FARMERS & MERCHANTS BANCORP
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $93.6M | $88.5M | $88.3M | $75.1M | $66.3M | $58.7M | $56.0M | $45.5M |
| Depreciation & Amortization | — | — | — | — | — | — | — | $2.4M |
| Depreciation | $3.1M | $2.9M | $2.5M | $2.4M | $2.6M | $2.8M | $2.8M | $2.4M |
| Amortization | — | — | — | — | — | $626.0K | $639.0K | $228.0K |
| Stock-Based Compensation | $11.6M | $0 | $0 | — | — | — | — | — |
| Net Cash from Operating Activities | $104.2M | $103.7M | $93.3M | $101.8M | $60.0M | $58.1M | $80.9M | $57.8M |
| Investing Activities | ||||||||
| Capital Expenditures | $7.6M | $2.4M | $5.0M | $4.2M | $2.1M | $7.7M | $15.5M | $4.6M |
| Business Acquisitions | — | — | — | — | — | $0 | $0 | $6.0M |
| Net Cash from Investing Activities | $-402.0M | $-274.6M | $-146.5M | $-315.3M | $-296.2M | $-736.8M | $-135.6M | $-205.1M |
| Financing Activities | ||||||||
| Dividends Paid | $13.8M | $13.0M | $12.9M | $12.5M | $12.1M | $11.7M | $11.2M | $11.2M |
| Stock Repurchases | $2.9M | $45.3M | $20.4M | $20.3M | $0 | $2.8M | $0 | $31.2M |
| Net Cash from Financing Activities | $230.1M | $-27.2M | $-124.4M | $86.3M | $567.8M | $767.7M | $204.0M | $105.7M |
| Net Change in Cash | — | — | — | — | — | — | — | $-41.6M |
| Free Cash Flow | $96.6M | $101.3M | $88.4M | $97.6M | $57.9M | $50.4M | $65.3M | $53.2M |