Flagstar Financial, Inc. (FLG) Cash Flow Statement
Where FLG’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$534.0M −720.9% vs 2024
- Capital expenditures
- $67.0M 1.4% of revenue
- Free cash flow
- −$601.0M −12.8% margin
- Returned to shareholders
- $48.0M
- Change in cash
- −$9.58B cash at year-end $5.98B
Drawn to scale: where the cash came from and how it was used. Hover for values.
FLG operating cash flow, capex and free cash flow
FLG cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $755.7M2016 | −$534.0M2025 | — | |
| Capital expenditures | $84.2M2016 | $67.0M2025 | −2.5%/yr | |
| Free cash flow | $671.5M2016 | −$601.0M2025 | — | |
| Free cash flow margin | 36.8%2016 | −12.8%2025 | −49.6 pts | |
| Operating cash flow / net income | 1.532016 | 1.582022 | +0.05 | |
| Stock-based compensation | $32.7M2016 | $61.0M2025 | +7.2%/yr | |
| Dividends paid | $330.8M2016 | $48.0M2025 | −19.3%/yr | |
| Share buybacks (net) | $8.7M2016 | $02025 | −100.0% | |
| Capex / revenue | 4.6%2016 | 1.4%2025 | −3.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FLG cash flow by activity
FLG 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).
FLG cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$177.0M | −$1.12B | −$79.0M | $650.0M | $596.0M | $511.0M | $395.0M | $422.4M | $466.2M | $495.4M |
| Depreciation & amortization | $148.0M | $184.0M | $165.0M | $23.0M | $21.0M | $24.0M | $27.0M | $32.3M | $33.0M | $35.2M |
| Stock-based compensation | $61.0M | $54.0M | $47.0M | $29.0M | $31.0M | $29.0M | $32.0M | $36.3M | $36.0M | $32.7M |
| Change in working capital | −$437.0M | $43.0M | −$944.0M | $395.0M | −$342.0M | −$521.0M | −$45.0M | −$23.4M | −$1.20B | −$4.32B |
| Other non-cash items | −$129.0M | $923.0M | $1.07B | −$71.0M | −$16.0M | $291.0M | $101.0M | $72.7M | $1.99B | $4.52B |
| Cash from operating activities | −$534.0M | $86.0M | $263.0M | $1.03B | $290.0M | $334.0M | $510.0M | $540.4M | $1.33B | $755.7M |
| Investing activities | ||||||||||
| Capital expenditures | −$67.0M | −$36.0M | −$66.0M | −$3.0M | −$4.0M | $0 | $0 | −$9.8M | −$27.8M | −$84.2M |
| Investments (net) | −$5.08B | $15.45B | $20.67B | −$6.32B | −$2.76B | −$1.02B | — | — | — | — |
| Acquisitions & other investing | $8.19B | $36.0M | $66.0M | $3.0M | $4.0M | $0 | −$2.06B | −$4.01B | $1.09B | $1.30B |
| Cash from investing activities | $3.04B | $15.45B | $20.67B | −$6.32B | −$2.76B | −$1.02B | −$2.06B | −$4.02B | $1.06B | $1.22B |
| Financing activities | ||||||||||
| Dividends paid | −$48.0M | −$88.0M | −$519.0M | −$350.0M | −$349.0M | −$349.0M | −$350.0M | −$365.9M | −$356.8M | −$330.8M |
| Share repurchases & issuance (net) | $0 | −$11.0M | −$12.0M | −$24.0M | −$16.0M | −$59.0M | −$75.0M | −$163.2M | −$18.5M | −$8.7M |
| Net borrowing (repayment) | −$2.25B | −$6.85B | −$74.0M | −$1.93B | $478.0M | — | — | — | — | — |
| Shares issued | $0 | $1.00B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$9.79B | −$5.64B | −$10.80B | $7.47B | $2.62B | $2.31B | $1.24B | $2.96B | −$42.9M | −$1.61B |
| Cash from financing activities | −$12.09B | −$11.59B | −$11.41B | $5.17B | $2.73B | $1.90B | $816.0M | $2.43B | −$418.1M | −$1.95B |
| Summary | ||||||||||
| Net change in cash | −$9.58B | $3.95B | $9.53B | −$129.0M | $263.0M | $1.21B | −$733.0M | −$1.05B | $1.97B | $20.2M |
| Cash at end of period | $5.98B | $15.56B | $11.61B | $2.08B | $2.21B | $1.95B | $742.0M | $1.47B | $2.53B | $557.9M |
| Free cash flow | −$601.0M | $50.0M | $197.0M | $1.02B | $286.0M | $334.0M | $510.0M | $530.5M | $1.30B | $671.5M |
| Free cash flow margin | −12.8% | 0.8% | 3.3% | 47.0% | 16.3% | 18.9% | 27.0% | 29.8% | 71.4% | 36.8% |
| Capex / revenue | 1.4% | 0.6% | 1.1% | 0.1% | 0.2% | 0.0% | 0.0% | 0.6% | 1.5% | 4.6% |
| Operating cash flow / net income | — | — | — | 1.58 | 0.49 | 0.65 | 1.29 | 1.28 | 2.85 | 1.53 |
| 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 | $34.0M | $21.0M | $29.0M | −$36.0M | −$70.0M | −$100.0M | −$188.0M | −$280.0M | −$323.0M | −$327.0M | −$2.71B | $207.0M |
| Depreciation & amortization | $68.0M | $35.0M | $35.0M | $37.0M | $37.0M | $39.0M | $45.0M | $49.0M | $44.0M | $46.0M | $46.0M | $47.0M |
| Stock-based compensation | $33.0M | $14.0M | $15.0M | $17.0M | $14.0M | $15.0M | $16.0M | $17.0M | $15.0M | $6.0M | $14.0M | $13.0M |
| Change in working capital | $196.0M | −$214.0M | −$10.0M | $210.0M | $343.0M | −$616.0M | $764.0M | −$1.03B | $721.0M | −$409.0M | $164.0M | $843.0M |
| Other non-cash items | −$90.0M | $11.0M | −$247.0M | $15.0M | $31.0M | $72.0M | −$14.0M | $208.0M | $339.0M | $390.0M | $3.26B | −$56.0M |
| Cash from operating activities | $241.0M | −$133.0M | −$178.0M | $243.0M | $355.0M | −$590.0M | $623.0M | −$1.04B | $796.0M | −$294.0M | $779.0M | $1.05B |
| Investing activities | ||||||||||||
| Capital expenditures | −$26.0M | −$20.0M | −$38.0M | −$10.0M | −$7.0M | −$12.0M | −$3.0M | −$27.0M | −$22.0M | −$38.0M | −$24.0M | −$11.0M |
| Investments (net) | −$2.03B | $1.12B | −$667.0M | $757.0M | $589.0M | −$425.0M | $4.45B | $9.83B | −$788.0M | $1.96B | −$1.73B | −$1.73B |
| Acquisitions & other investing | −$516.0M | $324.0M | $2.46B | $10.0M | $7.0M | $12.0M | $3.0M | $27.0M | $22.0M | $38.0M | $24.0M | $11.0M |
| Cash from investing activities | −$2.57B | $1.43B | $1.75B | $757.0M | $589.0M | −$425.0M | $4.45B | $9.83B | −$788.0M | $1.96B | −$1.73B | −$1.73B |
| Financing activities | ||||||||||||
| Dividends paid | −$12.0M | −$13.0M | −$11.0M | −$13.0M | −$12.0M | −$12.0M | −$13.0M | −$12.0M | −$20.0M | −$43.0M | −$130.0M | −$134.0M |
| Share repurchases & issuance (net) | — | — | $7.0M | −$2.0M | −$1.0M | −$4.0M | −$1.0M | −$1.0M | −$1.0M | −$8.0M | −$1.0M | $0 |
| Net borrowing (repayment) | −$250.0M | −$1.00B | −$1.09B | −$2.0M | −$1.24B | $86.0M | −$5.54B | −$8.66B | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $1.0M | $0 | $0 | $1.01B | $0 | $0 |
| Other financing | $686.0M | $825.0M | −$3.06B | −$595.0M | −$4.17B | −$1.97B | −$7.12B | $3.98B | $6.04B | −$1.20B | $5.57B | −$8.08B |
| Cash from financing activities | $424.0M | −$188.0M | −$4.16B | −$612.0M | −$5.42B | −$1.90B | −$12.67B | −$4.69B | $6.02B | −$247.0M | $5.43B | −$8.21B |
| Summary | ||||||||||||
| Net change in cash | −$1.91B | $1.11B | −$2.58B | $388.0M | −$4.48B | −$2.91B | −$7.59B | $4.09B | $6.03B | $1.42B | $4.48B | −$8.89B |
| Cash at end of period | $5.18B | $7.08B | $5.98B | $8.56B | $8.17B | $12.65B | $15.56B | $23.15B | $19.06B | $13.03B | $11.61B | $7.13B |
| Free cash flow | $215.0M | −$153.0M | −$216.0M | $233.0M | $348.0M | −$602.0M | $620.0M | −$1.01B | $774.0M | −$332.0M | $755.0M | $1.06B |
| Free cash flow margin | 20.4% | −14.7% | −19.4% | 20.1% | 28.5% | −48.4% | 43.3% | −61.4% | 46.6% | −20.2% | 47.6% | 63.7% |
| Capex / revenue | 2.5% | 1.9% | 3.4% | 0.9% | 0.6% | 1.0% | 0.2% | 1.6% | 1.3% | 2.3% | 1.5% | 0.7% |
| Operating cash flow / net income | 7.09 | −6.33 | −6.14 | — | — | — | — | — | — | — | — | 5.09 |
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.
FLG cash generation
In fiscal 2025 (ended December 31, 2025), Flagstar Financial generated -$534.0 million of cash from operations (down 720.9%) and spent $67.0 million on capital expenditures, leaving free cash flow of -$601.0 million, −12.8% of revenue. It returned $48.0 million to shareholders through dividends ($48.0 million) and net share buybacks ($0). Cash and equivalents fell by $9.6 billion over the year.
Related: FLG income statement, FLG balance sheet, FLG dividend history. See the FLG stock overview for the latest quote and news.
FLG cash flow FAQ
What is Flagstar Financial's free cash flow?
Flagstar Financial's free cash flow was -$601.0 million in fiscal 2025: -$534.0 million of operating cash flow minus $67.0 million of capital expenditures It was $50.0 million a year earlier..
How much cash does Flagstar Financial generate from operations?
Flagstar Financial generated -$534.0 million of cash from operating activities in fiscal 2025.
How much does Flagstar Financial spend on capital expenditures?
Flagstar Financial spent $67.0 million on capital expenditures in fiscal 2025, 1.4% of revenue, compared with $36.0 million the year before.
How much does Flagstar Financial pay in dividends?
Flagstar Financial paid $48.0 million in dividends in fiscal 2025.