Great Elm Capital Corp. (GECC) Cash Flow Statement
Where GECC’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$2.8M
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- −$2.8M −6.3% margin
- Returned to shareholders
- $19.2M
- Change in cash
- $1.8M cash at year-end $1.8M
Drawn to scale: where the cash came from and how it was used. Hover for values.
GECC operating cash flow, capex and free cash flow
GECC cash flow trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$10.5M2017 | −$2.8M2025 | — | |
| Capital expenditures | $35,0002017 | $02025 | −100.0% | |
| Free cash flow | −$10.5M2017 | −$2.8M2025 | — | |
| Free cash flow margin | −213.6%2017 | −6.3%2025 | +207.3 pts | |
| Operating cash flow / net income | 1.012023 | −23.272024 | −24.28 | |
| Dividends paid | $12.8M2017 | $19.2M2025 | +5.2%/yr | |
| Share buybacks (net) | $02017 | $38.9M2022 | — | |
| Capex / revenue | 0.7%2017 | 0.0%2025 | −0.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GECC cash flow by activity
GECC 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).
GECC cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$31.8M | $3.6M | $25.3M | −$15.6M | −$10.3M | −$32.0M | −$7.5M | −$9.0M | −$2.8M | −$15.2M |
| Depreciation & amortization | $2.8M | $1.5M | −$19.9M | −$101.4M | $9.0M | $24.4M | $13.8M | — | $18.3M | $3.1M |
| Change in working capital | $26,000 | −$74,000 | $6.2M | −$8.0M | −$4.7M | −$36,000 | $3.8M | $2.3M | $1.6M | — |
| Other non-cash items | $26.2M | −$87.6M | $14.0M | $83.1M | −$52.4M | $35.0M | −$34.5M | −$23.8M | −$41.5M | $1.6M |
| Cash from operating activities | −$2.8M | −$82.7M | $25.7M | −$41.8M | −$58.5M | $27.4M | −$24.5M | −$30.5M | −$24.3M | −$10.5M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$35,000 |
| Investments (net) | — | — | — | — | — | — | — | — | — | −$30.0M |
| Acquisitions & other investing | −$22.1M | — | $14.8M | −$36.5M | −$56.9M | $19.5M | −$21.3M | −$22.8M | $40.6M | −$100,000 |
| Cash from investing activities | −$22.1M | — | $14.8M | −$36.5M | −$56.9M | $19.5M | −$21.3M | −$22.8M | $40.6M | −$30.1M |
| Financing activities | ||||||||||
| Dividends paid | −$19.2M | −$15.1M | −$10.6M | −$13.0M | −$9.9M | −$5.0M | −$12.8M | −$12.7M | −$12.8M | — |
| Share repurchases & issuance (net) | — | — | — | −$38.9M | −$13.2M | $0 | −$5.0M | $0 | −$24.3M | $42.6M |
| Net borrowing (repayment) | −$1.2M | $52.3M | −$14.4M | $10.0M | $24.9M | −$4.1M | $42.7M | $44.4M | −$2.5M | — |
| Shares issued | $27.3M | $48.7M | $0 | $37.5M | $45.0M | $31.7M | $0 | $0 | $0 | $0 |
| Other financing | −$2.2M | −$4.2M | −$259,000 | $37.6M | −$32.3M | −$1.5M | $0 | $0 | $0 | −$36.8M |
| Cash from financing activities | $4.6M | $81.7M | −$25.3M | $33.2M | $14.5M | $21.2M | $24.9M | $31.7M | −$39.6M | $5.8M |
| Summary | ||||||||||
| Net change in cash | $1.8M | −$953,000 | $366,000 | −$8.6M | −$44.0M | $48.6M | $439,000 | $1.3M | −$63.9M | −$34.8M |
| Cash at end of period | $1.8M | $0 | $953,000 | $587,000 | $9.1M | $53.2M | $4.6M | $4.2M | $2.9M | $66.8M |
| Free cash flow | −$2.8M | −$82.7M | $25.7M | −$41.8M | −$58.5M | $27.4M | −$24.5M | −$30.5M | −$24.3M | −$10.5M |
| Free cash flow margin | −6.3% | −353.5% | 61.2% | — | — | — | — | — | −3,634.9% | −213.6% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | — | — | — | — | — | 0.0% | 0.7% |
| Operating cash flow / net income | — | −23.27 | 1.01 | — | — | — | — | — | — | — |
| 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 | $6.4M | −$745,000 | −$22.0M | −$22.0M | −$453,000 | $453,000 | $1.9M | $3.5M | −$1.3M | −$458,000 | $4.2M | $7.8M |
| Depreciation & amortization | −$469,000 | $469,000 | $533,000 | $29.8M | $423,000 | $418,000 | — | $7.5M | −$3.9M | $5.4M | −$19.9M | $6.5M |
| Change in working capital | $661,000 | −$2.5M | $2.2M | −$3.6M | $852,000 | $544,000 | −$176,000 | $1.8M | −$957,000 | −$747,000 | $532,000 | $437,000 |
| Other non-cash items | $6.5M | $26.3M | $37.8M | −$5.6M | $8.9M | −$7.3M | $29.7M | −$7.8M | $7.3M | −$2.7M | $17.2M | −$4.2M |
| Cash from operating activities | $13.2M | $23.5M | $18.6M | −$1.4M | $9.7M | −$5.9M | $31.4M | $4.9M | $1.2M | $1.5M | $2.1M | $10.5M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | −$7.7M | $19.1M | −$8.2M | −$67.7M | $72.1M | −$18.2M | — | $5.7M | −$23.4M | −$29.4M | $9.3M | $125,000 |
| Cash from investing activities | −$7.7M | $19.1M | −$8.2M | −$67.7M | $72.1M | −$18.2M | — | $5.7M | −$23.4M | −$29.4M | $9.3M | $125,000 |
| Financing activities | ||||||||||||
| Dividends paid | −$3.5M | −$4.2M | −$5.2M | −$4.9M | −$4.3M | −$4.8M | −$4.0M | −$3.7M | −$3.3M | −$4.1M | −$2.7M | −$2.7M |
| Share repurchases & issuance (net) | −$12,000 | −$528,000 | — | — | — | $0 | — | — | — | — | — | — |
| Net borrowing (repayment) | −$7.6M | −$20.4M | −$9.6M | $2.4M | −$6.0M | $12.0M | −$36.5M | $55.8M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $27.0M | $275,000 | $0 | $13.0M | $0 | $11.8M | $23.8M | $0 | $0 |
| Other financing | −$370,000 | −$246,000 | −$2.0M | −$157,000 | $0 | −$10,000 | −$4.2M | $0 | $28.0M | $5.0M | −$267,000 | −$9.4M |
| Cash from financing activities | −$11.5M | −$25.3M | −$16.8M | $24.3M | −$10.0M | $7.1M | −$31.7M | $52.1M | $36.6M | $24.8M | −$2.9M | −$12.1M |
| Summary | ||||||||||||
| Net change in cash | $1.7M | −$1.8M | $1.8M | −$960,000 | −$313,000 | $1.3M | −$305,000 | −$2.3M | $2.2M | −$619,000 | −$827,000 | −$1.6M |
| Cash at end of period | $1.7M | $1.8M | $1.8M | $0 | $960,000 | $1.3M | $0 | $305,000 | $2.6M | $334,000 | $953,000 | $1.8M |
| Free cash flow | $13.2M | $23.5M | $18.6M | −$1.4M | $9.7M | −$5.9M | $31.4M | $4.9M | $1.2M | $1.5M | $2.1M | $10.5M |
| Free cash flow margin | 95.0% | 1,067.3% | — | — | 55.8% | −98.6% | 412.2% | 55.2% | 34.6% | 43.5% | 25.1% | 85.2% |
| 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 | 2.05 | — | — | — | — | −12.96 | 16.87 | 1.42 | — | — | 0.50 | 1.35 |
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.
GECC cash generation
In fiscal 2025 (ended December 31, 2025), Great Elm Capital generated -$2.8 million of cash from operations and spent $0 on capital expenditures, leaving free cash flow of -$2.8 million, −6.3% of revenue. It returned $19.2 million to shareholders through dividends ($19.2 million) and net share buybacks ($0). Cash and equivalents rose by $1.8 million over the year.
Related: GECC income statement, GECC balance sheet, GECC dividend history. See the GECC stock overview for the latest quote and news.
GECC cash flow FAQ
What is Great Elm Capital's free cash flow?
Great Elm Capital's free cash flow was -$2.8 million in fiscal 2025: -$2.8 million of operating cash flow minus $0 of capital expenditures It was -$82.7 million a year earlier..
How much cash does Great Elm Capital generate from operations?
Great Elm Capital generated -$2.8 million of cash from operating activities in fiscal 2025.
How much does Great Elm Capital pay in dividends?
Great Elm Capital paid $19.2 million in dividends in fiscal 2025.