Cash Flow Statement

Operating Cash Flow

-27%

+12%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	189	195	204	211	217	222	226	229	230	238	243	258	276	286	303	320	324	334	330	317	308	301	296	286	279	250	216	169	145	80	58	(132)	(201)	(187)	(188)	(1)	48	86	113	140	159	169	173	179	184	188	188	189	187	185	190	191	192	195	194	188	184	184	188	200	214	223	234	229	243	274	295	334	351	346	344	327	286	350	312	307	355	298	341	351	331	327	334	366	395	396	383	183	161	189	194	123	144	139	176	475
Depreciation & Amortization	46	44	50	52	52	69	59	37	37	21	20	39	43	47	52	55	55	55	55	54	53	51	50	50	49	50	51	51	53	54	55	56	57	57	58	58	59	59	60	64	67	69	71	71	72	72	71	69	68	67	66	65	65	64	63	62	60	60	59	60	60	59	59	59	61	62	64	66	69	72	76	81	83	87	84	84	83	79	79	75	68	62	57	54	54	54	55	56	57	57	58	58	59	59	59	59
Change in Deffered Taxes	0	0	0	(15)	0	0	0	(13)	0	0	0	(23)	0	0	0	(1)	0	0	0	20	0	0	0	10	0	0	0	(42)	0	0	0	(135)	0	0	0	51	0	0	0	35	0	0	0	54	0	0	0	26	0	0	0	10	0	0	0	(4)	0	0	0	11	0	0	0	21	0	0	0	47	0	0	0	14	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	2	2	3	2	2	3	3	3	3	3	4	4	3	3	0	3	0	0	0	5	0	0	0	9	0	0	0	8	0	0	0	15	0	0	0	11	0	0	0	7	0	0	0	14	0	0	0	18	0	0	0	11	0	0	0	4	0	0	0	26	0	0	0	11	0	0	0	17	0	0	0	18	0	0	0	18
Other Non-Cash Items	(24)	(18)	(20)	(26)	(22)	(43)	(58)	(26)	(26)	(9)	15	15	1	10	(1)	(3)	(8)	(13)	(8)	2	(9)	(14)	(18)	(31)	(25)	(20)	(18)	(3)	8	(0)	17	22	24	39	39	33	33	46	45	42	35	25	(18)	9	(3)	(5)	(14)	(37)	(28)	(30)	(15)	(18)	(14)	(13)	11	20	22	27	27	25	32	36	38	49	41	(3)	4	9	(32)	7	28	21	61	(93)	(128)	(154)	(172)	(28)	(31)	(18)	1	4	21	30	32	51	49	65	72	71	84	80	79	82	79	79
Cash Taxes Paid	58	71	85	91	93	110	114	110	109	89	88	89	96	149	182	153	149	116	89	122	120	122	134	128	127	104	95	86	95	77	48	46	(13)	(35)	(35)	(94)	(44)	(39)	(26)	(11)	(21)	(38)	(60)	(10)	0	32	52	49	53	68	77	72	68	74	74	84	86	72	79	76	76	75	85	82	81	67	37	18	12	28	40	41	48	23	20	18	16	69	56	58	56	6	8	18	21	75	81	69	70	14	8	18	(0)	0	(3)	2
Cash Interest Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	38	66	106	0	104	96	85	98	0	78	71	66	85	58	54	54	54	59	68	73	82	87	82	88	87	99	118	138	162	193	226	262	303	328	342	333	308	252	204	159	122	106	91	82	69	70	95	175	312	488	668	839	935	1 017	1 059	1 075	1 067	1 038	1 042	988
Change in Working Capital	48	40	(179)	77	(125)	(165)	80	265	287	352	349	70	72	(33)	(12)	(43)	(14)	22	(56)	(61)	(66)	(59)	(2)	(23)	(14)	116	173	263	358	(291)	79	311	326	969	595	369	396	292	130	29	(73)	(25)	124	38	65	(1)	105	231	175	162	(20)	(48)	(109)	(74)	14	35	44	41	222	346	464	527	200	100	(25)	(99)	61	42	5	(22)	169	132	124	432	245	314	462	146	102	122	218	396	476	397	167	36	16	139	260	214	102	320	242	271	291	3
Cash from Operating Activities	275 N/A	277 +1%	72 -74%	299 +314%	108 -64%	67 -38%	293 +336%	491 +67%	515 +5%	588 +14%	614 +4%	358 -42%	368 +3%	287 -22%	319 +11%	328 +3%	358 +9%	397 +11%	319 -20%	330 +3%	306 -7%	298 -3%	346 +16%	291 -16%	299 +2%	406 +36%	432 +6%	438 +1%	522 +19%	(199) N/A	168 N/A	122 -27%	70 -42%	744 +956%	368 -51%	509 +39%	587 +15%	534 -9%	399 -25%	310 -22%	223 -28%	273 +22%	385 +41%	351 -9%	372 +6%	308 -17%	404 +31%	478 +18%	428 -11%	411 -4%	246 -40%	200 -19%	143 -28%	182 +27%	293 +61%	301 +3%	306 +2%	307 +0%	493 +61%	641 +30%	781 +22%	856 +10%	542 -37%	458 -15%	340 -26%	256 -25%	445 +74%	497 +12%	440 -11%	451 +2%	664 +47%	574 -13%	568 -1%	790 +39%	527 -33%	550 +4%	728 +32%	494 -32%	491 -1%	530 +8%	618 +17%	788 +28%	888 +13%	847 -5%	648 -23%	536 -17%	502 -6%	443 -12%	550 +24%	532 -3%	438 -18%	580 +33%	524 -10%	552 +5%	605 +10%	616 +2%
Investing Cash Flow
Capital Expenditures	(34)	(33)	(40)	(44)	(45)	(52)	(55)	(53)	(47)	(40)	(31)	(15)	(13)	(14)	(16)	(16)	(13)	(9)	(2)	(18)	(20)	(25)	(34)	(35)	(39)	(39)	(33)	(32)	(28)	(22)	(22)	(23)	(23)	(23)	(25)	(35)	(39)	(50)	(68)	(77)	(82)	(87)	(86)	(84)	(88)	(82)	(74)	(68)	(62)	(56)	(54)	(50)	(54)	(57)	(52)	(55)	(111)	(110)	(109)	(104)	(47)	(42)	(46)	(47)	(44)	(52)	(57)	(66)	(69)	(73)	(73)	(68)	(65)	(60)	(52)	(55)	(50)	(52)	(55)	(52)	(63)	(66)	(63)	(63)	(60)	(59)	(61)	(62)	(56)	(52)	(50)	(45)	(44)	(43)	(42)	(36)
Other Items	(40)	(125)	(307)	(491)	(528)	(499)	(314)	(490)	(765)	(762)	(1 347)	(1 253)	(1 101)	(1 053)	(457)	36	633	1 128	1 342	1 218	1 004	682	323	(211)	(780)	(1 341)	(1 415)	(2 451)	(2 869)	(1 372)	(605)	1 049	2 868	2 351	1 963	651	(356)	(1 123)	(1 447)	(396)	(454)	(536)	(671)	(1 550)	(1 776)	(1 727)	(1 346)	(1 186)	(1 559)	(2 142)	(2 275)	(2 068)	(1 811)	(1 447)	(1 824)	(1 479)	(1 615)	(1 821)	(1 627)	(1 549)	(1 113)	(1 278)	(1 317)	(1 350)	(1 671)	(955)	(539)	(315)	(124)	1 177	1 658	1 685	918	(614)	(1 485)	(739)	172	830	671	(1 532)	(2 149)	(4 448)	(5 340)	(5 192)	(5 632)	(4 333)	(3 438)	(1 374)	(579)	(222)	(335)	(2 174)	(2 027)	(2 286)	(2 254)	(1 588)
Cash from Investing Activities	(74) N/A	(158) -112%	(347) -119%	(535) -54%	(573) -7%	(551) +4%	(369) +33%	(543) -47%	(812) -49%	(802) +1%	(1 378) -72%	(1 268) +8%	(1 114) +12%	(1 068) +4%	(472) +56%	20 N/A	620 +3 000%	1 119 +80%	1 340 +20%	1 200 -10%	984 -18%	656 -33%	289 -56%	(246) N/A	(819) -233%	(1 380) -69%	(1 448) -5%	(2 483) -71%	(2 897) -17%	(1 394) +52%	(627) +55%	1 026 N/A	2 845 +177%	2 327 -18%	1 938 -17%	617 -68%	(395) N/A	(1 173) -197%	(1 516) -29%	(473) +69%	(536) -13%	(622) -16%	(757) -22%	(1 634) -116%	(1 864) -14%	(1 809) +3%	(1 420) +21%	(1 253) +12%	(1 622) -29%	(2 197) -36%	(2 329) -6%	(2 119) +9%	(1 864) +12%	(1 504) +19%	(1 876) -25%	(1 534) +18%	(1 726) -13%	(1 931) -12%	(1 735) +10%	(1 653) +5%	(1 159) +30%	(1 320) -14%	(1 363) -3%	(1 397) -3%	(1 715) -23%	(1 007) +41%	(596) +41%	(381) +36%	(193) +49%	1 104 N/A	1 584 +43%	1 617 +2%	852 -47%	(673) N/A	(1 537) -128%	(794) +48%	121 N/A	778 +541%	617 -21%	(1 584) N/A	(2 212) -40%	(4 514) -104%	(5 403) -20%	(5 255) +3%	(5 691) -8%	(4 392) +23%	(3 498) +20%	(1 436) +59%	(635) +56%	(274) +57%	(385) -40%	(2 219) -477%	(2 071) +7%	(2 329) -12%	(2 296) +1%	(1 625) +29%
Financing Cash Flow
Net Issuance of Common Stock	(37)	(44)	(75)	(72)	(82)	(82)	(64)	(52)	(37)	(32)	(5)	(10)	(14)	(75)	(75)	(96)	(213)	(145)	(211)	(236)	(166)	(232)	(168)	(112)	(56)	11	10	534	531	528	526	(1)	478	478	478	478	(1)	(263)	(462)	(462)	(463)	(231)	(32)	(62)	(94)	(94)	(124)	(116)	(135)	(135)	(195)	(252)	(243)	(200)	(109)	(17)	(4)	(16)	25	34	66	67	(10)	(19)	(50)	(55)	(39)	(132)	(141)	(178)	(217)	(175)	(218)	(82)	(23)	23	86	(99)	(258)	(277)	(264)	(177)	(17)	5	(1)	(1)	(1)	(2)	(18)	(17)	(9)	344	337	338	331	(22)
Net Issuance of Debt	1 280	1 079	873	866	614	467	(25)	(51)	(398)	(353)	(82)	271	1 271	1 524	1 352	635	(514)	(1 287)	(1 388)	(1 275)	(1 155)	(547)	(345)	(213)	(213)	(498)	(372)	(3)	426	326	200	92	(318)	82	(48)	(540)	(161)	(361)	(238)	(238)	(307)	(333)	(171)	(157)	(257)	(531)	(686)	2 073	2 018	2 318	2 318	841	496	246	(254)	(1 250)	(565)	335	85	85	(100)	0	385	635	385	0	300	300	0	0	0	(250)	(250)	(251)	(251)	(1)	(1)	(1)	(301)	(301)	(301)	(300)	0	0	293	293	293	293	(0)	(0)	299	299	49	49	(250)	(250)
Cash Paid for Dividends	(82)	(85)	(88)	(90)	(93)	(95)	(96)	(98)	(100)	(103)	(105)	(113)	(120)	(128)	(135)	(139)	(143)	(147)	(150)	(151)	(152)	(153)	(154)	(156)	(158)	(159)	(161)	(162)	(170)	(143)	(115)	(87)	(47)	(43)	(38)	(33)	(33)	(30)	(26)	(21)	(23)	(28)	(33)	(45)	(50)	(54)	(59)	(60)	(61)	(62)	(63)	(64)	(64)	(65)	(67)	(70)	(72)	(74)	(75)	(77)	(79)	(81)	(83)	(86)	(93)	(101)	(108)	(116)	(120)	(123)	(127)	(127)	(127)	(128)	(130)	(130)	(131)	(132)	(134)	(133)	(134)	(134)	(133)	(135)	(136)	(138)	(139)	(141)	(143)	(144)	(146)	(151)	(156)	(161)	(166)	(167)
Other	(1 300)	(1 016)	(589)	(628)	60	205	108	209	738	641	950	820	(382)	(433)	(846)	(714)	(32)	60	16	123	102	(25)	(16)	540	1 118	1 820	1 854	1 659	1 504	732	(388)	(903)	(1 166)	(1 550)	(620)	(983)	(1 501)	(162)	(30)	632	1 018	445	896	1 668	1 607	2 137	1 761	(1 257)	(431)	(242)	(332)	1 824	1 756	1 212	1 949	2 010	1 589	1 339	1 407	1 138	806	1 316	410	482	877	177	(197)	(7)	(323)	(1 467)	(1 692)	(1 928)	(792)	1 799	1 767	479	464	(1 280)	157	2 075	847	3 430	3 481	4 134	5 209	3 463	3 054	1 147	275	233	58	1 242	1 698	1 852	2 101	2 149
Cash from Financing Activities	(138) N/A	(66) +52%	123 N/A	76 -38%	498 +558%	495 -1%	(78) N/A	7 N/A	202 +2 631%	153 -25%	758 +397%	968 +28%	755 -22%	888 +18%	297 -67%	(314) N/A	(902) -187%	(1 518) -68%	(1 734) -14%	(1 540) +11%	(1 370) +11%	(957) +30%	(683) +29%	59 N/A	691 +1 063%	1 173 +70%	1 331 +13%	2 028 +52%	2 291 +13%	1 443 -37%	224 -84%	(898) N/A	(1 053) -17%	(1 033) +2%	(228) +78%	(1 079) -374%	(1 696) -57%	(816) +52%	(756) +7%	(89) +88%	225 N/A	(146) N/A	660 N/A	1 405 +113%	1 207 -14%	1 458 +21%	892 -39%	640 -28%	1 390 +117%	1 878 +35%	1 728 -8%	2 349 +36%	1 945 -17%	1 192 -39%	1 519 +27%	674 -56%	948 +41%	1 585 +67%	1 442 -9%	1 180 -18%	693 -41%	553 -20%	703 +27%	1 012 +44%	1 119 +11%	657 -41%	206 -69%	45 -78%	(34) N/A	(1 469) -4 272%	(2 035) -39%	(2 480) -22%	(1 387) +44%	1 339 N/A	1 364 +2%	371 -73%	418 +13%	(1 512) N/A	(536) +65%	1 364 N/A	148 -89%	2 820 +1 802%	3 332 +18%	4 004 +20%	5 365 +34%	3 618 -33%	3 206 -11%	1 296 -60%	114 -91%	71 -37%	201 +182%	1 735 +761%	1 928 +11%	2 078 +8%	2 017 -3%	1 710 -15%
Change in Cash
Net Change in Cash	62 N/A	53 -14%	(152) N/A	(160) -5%	33 N/A	12 -64%	(154) N/A	(45) +71%	(95) -110%	(62) +35%	(6) +90%	58 N/A	10 -84%	107 +1 019%	144 +34%	34 -76%	76 +123%	(2) N/A	(74) -3 282%	(10) +86%	(80) -687%	(3) +96%	(49) -1 474%	105 N/A	170 +62%	199 +17%	315 +58%	(16) N/A	(84) -410%	(150) -79%	(236) -57%	250 N/A	1 863 +645%	2 038 +9%	2 078 +2%	48 -98%	(1 504) N/A	(1 455) +3%	(1 873) -29%	(252) +87%	(87) +65%	(496) -469%	288 N/A	121 -58%	(285) N/A	(44) +85%	(124) -184%	(136) -9%	196 N/A	91 -53%	(355) N/A	430 N/A	224 -48%	(130) N/A	(64) +50%	(558) -768%	(472) +16%	(39) +92%	200 N/A	169 -16%	314 +86%	88 -72%	(119) N/A	74 N/A	(256) N/A	(95) +63%	55 N/A	161 +194%	213 +33%	86 -60%	213 +148%	(288) N/A	33 N/A	1 456 +4 338%	354 -76%	127 -64%	1 268 +896%	(240) N/A	572 N/A	310 -46%	(1 446) N/A	(905) +37%	(1 184) -31%	(404) +66%	322 N/A	(237) N/A	211 N/A	302 +44%	29 -90%	329 +1 046%	254 -23%	96 -62%	381 +298%	301 -21%	326 +8%	701 +115%

Income Statement Balance Sheet Cash Flow Statement

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Cash Flow Statement

Cash Flow Statement
Associated Banc-Corp

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Associated Banc-Corp NYSE:ASB

Cash Flow Statement

Cash Flow Statement Associated Banc-Corp

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Associated Banc-Corp
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Cash Flow Statement
Associated Banc-Corp