United Bankshares, Inc.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $464.6M | $373.0M | $366.3M | $379.6M | $367.7M | $289.0M | $260.1M | $256.3M |
| Depreciation & Amortization | — | — | — | — | — | — | $-20.5M | $-21.1M |
| Depreciation | $16.8M | $15.7M | $17.2M | $18.2M | $16.6M | $13.5M | $9.3M | $10.3M |
| Amortization | $9.4M | $3.6M | $5.1M | $5.5M | $5.9M | $6.6M | $7.0M | $8.0M |
| Stock-Based Compensation | $13.1M | $12.1M | $12.5M | $9.9M | $8.0M | $6.0M | $4.9M | $4.1M |
| Net Cash from Operating Activities | $498.9M | $445.5M | $435.2M | $760.8M | $609.5M | $140.4M | $152.0M | $294.0M |
| Investing Activities | ||||||||
| Capital Expenditures | $17.7M | $12.1M | $11.7M | $16.9M | $15.4M | $19.0M | $11.1M | $5.8M |
| Business Acquisitions | — | — | $0 | $0 | $-39.4M | $-629.1M | $0 | $0 |
| Net Cash from Investing Activities | $-899.3M | $571.5M | $39.0M | $-3.45B | $15.7M | $137.6M | $-383.3M | $-873.0M |
| Financing Activities | ||||||||
| Dividends Paid | $209.0M | $200.7M | $194.7M | $193.0M | $181.3M | $162.7M | $138.9M | $142.4M |
| Stock Repurchases | $127.0M | $1.0M | $1.4M | $79.5M | $11.2M | $21.3M | $35.7M | $100.7M |
| Net Cash from Financing Activities | $650.4M | $-323.6M | $-51.9M | $105.3M | $923.9M | $1.09B | $48.5M | $-66.8M |
| Net Change in Cash | — | — | — | — | — | — | — | $-645.8M |
| Free Cash Flow | $481.2M | $433.3M | $423.6M | $744.0M | $594.2M | $121.4M | $140.9M | $288.3M |