PATRICK INDUSTRIES INC
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
PATK$79.70-2.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | 2023 |
| Cash flows from operating activities | |||
| Net income | $135,056 | $138,401 | $142,897 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 170,212 | 166,545 | 144,543 |
| Amortization of deferred debt financing costs | 3,268 | 3,270 | 3,239 |
| Stock-based compensation expense | 19,066 | 16,775 | 19,429 |
| Deferred income taxes | 35,529 | (6,481) | (591) |
| Loss (gain) on sale of property, plant and equipment | 2,143 | (237) | 585 |
| Loss on extinguishment of debt | — | 2,549 | — |
| Other | (2,972) | 376 | (325) |
| Change in operating assets and liabilities, net of business acquisitions: | |||
| Trade and other receivables, net | 1,808 | 10,847 | 8,923 |
| Inventories | (24,959) | (1,863) | 162,181 |
| Prepaid expenses and other assets | (8,761) | (7,609) | (3,931) |
| Accounts payable, accrued liabilities and other | (976) | 4,268 | (68,278) |
| Net cash provided by operating activities | 329,414 | 326,841 | 408,672 |
| Cash flows from investing activities | |||
| Purchases of property, plant, and equipment | (82,921) | (75,682) | (58,987) |
| Proceeds from sale of property, plant, and equipment | 2,755 | 2,411 | 1,362 |
| Business acquisitions, net of cash acquired | (121,740) | (411,747) | (25,859) |
| Purchase of intangible assets and other investing activities | (4,580) | (27,831) | (3,061) |
| Net cash used in investing activities | (206,486) | (512,849) | (86,545) |
| Cash flows from financing activities | |||
| Term debt borrowings | — | 125,000 | — |
| Term debt repayments | (6,250) | (130,938) | (7,500) |
| Borrowing on revolver | 744,426 | 1,320,385 | 488,440 |
| Repayments on revolver | (769,426) | (1,220,385) | (568,728) |
| Repayment of convertible notes | — | — | (172,500) |
| Proceeds from senior notes offering | — | 500,000 | — |
| Repayment of senior notes | — | (300,000) | — |
| Cash dividends paid to shareholders | (55,274) | (50,187) | (42,140) |
| Stock repurchases under buyback program | (31,969) | (4,661) | (18,808) |
| Taxes paid for share-based payment arrangements | (10,932) | (17,334) | (12,132) |
| Payment of deferred financing costs | — | (9,212) | — |
| Payment of contingent consideration from business acquisitions | (48) | (4,652) | (1,460) |
| Proceeds from exercise of common stock options | — | 21 | 1,413 |
| Other financing activities | (584) | 123 | (150) |
| Net cash (used in) provided by financing activities | (130,057) | 208,160 | (333,565) |
| Net (decrease) increase in cash and cash equivalents | (7,129) | 22,152 | (11,438) |
| Cash and cash equivalents at beginning of year | 33,561 | 11,409 | 22,847 |
| Cash and cash equivalents at end of year | $26,432 | $33,561 | $11,409 |
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