Cash flow generation remains volatile, as evidenced by the operating cash flow to net income ratio swinging from -2.61 in 2024Q1 to 3.55 in 2025Q4 due to working capital fluctuations.
| 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 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 3.31B | 6.73B | 687M | 5.91B | 15.07B | 2.84B | 5.04B | 96M | 6B | 4.67B | 6.25B | 4.13B | 4.48B | -642M | 1.63B | 2.21B | 4.05B | 3.78B | 2.91B | 3.97B | 3.28B | -1.11B | 3.35B | 3.81B | 3.16B | 5.97B | -2.17B | -984M | 1.57B | 826M | 912M |
| Operating CF Growth % | -834.63% | 879.62% | -88.38% | -60.76% | 430.94% | -43.67% | 5147.92% | -98.4% | 28.48% | -25.28% | 51.34% | -7.96% | 798.44% | -139.41% | -26.32% | -45.41% | 7.11% | 29.75% | -26.6% | 20.93% | 395.23% | -133.22% | -12.2% | 20.75% | -47.08% | 375.44% | -120.12% | -162.84% | 89.59% | -9.43% | -50.08% |
| Net Income | 5.96B | 5.55B | 4.53B | 3.29B | 2.57B | 3.76B | 3.62B | 4.44B | 4.27B | 4.09B | 3.55B | 3.16B | 2.57B | 2.11B | 2.44B | 2.48B | 2.56B | 442M | 1.42B | 2.23B | 3.01B | 1.57B | 1.44B | 1.16B | 902M | 1.34B | 1.43B | 328M | 1.19B | 1.1B | 1.02B |
| Depreciation & Amortization | 1.82B | 1.85B | 1.8B | 1.89B | 1.64B | 1.87B | 1.63B | 1.31B | 1.34B | 1.47B | 1.5B | 1.46B | 1.29B | 1.38B | 1.25B | 776M | 629M | 711M | 878M | 826M | 494M | 526M | 480M | 430M | 232M | 284M | 247M | 215M | 187M | 200M | 237M |
| Deferred Taxes | 10M | 99M | -345M | -383M | 155M | 257M | -193M | -69M | -525M | 133M | -126M | 47M | -853M | 526M | 252M | 12M | 1.05B | -1.4B | 497M | -146M | 398M | -55M | 383M | 428M | 96M | 453M | 530M | 454M | 260M | 257M | 100M |
| Other Non-Cash Items | 68M | 43M | 150M | 197M | 790M | -566M | 47M | -358M | -18M | -141M | -77M | -375M | -217M | -235M | -691M | -99M | 83M | 2.83B | -25M | 41M | -553M | -53M | -24M | 120M | 803M | 223M | -41M | 451M | -73M | -21M | -445M |
| Working Capital Changes | -4.55B | -813M | -5.45B | 925M | 9.55B | -2.8B | -294M | -5.54B | 934M | -889M | 1.04B | -160M | 1.7B | -4.42B | -1.62B | -958M | -270M | 1.19B | 145M | 1.02B | -67M | -3.1B | 1.07B | 1.68B | 1.12B | 3.66B | -4.33B | -2.43B | 0 | -714M | 0 |
| Cash from Investing | -109.2B | -44.28B | -9.48B | -5.81B | 19.87B | 19.67B | -78.45B | -10.55B | 3.3B | -31.05B | 51.2B | -19.79B | -11.68B | -13.2B | -29.39B | -80.18B | -14.94B | 23.09B | -55.98B | -21.57B | -6.35B | -7.62B | -2.53B | -6.5B | 3.19B | -6.47B | 1.41B | -1.07B | -5.17B | -3.15B | 67M |
| Purchase of Investments | -46.32B | -46.46B | -48.15B | -23.76B | -34.83B | -63.16B | -98.08B | -55.26B | -37.4B | -34.6B | -34.26B | -49.84B | -72.85B | -35.53B | -47.27B | -43.59B | -23.76B | -28.79B | -11.65B | -30.4B | -11.89B | -18.51B | -16.72B | -28.06B | -21.16B | -12.88B | -4.16B | -5.52B | -3.57B | -5.13B | -1.66B |
| Sale/Maturity of Investments | 37.65B | 34.94B | 38.8B | 41.32B | 40.62B | 56.92B | 67.79B | 54.73B | 35.69B | 29.89B | 36.4B | 47.69B | 51.51B | 34.58B | 30.24B | 28.75B | 17.16B | 13.26B | 11.33B | 24.08B | 16.96B | 17.86B | 14.73B | 24.05B | 19.16B | 8.18B | 5.4B | 2.36B | 3.43B | 1.77B | 1.92B |
| Net Investment Activity | -8.68B | -11.53B | -9.35B | 17.55B | 5.79B | -6.24B | -30.29B | -529M | -1.71B | -4.71B | 2.14B | -2.16B | -21.35B | -958M | -17.03B | -14.85B | -6.6B | -15.53B | -318M | -6.32B | 5.07B | -650M | -1.99B | -4.01B | -1.99B | -4.7B | 1.24B | -3.15B | -143M | -3.35B | 259M |
| Acquisitions | 0 | 0 | 0 | 0 | 446M | -162M | -46.21B | -9.48B | 84M | -24.93B | -37M | 8M | 36M | 65M | -29M | -64M | -2.66B | -364M | -201M | 1.43B | -140M | -265M | -137M | -1.84B | -511M | -614M | -286M | 587M | -166M | 45M | 47M |
| Other Investing | -98.68B | -31.2B | 1.34B | -22.14B | 14.99B | 27.29B | -728M | 676M | 6.03B | -207M | 49.92B | -17.04B | 10.43B | -11.7B | -11.68B | -64.63B | -5.45B | 39.3B | -55.15B | -16.38B | -11.06B | -6.58B | -150M | -523M | 5.9B | -987M | 559M | 2.09B | -4.78B | 202M | -192M |
| Cash from Financing | 106.92B | 39.71B | 6.34B | -3.52B | -33.65B | -21.96B | 75.51B | 9.46B | -8.1B | 26.78B | -59.05B | 15.19B | 7.83B | 15.62B | 28.29B | 78.77B | 10.79B | -27.97B | 51.75B | 21.47B | 2.48B | 8.05B | -505M | 1.85B | -4.73B | 422M | 648M | 1.31B | 1.92B | 1.99B | 374M |
| Dividends Paid | -1.71B | -1.69B | -1.54B | -1.49B | -1.38B | -1.32B | -1.3B | -1.29B | -1.22B | -1.08B | -900M | -865M | -833M | -744M | -641M | -593M | -440M | -672M | -1.13B | -884M | -656M | -644M | -608M | -563M | -549M | -526M | -484M | -435M | -403M | -383M | -338M |
| Share Repurchases | -3.77B | -4.54B | -3.06B | -3.1B | -124M | -4.57B | -989M | -3.33B | -3.27B | -2.69B | -2.4B | -2.35B | -1.67B | -1.03B | -1.15B | -873M | -41M | -28M | -308M | -113M | -883M | -417M | -119M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | -1.46B | 19M | 17M | 16M | 14M | 13M | 12M | 21M | 40M | 34M | 27M | 26M | 26M | 25M | 25M | 25M | 697M | 1.37B | 40M | 20M | 174M | 243M | 227M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -5.24B | -4.52B | -3.05B | -3.09B | -110M | -4.55B | -977M | -3.31B | -3.23B | -2.65B | -2.37B | -2.33B | -1.64B | -1B | -1.12B | -848M | 656M | 1.34B | -268M | -93M | -709M | -174M | 108M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 0 | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K |
| Other Financing | 110.69B | 38.97B | 11.09B | 555M | -37.74B | -17.77B | 83.55B | 19.79B | -4.17B | 21.92B | -54.35B | 16.13B | 9.98B | 15.67B | 26.27B | 77.62B | 9.86B | -23.87B | 50.15B | 20.03B | 2.16B | 7.1B | 500M | -201M | -1.46B | -244M | 1.75B | 2.42B | 3.2B | 2.6B | 4.12B |
| Net Change in Cash | 1.07B | 2.38B | -2.77B | -3.19B | 1.65B | 464M | 2.15B | -991M | 1.13B | 560M | -1.72B | -433M | 510M | 1.73B | 552M | 500M | -57M | -1.16B | -1.75B | 3.79B | -675M | -371M | 43M | -905M | 1.53B | 97M | -151M | -723M | -1.77B | -263M | 1.32B |
| Exchange Rate Effect | 55M | 221M | -311M | 230M | 358M | -84M | 61M | 2M | -72M | 189M | -114M | 42M | -128M | -46M | 22M | -298M | 40M | -53M | -438M | -69M | -85M | 309M | -265M | -63M | -93M | 175M | -43M | 13M | -78M | 74M | -32M |
| Cash at Beginning | 7.96B | 5.58B | 8.34B | 11.53B | 9.88B | 9.42B | 7.27B | 8.26B | 7.13B | 4.82B | 6.54B | 6.97B | 6.46B | 4.73B | 4.17B | 3.67B | 3.73B | 4.89B | 6.63B | 2.84B | 3.52B | 3.89B | 3.84B | 4.75B | 3.22B | 3.13B | 3.28B | 4B | 5.77B | 6.03B | 4.71B |
| Cash at End | 9.49B | 7.96B | 5.58B | 8.34B | 11.53B | 9.88B | 9.42B | 7.27B | 8.26B | 5.38B | 4.82B | 6.54B | 6.97B | 6.46B | 4.73B | 4.17B | 3.67B | 3.73B | 4.89B | 6.63B | 2.84B | 3.52B | 3.89B | 3.84B | 4.75B | 3.22B | 3.13B | 3.28B | 4B | 5.77B | 6.03B |
| Interest Paid | 20.08B | 20.63B | 21.37B | 16.02B | 3.31B | 233M | 1.24B | 4.4B | 2.71B | 1.03B | 406M | 295M | 344M | 347M | 561M | 586M | 591M | 682M | 2.68B | 3.52B | 2.32B | 1.39B | 777M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 884M | 0 | 1.28B | 882M | 449M | 473M | 1.34B | 989M | 983M | 498M | 1.01B | 1.01B | 1.36B | 400M | 709M | 640M | 699M | 2.39B | 2.46B | 1.39B | 652M | 876M | 384M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 1.46B | 5.18B | -782M | 4.69B | 13.72B | 1.62B | 3.82B | -1.11B | 4.89B | 3.44B | 5.42B | 3.53B | 3.69B | -1.25B | 977M | 1.57B | 3.82B | 3.46B | 2.61B | 3.66B | 3.06B | -1.24B | 3.08B | 3.68B | 2.95B | 5.8B | -2.27B | -1.57B | 1.48B | 781M | 865M |
| FCF Growth % | -36.44% | 762.02% | -116.67% | -65.81% | 745.47% | -57.47% | 442.55% | -122.79% | 41.93% | -36.47% | 53.74% | -4.52% | 395.2% | -228.05% | -37.73% | -58.93% | 10.31% | 32.63% | -28.6% | 19.43% | 346.34% | -140.29% | -16.24% | 24.89% | -49.16% | 355.33% | -44.62% | -206.29% | 89.24% | -9.71% | -51.21% |
Working capital volatility
As reported in recent financial statements, BNY Mellon's operating cash flow to net income ratio has fluctuated wildly, reaching a high of 3.55 in 2025Q4 while dipping to -2.61 in 2024Q1, suggesting that reported net income is a poor proxy for immediate cash generation capabilities.
The significant divergence between net income and operating cash flow appears driven by large, periodic swings in working capital rather than fundamental operational deterioration. Investors should monitor whether these cash flow variances represent structural timing differences in settlement cycles or more persistent issues with cash conversion efficiency.
Based on the provided quarterly data, free cash flow margins have exhibited extreme volatility, ranging from a peak of 53.2% in 2023Q3 to a low of -31.4% in 2024Q1, indicating that the firm's ability to generate surplus cash is highly sensitive to quarterly operational shifts.
The erratic FCF trajectory suggests that BNY Mellon's cash generation is not yet a reliable, linear function of its net income. This inconsistency warrants further investigation into whether the firm's capital-intensive service model is inherently prone to these lumpy cash flow profiles or if specific operational events are distorting the trend.
According to the cash flow data, working capital changes have been the primary driver of liquidity fluctuations, with a massive $3.2 billion inflow in 2025Q4 contrasting sharply with a $4.2 billion outflow in 2024Q1, highlighting the significant impact of settlement-related timing on reported cash.
The magnitude of these working capital swings suggests that BNY Mellon's cash position is heavily influenced by the timing of institutional client settlements and collateral movements. Analysts should interpret these figures as operational noise rather than a reflection of the underlying profitability of the firm's core custody business.
As evidenced by the historical cash flow tables, BNY Mellon has maintained a steady cadence of capital deployment, with share repurchases totaling $1.0 billion in 2025Q4, demonstrating a commitment to shareholder returns despite the underlying volatility in quarterly operating cash flow generation.
The firm's ability to sustain consistent buybacks and dividends, even during quarters of negative free cash flow, suggests a reliance on its robust balance sheet liquidity rather than immediate operational cash conversion. This strategy appears to prioritize shareholder value, though it may face pressure if regulatory capital requirements tighten.
Quick answers to the most common questions about buying BK stock.
The Bank of New York Mellon Corporation (BK) generated $6.73B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
The Bank of New York Mellon Corporation (BK) generated $5.18B 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.
The Bank of New York Mellon Corporation (BK) spent $1.55B 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, The Bank of New York Mellon Corporation (BK) returned $1.69B to shareholders via cash dividends and spent $4.54B on share repurchases. This shows the company's commitment to returning capital to its equity investors.