Despite a net loss of $22.5M, operating cash flow was $202.8M in Q2 2026, but free cash flow has been volatile, swinging from $222.7M in Q2 2024 to $179.3M in Q2 2026, with negative FCF in Q1 of both years.
Fortune Brands Innovations, Inc. (FBIN) cash flow statement — 17-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Cash from Operations | 496.2M | 478.6M | 667.8M | 1.06B | 566.3M | 688.7M | 825.7M | 637.2M | 604M | 600.3M | 650.5M | 411.1M | 253.7M | 297.8M | 282.8M | 175.4M | 138.9M | 269.3M |
| Operating CF Margin % | - | 10.72% | 14.49% | 22.82% | 11.99% | 14.34% | 22.8% | 11.05% | 11.01% | 11.36% | 13.05% | 8.98% | 6.32% | 8.04% | 9.02% | 5.27% | 4.3% | 8.96% |
| Operating CF Growth % | -31.16% | -28.33% | -36.75% | 86.44% | -17.77% | -16.59% | 29.58% | 5.5% | 0.62% | -7.72% | 58.23% | 62.04% | -14.81% | 5.3% | 61.23% | 26.28% | -48.42% | - |
| Net Income | 148.9M | 298.8M | 471.9M | 404.5M | 686.7M | 772.4M | 554.4M | 431.3M | 389.8M | 472.7M | 413.2M | 315.5M | 159.3M | 230.9M | 119.7M | -34.6M | 58.4M | -41.1M |
| Depreciation & Amortization | 177.1M | 194.4M | 193.6M | 168.8M | 191.6M | 189.1M | 163.5M | 152.7M | 149.6M | 130.3M | 122.7M | 115.1M | 98.8M | 90.4M | 101.3M | 111.5M | 111.6M | 131.1M |
| Stock-Based Compensation | 14.6M | 20.8M | 39.3M | 34.2M | 50.2M | 50.2M | 47.6M | 30.5M | 36.1M | 43M | 32M | 27.6M | 29.7M | 26.1M | 26.9M | 15.7M | 11.7M | 7.8M |
| Deferred Taxes | -24M | 32.3M | 200K | -26.1M | 14.8M | 1.7M | -14.6M | -7.5M | 2.8M | -18.7M | -25.8M | -13.6M | 300K | -12.7M | -5.4M | -62.4M | 23M | -23.7M |
| Other Non-Cash Items | 439.1M | 105.6M | 54.2M | 71.2M | 97.5M | 52.7M | 67M | 116.2M | 69.9M | 20.1M | 6.6M | 26.6M | 111M | 33.6M | 55.1M | 171.8M | 500K | 19.1M |
| Working Capital Changes | -259.5M | -173.3M | -91.4M | 403.2M | -474.5M | -377.4M | 7.8M | -86M | -44.2M | -47.1M | 101.8M | -60.1M | -145.4M | -70.5M | -14.8M | -26.6M | -66.3M | 176.1M |
| Change in Receivables | 3.7M | 5.6M | 6.3M | 25.7M | 66.3M | -151.5M | -85.7M | -50.7M | 9.8M | 1M | -39.1M | -6.9M | -39.9M | -58.5M | -33.5M | 26.9M | -20.8M | 43.3M |
| Change in Inventory | 21.2M | -55.4M | 16.6M | 148.8M | -198.5M | -324.3M | -91.8M | -38.3M | -55M | -24.8M | 52.4M | -69.8M | 14.5M | -89.7M | -18.7M | -4.6M | -34.4M | 45.1M |
| Change in Payables | -2.6M | 9.5M | -29.3M | 101.1M | -161.2M | 137.7M | 142.9M | 8.7M | 21M | 24M | 57.6M | -16M | -9.5M | 39.8M | 22.1M | 6.7M | 16.3M | 12.6M |
| Cash from Investing | -81.9M | -104.9M | -302.9M | -1.04B | -455.5M | -207.1M | -923.5M | -127.6M | -634.3M | -287.7M | -385.1M | -766.6M | -151.1M | -396.7M | -86.7M | -71M | -55.7M | -32M |
| Capital Expenditures | -95.7M | -111.8M | -193.3M | -256.5M | -246.1M | -214.2M | -150.5M | -131.8M | -150.1M | -165M | -145.4M | -126M | -126.8M | -94.5M | -61.5M | -68.5M | -58.3M | -43.3M |
| CapEx % of Revenue | 2.18% | 2.5% | 4.19% | 5.54% | 5.21% | 4.46% | 4.16% | 2.29% | 2.74% | 3.12% | 2.92% | 2.75% | 3.16% | 2.55% | 1.96% | 2.06% | 1.8% | 1.44% |
| Acquisitions | 9.8M | 0 | -135.4M | -784.1M | -217.6M | 5.2M | -715.2M | 4.2M | -465.6M | -124.6M | -239.7M | -652.8M | -147.3M | -302M | -19.5M | -6M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 4M | 6.9M | 25.8M | 2.8M | 8.2M | 1.9M | -148.9M | 0 | -140M | 1.9M | 3.9M | 12.2M | 123M | -200K | -5.7M | 3.5M | 2.6M | 11.3M |
| Cash from Financing | -440.5M | -503.3M | -363.4M | -271.3M | 72.5M | -428.6M | 111.6M | -389.7M | -6.8M | -250.1M | -250.4M | 416.9M | -147.5M | 4.1M | 15.7M | -43.5M | -81.4M | -221.8M |
| Debt Issued (Net) | -265M | -130M | 0 | -4.9M | -37.1M | 135M | 385M | -150.7M | 826.2M | 75M | 258.9M | 499.7M | 313.8M | 31.3M | -84.9M | 482.6M | -102M | -3.9M |
| Equity Issued (Net) | -43.7M | -243.3M | -224.9M | -150M | -607.1M | -405.9M | -198.3M | -108.7M | -689.7M | -186.3M | -424.5M | -69.8M | -439.8M | -52.1M | -8.8M | 0 | 20.3M | 21.7M |
| Dividends Paid | -122.2M | -120.6M | -119.6M | -116.8M | -145.6M | -143M | -133.3M | -123M | -115.2M | -110.3M | -98.2M | -89.5M | -77.4M | -49.9M | 0 | -548.9M | 0 | 0 |
| Share Repurchases | -55.2M | -247.8M | -240.4M | -150M | -580.1M | -447.7M | -187.6M | -100M | -694.6M | -214.8M | -424.5M | -51.7M | -439.8M | -52.1M | -8.8M | 0 | 0 | 0 |
| Other Financing | -9.6M | -9.4M | -18.9M | 400K | 862.3M | -14.7M | 58.2M | -7.3M | -28.1M | -28.5M | 13.4M | 58.4M | 55.9M | 74.8M | 109.4M | 22.8M | 300K | -239.6M |
| Net Change in Cash | -25.3M | -117M | -10M | -252.8M | 172.2M | 51.1M | 30.1M | 124.2M | -52.3M | 71.5M | 13M | 46.6M | -49.5M | -94.6M | 215.2M | 60.1M | 2.9M | 8.7M |
| Free Cash Flow | 400.5M | 366.8M | 474.5M | 799.3M | 320.2M | 474.5M | 675.2M | 505.4M | 453.9M | 435.3M | 505.1M | 285.1M | 126.9M | 203.3M | 221.3M | 106.9M | 80.6M | 226M |
| FCF Margin % | 9.12% | 8.22% | 10.3% | 17.28% | 6.78% | 9.88% | 18.65% | 8.77% | 8.28% | 8.24% | 10.13% | 6.23% | 3.16% | 5.49% | 7.06% | 3.21% | 2.49% | 7.52% |
| FCF Growth % | -11.73% | -22.7% | -40.64% | 149.63% | -32.52% | -29.72% | 33.6% | 11.35% | 4.27% | -13.82% | 77.17% | 124.67% | -37.58% | -8.13% | 107.02% | 32.63% | -64.34% | - |
| FCF per Share | 3.35 | 3.03 | 3.77 | 6.26 | 2.44 | 3.40 | 4.82 | 3.58 | 3.10 | 2.79 | 3.20 | 1.75 | 0.76 | 1.19 | 1.33 | 0.69 | 0.52 | 1.46 |
| FCF Conversion (FCF/Net Income) | 2.69x | 1.60x | 1.42x | 2.61x | 0.82x | 0.89x | 1.49x | 1.48x | 1.55x | 1.27x | 1.57x | 1.31x | 1.60x | 1.30x | 2.38x | -4.93x | 2.18x | -6.43x |
| Interest Paid | 0 | 0 | 126.6M | 121.4M | 102.9M | 76.8M | 76.2M | 81M | 63.4M | 44.4M | 43.7M | 26M | 9.6M | 6.7M | 7.1M | 66.3M | 122.3M | 0 |
| Taxes Paid | 0 | 0 | 152.3M | 120.3M | 278.3M | 228.8M | 175.5M | 144.5M | 114.2M | 169.7M | 172.1M | 104.2M | 109.1M | 89.4M | 58.9M | 30.6M | 23.7M | 0 |
Quick answers to the most common questions about buying FBIN stock.
Fortune Brands Innovations, Inc. (FBIN) generated $478.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Fortune Brands Innovations, Inc. (FBIN) generated $366.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Fortune Brands Innovations, Inc. (FBIN) spent $111.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Fortune Brands Innovations, Inc. (FBIN) returned $120.6M to shareholders via cash dividends and spent $247.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Revenue decline and margin compression
Metrics are mathematically derived from official filings.
Earnings Quality Deteriorates Sharply
In Q2 2026, FBIN reported a net loss of $22.5M yet generated $202.8M in operating cash flow, an OCF/NI ratio of -9.01, per the cash flow statement, indicating a significant divergence between accounting earnings and cash generation.
The negative net income combined with positive operating cash flow suggests that non-cash charges, such as depreciation and amortization, and working capital releases are masking underlying operational weakness. The OCF/NI ratio of -9.01 in Q2 2026 is a stark reversal from the positive ratios in prior quarters, implying that earnings quality has deteriorated and investors should scrutinize the sustainability of cash flows relative to reported losses.
Free Cash Flow Volatility Masks Underlying Strain
FBIN's free cash flow swung from $222.7M in Q2 2024 to $179.3M in Q2 2026, with negative FCF in Q1 of both years, reflecting seasonal working capital swings and a decelerating revenue trend, as reported in the cash flow data.
The FCF margin has contracted from 18.0% in Q2 2024 to 15.5% in Q2 2026, while revenue has declined for six consecutive quarters. The negative FCF in Q1 2026 (-$139.5M) and Q1 2025 (-$112.6M) highlights a recurring seasonal pattern, but the overall trajectory suggests that cash generation is becoming less robust relative to sales, consistent with the prior income statement analysis showing operating losses.
Capital Intensity Remains Low but Strategic Shift Looms
Capital expenditures as a percentage of revenue have remained modest, ranging from 2.0% to 5.9% over the past ten quarters, with Q2 2026 at 2.0%, per the cash flow data, indicating a mature asset base and limited reinvestment needs.
The low capex intensity suggests that FBIN's manufacturing operations are not capital-intensive, but the recent pivot toward 'Innovations' and connected products may require higher investment in R&D and software capitalization, which could increase future capex. The spike in capex in Q4 2024 (5.9% of revenue) and Q1 2024 (5.8%) may indicate a one-time investment, but the subsequent decline to 2.0% suggests a return to maintenance-level spending, which may not support long-term growth.
Working Capital Swings Signal Channel Stress
Working capital changes were a major source of cash in Q2 2026, contributing $103.2M, but a $207.5M drag in Q1 2026, per the cash flow statement, indicating significant volatility in receivables and inventory management.
The large positive working capital adjustment in Q2 2026, following a negative adjustment in Q1, suggests that FBIN may be managing collections and payables aggressively to offset weak operating performance. The pattern of negative working capital changes in Q1 of each year (2024, 2025, 2026) points to a seasonal build-up in inventory or receivables, but the magnitude in Q1 2026 ($207.5M) is notably larger, which may indicate channel loading or difficulty in collecting from retailers, warranting close monitoring.
Capital Returns Persist Despite Earnings Loss
FBIN paid $31.0M in dividends and repurchased $1.7M of stock in Q2 2026, totaling $32.7M in shareholder returns, even as the company reported a net loss, according to the cash flow statement.
The continued dividend payments, which have been stable at around $30M per quarter, indicate management's commitment to returning capital, but the sharp reduction in buybacks from $175.0M in Q1 2025 to $1.7M in Q2 2026 suggests a more cautious stance amid deteriorating earnings. The company also made a net acquisition of $9.8M in Q1 2026, but no acquisitions in Q2, implying a pause in M&A activity, which may reflect a focus on preserving cash during a downturn.
Cumulative Cash Outpaces Earnings, but Gap Narrows
Over the last ten quarters, FBIN's cumulative operating cash flow of $1.23B exceeds cumulative net income of $772.2M, per the cash flow data, indicating that cash generation has historically been stronger than reported earnings.
The cumulative OCF/NI ratio of approximately 1.59 suggests that earnings have been conservative, with non-cash charges and working capital releases boosting cash flow. However, the recent quarters show a reversal, with Q2 2026 net loss and positive OCF, indicating that the gap is narrowing and may invert if losses persist. This divergence warrants attention as it may signal that the company is relying on working capital adjustments to sustain cash flow, which is not a long-term solution.
What the Cash Flow Statement Obscures
The cash flow statement may obscure the impact of stock-based compensation, which was negative $700K in Q1 2026, and potential capitalization of software costs, per the cash flow data, potentially overstating operating cash flow.
The negative SBC in Q1 2026 is unusual and may indicate a reversal or adjustment, but the overall SBC has been modest, averaging around $8M per quarter. More concerning is the potential capitalization of development costs for connected products, which could inflate operating cash flow and EBITDA if not properly scrutinized. Investors should monitor the treatment of software development costs and any off-balance-sheet obligations that may not be fully reflected in the cash flow statement.