AGNC Investment Corp. (AGNC) Cash Flow Statement
Where AGNC’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $653.0M +659.3% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $653.0M 34.2% margin
- Returned to shareholders
- $1.60B 245% of free cash flow
- Change in cash
- −$29.0M cash at year-end $1.74B
Cash from operations
$653.0M
Investments (net)
−$27.27B
Acquisitions & other
+$1.41B
Dividends
−$1.60B
Net borrowing (repayment)
−$12.0M
Shares issued
+$2.31B
Other financing
+$24.49B
Change in cash
−$29.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
AGNC operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
AGNC cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.35B2016 | $653.0M2025 | −7.8%/yr | |
| Capital expenditures | $6.00B2016 | $02025 | −100.0% | |
| Free cash flow | −$4.65B2016 | $653.0M2025 | — | |
| Free cash flow margin | 79.2%2017 | 34.2%2025 | −45.0 pts | |
| Operating cash flow / net income | 2.172016 | 0.392025 | −1.78 | |
| Stock-based compensation | $1.0M2016 | $26.0M2025 | +43.6%/yr | |
| Dividends paid | $799.0M2016 | $1.60B2025 | +8.0%/yr | |
| Share buybacks (net) | $116.0M2016 | $02024 | −100.0% | |
| Capex / revenue | 0.0%2017 | 0.0%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AGNC cash flow by activity
OperatingInvestingFinancingChange in cash
AGNC net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
AGNC cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.67B | $863.0M | $155.0M | −$1.19B | $749.0M | −$266.0M | $688.0M | $129.0M | $771.0M | $623.0M |
| Depreciation & amortization | $177.0M | $123.0M | $201.0M | $13.0M | $369.0M | $1.08B | $601.0M | $25.0M | $3.0M | $2.0M |
| Stock-based compensation | $26.0M | $18.0M | $11.0M | $2.0M | $19.0M | $18.0M | $13.0M | $6.0M | $4.0M | $1.0M |
| Change in working capital | −$98.0M | $37.0M | $12.0M | $107.0M | −$46.0M | −$105.0M | −$44.0M | $21.0M | $163.0M | $80.0M |
| Other non-cash items | −$1.12B | −$955.0M | −$497.0M | $2.08B | $449.0M | $1.02B | −$78.0M | $932.0M | $319.0M | $646.0M |
| Cash from operating activities | $653.0M | $86.0M | −$118.0M | $1.01B | $1.54B | $1.75B | $1.18B | $1.11B | $1.26B | $1.35B |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$6.00B |
| Investments (net) | −$27.27B | −$11.17B | −$14.67B | $11.19B | −$9.71B | $20.42B | −$14.22B | −$23.90B | −$14.19B | $1.74B |
| Acquisitions & other investing | $1.41B | $0 | $0 | $0 | $13.54B | $16.11B | $0 | −$4.04B | $2.87B | $8.70B |
| Cash from investing activities | −$25.86B | −$11.17B | −$14.67B | $11.19B | $3.84B | $36.52B | −$14.22B | −$27.94B | −$11.33B | $4.45B |
| Financing activities | ||||||||||
| Dividends paid | −$1.60B | −$1.24B | −$1.00B | −$869.0M | −$860.0M | −$970.0M | −$1.14B | −$974.0M | −$795.0M | −$799.0M |
| Share repurchases & issuance (net) | — | $0 | $17.0M | −$51.0M | −$281.0M | −$378.0M | −$278.0M | $2.61B | −$173.0M | −$116.0M |
| Net borrowing (repayment) | −$12.0M | −$15.0M | −$17.0M | −$11.14B | −$5.03B | −$36.88B | $13.41B | $25.34B | $9.30B | −$4.78B |
| Shares issued | $2.31B | $1.97B | $1.08B | $671.0M | $50.0M | $996.0M | $807.0M | $2.61B | $0 | $0 |
| Other financing | $24.49B | $10.37B | $14.15B | $0 | −$50.0M | $0 | $0 | −$2.61B | $1.55B | $0 |
| Cash from financing activities | $25.18B | $11.08B | $14.23B | −$11.39B | −$6.17B | −$37.23B | $12.80B | $26.98B | $9.88B | −$5.70B |
| Summary | ||||||||||
| Net change in cash | −$29.0M | $0 | −$563.0M | $809.0M | −$799.0M | $1.04B | −$238.0M | $157.0M | −$162.0M | $98.0M |
| Cash at end of period | $1.74B | $1.77B | $1.77B | $2.33B | $1.52B | $2.32B | $1.28B | $1.52B | $1.05B | $1.21B |
| Free cash flow | $653.0M | $86.0M | −$118.0M | $1.01B | $1.54B | $1.75B | $1.18B | $1.11B | $1.26B | −$4.65B |
| Free cash flow margin | 34.2% | 1.8% | −11.7% | 39.7% | 184.0% | — | 153.0% | 58.0% | 79.2% | — |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | 0.0% | 0.0% | 0.0% | — |
| Operating cash flow / net income | 0.39 | 0.10 | −0.76 | — | 2.06 | — | 1.72 | 8.63 | 1.63 | 2.17 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $654.0M | −$148.0M | $954.0M | $806.0M | −$140.0M | $50.0M | $122.0M | $346.0M | −$48.0M | $443.0M | $412.0M | −$53.0M |
| Depreciation & amortization | $99.0M | — | −$18.0M | $126.0M | — | $39.0M | — | $97.0M | — | $37.0M | $81.0M | — |
| Stock-based compensation | $14.0M | −$6.0M | $13.0M | $9.0M | $8.0M | −$4.0M | $8.0M | $5.0M | $6.0M | −$1.0M | $5.0M | $3.0M |
| Change in working capital | −$112.0M | $56.0M | $60.0M | −$34.0M | $8.0M | $26.0M | −$1.0M | $27.0M | −$27.0M | $38.0M | $2.0M | $1.0M |
| Other non-cash items | −$437.0M | $485.0M | −$881.0M | −$754.0M | $304.0M | $81.0M | −$50.0M | −$468.0M | $49.0M | −$497.0M | −$531.0M | −$4.0M |
| Cash from operating activities | $218.0M | $387.0M | $128.0M | $153.0M | $180.0M | $192.0M | $79.0M | $7.0M | −$20.0M | $20.0M | −$31.0M | −$53.0M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | −$2.06B | −$1.13B | −$16.34B | −$5.34B | −$3.44B | −$5.73B | $4.93B | −$9.62B | −$7.06B | $582.0M | $1.50B | −$13.47B |
| Acquisitions & other investing | −$629.0M | −$868.0M | $4.99B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3.52B |
| Cash from investing activities | −$2.69B | −$2.00B | −$11.36B | −$5.34B | −$3.44B | −$5.73B | $4.93B | −$9.62B | −$7.06B | $582.0M | $1.50B | −$9.94B |
| Financing activities | ||||||||||||
| Dividends paid | −$458.0M | −$451.0M | −$428.0M | −$416.0M | −$394.0M | −$363.0M | −$348.0M | −$318.0M | −$293.0M | −$282.0M | −$272.0M | −$31.0M |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | — | — | −$10.05B | $10.05B |
| Net borrowing (repayment) | $0 | −$57.0M | −$3.0M | −$3.0M | −$2.0M | −$4.0M | −$3.0M | −$4.0M | — | — | — | $10.07B |
| Shares issued | $167.0M | $401.0M | $356.0M | $643.0M | $799.0M | $509.0M | $512.0M | $780.0M | $434.0M | $241.0M | $376.0M | $432.0M |
| Other financing | $2.19B | $2.33B | $11.13B | $5.00B | $3.02B | $5.34B | −$5.18B | $9.03B | $6.97B | −$459.0M | $8.36B | −$20.55B |
| Cash from financing activities | $1.90B | $2.22B | $11.06B | $5.22B | $3.42B | $5.48B | −$5.02B | $9.49B | $7.11B | −$500.0M | −$1.58B | −$31.0M |
| Summary | ||||||||||||
| Net change in cash | −$571.0M | $615.0M | −$169.0M | $39.0M | $154.0M | −$53.0M | −$15.0M | −$120.0M | $33.0M | $102.0M | −$111.0M | −$84.0M |
| Cash at end of period | $1.79B | $2.36B | $1.74B | $1.91B | $1.87B | $1.72B | $1.77B | $1.79B | $1.91B | $1.87B | $1.77B | −$84.0M |
| Free cash flow | $218.0M | $387.0M | $128.0M | $153.0M | $180.0M | $192.0M | $79.0M | $7.0M | −$20.0M | $20.0M | −$31.0M | −$53.0M |
| Free cash flow margin | 31.9% | 36.9% | 10.2% | 19.6% | 62.3% | — | 8.8% | — | −2.1% | 1.2% | — | −3.2% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | 0.0% | — | 0.0% | 0.0% | — | 0.0% |
| Operating cash flow / net income | 0.33 | — | 0.13 | 0.19 | — | 3.84 | 0.65 | 0.02 | — | 0.05 | −0.08 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
AGNC cash generation
In fiscal 2025 (ended December 31, 2025), AGNC Investment generated $653.0 million of cash from operations (up 659.3%) and spent $0 on capital expenditures, leaving free cash flow of $653.0 million, 34.2% of revenue. It returned $1.6 billion to shareholders through dividends ($1.6 billion) and net share buybacks ($0). Cash and equivalents fell by $29.0 million over the year.
Related: AGNC income statement, AGNC balance sheet, AGNC dividend history. See the AGNC stock overview for the latest quote and news.
AGNC cash flow FAQ
What is AGNC Investment's free cash flow?
AGNC Investment's free cash flow was $653.0 million in fiscal 2025: $653.0 million of operating cash flow minus $0 of capital expenditures It was $86.0 million a year earlier..
How much cash does AGNC Investment generate from operations?
AGNC Investment generated $653.0 million of cash from operating activities in fiscal 2025, 0.39 times its net income of $1.7 billion.
How much does AGNC Investment pay in dividends?
AGNC Investment paid $1.6 billion in dividends in fiscal 2025, 245.2% of free cash flow.