Better Home & Finance Holding Company (BETR) Cash Flow Statement
Where BETR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$232.2M
- Capital expenditures
- $1.2M 0.6% of revenue
- Free cash flow
- −$233.3M −121.9% margin
- Returned to shareholders
- —
- Change in cash
- −$118.9M cash at year-end $116.6M
Cash from operations
−$232.2M
Capital expenditures
−$1.2M
Investments (net)
−$46.4M
Acquisitions & other
−$548.4M
Net borrowing (repayment)
+$56.2M
Shares issued
+$29.2M
Other financing
+$628.9M
Currency & other
−$5.2M
Change in cash
−$118.9M
Drawn to scale: where the cash came from and how it was used. Hover for values.
BETR operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
BETR cash flow trends, 2015–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $47.0M2015 | −$232.2M2025 | — | |
| Capital expenditures | $777,0002015 | $1.2M2025 | +5.5%/yr | |
| Free cash flow | $46.2M2015 | −$233.3M2025 | — | |
| Free cash flow margin | 25.1%2015 | −121.9%2025 | −147.1 pts | |
| Operating cash flow / net income | 4.752015 | −0.032016 | −4.78 | |
| Stock-based compensation | $3.3M2015 | $20.4M2025 | +25.6%/yr | |
| Share buybacks (net) | $18.8M2015 | $02023 | −100.0% | |
| Capex / revenue | 0.4%2015 | 0.6%2025 | +0.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BETR cash flow by activity
OperatingInvestingFinancingChange in cash
BETR 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).
BETR cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||
| Net income | −$165.9M | −$206.3M | −$536.4M | −$262.9M | −$301.1M | −$20,000 | −$67.6M | $27.3M | $9.9M |
| Depreciation & amortization | $14.1M | $33.2M | $42.9M | $49.4M | $27.2M | $3.5M | $999,000 | $9.5M | $5.4M |
| Stock-based compensation | $20.4M | $26.8M | $54.2M | $30.5M | $55.2M | — | — | $5.7M | $3.3M |
| Change in working capital | $26.3M | −$10.3M | −$52.9M | −$10.55B | −$51.37B | −$5,000 | — | $39.7M | −$20.1M |
| Other non-cash items | −$127.1M | −$223.4M | $332.6M | $11.67B | $51.95B | −$3.5M | −$257.6M | −$82.9M | $48.5M |
| Cash from operating activities | −$232.2M | −$380.0M | −$159.7M | $938.2M | $361.2M | −$20,000 | −$324.2M | −$803,000 | $47.0M |
| Investing activities | |||||||||
| Capital expenditures | −$1.2M | −$10.1M | −$9.8M | −$35.3M | −$68.6M | −$12.4M | −$7.0M | −$5.9M | −$777,000 |
| Investments (net) | −$46.4M | −$143.8M | −$38.6M | −$34.7M | −$68.7M | — | — | — | — |
| Acquisitions & other investing | −$548.4M | $10.1M | $9.8M | $35.3M | $68.6M | $29.4M | −$6.4M | −$382.1M | −$7.8M |
| Cash from investing activities | −$595.9M | −$143.8M | −$38.6M | −$34.7M | −$68.7M | $17.0M | −$13.5M | −$388.1M | −$8.6M |
| Financing activities | |||||||||
| Dividends paid | — | — | — | — | — | — | — | — | −$22.3M |
| Share repurchases & issuance (net) | — | — | $0 | −$7.9M | −$5.6M | — | — | −$10.3M | −$18.8M |
| Net borrowing (repayment) | $56.2M | $116.7M | $363.2M | −$1.53B | $289.0M | $1.96B | $282.8M | — | — |
| Shares issued | $29.2M | $0 | $16.4M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $628.9M | $122.4M | $1.8M | $838,000 | $21.2M | −$1.96B | $87.0M | $391.3M | $15.8M |
| Cash from financing activities | $714.3M | $239.1M | $381.4M | −$1.54B | $304.5M | $20,000 | $369.8M | $381.0M | −$25.3M |
| Summary | |||||||||
| Net change in cash | −$118.9M | −$292.5M | $182.0M | −$632.8M | $597.1M | $329.0M | $32.2M | −$8.4M | $13.1M |
| Cash at end of period | $116.6M | $235.5M | $528.1M | $346.1M | $978.9M | $381.8M | — | $10.3M | $18.8M |
| Free cash flow | −$233.3M | −$390.1M | −$169.5M | $902.9M | $292.6M | −$20,000 | −$331.2M | −$6.7M | $46.2M |
| Free cash flow margin | −121.9% | −324.9% | −191.5% | 228.5% | 22.3% | — | — | −2.5% | 25.1% |
| Capex / revenue | 0.6% | 8.4% | 11.0% | 8.9% | 5.2% | — | — | 2.2% | 0.4% |
| Operating cash flow / net income | — | — | — | — | — | — | — | −0.03 | 4.75 |
| 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 | −$31.5M | −$50.3M | −$39.9M | −$39.1M | −$36.3M | −$50.6M | −$59.2M | −$54.2M | −$41.4M | −$51.5M | −$61.0M | −$353.9M |
| Depreciation & amortization | $3.0M | $3.0M | $3.2M | $3.4M | $3.5M | $4.0M | $7.9M | $8.3M | $8.0M | $9.1M | $10.1M | $10.5M |
| Stock-based compensation | $14.6M | $23.8M | $7.9M | $4.3M | $4.3M | $4.0M | $4.9M | $5.5M | $7.6M | $8.8M | $16.8M | $39.4M |
| Change in working capital | −$12.9M | −$9.1M | $18.2M | −$868,000 | $5.2M | $4.1M | −$20.7M | $27.9M | −$7.5M | −$10.2M | −$44.7M | −$9.2M |
| Other non-cash items | −$94.1M | −$44.1M | −$28.5M | $36.5M | −$37.7M | −$18.7M | $12.6M | $2.0M | −$187.2M | $1.0M | −$4.7M | $375.8M |
| Cash from operating activities | −$121.0M | −$76.7M | −$39.1M | $4.2M | −$61.0M | −$57.2M | −$54.5M | −$10.6M | −$220.6M | −$42.8M | −$83.6M | $62.6M |
| Investing activities | ||||||||||||
| Capital expenditures | −$90,987 | −$378,000 | −$332,627 | −$2.8M | −$425,331 | −$2.5M | −$424,942 | −$3.2M | −$2.9M | −$859,000 | −$883,000 | −$2.6M |
| Investments (net) | — | — | $28.9M | −$207.6M | −$223.1M | −$158.8M | −$32.0M | −$48.9M | −$29.6M | −$33.4M | $3.4M | $720,000 |
| Acquisitions & other investing | $125.4M | −$59.7M | −$108.0M | $2.8M | −$9.8M | $2.5M | −$45.3M | $3.2M | $2.9M | $859,000 | $883,000 | $2.5M |
| Cash from investing activities | $125.4M | −$60.0M | −$79.4M | −$207.6M | −$233.4M | −$158.8M | −$77.7M | −$48.9M | −$29.6M | −$33.4M | $3.4M | $646,000 |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | $0 | $0 | $0 | $224,000 |
| Net borrowing (repayment) | −$53.2M | $95.7M | $62.1M | −$23.0M | $25.2M | −$8.1M | $109.6M | −$112.9M | — | — | — | — |
| Shares issued | $66.0M | $11.7M | $28.6M | $589,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$9.3M | −$2.2M | $60.2M | $212.5M | $232.3M | $126.9M | $35.4M | $61.2M | $146.0M | −$1.1M | $53.7M | $356.2M |
| Cash from financing activities | $3.4M | $105.2M | $150.9M | $190.0M | $257.5M | $118.8M | $144.9M | −$51.7M | $146.0M | −$1.1M | $53.7M | $356.4M |
| Summary | ||||||||||||
| Net change in cash | $38.2M | −$42.9M | $30.2M | −$11.3M | −$38.0M | −$99.8M | −$1.6M | −$110.3M | −$103.2M | −$77.5M | −$26.5M | $419.6M |
| Cash at end of period | $111.9M | $73.7M | $116.6M | $86.4M | $97.8M | $135.8M | $235.5M | $237.1M | $347.4M | $450.6M | $528.1M | $554.6M |
| Free cash flow | −$121.1M | −$77.1M | −$39.4M | $1.4M | −$61.4M | −$59.7M | −$54.9M | −$13.8M | −$223.5M | −$43.7M | −$84.4M | $60.0M |
| Free cash flow margin | −198.8% | −144.9% | −74.1% | 3.2% | −119.7% | −171.7% | −116.2% | −51.6% | −786.5% | −161.1% | −741.5% | 299.9% |
| Capex / revenue | 0.1% | 0.7% | 0.6% | 6.3% | 0.8% | 7.3% | 0.9% | 12.1% | 10.4% | 3.2% | 7.8% | 13.0% |
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.
BETR cash generation
In fiscal 2025 (ended December 31, 2025), Better Home & Finance generated -$232.2 million of cash from operations and spent $1.2 million on capital expenditures, leaving free cash flow of -$233.3 million, −121.9% of revenue. Cash and equivalents fell by $118.9 million over the year.
Related: BETR income statement, BETR balance sheet. See the BETR stock overview for the latest quote and news.
BETR cash flow FAQ
What is Better Home & Finance's free cash flow?
Better Home & Finance's free cash flow was -$233.3 million in fiscal 2025: -$232.2 million of operating cash flow minus $1.2 million of capital expenditures It was -$390.1 million a year earlier..
How much cash does Better Home & Finance generate from operations?
Better Home & Finance generated -$232.2 million of cash from operating activities in fiscal 2025.
How much does Better Home & Finance spend on capital expenditures?
Better Home & Finance spent $1.2 million on capital expenditures in fiscal 2025, 0.6% of revenue, compared with $10.1 million the year before.