WORTHINGTON STEEL, INC.
Cash Flow Statement
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|
| Operating Activities | |||||
| Net Income | $8.5M | $110.7M | $154.7M | $87.1M | $180.4M |
| Depreciation & Amortization | $84.2M | $66.0M | $65.3M | $69.6M | $59.5M |
| Depreciation | $73.1M | $59.4M | $58.5M | $62.7M | $54.2M |
| Amortization | $8.2M | $6.0M | $6.3M | $6.3M | $4.8M |
| Stock-Based Compensation | — | — | — | — | — |
| Net Cash from Operating Activities | $201.2M | $230.3M | $199.5M | $315.0M | $39.5M |
| Investing Activities | |||||
| Capital Expenditures | $121.2M | $130.4M | $103.4M | $45.5M | $36.4M |
| Business Acquisitions | $2.9M | $0 | $21.0M | $0 | $376.7M |
| Net Cash from Investing Activities | $-213.4M | $-129.1M | $-123.2M | $-22.2M | $-395.3M |
| Financing Activities | |||||
| Dividends Paid | $32.6M | $31.9M | $7.9M | $0 | $0 |
| Stock Repurchases | — | — | — | — | — |
| Net Cash from Financing Activities | $3.0M | $-48.5M | $-68.8M | $-280.2M | $358.4M |
| Net Change in Cash | $-8.3M | $52.7M | $7.5M | $12.6M | $2.6M |
| Free Cash Flow | $80.0M | $99.9M | $96.1M | $269.5M | $3.1M |
You never know who's swimming naked until the tide goes out.