Great Elm Group, Inc. (GEG) Cash Flow Statement
Where GEG’s cash came from and went, FY2026
June 30, 2026 · U.S. dollars- Cash from operations
- $11.9M
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $11.9M 42.8% margin
- Returned to shareholders
- $6.8M 57% of free cash flow
- Change in cash
- $19.1M cash at year-end $53.6M
Cash from operations
$11.9M
Investments (net)
+$4.7M
Acquisitions & other
+$7.9M
Share buybacks (net)
−$6.8M
Shares issued
+$11.9M
Other financing
−$10.4M
Change in cash
$19.1M
Drawn to scale: where the cash came from and how it was used. Hover for values.
GEG operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
GEG cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$10.5MFY2017 | $11.9MFY2026 | — | |
| Capital expenditures | $35,000FY2017 | $0FY2026 | −100.0% | |
| Free cash flow | −$10.5MFY2017 | $11.9MFY2026 | — | |
| Free cash flow margin | −213.6%FY2017 | 42.8%FY2026 | +256.4 pts | |
| Operating cash flow / net income | −0.15FY2023 | −0.58FY2025 | −0.43 | |
| Stock-based compensation | $2.0MFY2017 | $2.3MFY2026 | +1.7%/yr | |
| Dividends paid | $0FY2017 | $350,000FY2022 | — | |
| Share buybacks (net) | $0FY2017 | $6.8MFY2026 | — | |
| Capex / revenue | 0.7%FY2017 | 0.0%FY2026 | −0.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GEG cash flow by activity
OperatingInvestingFinancingChange in cash
GEG net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
GEG cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$35.4M | $15.6M | −$942,000 | $16.0M | −$15.0M | −$9.3M | −$13.3M | −$6.9M | −$11.3M | −$17.4M |
| Depreciation & amortization | $1.3M | $1.2M | $1.1M | $1.2M | $8.8M | $8.7M | $10.8M | $9.2M | $1.1M | $340,000 |
| Stock-based compensation | $2.3M | $2.0M | $2.4M | $2.6M | $2.8M | $1.8M | $548,000 | $978,000 | $4.4M | $2.0M |
| Change in working capital | −$1.9M | −$11.7M | −$11.2M | −$740,000 | −$2.1M | $41,000 | $4.4M | −$3.0M | −$1.1M | −$5.8M |
| Other non-cash items | $45.7M | −$16.1M | −$6.9M | −$21.4M | $34.8M | −$20.1M | $10.9M | $2.3M | $3.0M | $10.4M |
| Cash from operating activities | $11.9M | −$9.0M | −$15.6M | −$2.4M | $29.3M | −$19.0M | $13.2M | $2.7M | −$3.8M | −$10.5M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | $0 | −$53,000 | −$6.6M | −$7.0M | −$8.8M | −$7.7M | −$13,000 | −$35,000 |
| Investments (net) | $4.7M | −$1.3M | $2.3M | $84.0M | −$32.5M | −$13.4M | −$6.6M | −$54.9M | −$2.4M | −$100,000 |
| Acquisitions & other investing | $7.9M | $0 | $0 | $53,000 | −$1.0M | $4.9M | $8.8M | $7.7M | $13,000 | −$30.0M |
| Cash from investing activities | $12.6M | −$1.3M | $2.3M | $84.0M | −$40.0M | −$15.5M | −$6.6M | −$54.9M | −$2.4M | −$30.1M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | −$350,000 | −$1.9M | −$368,000 | −$28.1M | −$368,000 | $0 |
| Share repurchases & issuance (net) | −$6.8M | −$7.2M | −$2.1M | $0 | −$1.2M | $1.9M | −$3.6M | −$5.1M | $4.6M | $42.6M |
| Net borrowing (repayment) | $0 | −$1.8M | −$2.1M | −$41.8M | $16.5M | −$18.5M | $21.0M | $23.2M | −$713,000 | −$36.8M |
| Shares issued | $11.9M | $0 | $0 | $0 | $0 | $37.7M | $136,000 | $1.6M | $0 | $0 |
| Other financing | −$10.4M | $223,000 | $7.0M | −$5.9M | −$5.0M | −$878,000 | $4.5M | $30.0M | $368,000 | $0 |
| Cash from financing activities | −$5.4M | −$8.8M | $2.8M | −$47.6M | $10.0M | $18.3M | $21.8M | $21.5M | $3.9M | $5.8M |
| Summary | ||||||||||
| Net change in cash | $19.1M | −$19.1M | −$10.4M | $37.9M | −$787,000 | −$16.1M | $28.4M | −$30.7M | −$2.4M | −$34.8M |
| Cash at end of period | $53.6M | $30.6M | $49.7M | $60.2M | $23.6M | $24.4M | $40.5M | $12.8M | $43.5M | $45.9M |
| Free cash flow | $11.9M | −$9.0M | −$15.6M | −$2.4M | $22.7M | −$25.9M | $4.4M | −$5.0M | −$3.9M | −$10.5M |
| Free cash flow margin | 42.8% | −55.2% | −87.2% | −28.0% | 503.3% | −42.6% | 7.5% | −9.7% | −65.0% | −213.6% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.6% | 145.1% | 11.5% | 15.0% | 15.0% | 0.2% | 0.7% |
| Operating cash flow / net income | — | −0.58 | — | −0.15 | — | — | — | — | — | — |
| 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 | $1.9M | −$13.7M | −$16.5M | −$7.9M | $13.6M | −$4.5M | $1.4M | $3.0M | −$578,000 | −$3.1M | −$239,000 | $2.8M |
| Depreciation & amortization | $332,000 | $313,000 | $312,000 | $342,000 | $331,000 | $361,000 | $284,000 | $273,000 | $271,000 | $271,000 | $283,000 | $283,000 |
| Stock-based compensation | −$158,000 | $591,000 | $563,000 | $644,000 | $440,000 | $476,000 | $376,000 | $660,000 | $530,000 | $500,000 | $625,000 | $705,000 |
| Change in working capital | −$3.3M | $7.1M | −$3.1M | −$2.6M | $2.5M | −$910,000 | −$5.1M | −$6.7M | $391,000 | $5.6M | −$10.2M | −$7.0M |
| Other non-cash items | $5.3M | $11.5M | $16.9M | $13.4M | −$13.2M | $3.2M | −$933,000 | −$3.0M | $2.4M | −$1.9M | −$4.2M | −$2.9M |
| Cash from operating activities | $4.1M | $5.8M | −$1.9M | $3.8M | $3.7M | −$1.3M | −$4.0M | −$5.8M | $3.0M | $1.4M | −$13.8M | −$6.1M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$6.9M | −$1.4M | −$6.9M | $0 |
| Investments (net) | $629,000 | $58,000 | $2.6M | $9.3M | −$533,000 | −$10.7M | $7.4M | $2.5M | $7.0M | $3.4M | $4.9M | −$13.0M |
| Acquisitions & other investing | −$15,000 | −$21,000 | −$35,000 | $0 | $117,000 | $0 | $0 | $0 | $6.9M | $2.3M | $6.9M | $0 |
| Cash from investing activities | $614,000 | $37,000 | $2.6M | $9.3M | −$416,000 | −$10.7M | $7.4M | $2.5M | $7.0M | $4.3M | $4.9M | −$13.0M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$596,000 | −$2.8M | −$2.6M | −$756,000 | −$922,000 | −$1.1M | −$3.1M | −$2.1M | −$2.1M | $0 | $0 | $0 |
| Shares issued | $2,000 | $0 | $0 | $11.9M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | −$8.7M | −$307,000 | −$1.4M | −$1.8M | $365,000 | −$136,000 | −$123,000 | −$2.2M | −$107,000 | $6.9M | $0 |
| Cash from financing activities | −$594,000 | −$11.6M | −$2.9M | $9.7M | −$2.7M | −$721,000 | −$3.3M | −$2.2M | −$4.3M | −$107,000 | $6.9M | $0 |
| Summary | ||||||||||||
| Net change in cash | $6.6M | −$10.6M | −$923,000 | $24.0M | −$239,000 | −$12.8M | $98,000 | −$5.5M | $5.6M | $376,000 | −$2.0M | −$19.1M |
| Cash at end of period | $53.6M | $47.0M | $57.6M | $58.5M | $34.5M | $31.5M | $44.3M | $44.2M | $49.7M | $49.5M | $39.1M | $41.1M |
| Free cash flow | $7.9M | $5.8M | −$1.9M | $3.8M | $3.7M | −$1.3M | −$4.0M | −$5.8M | $3.0M | $1.4M | −$13.8M | −$6.1M |
| Free cash flow margin | 75.1% | 170.5% | −62.8% | 35.4% | 66.1% | −41.9% | −115.3% | −145.0% | 33.4% | 49.2% | −488.9% | −185.1% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 77.4% | 49.2% | 244.8% | 0.0% |
| Operating cash flow / net income | 2.13 | — | — | — | 0.27 | — | −2.99 | −1.95 | — | — | — | −2.22 |
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.
GEG cash generation
In fiscal 2026 (ended June 30, 2026), Great Elm generated $11.9 million of cash from operations and spent $0 on capital expenditures, leaving free cash flow of $11.9 million, 42.8% of revenue. It returned $6.8 million to shareholders through dividends ($0) and net share buybacks ($6.8 million). Cash and equivalents rose by $19.1 million over the year.
Related: GEG income statement, GEG balance sheet. See the GEG stock overview for the latest quote and news.
GEG cash flow FAQ
What is Great Elm's free cash flow?
Great Elm's free cash flow was $11.9 million in fiscal 2026: $11.9 million of operating cash flow minus $0 of capital expenditures It was -$9.0 million a year earlier..
How much cash does Great Elm generate from operations?
Great Elm generated $11.9 million of cash from operating activities in fiscal 2026.
How much stock does Great Elm buy back?
Great Elm spent $6.8 million on net share repurchases in fiscal 2026.