Zurn Elkay Water Solutions (ZWS) Cash Flow: Operating & Free Cash Flow

Zurn Elkay Water Solutions (ZWS) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Zurn Elkay Water Solutions generated $346.50M of operating cash flow and spent $29.90M on capital expenditures. That left free cash flow of $316.60M, up 16.5% from $271.70M a year earlier, or 18.7% of revenue. It returned $223.80M to shareholders through $63.90M in dividends and $159.90M in share buybacks.

Zurn Elkay Water Solutions 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 Zurn Elkay Water Solutions Corporation (ZWS) - 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	Mar 2020	Mar 2019	Mar 2018
Operating Activities
Net Income	198.00	160.20	112.70	61.70	120.90	118.20	180.10	34.30	76.00
Depreciation & Amortization	88.70	88.30	87.90	54.50	77.50	67.00	86.60	92.30	89.70
Deferred Income Tax	-4.60	-14.80	-4.20	0.50	-12.10	-7.00	-2.80	-27.50	-77.50
Stock Based Compensation	40.60	37.90	40.00	25.00	51.40	36.60	26.90	22.60	20.50
Change in Working Capital	26.30	9.60	20.60	-47.90	-24.40	-19.20	-31.10	-15.80	-5.90
Change in Accounts Receivable	18.40	6.30	10.10	15.50	-66.60	65.10	-19.90	-29.80	-31.00
Change in Inventory	-0.10	2.70	65.00	-17.60	-79.50	0.50	0.10	-24.70	11.50
Change in Accounts Payable	-6.80	15.80	-60.80	-18.30	99.10	-65.10	-3.70	-1.30	13.00
Change in Other Working Capital	14.80	1.40	2.50	-27.50	22.60	-19.70	-7.60	40.00	0.60
Other Operating Activities	-2.50	-13.20	-7.30	3.20	10.30	0.70	38.90	152.20	125.70
Net Cash from Operating Activities	346.50	293.50	253.90	97.00	223.60	196.30	298.60	258.10	228.50
Investing Activities
Capital Expenditures	-29.90	-21.80	-21.30	-7.60	-23.30	-28.30	-41.40	-44.90	-40.70
Acquisitions	0.00	0.00	0.00	-44.80	-17.10	-102.00	-23.40	-23.40	-173.60
Other Investing Activities	-29.90	1.60	9.00	45.80	18.50	7.80	15.00	15.00	5.50
Net Cash from Investing Activities	-29.90	-20.20	-4.60	-6.60	-21.90	-122.50	-53.30	-53.30	-208.80
Financing Activities
Debt Repayment	-0.80	-0.80	-77.90	-5.70	-576.70	-330.40	214.40	-98.20	-280.60
Common Stock Issued	7.90	8.70	4.30	0.00	0.00	0.00	0.00	0.00	0.00
Common Stock Repurchased	-159.90	-158.80	-128.20	-24.70	-0.90	-59.30	-100.70	0.00	0.00
Dividends Paid	-63.90	-56.60	-50.40	-32.50	-36.40	-28.80	-27.20	-23.20	-23.20
Other Financing Activities	-0.60	0.10	1.20	1.80	257.80	8.90	28.40	4.70	-5.00
Net Cash from Financing Activities	-217.30	-207.50	-239.20	-61.10	-356.20	-409.60	114.90	-116.70	-308.80
Summary
Effect of Forex Changes on Cash	3.20	-4.50	1.80	-1.10	-4.50	18.00	-9.50	-13.20	16.60
Net Change in Cash	102.50	61.30	11.90	28.20	-159.00	-317.80	280.90	74.90	-272.50
Cash at Beginning of Period	198.00	136.70	124.80	96.60	255.60	573.40	292.50	217.60	490.10
Cash at End of Period	300.50	198.00	136.70	124.80	96.60	255.60	573.40	292.50	217.60
Free Cash Flow	316.60	271.70	232.60	89.40	200.30	168.00	257.20	213.20	187.80
Supplemental Disclosures
Interest Paid	33.90	30.90	36.10	24.30	34.70	-	-	-	-
Income Taxes Paid	-	68.10	45.70	3.10	57.80	-	-	-	-

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

Frequently Asked Questions About Zurn Elkay Water Solutions Cash Flow

What is Zurn Elkay Water Solutions's free cash flow?

Zurn Elkay Water Solutions generated free cash flow of $316.60M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $346.50M minus $29.90M of capital expenditures. That was up 16.5% from $271.70M a year earlier. Free cash flow equaled 18.7% of revenue.

How much does Zurn Elkay Water Solutions spend on capital expenditures?

Zurn Elkay Water Solutions spent $29.90M on capital expenditures in fiscal 2025, compared with $21.80M a year earlier. That equals 8.6% of operating cash flow.

Does Zurn Elkay Water Solutions pay dividends or buy back shares?

Yes. In fiscal 2025 Zurn Elkay Water Solutions returned $63.90M in dividends and $159.90M 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