FirstService Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	200.29	190.75	187.77	147.02	145.01	156.13
Depreciation & Amortization	189.1	185.21	165.27	127.93	110.14	98.97
Stock-Based Compensation	29.27	27.39	25.31	21.39	18.97	15.76
Other Adjustments	-16.76	0.4	-33.49	-6.02	6.84	-12.19
Change in Receivables	91.56	59.59	-42.31	-93.82	-69.67	-86.94
Changes in Inventories	-22.06	18.13	-19.41	22.24	-71.52	-15.51
Changes in Accounts Payable	23.85	-32.4	14.22	-17.06	11.55	-10.36
Changes in Accrued Expenses	-	8.59	2.1	25.91	-8.84	12.33
Changes in Income Taxes Payable	-	-8.34	6.29	10.82	-13.82	-4.78
Changes in Unearned Revenue	-4.17	12.39	-9.13	39.96	3.82	18.08
Changes in Other Operating Activities	-9.25	-15.77	-10.94	2	-26.58	-4.2
Operating Cash Flow	492.91	445.94	285.67	280.36	105.89	167.27
Operating Cash Flow Growth	46.82%	56.10%	1.90%	164.76%	-36.69%	-42.67%
Capital Expenditures	-126.58	-127.71	-112.8	-92.73	-77.61	-58.2
Payments for Business Acquisitions	-104.91	-107.16	-212.25	-547.18	-51.99	-163.22
Proceeds from Business Divestments	-	-	-	7.35	-	15.78
Other Investing Activities	-2.53	-10.33	1.34	-13.76	-31.2	-0.68
Investing Cash Flow	-157.78	-245.2	-323.7	-646.33	-160.8	-206.32
Long-Term Debt Issued	85.96	135.96	367	587.85	150.16	130.48
Long-Term Debt Repaid	-340.57	-350.69	-263.42	-141	-70	-68.42
Net Long-Term Debt Issued (Repaid)	-254.62	-214.73	103.58	446.85	80.16	62.06
Issuance of Common Stock	81.99	62.04	58.35	33.62	12.3	21.58
Net Common Stock Issued (Repurchased)	81.99	62.04	58.35	33.62	12.3	21.58
Common Dividends Paid	-50.14	-48.89	-43.83	-39.06	-34.88	-31.21
Other Financing Activities	-59.37	-61.75	-43.7	-27.46	-38.79	-28
Financing Cash Flow	-285.08	-263.33	74.41	413.95	18.78	24.43
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-0.82	-1.01	0.43	-0.45	1.2	-0.05
Net Cash Flow	49.23	-63.6	36.81	47.53	-34.92	-14.67
Free Cash Flow	366.33	318.24	172.88	187.63	28.28	109.07
Free Cash Flow Growth	15.11%	84.08%	-7.86%	563.36%	-74.07%	-56.78%
FCF Margin	6.58%	5.79%	3.31%	4.33%	0.76%	3.36%
Free Cash Flow Per Share	7.99	6.96	3.82	4.19	0.64	2.46
Levered Free Cash Flow	-41.49	-29.58	273.54	666.3	128.37	233.58
Unlevered Free Cash Flow	299.08	282.07	281.33	296.13	90.87	186.94

Updated May 1, 2026. Data Source: Fiscal.ai. standard template. Financial Sources.