable	2.58	171.28	9.42	-20.25	0.48	2.18	-0.77	-35.22	-34.12
Change in Other Working Capital	-21.38	-5.79	-14.27	-6.58	39.53	4.72	-26.54	11.99	0.94
Other Operating Activities	54.44	81.25	83.21	78.71	39.53	89.85	59.21	58.17	8.29
Net Cash from Operating Activities	407.07	390.32	319.96	336.44	516.54	480.08	412.54	401.33	264.42
Investing Activities
Capital Expenditures	-119.20	-106.64	-108.73	-106.15	-113.74	-95.67	-70.63	-57.05	-41.84
Acquisitions	-63.76	-217.57	-9.49	-104.09	-164.40	-490.21	-444.93	-349.07	-116.65
Purchases of Investments	0.00	19.46	-11.86	-15.00	-1.00	-0.84	0.00	-0.50	0.00
Sales/Maturities of Investments	36.87	19.46	3.17	4.53	14.99	-3.12	0.00	0.67	0.00
Other Investing Activities	0.34	-0.57	-0.50	-0.05	259.10	3.63	10.24	-0.67	56.06
Net Cash from Investing Activities	-145.76	-297.46	-127.41	-220.77	59.09	-586.22	-505.27	-406.61	-158.49
Financing Activities
Debt Repayment	0.00	-134.99	0.00	-166.90	-512.39	99.60	544.90	-2.20	214.98
Common Stock Issued	6.54	8.37	8.73	9.58	2.94	1.62	5.27	1.54	1.11
Common Stock Repurchased	-173.79	-185.18	-108.53	-78.29	-78.33	-275.65	-20.80	-47.10	-9.85
Dividends Paid	0.00	0.00	0.00	0.00	0.00	0.00	-43.92	-81.68	-73.47
Other Financing Activities	-3.04	-9.20	-14.99	-17.50	-19.54	-60.20	-28.76	-1.02	-20.95
Net Cash from Financing Activities	-170.29	-320.99	-114.79	-140.83	-113.09	-234.63	456.70	-131.36	111.82
Summary
Effect of Forex Changes on Cash	10.11	-3.60	7.06	-16.89	-10.35	7.81	2.18	-4.82	9.24
Net Change in Cash	101.13	-231.73	84.82	-42.05	462.54	-332.96	366.14	-141.47	227.00
Cash at Beginning of Period	505.88	737.61	652.79	694.84	242.65	575.62	209.47	350.95	123.95
Cash at End of Period	607.01	505.88	737.61	652.79	694.84	242.65	575.62	209.47	350.95
Free Cash Flow	287.87	283.68	211.23	230.29	402.80	384.41	341.91	344.28	222.58
Supplemental Disclosures
Interest Paid	-	28.86	38.65	36.17	-	-	-	-	-
Income Taxes Paid	-	68.73	64.59	59.54	-	-	-	-	-

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

Frequently Asked Questions About Ziff Davis Cash Flow

What is Ziff Davis's free cash flow?

Ziff Davis generated free cash flow of $287.87M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $407.07M minus $119.20M of capital expenditures. That was up 1.5% from $283.68M a year earlier. Free cash flow equaled 19.8% of revenue.

How much does Ziff Davis spend on capital expenditures?

Ziff Davis spent $119.20M on capital expenditures in fiscal 2025, compared with $106.64M a year earlier. That equals 29.3% of operating cash flow.

Does Ziff Davis pay dividends or buy back shares?

Yes. In fiscal 2025 Ziff Davis returned $173.79M 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