Radware Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	20.26	6.04	-21.59	-0.17	7.81
Depreciation & Amortization	11.68	11.84	12.24	11.69	8.34
Other Amortization	-	-	-	-	1.86
Loss (Gain) From Sale of Investments	0	-0.42	2	2.28	2.28
Stock-Based Compensation	24.04	26.03	34.02	27.35	17.57
Change in Accounts Receivable	-18.2	3.44	-2.52	-4.56	3.66
Change in Inventory	0.81	1.51	-4.12	0.15	2.36
Change in Accounts Payable	1.65	1.28	-2.17	2.15	0.43
Change in Unearned Revenue	6.81	5.5	-14.95	13.48	20.06
Change in Other Net Operating Assets	3.04	17.47	-5.87	-18.24	10.87
Operating Cash Flow	50.09	71.61	-3.5	32.15	71.77
Operating Cash Flow Growth	-30.05%	-	-	-55.21%	12.38%
Capital Expenditures	-8.54	-5.28	-5.43	-8.81	-5.6
Cash Acquisitions	-	-	-	-30	-
Investment in Securities	-21.59	-34.32	98.14	-17.24	13.4
Other Investing Activities	0.06	0.08	0.07	0.04	0.05
Investing Cash Flow	-30.07	-39.52	92.78	-56.02	7.85
Issuance of Common Stock	-	0	0.37	2.03	10.59
Repurchase of Common Stock	-10.49	-0.84	-63.23	-59.49	-52.47
Other Financing Activities	-3.17	-3.08	-2.06	35	-
Financing Cash Flow	-13.66	-3.91	-64.93	-22.46	-41.88
Net Cash Flow	6.36	28.18	24.35	-46.33	37.74
Free Cash Flow	41.56	66.33	-8.93	23.33	66.17
Free Cash Flow Growth	-37.35%	-	-	-64.74%	19.89%
Free Cash Flow Margin	13.77%	24.13%	-3.42%	7.95%	23.10%
Free Cash Flow Per Share	0.93	1.53	-0.21	0.52	1.39
Cash Income Tax Paid	-	0.92	4	18.07	2.75
Levered Free Cash Flow	45.23	43.35	2.35	23.14	60.32
Unlevered Free Cash Flow	45.23	43.35	2.35	23.14	60.32
Change in Working Capital	-5.89	28.13	-30.17	-9.01	33.91

Source: S&P Global Market Intelligence. Standard template. Financial Sources.