Investcorp Credit Management BDC, Inc. (ICMB) Cash Flow Statement
Where ICMB’s cash came from and went, FY2026
June 30, 2026 · U.S. dollars- Cash from operations
- $11.7M
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $11.7M 350.0% margin
- Returned to shareholders
- $9.2M 79% of free cash flow
- Change in cash
- $2.9M cash at year-end $15.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ICMB operating cash flow, capex and free cash flow
ICMB cash flow trends, FY2016–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $41.3MFY2016 | $11.7MFY2026 | −13.1%/yr | |
| Capital expenditures | $0FY2016 | $0FY2026 | — | |
| Free cash flow | $41.3MFY2016 | $11.7MFY2026 | −13.1%/yr | |
| Free cash flow margin | 116.1%FY2016 | 350.0%FY2026 | +233.9 pts | |
| Operating cash flow / net income | 1.73FY2017 | −1.12FY2024 | −2.85 | |
| Dividends paid | $24.8MFY2016 | $9.1MFY2026 | −10.5%/yr | |
| Share buybacks (net) | $390,178FY2018 | $39,178FY2026 | −28.0%/yr | |
| Capex / revenue | 0.0%FY2016 | 0.0%FY2026 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ICMB cash flow by activity
ICMB 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).
ICMB cash flow statement
| FY2026 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$8.8M | $12.1M | $3.2M | $2.6M | −$2.3M | −$24.7M | −$14.5M | $15.6M | $23.6M | −$9.3M |
| Depreciation & amortization | — | $683,118 | $764,443 | −$10.7M | $2.9M | $28.5M | $781,508 | $695,470 | $932,417 | $1.4M |
| Change in working capital | $854,265 | −$296,372 | $3.1M | $5.8M | −$3.4M | −$21.8M | $12.6M | $14.1M | −$999,666 | −$9.0M |
| Other non-cash items | $19.6M | −$26.0M | $13.6M | $23.6M | $23.0M | $7.4M | −$12.8M | −$38.7M | $17.2M | $58.2M |
| Cash from operating activities | $11.7M | −$13.5M | $20.7M | $21.2M | $20.2M | −$10.6M | −$14.0M | −$8.2M | $40.7M | $41.3M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | −$2 | −$4 | −$4 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | — | $29.8M | $10.7M | $9.1M | $19.1M | $3.8M | −$36.5M | −$35.2M | $40.2M | $32.1M |
| Cash from investing activities | — | $29.8M | $10.7M | $9.1M | $19.1M | $3.8M | −$36.5M | −$35.2M | $40.2M | $32.1M |
| Financing activities | ||||||||||
| Dividends paid | −$9.1M | −$5.7M | −$8.6M | −$8.5M | −$9.9M | −$13.5M | −$13.6M | −$13.7M | −$17.8M | −$24.8M |
| Share repurchases & issuance (net) | −$39,178 | $0 | $0 | — | $0 | $54.8M | −$358,573 | −$390,178 | — | — |
| Net borrowing (repayment) | $400,000 | −$28.9M | −$12.1M | −$18.0M | −$16.7M | $15.8M | $47.7M | $17.8M | −$30.5M | −$18.4M |
| Shares issued | $0 | $0 | $0 | $3.1M | $1.2M | $2.3M | $0 | $0 | $0 | $0 |
| Other financing | $0 | $62.2M | $0 | −$1.3M | −$2.5M | −$54.9M | −$1.9M | −$555,909 | −$258,542 | −$1.3M |
| Cash from financing activities | −$8.8M | $27.5M | −$20.7M | −$24.7M | −$27.9M | $4.5M | $31.9M | $3.2M | −$48.5M | −$44.4M |
| Summary | ||||||||||
| Net change in cash | $2.9M | −$5.1M | −$3,861 | −$3.5M | −$7.7M | −$6.0M | $18.0M | −$5.0M | −$7.8M | −$3.1M |
| Cash at end of period | $15.0M | $5.1M | $9.2M | $9.2M | $12.6M | $20.3M | $26.3M | $5.6M | $10.6M | $18.4M |
| Free cash flow | $11.7M | −$13.5M | $20.7M | $21.2M | $20.2M | −$10.6M | −$14.0M | −$8.2M | $40.7M | $41.3M |
| Free cash flow margin | 350.0% | −58.2% | 277.0% | 86.8% | 635.4% | −30.6% | −40.6% | −36.9% | 144.4% | 116.1% |
| 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 | — | −1.12 | 6.40 | 8.20 | — | — | — | −0.53 | 1.73 | — |
| 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 | −$1.1M | −$8.6M | $10.4M | −$1.3M | −$434,298 | $2.2M | −$564,540 | $6.6M | −$2.0M | $2.4M | −$2.9M | −$1.7M |
| Depreciation & amortization | — | $153,824 | $275,669 | −$2.0M | $189,379 | −$3.5M | — | $170,370 | $170,366 | $182,568 | $103,238 | $2.9M |
| Change in working capital | −$5.2M | −$945,804 | $9.7M | −$5.6M | −$2.8M | $3.5M | −$5.4M | $1.5M | $5.2M | −$3.9M | −$11.7M | $15.4M |
| Other non-cash items | $15.6M | $20.2M | −$26.0M | $3.3M | −$3.7M | $2.9M | −$1.3M | −$7.8M | $2.0M | −$2.2M | $3.3M | −$6.0M |
| Cash from operating activities | $9.3M | $10.8M | −$5.6M | −$5.5M | −$6.7M | $5.1M | −$7.2M | $481,709 | $5.4M | −$3.5M | −$11.2M | $10.6M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | −$1 | −$1 | −$4 | −$4 | −$4 | −$4 | −$2 | −$2 | −$1 | −$3 |
| Acquisitions & other investing | — | $13.2M | −$21.4M | $6.8M | −$11.8M | $1.7M | −$2.3M | — | $5.6M | $17.4M | $12.7M | −$5.9M |
| Cash from investing activities | — | $13.2M | −$21.4M | $6.8M | −$11.8M | $1.7M | −$2.3M | — | $5.6M | $17.4M | $12.7M | −$5.9M |
| Financing activities | ||||||||||||
| Dividends paid | $0 | −$405,572 | −$5.1M | −$670,300 | −$3.4M | −$1.7M | −$1.7M | −$5.6M | −$4.3M | −$2.2M | −$2.2M | −$2.6M |
| Share repurchases & issuance (net) | — | — | −$39,178 | — | — | — | — | — | — | — | — | — |
| Net borrowing (repayment) | $0 | −$14.0M | −$4.6M | −$7.0M | $14.5M | −$2.5M | $11.0M | $4.5M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | — | $157,390 | $30.9M | $670,300 | $0 | $0 | −$20,549 | $5.6M | −$14.5M | −$13.5M | $1.0M | −$2.9M |
| Cash from financing activities | — | −$14.2M | $21.1M | −$7.0M | $11.1M | −$4.2M | $9.3M | $4.5M | −$18.8M | −$15.7M | −$1.2M | −$5.5M |
| Summary | ||||||||||||
| Net change in cash | $9.3M | −$3.4M | $3.4M | −$5.7M | $4.4M | $885,559 | $2.0M | $5.0M | −$7.8M | −$1.8M | $369,462 | $5.1M |
| Cash at end of period | $20.9M | $11.6M | $15.0M | $11.6M | $17.3M | $13.0M | $12.1M | $10.1M | $5.1M | $12.9M | $14.7M | $14.3M |
| Free cash flow | $9.3M | $10.8M | −$5.6M | −$5.5M | −$6.7M | $5.1M | −$7.2M | $481,709 | $5.4M | −$3.5M | −$11.2M | $10.6M |
| Free cash flow margin | — | — | — | −321.0% | −242.7% | 99.4% | −283.0% | 4.9% | 105.5% | −1,003.0% | −218.6% | 160.6% |
| Capex / revenue | — | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | — | — | −0.54 | — | — | 2.31 | — | 0.07 | — | −1.44 | — | — |
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.
ICMB cash generation
In fiscal 2026 (ended June 30, 2026), Investcorp Credit Management BDC generated $11.7 million of cash from operations and spent $0 on capital expenditures, leaving free cash flow of $11.7 million, 350.0% of revenue. It returned $9.2 million to shareholders through dividends ($9.1 million) and net share buybacks ($0.0 million). Cash and equivalents rose by $2.9 million over the year.
Related: ICMB income statement, ICMB balance sheet, ICMB dividend history. See the ICMB stock overview for the latest quote and news.
ICMB cash flow FAQ
What is Investcorp Credit Management BDC's free cash flow?
Investcorp Credit Management BDC's free cash flow was $11.7 million in fiscal 2026: $11.7 million of operating cash flow minus $0 of capital expenditures It was -$13.5 million a year earlier..
How much cash does Investcorp Credit Management BDC generate from operations?
Investcorp Credit Management BDC generated $11.7 million of cash from operating activities in fiscal 2026.
How much stock does Investcorp Credit Management BDC buy back?
Investcorp Credit Management BDC spent $0.0 million on net share repurchases in fiscal 2026.
How much does Investcorp Credit Management BDC pay in dividends?
Investcorp Credit Management BDC paid $9.1 million in dividends in fiscal 2026, 78.3% of free cash flow.