Gladstone Capital Corporation (GLAD) Cash Flow Statement
Where GLAD’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- $43.6M +1,246.5% vs FY2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $43.6M 30.1% margin
- Returned to shareholders
- $55.5M 127% of free cash flow
- Change in cash
- $30.1M cash at year-end $32.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
GLAD operating cash flow, capex and free cash flow
GLAD cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $60.0MFY2016 | $43.6MFY2025 | −3.5%/yr | |
| Capital expenditures | $0FY2016 | $0FY2025 | — | |
| Free cash flow | $60.0MFY2016 | $43.6MFY2025 | −3.5%/yr | |
| Free cash flow margin | 242.9%FY2016 | 30.1%FY2025 | −212.7 pts | |
| Operating cash flow / net income | 5.28FY2016 | 0.75FY2025 | −4.53 | |
| Dividends paid | $19.5MFY2016 | $55.5MFY2025 | +12.3%/yr | |
| Share buybacks (net) | $572,000FY2016 | $0FY2023 | −100.0% | |
| Capex / revenue | 0.0%FY2016 | 0.0%FY2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GLAD cash flow by activity
GLAD 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).
GLAD cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $58.1M | $94.5M | $42.7M | $19.9M | $84.3M | −$1.9M | $19.9M | $18.6M | $17.2M | $11.4M |
| Depreciation & amortization | $2.3M | $1.9M | $1.5M | $17.1M | −$54.5M | $18.3M | $1.3M | $21.6M | $1.1M | $15.3M |
| Change in working capital | −$2.1M | −$1.9M | $1.7M | −$4.6M | $4.1M | $2.4M | $2.0M | $1.8M | −$1.2M | $4.9M |
| Other non-cash items | −$14.7M | −$91.2M | −$56.7M | −$108.8M | −$48.0M | −$65.0M | −$14.0M | −$59.8M | −$29.9M | $28.5M |
| Cash from operating activities | $43.6M | $3.2M | −$10.9M | −$76.4M | −$14.1M | −$46.1M | $9.3M | −$17.8M | −$12.9M | $60.0M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | −$49.1M | — | — | −$259.1M | −$166.0M | −$147.1M | −$134.4M | — | −$103.9M | −$58.6M |
| Cash from investing activities | −$49.1M | — | — | −$259.1M | −$166.0M | −$147.1M | −$134.4M | — | −$103.9M | −$58.6M |
| Financing activities | ||||||||||
| Dividends paid | −$55.5M | −$43.1M | −$35.4M | −$27.3M | −$26.0M | −$25.2M | −$24.6M | −$22.8M | −$21.4M | −$19.5M |
| Share repurchases & issuance (net) | — | — | $206.0M | $0 | $388.8M | −$51.8M | $228.2M | $118.9M | −$61.0M | −$572,000 |
| Net borrowing (repayment) | $76.7M | $22.8M | −$37.0M | $102.5M | $15.0M | $111.6M | $31.6M | $39.0M | $21.7M | −$56.0M |
| Shares issued | $21.1M | $18.8M | $87.4M | $4.5M | $26.9M | $13.0M | $17.2M | $22.0M | $0 | $0 |
| Other financing | −$6.7M | −$840,000 | −$210.8M | −$2.0M | −$392.2M | −$14.8M | −$248.0M | −$142.6M | $72.5M | $18.4M |
| Cash from financing activities | $35.6M | −$2.3M | $10.2M | $77.7M | $12.4M | $32.8M | $4.5M | $14.5M | $11.7M | −$57.7M |
| Summary | ||||||||||
| Net change in cash | $30.1M | $903,000 | −$706,000 | $1.3M | −$1.6M | −$13.3M | $13.7M | −$3.3M | −$1.1M | $2.3M |
| Cash at end of period | $32.4M | $2.3M | $1.4M | $2.1M | $846,000 | $2.5M | $15.7M | $2.0M | $5.0M | $6.2M |
| Free cash flow | $43.6M | $3.2M | −$10.9M | −$76.4M | −$14.1M | −$46.1M | $9.3M | −$17.8M | −$12.9M | $60.0M |
| Free cash flow margin | 30.1% | 2.7% | −18.5% | −236.0% | −14.8% | −548.9% | 27.7% | −56.8% | −42.6% | 242.9% |
| 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 | 0.75 | 0.03 | −0.25 | −3.84 | −0.17 | — | 0.47 | −0.95 | −0.75 | 5.28 |
| 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 | $12.2M | $16.0M | $5.9M | $14.0M | $7.7M | $8.8M | $27.0M | $31.8M | $19.1M | $23.6M | $20.0M | $13.1M |
| Depreciation & amortization | $745,000 | $696,000 | $6.5M | — | $609,000 | $527,000 | $518,000 | $541,000 | $453,000 | $441,000 | $429,000 | — |
| Change in working capital | −$5.8M | $5.0M | $3.1M | −$2.7M | $1.6M | $1.2M | −$738,000 | $219,000 | $882,000 | −$706,000 | −$1.4M | −$739,000 |
| Other non-cash items | −$92.2M | −$5.6M | −$764,000 | −$107.9M | $2.2M | $36.3M | −$2.8M | −$38.3M | $33.8M | −$42.5M | −$45.2M | $10.5M |
| Cash from operating activities | −$85.1M | $16.2M | $14.8M | −$96.6M | $12.1M | $46.8M | $24.0M | −$5.7M | $54.2M | −$19.1M | −$26.2M | $22.9M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | $48.2M | $397,000 | −$48.6M | — | $8.3M | — | — | — | — | — | −$57.7M | $12.7M |
| Cash from investing activities | $48.2M | $397,000 | −$48.6M | — | $8.3M | — | — | — | — | — | −$57.7M | $12.7M |
| Financing activities | ||||||||||||
| Dividends paid | −$10.2M | −$10.2M | −$10.2M | −$13.4M | −$11.1M | −$11.1M | −$20.0M | −$10.8M | −$10.8M | −$10.8M | −$10.8M | −$10.7M |
| Share repurchases & issuance (net) | $541,000 | −$451,000 | −$90,000 | — | $0 | $0 | $0 | — | — | — | — | $83.0M |
| Net borrowing (repayment) | $37.7M | −$13.4M | $6.2M | $119.8M | $2.4M | −$36.4M | −$9.1M | $4.8M | — | — | — | — |
| Shares issued | $9.8M | $6.8M | $9.9M | $12.0M | $2.8M | $1.6M | $4.7M | $13.2M | $4.0M | $1.6M | $0 | $49.1M |
| Other financing | −$2.0M | −$90,000 | −$192,000 | −$4.7M | −$2.0M | −$7,000 | −$53,000 | −$462,000 | −$51.6M | $32.1M | $37.1M | −$144.7M |
| Cash from financing activities | $35.8M | −$17.3M | $5.6M | $113.7M | −$7.9M | −$45.8M | −$24.4M | $6.8M | −$58.4M | $22.9M | $26.4M | −$23.3M |
| Summary | ||||||||||||
| Net change in cash | −$1.0M | −$775,000 | −$28.2M | $17.1M | $12.5M | $921,000 | −$428,000 | $1.1M | −$4.2M | $3.8M | $192,000 | −$385,000 |
| Cash at end of period | $2.4M | $3.4M | $4.2M | $32.4M | $15.3M | $2.8M | $1.9M | $2.3M | $1.2M | $5.4M | $1.6M | $1.4M |
| Free cash flow | −$85.1M | $16.2M | $14.8M | −$96.6M | $12.1M | $46.8M | $24.0M | −$5.7M | $54.2M | −$19.1M | −$26.2M | $22.9M |
| Free cash flow margin | −408.9% | 63.6% | 117.5% | −473.1% | 100.3% | 347.2% | 75.9% | −14.8% | 209.3% | −62.1% | −104.4% | 114.6% |
| 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 | −6.96 | 1.01 | 2.49 | −6.92 | 1.58 | 5.31 | 0.89 | −0.18 | 2.84 | −0.81 | −1.31 | 1.75 |
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.
GLAD cash generation
In fiscal 2025 (ended September 30, 2025), Gladstone Capital generated $43.6 million of cash from operations (up 1,246.5%) and spent $0 on capital expenditures, leaving free cash flow of $43.6 million, 30.1% of revenue. It returned $55.5 million to shareholders through dividends ($55.5 million) and net share buybacks ($0). Cash and equivalents rose by $30.1 million over the year.
Related: GLAD income statement, GLAD balance sheet, GLAD dividend history. See the GLAD stock overview for the latest quote and news.
GLAD cash flow FAQ
What is Gladstone Capital's free cash flow?
Gladstone Capital's free cash flow was $43.6 million in fiscal 2025: $43.6 million of operating cash flow minus $0 of capital expenditures It was $3.2 million a year earlier..
How much cash does Gladstone Capital generate from operations?
Gladstone Capital generated $43.6 million of cash from operating activities in fiscal 2025, 0.75 times its net income of $58.1 million.
How much does Gladstone Capital pay in dividends?
Gladstone Capital paid $55.5 million in dividends in fiscal 2025, 127.2% of free cash flow.