ARMOUR Residential REIT, Inc. (ARR) Cash Flow Statement
Where ARR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $124.2M −52.5% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $124.2M 9.5% margin
- Returned to shareholders
- $303.4M 244% of free cash flow
- Change in cash
- $143.8M cash at year-end $290.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ARR operating cash flow, capex and free cash flow
ARR cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$203.4M2016 | $124.2M2025 | — | |
| Capital expenditures | $7.68B2016 | $02025 | −100.0% | |
| Free cash flow | $7.47B2016 | $124.2M2025 | −36.6%/yr | |
| Free cash flow margin | 88.3%2017 | 9.5%2025 | −78.7 pts | |
| Operating cash flow / net income | 0.612017 | 0.592025 | −0.02 | |
| Stock-based compensation | $881,0002016 | $2.1M2025 | +10.3%/yr | |
| Dividends paid | $126.6M2016 | $283.5M2025 | +9.4%/yr | |
| Share buybacks (net) | $14.7M2016 | $19.9M2025 | +3.5%/yr | |
| 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.
ARR cash flow by activity
ARR net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ARR cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $211.7M | −$14.4M | −$67.9M | −$229.9M | $15.4M | −$215.1M | −$249.9M | −$106.0M | $181.2M | −$45.5M |
| Depreciation & amortization | $2.0M | −$345,000 | $3.5M | $16.5M | $48.1M | $53.4M | $55.8M | $37.1M | $49.7M | $85.6M |
| Stock-based compensation | $2.1M | $3.2M | $3.2M | $3.7M | $4.8M | $4.1M | $2.7M | $2.4M | $937,000 | $881,000 |
| Change in working capital | $278.8M | −$38.1M | $90.8M | −$776.8M | −$132.1M | −$103.1M | $141.3M | −$54.0M | −$77.4M | −$195.0M |
| Other non-cash items | −$370.5M | $311.0M | $103.2M | $1.11B | $75.6M | $2.9M | $9.3M | $195.7M | −$44.4M | −$49.4M |
| Cash from operating activities | $124.2M | $261.5M | $132.8M | $124.1M | $11.7M | −$257.8M | −$40.7M | $75.2M | $110.1M | −$203.4M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$7.68B |
| Investments (net) | −$1.10B | −$1.69B | −$3.99B | −$3.98B | $377.2M | $7.06B | −$4.31B | $398.6M | −$896.8M | $5.67B |
| Acquisitions & other investing | −$6.18B | $0 | $954.7M | $88.3M | $126.4M | $29.7M | −$82.3M | $67.6M | $0 | $7.68B |
| Cash from investing activities | −$7.28B | −$1.69B | −$3.04B | −$3.89B | $503.6M | $7.09B | −$4.39B | $466.3M | −$896.8M | $5.67B |
| Financing activities | ||||||||||
| Dividends paid | −$283.5M | −$162.9M | −$228.2M | −$154.4M | −$108.1M | −$85.3M | −$140.1M | −$114.1M | −$105.3M | −$126.6M |
| Share repurchases & issuance (net) | −$19.9M | −$1.3M | −$9.9M | −$7.7M | $365.4M | −$210.4M | −$71.5M | $40.6M | $148.0M | −$14.7M |
| Net borrowing (repayment) | — | — | — | $3.22B | −$588.0M | −$6.82B | $4.32B | −$518.3M | $737.5M | −$5.34B |
| Shares issued | $878.2M | $265.7M | $624.3M | $475.5M | $365.4M | $184.7M | $366.1M | $40.6M | $0 | $0 |
| Other financing | $6.73B | $1.21B | $2.66B | $0 | −$365.4M | $0 | $0 | −$40.6M | $0 | $0 |
| Cash from financing activities | $7.30B | $1.31B | $3.05B | $3.53B | −$330.8M | −$6.93B | $4.47B | −$591.7M | $780.2M | −$5.48B |
| Summary | ||||||||||
| Net change in cash | $143.8M | −$112.7M | $140.8M | −$238.1M | $184.5M | −$101.5M | $41.0M | −$50.2M | −$6.5M | −$18.2M |
| Cash at end of period | $290.0M | $146.2M | $258.9M | $118.1M | $356.2M | $171.7M | $273.2M | $232.2M | $265.2M | $271.8M |
| Free cash flow | $124.2M | $261.5M | $132.8M | $124.1M | $11.7M | −$257.8M | −$40.7M | $75.2M | $110.1M | $7.47B |
| Free cash flow margin | 9.5% | 109.0% | 29.5% | — | 61.2% | — | — | — | 88.3% | — |
| Capex / revenue | 0.0% | 0.0% | 0.0% | — | 0.0% | — | — | — | 0.0% | — |
| Operating cash flow / net income | 0.59 | — | — | — | 0.76 | — | — | — | 0.61 | — |
| 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 | $114.8M | −$54.9M | $322.7M | $159.3M | −$75.6M | $27.3M | −$46.4M | $65.9M | −$48.4M | $14.5M | $99.6M | −$179.2M |
| Depreciation & amortization | $1.3M | $3.3M | $2.5M | −$193,000 | −$230,000 | −$621,000 | −$781,000 | −$248,000 | — | $436,000 | $2.4M | — |
| Stock-based compensation | $770,000 | $559,000 | $569,000 | $570,000 | $521,000 | $465,000 | $661,000 | $761,000 | $766,000 | $1.1M | $860,000 | $828,000 |
| Change in working capital | $40.2M | −$30.7M | −$404.9M | −$14.1M | $113.9M | $269.7M | −$238.2M | $266.2M | −$20.1M | −$46.0M | $363.9M | −$257.1M |
| Other non-cash items | $53.1M | $193.2M | $114.7M | −$183.3M | −$13.7M | −$195.4M | $375.2M | −$285.5M | $94.8M | $126.8M | −$406.5M | $462.6M |
| Cash from operating activities | $210.2M | $111.6M | $35.6M | −$37.8M | $25.0M | $101.5M | $90.4M | $47.1M | $27.1M | $96.8M | $60.3M | $27.2M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | $391.7M | −$402.0M | −$346.8M | −$3.62B | −$216.2M | −$2.09B | −$737.3M | −$3.26B | $2.14B | $178.8M | $1.62B | −$2.10B |
| Acquisitions & other investing | −$1.46B | −$437.6M | −$1.01B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$2.56B |
| Cash from investing activities | −$1.07B | −$839.6M | −$1.36B | −$3.62B | −$216.2M | −$2.09B | −$737.3M | −$3.26B | $2.14B | $178.8M | $1.62B | −$4.66B |
| Financing activities | ||||||||||||
| Dividends paid | −$96.4M | −$89.4M | −$83.8M | −$57.1M | −$63.4M | −$57.1M | −$45.9M | −$40.5M | −$38.3M | −$38.3M | −$62.0M | −$59.8M |
| Share repurchases & issuance (net) | $2.0M | −$2.0M | −$78,000 | −$9.9M | −$10.0M | $371.7M | $1.3M | $126.2M | $0 | −$1.3M | −$3.6M | $1,000 |
| Net borrowing (repayment) | — | — | — | — | — | — | — | — | — | — | — | $1.87B |
| Shares issued | $202.9M | $221.7M | $3.7M | $403.7M | $99.1M | $371.7M | $138.1M | $127.5M | $15,000 | $1,000 | $0 | $195.1M |
| Other financing | $975.6M | $522.0M | $1.38B | $3.21B | $324.7M | $1.42B | $501.4M | $3.01B | −$2.20B | −$235.3M | −$1.50B | $0 |
| Cash from financing activities | $1.08B | $652.3M | $1.30B | $3.54B | $350.3M | $2.11B | $595.0M | $3.23B | −$2.23B | −$274.9M | −$1.57B | $2.01B |
| Summary | ||||||||||||
| Net change in cash | $221.3M | −$75.8M | −$18.5M | −$114.0M | $159.1M | $117.3M | −$51.9M | $9.2M | −$70.6M | $659,000 | $111.8M | −$69.1M |
| Cash at end of period | $435.5M | $214.2M | $290.0M | $308.5M | $422.6M | $263.5M | $146.2M | $198.1M | $188.9M | $259.5M | $258.9M | $147.1M |
| Free cash flow | $210.2M | $111.6M | $35.6M | −$37.8M | $25.0M | $101.5M | $90.4M | $47.1M | $27.1M | $96.8M | $60.3M | $27.2M |
| Free cash flow margin | 99.7% | 199.4% | 10.2% | −9.6% | 12.8% | 27.6% | — | 11.5% | 74.8% | 660.7% | 11.0% | — |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Operating cash flow / net income | 1.83 | — | 0.11 | −0.24 | — | 3.71 | — | 0.72 | — | 6.67 | 0.61 | — |
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.
ARR cash generation
In fiscal 2025 (ended December 31, 2025), ARMOUR Residential REIT generated $124.2 million of cash from operations (down 52.5%) and spent $0 on capital expenditures, leaving free cash flow of $124.2 million, 9.5% of revenue. It returned $303.4 million to shareholders through dividends ($283.5 million) and net share buybacks ($19.9 million). Cash and equivalents rose by $143.8 million over the year.
Related: ARR income statement, ARR balance sheet, ARR dividend history. See the ARR stock overview for the latest quote and news.
ARR cash flow FAQ
What is ARMOUR Residential REIT's free cash flow?
ARMOUR Residential REIT's free cash flow was $124.2 million in fiscal 2025: $124.2 million of operating cash flow minus $0 of capital expenditures It was $261.5 million a year earlier..
How much cash does ARMOUR Residential REIT generate from operations?
ARMOUR Residential REIT generated $124.2 million of cash from operating activities in fiscal 2025, 0.59 times its net income of $211.7 million.
How much stock does ARMOUR Residential REIT buy back?
ARMOUR Residential REIT spent $19.9 million on net share repurchases in fiscal 2025.
How much does ARMOUR Residential REIT pay in dividends?
ARMOUR Residential REIT paid $283.5 million in dividends in fiscal 2025, 228.2% of free cash flow.