GRAFTECH INTERNATIONAL LTD
For the period ended Dec 31, 2025. Filed Feb 13, 2026.
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FY2025 · Filed Feb 13, 2026
EAF$10.29-3.1%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
(Dollars in thousands)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Cash flow from operating activities: | |||
| Net loss | $(219,835) | $(131,165) | $(255,250) |
| Adjustments to reconcile net loss to cash (used in) provided by operations: | |||
| Depreciation and amortization | 61,643 | 62,245 | 56,889 |
| Deferred income tax expense (benefit) | 42,792 | (27,634) | (28,123) |
| Non-cash stock-based compensation expense | 4,952 | 6,035 | 4,433 |
| Non-cash interest expense (benefit) | 7,791 | (2,028) | 8,786 |
| Goodwill impairment charges | — | — | 171,117 |
| Lower of cost or market inventory valuation adjustment | 18,315 | 24,878 | 12,431 |
| Other adjustments | 8,525 | (7,348) | 3,114 |
| Net change in working capital* | 25 | 40,254 | 107,562 |
| Change in Tax Receivable Agreement | (5,824) | (5,330) | (4,398) |
| Net cash (used in) provided by operating activities | (81,616) | (40,093) | 76,561 |
| Cash flow from investing activities: | |||
| Capital expenditures | (38,885) | (34,309) | (54,040) |
| Proceeds from the sale of fixed assets | 554 | 100 | 220 |
| Net cash used in investing activities | (38,331) | (34,209) | (53,820) |
| Cash flow from financing activities: | |||
| Proceeds from Initial First Lien Term Loan due 2029 | — | 175,000 | — |
| Proceeds from issuance of long-term debt, net of original issuance discount | — | — | 438,552 |
| Principal payments on long-term debt | — | (137) | (433,841) |
| Debt issuance and modification costs | — | (18,945) | (8,152) |
| Interest rate swap settlements | — | — | 27,453 |
| Payments for taxes related to net share settlement of equity awards | (230) | (118) | (129) |
| Dividends paid | — | — | (5,134) |
| Principal payments under finance lease obligations | (111) | (82) | (36) |
| Net cash (used in) provided by financing activities | (341) | 155,718 | 18,713 |
| Net change in cash and cash equivalents | (120,288) | 81,416 | 41,454 |
| Effect of exchange rate changes on cash and cash equivalents | 2,467 | (2,046) | 783 |
| Cash and cash equivalents at beginning of period | 256,248 | 176,878 | 134,641 |
| Cash and cash equivalents at end of period | $138,427 | $256,248 | $176,878 |
(Dollars in thousands)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Supplemental disclosures of cash flow information: | |||
| Net cash paid during the periods for: | |||
| Interest(1) | $93,276 | $88,496 | $34,322 |
| Income taxes | 6,155 | 4,910 | 43,326 |
| Non-cash investing activities: | |||
| Change in capital expenditures in accounts payable | 166 | (4,006) | (9,431) |
| Non-cash financing activities: | |||
| Exchange Existing 9.875% Notes | — | (446,167) | — |
| Exchange Existing 4.625% Notes | — | (498,245) | — |
| New 9.875% Notes | — | 446,167 | — |
| New 4.625% Notes | — | 498,245 | — |
| * Net change in working capital due to the following components: | |||
| Accounts and notes receivable, net | $23,825 | $4,519 | $45,680 |
| Inventories | (8,589) | 68,832 | 107,796 |
| Prepaid expenses and other current assets | 487 | 9,106 | 3,352 |
| Income taxes payable | (123) | (1,549) | (27,198) |
| Accounts payable and accruals | (18,270) | (39,501) | (23,876) |
| Interest payable | 2,695 | (1,153) | 1,808 |
| Net change in working capital | $25 | $40,254 | $107,562 |
(1) Includes cash received/paid from the monthly settlements and the termination of our interest rate swaps in the year ended December 31, 2023.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.