CONSTELLATION SOFTWARE INC. (CSU.TO) generated 2.73 B USD of operating cash flow and 2.66 B USD of free cash flow in fiscal year 2025, up 25.1 % year on year.
CONSTELLATION SOFTWARE INC. (CSU.TO) generated 2.73 B USD of operating cash flow in fiscal year 2025. After capital expenditure of 68.0 M USD, free cash flow was 2.66 B USD, up 25.1 % year on year. That is 520 % of the year's net income converted into free cash flow. The company paid 85.0 M USD in dividends. The net change in cash over the year was 1,109 M USD. Over the whole period free cash flow compounds at 28.5 % a year. The series covers 4 fiscal years, from 2022 to 2025. All figures are stated in USD and are taken from the company's own published annual accounts, with no restatements or adjustments of our own. The statement keeps the natural cash-flow sign convention: cash outflows are negative.
Fiscal year end: December
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Net income | 512M | 565M | 731M | 512M |
| Depreciation & amortization | 0.82B | 1.02B | 1.23B | 1.38B |
| Asset impairment | 7.00M | 26.0M | 28.0M | 43.0M |
| Stock-based compensation | — | — | — | — |
| Deferred taxes | 175M | 204M | 244M | 353M |
| (Gain)/loss on sale of assets | — | — | — | — |
| (Gain)/loss on sale of businesses and investments | — | — | — | -67.0M |
| Income from equity method investments | 0.00M | -5.00M | 0.00M | 261M |
| Provisions and restructuring | — | — | — | — |
| Change in working capital | -61.0M | -36.0M | -45.0M | -6.00M |
| Other operating activities (as reported) | -155M | 4.00M | 12.0M | 253M |
| Unallocated operating remainder | — | — | — | — |
| Operating cash flow | 1.30B | 1.78B | 2.20B | 2.73B |
| Operating cash flow — YoY growth | — | 37.16 % | 23.44 % | 24.41 % |
| Capex | -41.0M | -42.0M | -67.0M | -68.0M |
| Free Cash Flow | 1.26B | 1.74B | 2.13B | 2.66B |
| Free Cash Flow — YoY growth | — | 38.30 % | 22.57 % | 25.13 % |
Figures in USD
Fiscal year end: December
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Capex | -41.0M | -42.0M | -67.0M | -68.0M |
| Proceeds from sale of PP&E | — | — | — | — |
| Business acquisitions | -1.78B | -1.85B | -1.68B | -1.51B |
| Business divestitures | 216M | 152M | 164M | 173M |
| Purchases/sales of investments | -91.0M | 96.0M | -1.00M | -530M |
| Long-term investments | -1.00M | -2.00M | -13.0M | 1.00M |
| Unallocated investing remainder | 5.00M | 4.00M | 33.0M | 56.0M |
| Investing cash flow | -1.69B | -1.64B | -1.57B | -1.88B |
Figures in USD
Fiscal year end: December
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Debt issuance | 798M | 656M | 1,381M | 686M |
| Debt repayment | -196M | -391M | -267M | -377M |
| Share issuance | — | — | — | — |
| Share buybacks | — | — | — | — |
| Tax withholding on RSU/option vesting | — | — | — | — |
| Dividends paid | -115M | -85.0M | -149M | -85.0M |
| Other financing activities | -4.00M | 136M | -851M | -68.0M |
| Financing cash flow | 483M | 316M | 114M | 156M |
Figures in USD
Fiscal year end: December
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Operating cash flow | 1.30B | 1.78B | 2.20B | 2.73B |
| Investing cash flow | -1.69B | -1.64B | -1.57B | -1.88B |
| Financing cash flow | 483M | 316M | 114M | 156M |
| Foreign exchange effect | -39.0M | 17.0M | -48.0M | 102M |
| Net change in cash | 47.0M | 473M | 695M | 1,109M |
| Income taxes paid (cash) | -343M | -394M | -460M | -556M |
| Interest paid (cash) | -85.0M | -144M | -192M | -212M |
Figures in USD
