Gladstone Investment Corporation (GAIN) Cash Flow Statement
Where GAIN’s cash came from and went, FY2026
March 31, 2026 · U.S. dollars- Cash from operations
- −$101.6M −189.2% vs FY2025
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- −$101.6M −142.1% margin
- Returned to shareholders
- $57.2M
- Change in cash
- −$12.8M cash at year-end $2.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
GAIN operating cash flow, capex and free cash flow
GAIN cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $32.6MFY2017 | −$101.6MFY2026 | — | |
| Capital expenditures | $0FY2017 | $0FY2026 | — | |
| Free cash flow | $32.6MFY2017 | −$101.6MFY2026 | — | |
| Free cash flow margin | 61.6%FY2017 | −142.1%FY2026 | −203.7 pts | |
| Operating cash flow / net income | 0.73FY2017 | −0.55FY2026 | −1.28 | |
| Dividends paid | $22.7MFY2017 | $57.2MFY2026 | +10.8%/yr | |
| Share buybacks (net) | $40.0MFY2017 | $0FY2024 | −100.0% | |
| Capex / revenue | 0.0%FY2017 | 0.0%FY2026 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GAIN cash flow by activity
GAIN 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).
GAIN cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $184.8M | $65.3M | $85.3M | $35.5M | $102.3M | $42.5M | −$7.2M | $81.6M | $60.7M | $44.8M |
| Depreciation & amortization | $3.9M | $26.0M | −$33.3M | $12.2M | −$74.9M | −$13.9M | −$51.1M | $500,000 | $500,000 | $75,000 |
| Change in working capital | $38.6M | $5.4M | $9.7M | $2.3M | $10.4M | −$6.0M | −$17.2M | $33.1M | $5.3M | $847,000 |
| Other non-cash items | −$328.8M | $17.3M | $24.3M | −$54.5M | −$1.2M | −$52.2M | $110.8M | −$21.6M | −$96.2M | −$13.1M |
| Cash from operating activities | −$101.6M | $113.9M | $86.0M | −$4.5M | $36.6M | −$29.7M | $35.3M | $93.6M | −$29.7M | $32.6M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | −$143.7M | −$97.6M | −$155.9M | −$98.2M | −$42.7M | −$64.2M | −$89.2M | $17.5M | −$90.9M | −$25.5M |
| Cash from investing activities | −$143.7M | −$97.6M | −$155.9M | −$98.2M | −$42.7M | −$64.2M | −$89.2M | $17.5M | −$90.9M | −$25.5M |
| Financing activities | ||||||||||
| Dividends paid | −$57.2M | −$61.0M | −$76.1M | −$47.0M | −$38.9M | −$30.9M | −$33.9M | −$30.5M | −$28.9M | −$22.7M |
| Share repurchases & issuance (net) | — | — | $0 | $5.5M | −$94.4M | −$57.5M | $3.1M | −$81.7M | $22.5M | −$40.0M |
| Net borrowing (repayment) | $104.7M | $59.5M | $106.5M | $35.2M | $112.2M | $101.1M | −$3.8M | −$54.0M | $37.3M | −$25.3M |
| Shares issued | $41.6M | $2.0M | $44.5M | $5.5M | $467,000 | $21.0M | $3.1M | $76.6M | $0 | $0 |
| Other financing | −$333,000 | −$5.0M | −$5.1M | −$5.9M | −$3.9M | −$5.8M | −$3.4M | −$4.4M | −$1.3M | $53.9M |
| Cash from financing activities | $88.8M | −$4.4M | $69.9M | −$6.7M | −$24.5M | $28.1M | −$34.9M | −$94.0M | $29.6M | −$34.1M |
| Summary | ||||||||||
| Net change in cash | −$12.8M | $11.9M | −$28,000 | −$11.2M | $12.1M | −$1.7M | $455,000 | −$362,000 | −$132,000 | −$1.5M |
| Cash at end of period | $2.4M | $15.2M | $3.2M | $3.2M | $14.5M | $2.4M | $4.1M | $3.6M | $4.0M | $4.1M |
| Free cash flow | −$101.6M | $113.9M | $86.0M | −$4.5M | $36.6M | −$29.7M | $35.3M | $93.6M | −$29.7M | $32.6M |
| Free cash flow margin | −142.1% | 126.8% | 83.3% | −13.8% | 36.9% | −61.0% | 441.0% | 88.8% | −42.9% | 61.6% |
| 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 | −0.55 | 1.74 | 1.01 | −0.13 | 0.36 | −0.70 | — | 1.15 | −0.49 | 0.73 |
| 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 | −$11.9M | $82.4M | −$35.2M | $28.7M | $7.8M | $17.9M | $38.5M | $15.5M | −$6.5M | $22.6M | $6.6M | $47.4M |
| Depreciation & amortization | — | $1.1M | $972,000 | −$54.5M | $1.0M | $29.2M | −$56.3M | $629,000 | $18.9M | $597,000 | $589,000 | $574,000 |
| Change in working capital | −$8.3M | $20.0M | −$2.5M | $3.8M | −$1.5M | $488,000 | $7.8M | $386,000 | −$4.0M | $240,000 | $725,000 | $7.9M |
| Other non-cash items | $28.2M | −$86.6M | −$99.0M | $30.9M | $1.0M | −$10.9M | $19.7M | $46.7M | $1.5M | −$17.2M | $13.0M | −$115.9M |
| Cash from operating activities | $8.1M | $16.8M | −$135.7M | $8.9M | $8.3M | $36.6M | $9.7M | $63.2M | $9.9M | $6.2M | $20.9M | −$60.1M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | −$600,000 | $6.0M | −$39.8M | −$69.6M | −$58.5M | $76.1M | −$181.6M | $28.9M | $2.4M | −$436,000 | −$40.7M | −$66.8M |
| Cash from investing activities | −$600,000 | $6.0M | −$39.8M | −$69.6M | −$58.5M | $76.1M | −$181.6M | $28.9M | $2.4M | −$436,000 | −$40.7M | −$66.8M |
| Financing activities | ||||||||||||
| Dividends paid | −$9.6M | −$9.6M | −$38.1M | −$9.3M | −$28.8M | −$8.8M | −$34.5M | −$8.8M | −$8.8M | −$8.7M | −$43.1M | −$12.2M |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | — | — | $102.3M | −$4.1M |
| Net borrowing (repayment) | $5.8M | −$9.2M | $16.1M | $35.7M | $62.0M | −$91.5M | $209.1M | −$54.8M | — | — | — | $33.1M |
| Shares issued | $0 | $0 | $2.7M | $31.6M | $7.3M | $0 | $2.0M | $0 | $0 | $19.3M | $21.1M | $0 |
| Other financing | −$3.1M | $1.4M | $27.4M | −$433,000 | −$161,000 | −$331,000 | −$4.3M | −$74,000 | −$3.5M | −$16.7M | −$100.2M | $8.1M |
| Cash from financing activities | −$6.9M | −$17.3M | $8.2M | $57.5M | $40.4M | −$100.7M | $172.3M | −$63.7M | −$12.4M | −$6.1M | −$19.9M | $25.0M |
| Summary | ||||||||||||
| Net change in cash | $1.2M | −$511,000 | −$167.2M | −$3.1M | −$9.8M | $12.0M | $473,000 | −$516,000 | −$30,000 | −$365,000 | $1.0M | −$35.2M |
| Cash at end of period | $3.6M | $2.4M | −$164.9M | $2.2M | $5.4M | $15.2M | $3.1M | $2.7M | $3.2M | $3.2M | $3.6M | $2.6M |
| Free cash flow | $8.1M | $16.8M | −$135.7M | $8.9M | $8.3M | $36.6M | $9.7M | $63.2M | $9.9M | $6.2M | $20.9M | −$60.1M |
| Free cash flow margin | 41.7% | 66.3% | −541.3% | 24.8% | 32.2% | 142.2% | 23.1% | 288.6% | 5,332.8% | 21.9% | 184.4% | −117.6% |
| Capex / revenue | 0.0% | 0.0% | 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 | — | 0.20 | — | 0.31 | 1.07 | 2.05 | 0.25 | 4.08 | — | 0.28 | 3.17 | −1.27 |
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.
GAIN cash generation
In fiscal 2026 (ended March 31, 2026), Gladstone Investment generated -$101.6 million of cash from operations (down 189.2%) and spent $0 on capital expenditures, leaving free cash flow of -$101.6 million, −142.1% of revenue. It returned $57.2 million to shareholders through dividends ($57.2 million) and net share buybacks ($0). Cash and equivalents fell by $12.8 million over the year.
Related: GAIN income statement, GAIN balance sheet, GAIN dividend history. See the GAIN stock overview for the latest quote and news.
GAIN cash flow FAQ
What is Gladstone Investment's free cash flow?
Gladstone Investment's free cash flow was -$101.6 million in fiscal 2026: -$101.6 million of operating cash flow minus $0 of capital expenditures It was $113.9 million a year earlier..
How much cash does Gladstone Investment generate from operations?
Gladstone Investment generated -$101.6 million of cash from operating activities in fiscal 2026, −0.55 times its net income of $184.8 million.
How much does Gladstone Investment pay in dividends?
Gladstone Investment paid $57.2 million in dividends in fiscal 2026.