FirstService 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	190.75	187.77	147.02	145.01	156.13
Depreciation & Amortization	185.21	165.27	127.93	110.14	98.97
Stock-Based Compensation	27.39	25.31	21.39	18.97	15.76
Other Adjustments	0.4	-33.49	-6.02	6.84	-12.19
Change in Receivables	59.59	-42.31	-93.82	-69.67	-86.94
Changes in Inventories	18.13	-19.41	22.24	-71.52	-15.51
Changes in Accounts Payable	-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	12.39	-9.13	39.96	3.82	18.08
Changes in Other Operating Activities	-15.77	-10.94	2	-26.58	-4.2
Operating Cash Flow	445.94	285.67	280.36	105.89	167.27
Operating Cash Flow Growth	56.10%	1.90%	164.76%	-36.69%	-42.67%
Capital Expenditures	-127.71	-112.8	-92.73	-77.61	-58.2
Payments for Business Acquisitions	-107.16	-212.25	-547.18	-51.99	-163.22
Proceeds from Business Divestments	-	-	7.35	-	15.78
Other Investing Activities	-10.33	1.34	-13.76	-31.2	-0.68
Investing Cash Flow	-245.2	-323.7	-646.33	-160.8	-206.32
Long-Term Debt Issued	135.96	367	587.85	150.16	130.48
Long-Term Debt Repaid	-350.69	-263.42	-141	-70	-68.42
Net Long-Term Debt Issued (Repaid)	-214.73	103.58	446.85	80.16	62.06
Issuance of Common Stock	62.04	58.35	33.62	12.3	21.58
Net Common Stock Issued (Repurchased)	62.04	58.35	33.62	12.3	21.58
Common Dividends Paid	-48.89	-43.83	-39.06	-34.88	-31.21
Other Financing Activities	-61.75	-43.7	-27.46	-38.79	-28
Financing Cash Flow	-263.33	74.41	413.95	18.78	24.43
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-1.01	0.43	-0.45	1.2	-0.05
Net Cash Flow	-63.6	36.81	47.53	-34.92	-14.67
Free Cash Flow	318.24	172.88	187.63	28.28	109.07
Free Cash Flow Growth	84.08%	-7.86%	563.36%	-74.07%	-56.78%
FCF Margin	5.79%	3.31%	4.33%	0.76%	3.36%
Free Cash Flow Per Share	6.96	3.82	4.19	0.64	2.46
Levered Free Cash Flow	-29.58	273.54	666.3	128.37	233.58
Unlevered Free Cash Flow	282.07	281.33	296.13	90.87	186.94

Updated Feb 4, 2026. Data Source: Fiscal.ai. standard template. Financial Sources.

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