Goldman Sachs BDC, Inc. (GSBD) Cash Flow Statement
Where GSBD’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $325.7M +13,155.3% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $325.7M 134.3% margin
- Returned to shareholders
- $285.7M 88% of free cash flow
- Change in cash
- −$18.6M cash at year-end $43.2M
Drawn to scale: where the cash came from and how it was used. Hover for values.
GSBD operating cash flow, capex and free cash flow
GSBD cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$31.4M2016 | $325.7M2025 | — | |
| Capital expenditures | $02016 | $02025 | — | |
| Free cash flow | −$31.4M2016 | $325.7M2025 | — | |
| Free cash flow margin | −50.5%2016 | 134.3%2025 | +184.8 pts | |
| Operating cash flow / net income | −0.772016 | 2.732025 | +3.50 | |
| Dividends paid | $64.9M2016 | $233.5M2025 | +15.3%/yr | |
| Share buybacks (net) | $02016 | $52.2M2025 | — | |
| Capex / revenue | 0.0%2016 | 0.0%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GSBD cash flow by activity
GSBD 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).
GSBD cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $119.3M | $62.9M | $195.9M | $55.0M | $192.4M | $176.1M | $36.1M | $53.7M | $49.5M | $40.7M |
| Depreciation & amortization | −$86.5M | $8.8M | $6.3M | $1.4M | $2.8M | −$137.9M | −$2.1M | $2.6M | $2.1M | $1.4M |
| Change in working capital | −$5.5M | $15.8M | $6.5M | −$6.6M | $5.8M | −$12.2M | $4.3M | $195,000 | $1.6M | $2.7M |
| Other non-cash items | $298.4M | −$85.0M | $92.1M | −$22.3M | −$230.9M | $139.8M | −$73.6M | −$105.7M | −$102.6M | −$76.1M |
| Cash from operating activities | $325.7M | $2.5M | $300.7M | $27.4M | −$29.9M | $165.8M | −$35.3M | −$49.2M | −$49.3M | −$31.4M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | $200.4M | −$198.6M | $113.7M | −$179.4M | −$179.4M | −$1.69B | −$111.6M | −$128.36B | −$105.20B | −$114.81B |
| Cash from investing activities | $200.4M | −$198.6M | $113.7M | −$179.4M | −$179.4M | −$1.69B | −$111.6M | −$128.36B | −$105.20B | −$114.81B |
| Financing activities | ||||||||||
| Dividends paid | −$233.5M | −$197.7M | −$191.0M | −$180.0M | −$193.0M | −$145.6M | −$69.9M | −$70.4M | −$67.4M | −$64.9M |
| Share repurchases & issuance (net) | −$52.2M | $0 | $379.3M | — | — | — | $85,000 | — | $81.6M | $0 |
| Net borrowing (repayment) | −$48.9M | $103.6M | −$189.2M | $147.7M | $229.3M | $27.3M | $109.0M | $118.2M | $43.5M | $83.8M |
| Shares issued | $0 | $109.9M | $99.2M | $14.0M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$9.9M | −$8.7M | −$386.4M | −$3.4M | −$4.6M | −$24.8M | −$664,000 | −$4.0M | −$1.3M | −$5.7M |
| Cash from financing activities | −$344.5M | $7.1M | −$288.0M | −$21.7M | $31.7M | −$143.1M | $38.6M | $43.7M | $56.3M | $13.2M |
| Summary | ||||||||||
| Net change in cash | −$18.6M | $9.4M | $12.8M | $5.8M | $1.6M | $22.7M | $3.3M | −$5.5M | $7.0M | −$18.1M |
| Cash at end of period | $43.2M | $61.8M | $52.4M | $39.6M | $33.8M | $32.1M | $9.4M | $6.1M | $11.6M | $4.6M |
| Free cash flow | $325.7M | $2.5M | $300.7M | $27.4M | −$29.9M | $165.8M | −$35.3M | −$49.2M | −$49.3M | −$31.4M |
| Free cash flow margin | 134.3% | 1.3% | 66.1% | 48.4% | −17.6% | 113.1% | −81.5% | −55.7% | −65.1% | −50.5% |
| 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 | 2.73 | 0.04 | 1.54 | 0.50 | −0.16 | 0.94 | −0.98 | −0.92 | −0.99 | −0.77 |
| 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 | $10.1M | −$13.6M | $23.7M | $24.7M | $39.3M | $31.6M | $37.5M | $37.1M | −$54.2M | $42.5M | $50.6M | $51.6M |
| Depreciation & amortization | $73.4M | $37.2M | $2.3M | $2.1M | $2.0M | $2.1M | $2.3M | $18.8M | $834,000 | $1.8M | $1.6M | $743,000 |
| Change in working capital | −$15.2M | −$43.7M | $11.9M | −$14.6M | $12.8M | −$15.6M | $30.4M | −$12.0M | $8.3M | −$10.8M | $6.0M | −$4.6M |
| Other non-cash items | −$4.1M | $27.7M | −$67.7M | $35.1M | $120.3M | $115.8M | −$57.1M | $60.2M | −$76.7M | −$26.4M | $24.6M | $112.0M |
| Cash from operating activities | $64.1M | $7.5M | −$29.9M | $47.2M | $174.5M | $133.9M | $13.1M | $104.1M | −$121.8M | $7.0M | $82.8M | $159.7M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | $26.1M | $2.9M | −$73.1M | $27.3M | $156.8M | $89.5M | −$63.4M | $69.9M | −$180.8M | −$24.4M | $34.3M | −$33.4M |
| Cash from investing activities | $26.1M | $2.9M | −$73.1M | $27.3M | $156.8M | $89.5M | −$63.4M | $69.9M | −$180.8M | −$24.4M | $34.3M | −$33.4M |
| Financing activities | ||||||||||||
| Dividends paid | −$75.4M | −$39.4M | −$59.3M | −$59.3M | −$62.2M | −$52.8M | −$50.9M | −$50.6M | −$48.7M | −$47.6M | −$49.3M | −$47.8M |
| Share repurchases & issuance (net) | — | — | −$15.0M | −$26.5M | −$10.7M | — | — | $0 | — | — | −$200,000 | $27,000 |
| Net borrowing (repayment) | −$40.9M | $34.8M | $32.7M | $49.9M | −$71.8M | −$59.7M | $46.8M | −$66.0M | — | — | — | −$77.6M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $4.0M | $69.4M | $36.6M | $0 | $0 |
| Other financing | $23.5M | −$7.0M | −$578,000 | −$4.2M | −$4.5M | −$558,000 | −$84,000 | −$104,000 | $110.3M | $4.0M | −$57.7M | −$55,000 |
| Cash from financing activities | −$92.8M | −$11.7M | −$42.1M | −$40.1M | −$149.2M | −$113.0M | −$4.1M | −$112.8M | $131.0M | −$7.0M | −$107.2M | −$125.5M |
| Summary | ||||||||||||
| Net change in cash | −$28.8M | −$1.4M | −$72.0M | $7.1M | $25.3M | $21.0M | $8.8M | −$8.7M | $9.3M | −$44,000 | −$24.2M | $34.2M |
| Cash at end of period | $14.4M | $41.9M | $43.2M | $115.2M | $108.0M | $82.8M | $61.8M | $53.0M | $61.6M | $52.3M | $52.4M | $76.6M |
| Free cash flow | $64.1M | $7.5M | −$29.9M | $47.2M | $174.5M | $133.9M | $13.1M | $104.1M | −$121.8M | $7.0M | $82.8M | $159.7M |
| Free cash flow margin | 61.0% | 9.6% | −35.9% | 84.6% | 253.3% | 138.1% | 18.8% | 147.2% | — | 9.6% | 100.5% | 190.9% |
| Capex / revenue | 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 | 6.37 | — | −1.26 | 1.91 | 4.44 | 4.24 | 0.35 | 2.81 | — | 0.17 | 1.64 | 3.10 |
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.
GSBD cash generation
In fiscal 2025 (ended December 31, 2025), Goldman Sachs BDC generated $325.7 million of cash from operations (up 13,155.3%) and spent $0 on capital expenditures, leaving free cash flow of $325.7 million, 134.3% of revenue. It returned $285.7 million to shareholders through dividends ($233.5 million) and net share buybacks ($52.2 million). Cash and equivalents fell by $18.6 million over the year.
Related: GSBD income statement, GSBD balance sheet, GSBD dividend history. See the GSBD stock overview for the latest quote and news.
GSBD cash flow FAQ
What is Goldman Sachs BDC's free cash flow?
Goldman Sachs BDC's free cash flow was $325.7 million in fiscal 2025: $325.7 million of operating cash flow minus $0 of capital expenditures It was $2.5 million a year earlier..
How much cash does Goldman Sachs BDC generate from operations?
Goldman Sachs BDC generated $325.7 million of cash from operating activities in fiscal 2025, 2.73 times its net income of $119.3 million.
How much stock does Goldman Sachs BDC buy back?
Goldman Sachs BDC spent $52.2 million on net share repurchases in fiscal 2025.
How much does Goldman Sachs BDC pay in dividends?
Goldman Sachs BDC paid $233.5 million in dividends in fiscal 2025, 71.7% of free cash flow.