Finance Of America Companies Inc. (FOA) Cash Flow Statement
Where FOA’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$429.7M
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- −$429.7M −20.2% margin
- Returned to shareholders
- $40.3M
- Change in cash
- $22.7M cash at year-end $324.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
FOA operating cash flow, capex and free cash flow
FOA cash flow trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $260.2M2017 | −$429.7M2025 | — | |
| Capital expenditures | $11.2M2017 | $02025 | −100.0% | |
| Free cash flow | $248.9M2017 | −$429.7M2025 | — | |
| Free cash flow margin | 32.0%2017 | −20.2%2025 | −52.2 pts | |
| Operating cash flow / net income | 4.942017 | −4.172025 | −9.11 | |
| Stock-based compensation | $341,0002018 | $10.2M2025 | +62.4%/yr | |
| Dividends paid | $1.0M2017 | $196,0002025 | −18.5%/yr | |
| Share buybacks (net) | $02018 | $40.1M2025 | — | |
| Capex / revenue | 1.4%2017 | 0.0%2025 | −1.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FOA cash flow by activity
FOA 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).
FOA cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||
| Net income | $103.0M | −$142.6M | −$218.2M | −$64.4M | −$251.9M | $497.9M | $76.6M | $32.1M | $52.7M |
| Depreciation & amortization | $38.6M | $38.9M | $47.5M | $65.0M | $62.2M | $19.3M | $19.3M | $14.4M | $8.0M |
| Stock-based compensation | $10.2M | $8.8M | $24.7M | $47.9M | $71.8M | $0 | $2.9M | $341,000 | — |
| Change in working capital | −$5.2M | −$50.5M | $1.9M | $2.12B | $841.6M | $21.9M | −$34.3M | $93.1M | −$74.9M |
| Other non-cash items | −$576.3M | −$278.5M | $72.4M | −$760.3M | −$820.2M | −$1.23B | $36.5M | $466.1M | $274.4M |
| Cash from operating activities | −$429.7M | −$423.8M | −$71.6M | $1.41B | −$96.6M | −$686.1M | $101.1M | $605.9M | $260.2M |
| Investing activities | |||||||||
| Capital expenditures | $0 | $0 | $0 | −$11.2M | −$18.1M | −$23.1M | −$4.3M | −$15.4M | −$11.2M |
| Investments (net) | — | $114.8M | −$23.6M | −$3.99B | $343,000 | $101.5M | −$108.3M | −$6.1M | −$15.1M |
| Acquisitions & other investing | $854.9M | $0 | $181.8M | $2.19B | −$1.60B | −$953.5M | −$1.91B | −$795.5M | −$951.6M |
| Cash from investing activities | $854.9M | $114.8M | $158.1M | −$1.82B | −$1.62B | −$875.1M | −$2.03B | −$817.0M | −$977.9M |
| Financing activities | |||||||||
| Dividends paid | −$196,000 | $0 | — | $0 | −$75.0M | −$380.4M | −$2.7M | −$2.7M | −$1.0M |
| Share repurchases & issuance (net) | −$40.1M | $0 | $30.0M | — | — | — | $295.2M | $25,000 | — |
| Net borrowing (repayment) | −$407.4M | $170.4M | −$166.5M | −$1.85B | $1.76B | $2.11B | $2.08B | $327.4M | $739.5M |
| Shares issued | $49.3M | $0 | $30.0M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$4.0M | $215.8M | −$32.7M | $2.07B | −$17.0M | −$11.0M | −$304.2M | −$2.6M | −$6.6M |
| Cash from financing activities | −$402.5M | $386.2M | −$139.2M | $225.2M | $1.67B | $1.72B | $2.07B | $322.2M | $731.9M |
| Summary | |||||||||
| Net change in cash | $22.7M | $77.2M | −$52.6M | −$222.7M | $462.8M | $156.7M | $143.4M | $111.0M | $14.2M |
| Cash at end of period | $324.6M | $302.0M | $224.8M | $240.9M | $463.6M | $539.4M | $382.7M | $239.2M | $128.2M |
| Free cash flow | −$429.7M | −$423.8M | −$71.6M | $1.41B | −$114.7M | −$709.2M | $96.8M | $590.5M | $248.9M |
| Free cash flow margin | −20.2% | −21.7% | −4.6% | 204.9% | −6.6% | −29.7% | 6.4% | 74.8% | 32.0% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 1.6% | 1.0% | 1.0% | 0.3% | 1.9% | 1.4% |
| Operating cash flow / net income | −4.17 | — | — | — | — | −1.38 | 1.32 | 18.90 | 4.94 |
| 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 | −$11.2M | $17.5M | −$21.9M | $36.1M | $79.8M | $75.0M | −$142.6M | $84.2M | −$5.1M | −$20.3M | $61.4M | −$174.9M |
| Depreciation & amortization | $9.9M | $9.9M | $9.6M | $9.6M | $9.7M | $9.7M | $9.7M | $9.8M | $9.8M | $9.7M | $9.9M | $10.0M |
| Stock-based compensation | — | — | $10.2M | — | — | $2.6M | $1.7M | −$1.0M | −$2.9M | $2.9M | $10.3M | $4.9M |
| Change in working capital | — | — | — | — | — | — | $33.4M | — | — | — | $33.8M | −$8.0M |
| Other non-cash items | −$182.0M | −$158.2M | −$89.3M | −$195.5M | −$185.9M | −$179.4M | −$8.5M | −$174.3M | −$105.7M | −$124.6M | −$176.7M | $42.2M |
| Cash from operating activities | −$183.3M | −$130.9M | −$91.4M | −$149.7M | −$96.5M | −$92.1M | −$106.2M | −$81.4M | −$104.0M | −$132.2M | −$61.3M | −$125.9M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$461,000 | −$461,000 | −$119.6M | −$119.6M |
| Investments (net) | — | — | — | $263.6M | $138.0M | $45.5M | −$30.8M | −$54.7M | $150.8M | $49.5M | $18.8M | $185.7M |
| Acquisitions & other investing | −$44.8M | $95.1M | $407.8M | $0 | $0 | $0 | $0 | $0 | $16.3M | $461,000 | $119.6M | $119.6M |
| Cash from investing activities | −$44.8M | $95.1M | $407.8M | $263.6M | $138.0M | $45.5M | −$30.8M | −$54.7M | $166.6M | $49.5M | $18.8M | $185.7M |
| Financing activities | ||||||||||||
| Dividends paid | −$1.1M | −$1.1M | −$196,000 | — | $0 | $0 | — | — | — | — | — | — |
| Share repurchases & issuance (net) | $0 | −$41.6M | −$40.1M | — | $0 | $0 | — | — | — | — | — | — |
| Net borrowing (repayment) | $193.6M | $132.4M | −$402.7M | $52.8M | −$54.9M | −$2.6M | $225.0M | $32.1M | — | — | — | −$124.8M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$556,000 | −$2.0M | $49.0M | −$959,000 | −$1.9M | −$874,000 | −$6.4M | $77.6M | −$59.6M | $101.6M | −$15.3M | −$279,000 |
| Cash from financing activities | $191.9M | $87.7M | −$394.1M | $51.9M | −$56.7M | −$3.5M | $218.7M | $109.7M | −$59.6M | $101.6M | −$15.3M | −$125.1M |
| Summary | ||||||||||||
| Net change in cash | −$36.1M | $52.0M | −$77.7M | $165.7M | −$15.2M | −$50.1M | $81.6M | −$26.2M | $3.0M | $18.8M | −$57.8M | −$65.3M |
| Cash at end of period | $340.5M | $376.6M | $324.6M | $402.4M | $236.7M | $251.9M | $302.0M | $220.4M | $246.6M | $243.6M | $224.8M | $282.6M |
| Free cash flow | −$183.3M | −$130.9M | −$91.4M | −$149.7M | −$96.5M | −$92.1M | −$106.2M | −$81.4M | −$103.5M | −$132.7M | −$61.3M | −$125.9M |
| Free cash flow margin | −293.8% | −25.7% | −18.5% | −30.5% | −16.1% | −16.1% | −36.7% | −11.4% | −21.2% | −28.9% | −22.2% | −42.6% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% | 43.4% | 40.5% |
| Operating cash flow / net income | — | −7.47 | — | −4.14 | −1.21 | −1.23 | — | −0.97 | — | — | −1.00 | — |
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.
FOA cash generation
In fiscal 2025 (ended December 31, 2025), Finance Of America generated -$429.7 million of cash from operations and spent $0 on capital expenditures, leaving free cash flow of -$429.7 million, −20.2% of revenue. It returned $40.3 million to shareholders through dividends ($0.2 million) and net share buybacks ($40.1 million). Cash and equivalents rose by $22.7 million over the year.
Related: FOA income statement, FOA balance sheet. See the FOA stock overview for the latest quote and news.
FOA cash flow FAQ
What is Finance Of America's free cash flow?
Finance Of America's free cash flow was -$429.7 million in fiscal 2025: -$429.7 million of operating cash flow minus $0 of capital expenditures It was -$423.8 million a year earlier..
How much cash does Finance Of America generate from operations?
Finance Of America generated -$429.7 million of cash from operating activities in fiscal 2025, −4.17 times its net income of $103.0 million.
How much stock does Finance Of America buy back?
Finance Of America spent $40.1 million on net share repurchases in fiscal 2025.
How much does Finance Of America pay in dividends?
Finance Of America paid $0.2 million in dividends in fiscal 2025.