EVERTEC, Inc. (EVTC) Cash Flow Statement

The gap between net income and operating cash flow is the central signal in this dataset, and it is unusually wide. Net income of $5.4M in 2026Q2 against operating cash flow of $90.7M implies that non-cash charges and working capital movements, rather than core earnings, drove the cash result in that quarter. Investors should monitor whether the cumulative ratio across the ten quarters converges toward a stable multiple, since the current pattern warrants further investigation into the drivers of the mismatch.

Free cash flow of $79.2M in 2026Q3 and $79.4M in 2026Q2 sits well above the $8.5M reported for 2026Q1, which indicates that working capital timing rather than underlying profitability may dominate quarterly results. The trend appears more volatile than the revenue trajectory would imply. The sustainability of the higher-margin quarters should be treated as an open question given the limited period covered by this dataset.

Most quarters show capex between $3.8M and $6.4M, which is consistent with a technology infrastructure business that does not require heavy ongoing asset replacement. The $25.0M spike in 2025Q3 suggests a discrete investment rather than a run-rate change, and the data does not reveal whether it was growth or maintenance in nature. Depreciation and amortization of $30M to $77M per quarter exceeds capex in nearly every period, which may point to a meaningful share of cash flow tied to amortization of previously acquired intangibles rather than physical asset replacement.

The swings in working capital are large relative to quarterly operating cash flow, particularly in 2026Q1 where the outflow approached the entire operating cash result. Repeated outflows in the first quarters of multiple years may indicate a seasonal settlement pattern, although the dataset does not confirm this. Investors should monitor receivables and payables balances directly, as the reported data does not isolate inventory or collection efficiency.

Acquisition spending in two recent quarters totals roughly $324M, far above the $15M to $67M in share repurchases during those same periods, indicating that inorganic growth has been the primary use of free cash flow. Dividends are small and steady at about $3M per quarter, suggesting they are not a material constraint. The return on these acquisitions cannot be assessed from cash flow data alone and warrants further investigation through segment disclosures.