The Descartes Systems Group Inc.
Cash Flow Statement
| Line Item | FY2026 | FY2025 | FY2024 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $163.8M | $143.3M | $115.9M | $86.3M | $52.1M | $37.0M | $31.3M | $26.9M |
| Depreciation & Amortization | — | — | — | — | — | — | — | — |
| Depreciation | $5.9M | $5.6M | $5.5M | $5.1M | $5.8M | $6.0M | $4.5M | $4.1M |
| Amortization | $81.2M | $69.4M | $60.5M | $59.1M | $55.9M | $55.5M | $40.2M | $33.5M |
| Stock-Based Compensation | $20.9M | $20.0M | $16.5M | $11.0M | $6.3M | $4.9M | $3.7M | $2.8M |
| Net Cash from Operating Activities | $266.2M | $219.3M | $207.7M | $176.1M | $131.2M | $104.3M | $78.1M | $72.1M |
| Investing Activities | ||||||||
| Capital Expenditures | $5.7M | $6.7M | $5.6M | $4.8M | $3.8M | $4.9M | $5.2M | $5.1M |
| Business Acquisitions | $151.6M | $290.2M | $142.7M | $90.3M | $48.4M | $292.1M | $67.9M | $111.9M |
| Net Cash from Investing Activities | $-157.4M | $-296.9M | $-148.3M | $-95.1M | $-52.2M | $-297.0M | $-73.2M | $-117.0M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | $892.0K | — | — | — | — | — | — | — |
| Net Cash from Financing Activities | $5.0M | $-3.6M | $-14.7M | $1.5M | $5.6M | $210.2M | $-11.4M | $38.0M |
| Net Change in Cash | $120.4M | $-84.8M | $44.6M | $79.8M | $89.3M | $17.1M | $-7.8M | $-3.0M |
| Free Cash Flow | $260.5M | $212.5M | $202.1M | $171.3M | $127.5M | $99.4M | $72.8M | $67.1M |