Capital Southwest Corporation (CSWC) Cash Flow Statement
Where CSWC’s cash came from and went, FY2026
March 31, 2026 · U.S. dollars- Cash from operations
- −$193.5M
- Capital expenditures
- $286,000 0.1% of revenue
- Free cash flow
- −$193.5M −78.7% margin
- Returned to shareholders
- $147.2M
- Change in cash
- −$15.4M cash at year-end $29.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CSWC operating cash flow, capex and free cash flow
CSWC cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$89.6MFY2017 | −$193.5MFY2026 | — | |
| Capital expenditures | $0FY2017 | $286,000FY2026 | — | |
| Free cash flow | −$89.6MFY2017 | −$193.5MFY2026 | — | |
| Free cash flow margin | −227.4%FY2017 | −78.7%FY2026 | +148.7 pts | |
| Operating cash flow / net income | −3.82FY2017 | −1.71FY2026 | +2.10 | |
| Stock-based compensation | $2.6MFY2017 | $7.0MFY2025 | +13.2%/yr | |
| Dividends paid | $6.0MFY2017 | $147.2MFY2026 | +42.7%/yr | |
| Share buybacks (net) | $0FY2017 | $1.1MFY2024 | — | |
| Capex / revenue | 0.0%FY2017 | 0.1%FY2026 | +0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CSWC cash flow by activity
CSWC 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).
CSWC cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $113.0M | $70.5M | $83.4M | $33.1M | $42.8M | $50.9M | −$22.4M | $33.1M | $39.3M | $23.5M |
| Depreciation & amortization | $7.0M | $5.9M | $4.3M | $2.8M | $2.2M | $2.0M | $2.4M | $1.4M | $927,000 | $459,000 |
| Stock-based compensation | — | $7.0M | $4.5M | $3.7M | −$2.4M | −$3.8M | −$1.4M | $2.3M | $2.2M | $2.6M |
| Change in working capital | −$5.1M | −$4.7M | −$4.0M | −$3.9M | −$2.5M | $6.6M | −$5.6M | $288,000 | $993,000 | −$7.8M |
| Other non-cash items | −$308.4M | −$295.9M | −$276.7M | −$262.8M | −$222.8M | −$124.0M | −$21.1M | −$131.7M | −$107.3M | −$108.3M |
| Cash from operating activities | −$193.5M | −$217.3M | −$188.5M | −$227.1M | −$182.7M | −$68.3M | −$47.9M | −$94.7M | −$63.9M | −$89.6M |
| Investing activities | ||||||||||
| Capital expenditures | −$286,000 | −$1.7M | −$13,000 | −$281,000 | −$2.0M | −$2.0M | −$2.0M | −$2.0M | $0 | $0 |
| Investments (net) | — | −$1.7M | −$13,000 | −$281,000 | −$2.0M | $0 | $0 | — | — | — |
| Acquisitions & other investing | $0 | $1.7M | $13,000 | $281,000 | $2.0M | $0 | $0 | −$119.0M | — | −$93.5M |
| Cash from investing activities | −$286,000 | −$1.7M | −$13,000 | −$281,000 | −$2.0M | −$2.0M | −$2.0M | −$121.0M | — | −$93.5M |
| Financing activities | ||||||||||
| Dividends paid | −$147.2M | −$125.3M | −$102.9M | −$71.1M | −$58.6M | −$39.9M | −$50.3M | −$42.5M | −$18.6M | −$6.0M |
| Share repurchases & issuance (net) | — | — | −$1.1M | $202.8M | −$1.4M | $369.0M | −$9.2M | −$185,000 | −$588,000 | $1.5M |
| Net borrowing (repayment) | $171.2M | $182.6M | $131.9M | $108.1M | $145.4M | $76.4M | $86.5M | $120.5M | $70.8M | $25.0M |
| Shares issued | $157.8M | $178.5M | $181.5M | $203.0M | $98.1M | $50.4M | $26.1M | $18.9M | $0 | $0 |
| Other financing | −$3.4M | −$4.3M | −$10.2M | −$205.2M | −$19.1M | −$369.8M | −$1.3M | $28,000 | −$2.2M | −$4.5M |
| Cash from financing activities | $178.4M | $231.5M | $199.2M | $237.5M | $164.5M | $86.1M | $51.8M | $96.7M | $49.4M | $16.0M |
| Summary | ||||||||||
| Net change in cash | −$15.4M | $12.6M | $10.7M | $10.2M | −$20.2M | $17.9M | $3.8M | $2.0M | −$14.5M | −$73.6M |
| Cash at end of period | $29.4M | $44.9M | $32.3M | $21.6M | $11.4M | $31.6M | $13.7M | $9.9M | $7.9M | $22.4M |
| Free cash flow | −$193.5M | −$218.9M | −$188.5M | −$227.4M | −$184.7M | −$68.3M | −$47.9M | −$94.7M | −$63.9M | −$89.6M |
| Free cash flow margin | −78.7% | −133.6% | −123.9% | −251.7% | −179.4% | −94.0% | −307.4% | −155.1% | −120.1% | −227.4% |
| Capex / revenue | 0.1% | 1.0% | 0.0% | 0.3% | 1.9% | 2.7% | 12.8% | 3.3% | 0.0% | 0.0% |
| Operating cash flow / net income | −1.71 | −3.08 | −2.26 | −6.86 | −4.27 | −1.34 | — | −2.86 | −1.62 | −3.82 |
| 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 | $24.7M | $27.5M | $32.5M | $25.6M | $27.0M | $17.6M | $16.3M | $22.7M | $14.0M | $13.5M | $23.5M | $22.6M |
| Depreciation & amortization | $1.8M | $1.8M | $1.8M | $1.8M | $1.7M | $1.7M | $1.6M | $1.3M | $1.3M | $1.2M | $1.2M | $1.2M |
| Stock-based compensation | $1.4M | — | $3.7M | $2.4M | — | $2.7M | $1.5M | $1.5M | $1.2M | $1.1M | $1.2M | $1.2M |
| Change in working capital | −$3.1M | −$4.0M | $1.6M | −$4.0M | $1.2M | $1.9M | $4.0M | −$8.1M | −$2.7M | $364,000 | $2.8M | −$4.5M |
| Other non-cash items | −$105.8M | −$84.4M | −$5.8M | −$97.0M | $590,000 | −$86.7M | −$189.2M | −$41.3M | $17.2M | −$118.2M | −$10.6M | −$69.3M |
| Cash from operating activities | −$80.9M | −$59.1M | $33.9M | −$71.2M | $30.5M | −$62.9M | −$165.8M | −$23.8M | $31.1M | −$102.1M | $18.0M | −$48.8M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | −$363,000 | −$15,000 | −$81,000 | −$141,000 | −$1.3M | −$748,000 | −$497,000 | −$25,000 | −$10,000 | −$1,000 | −$497,000 |
| Investments (net) | — | — | — | −$81,000 | −$141,000 | −$396,000 | −$748,000 | −$497,000 | −$25,000 | −$10,000 | −$1,000 | $0 |
| Acquisitions & other investing | −$107.6M | $314,000 | −$127.5M | $81,000 | $141,000 | $5.4M | $748,000 | $497,000 | $25,000 | $10,000 | $1,000 | −$71.3M |
| Cash from investing activities | −$107.6M | −$49,000 | −$127.5M | −$81,000 | −$141,000 | $3.8M | −$748,000 | −$497,000 | −$25,000 | −$10,000 | −$1,000 | −$71.8M |
| Financing activities | ||||||||||||
| Dividends paid | −$39.6M | −$38.5M | −$37.3M | −$36.0M | −$35.3M | −$33.7M | −$31.5M | −$30.5M | −$29.5M | −$28.4M | −$26.9M | −$24.8M |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | $1.9M | −$1.9M | $1,000 | −$138,000 | — |
| Net borrowing (repayment) | $89.0M | $58.3M | $34.6M | $109.2M | −$31.0M | $35.0M | $134.6M | $49.0M | — | — | — | — |
| Shares issued | $62.6M | $25.2M | $51.8M | $39.7M | $41.2M | $67.5M | $52.9M | $20.2M | $37.8M | $48.5M | $65.5M | $22.5M |
| Other financing | −$1.7M | −$507,000 | −$324,000 | −$1.0M | −$1.5M | −$853,000 | −$599,000 | −$2.3M | −$36.5M | $90.6M | −$56.0M | $52.8M |
| Cash from financing activities | $110.3M | $44.4M | $48.8M | $111.8M | −$26.7M | $68.0M | $155.3M | $38.3M | −$30.1M | $110.8M | −$17.4M | $50.5M |
| Summary | ||||||||||||
| Net change in cash | $29.4M | −$14.8M | −$44.9M | $40.5M | $3.7M | $8.9M | −$11.2M | $13.9M | $1.0M | $8.7M | $585,000 | $1.7M |
| Cash at end of period | $58.9M | $29.4M | $44.2M | $89.1M | $48.5M | $44.9M | $36.0M | $47.2M | $33.3M | $32.3M | $23.6M | $23.0M |
| Free cash flow | −$80.9M | −$59.5M | $33.9M | −$71.3M | $30.4M | −$61.6M | −$166.6M | −$24.3M | $31.1M | −$102.1M | $18.0M | −$48.8M |
| Free cash flow margin | −131.6% | −110.2% | 54.7% | −136.1% | 56.5% | −133.9% | −403.0% | −60.5% | 85.8% | −247.0% | 44.8% | −134.6% |
| Capex / revenue | 0.0% | 0.7% | 0.0% | 0.2% | 0.3% | 2.8% | 1.8% | 1.2% | 0.1% | 0.0% | 0.0% | 1.4% |
| Operating cash flow / net income | −3.27 | −2.15 | 1.04 | −2.78 | 1.13 | −3.58 | −10.19 | −1.05 | 2.22 | −7.58 | 0.77 | −2.16 |
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.
CSWC cash generation
In fiscal 2026 (ended March 31, 2026), Capital Southwest generated -$193.5 million of cash from operations and spent $0.3 million on capital expenditures, leaving free cash flow of -$193.5 million, −78.7% of revenue. It returned $147.2 million to shareholders through dividends ($147.2 million) and net share buybacks ($0). Cash and equivalents fell by $15.4 million over the year.
Related: CSWC income statement, CSWC balance sheet, CSWC dividend history. See the CSWC stock overview for the latest quote and news.
CSWC cash flow FAQ
What is Capital Southwest's free cash flow?
Capital Southwest's free cash flow was -$193.5 million in fiscal 2026: -$193.5 million of operating cash flow minus $0.3 million of capital expenditures It was -$218.9 million a year earlier..
How much cash does Capital Southwest generate from operations?
Capital Southwest generated -$193.5 million of cash from operating activities in fiscal 2026, −1.71 times its net income of $113.0 million.
How much does Capital Southwest spend on capital expenditures?
Capital Southwest spent $0.3 million on capital expenditures in fiscal 2026, 0.1% of revenue, compared with $1.7 million the year before.
How much does Capital Southwest pay in dividends?
Capital Southwest paid $147.2 million in dividends in fiscal 2026.