Orchid Island Capital, Inc. (ORC) Cash Flow Statement
Where ORC’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $120.4M +79.8% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $120.4M 67.1% margin
- Returned to shareholders
- $186.2M 155% of free cash flow
- Change in cash
- $389.5M cash at year-end $724.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ORC operating cash flow, capex and free cash flow
ORC cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $47.0M2016 | $120.4M2025 | +11.0%/yr | |
| Capital expenditures | $02016 | $02025 | — | |
| Free cash flow | $47.0M2016 | $120.4M2025 | +11.0%/yr | |
| Free cash flow margin | 424.9%2016 | 67.1%2025 | −357.8 pts | |
| Operating cash flow / net income | 23.772016 | 0.762025 | −23.02 | |
| Stock-based compensation | $605,0002016 | $309,0002025 | −7.2%/yr | |
| Dividends paid | $36.8M2016 | $178.9M2025 | +19.2%/yr | |
| Share buybacks (net) | $02016 | $7.4M2025 | — | |
| 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.
ORC cash flow by activity
ORC 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).
ORC cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $159.0M | $37.7M | −$39.2M | −$258.5M | −$64.8M | $2.1M | $24.3M | −$44.4M | $2.0M | $2.0M |
| Depreciation & amortization | — | — | — | — | — | — | — | — | $0 | $0 |
| Stock-based compensation | $309,000 | $553,000 | $1.2M | $685,000 | $772,000 | $244,000 | $294,000 | $492,000 | $535,000 | $605,000 |
| Change in working capital | −$4.3M | −$4.4M | −$4.3M | $16.2M | −$8.2M | −$5.1M | $5.6M | $990,000 | $5.8M | $401,000 |
| Other non-cash items | −$34.6M | $33.2M | $50.3M | $531.0M | $168.6M | $58.1M | $18.0M | $136.9M | $76.6M | $44.1M |
| Cash from operating activities | $120.4M | $67.0M | $8.0M | $289.4M | $96.4M | $55.4M | $48.2M | $94.0M | $85.0M | $47.0M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | −$63.2M | $0 | $0 | $0 | $0 |
| Investments (net) | −$5.25B | −$1.42B | −$1.44B | −$3.52B | −$2.98B | −$199.3M | −$354.8M | $380.0M | −$802.5M | −$911.5M |
| Acquisitions & other investing | −$128.6M | $0 | $1.00B | $5.96B | −$37.4M | $63.2M | $0 | $0 | $0 | $0 |
| Cash from investing activities | −$5.38B | −$1.42B | −$441.1M | $2.44B | −$3.02B | −$199.3M | −$354.8M | $380.0M | −$802.5M | −$911.5M |
| Financing activities | ||||||||||
| Dividends paid | −$178.9M | −$92.5M | −$80.8M | −$93.5M | −$91.0M | −$53.6M | −$53.3M | −$59.3M | −$67.9M | −$36.8M |
| Share repurchases & issuance (net) | −$7.4M | −$3.5M | −$9.8M | −$24.8M | −$299,000 | −$68,000 | −$3.0M | −$26.4M | $197.6M | $118.3M |
| Net borrowing (repayment) | — | — | — | −$2.87B | $2.65B | $147.5M | $423.1M | −$508.7M | $740.1M | −$187.5M |
| Shares issued | $741.4M | $259.3M | $200.0M | $40.6M | $514.1M | $71.0M | $92.3M | $0 | $0 | $0 |
| Other financing | $5.09B | $1.32B | $286.6M | $0 | $0 | $0 | $0 | $0 | $0 | $994.9M |
| Cash from financing activities | $5.65B | $1.48B | $396.1M | −$2.94B | $3.07B | $164.8M | $459.0M | −$594.5M | $869.8M | $888.9M |
| Summary | ||||||||||
| Net change in cash | $389.5M | $134.8M | −$36.9M | −$213.2M | $150.9M | $20.9M | $152.4M | −$120.4M | $152.3M | $24.5M |
| Cash at end of period | $724.6M | $335.1M | $200.3M | $237.2M | $450.4M | $299.5M | $278.7M | $126.3M | $246.7M | $94.4M |
| Free cash flow | $120.4M | $67.0M | $8.0M | $289.4M | $96.4M | $55.4M | $48.2M | $94.0M | $85.0M | $47.0M |
| Free cash flow margin | 67.1% | 123.1% | — | — | — | 437.0% | 139.0% | — | 645.3% | 424.9% |
| Capex / revenue | 0.0% | 0.0% | — | — | — | 498.7% | 0.0% | — | 0.0% | 0.0% |
| Operating cash flow / net income | 0.76 | 1.78 | — | — | — | 26.02 | 1.98 | — | 42.36 | 23.77 |
| 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 | $89.2M | −$20.0M | $103.4M | $72.1M | −$33.6M | $17.1M | $5.5M | $17.3M | −$5.0M | $19.8M | $27.1M | −$80.1M |
| Stock-based compensation | $363,000 | $1.3M | $174,000 | $185,000 | $193,000 | −$243,000 | $219,000 | $233,000 | $241,000 | −$140,000 | $259,000 | $287,000 |
| Change in working capital | $21.7M | −$8.3M | −$418,000 | $1.6M | $540,000 | −$6.0M | −$5.5M | −$4.9M | $2.0M | $3.9M | −$5.6M | $2.8M |
| Other non-cash items | −$29.7M | $75.6M | −$54.9M | −$45.9M | $51.3M | $14.9M | $17.2M | −$27.5M | $22.0M | $21.5M | −$62.6M | $112.6M |
| Cash from operating activities | $81.6M | $48.6M | $48.3M | $28.0M | $18.4M | $25.8M | $17.5M | −$14.8M | $19.3M | $45.0M | −$40.8M | $35.5M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | −$69.7M | −$572.1M | −$2.11B | −$1.32B | −$291.2M | −$1.53B | $182.0M | −$877.7M | −$680.6M | −$39.2M | $710.7M | −$289.8M |
| Acquisitions & other investing | −$137.1M | −$230.1M | −$128.6M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$861.9M |
| Cash from investing activities | −$206.8M | −$802.2M | −$2.24B | −$1.32B | −$291.2M | −$1.53B | $182.0M | −$877.7M | −$680.6M | −$39.2M | $710.7M | −$1.15B |
| Financing activities | ||||||||||||
| Dividends paid | −$63.9M | −$67.2M | −$57.9M | −$48.0M | −$40.3M | −$32.7M | −$28.4M | −$25.3M | −$20.2M | −$18.6M | −$21.0M | −$22.5M |
| Share repurchases & issuance (net) | −$8.0M | −$659,000 | −$16,000 | −$16,000 | −$7.3M | −$69,000 | −$15,000 | −$519,000 | −$21,000 | −$2.9M | −$5.5M | −$9,000 |
| Net borrowing (repayment) | — | — | — | — | — | — | — | — | — | — | — | $225.2M |
| Shares issued | $27.8M | $107.8M | $244.2M | $152.3M | $139.4M | $205.4M | $35.6M | $109.9M | $100.7M | $13.1M | $0 | $80.4M |
| Other financing | $222.9M | $749.3M | $2.11B | $1.35B | $237.2M | $1.39B | −$205.3M | $885.2M | $634.2M | $5.8M | −$721.3M | $0 |
| Cash from financing activities | $178.7M | $789.2M | $2.29B | $1.46B | $329.0M | $1.57B | −$198.2M | $969.3M | $714.7M | −$2.5M | −$747.8M | $283.2M |
| Summary | ||||||||||||
| Net change in cash | $53.5M | $35.6M | $107.4M | $160.9M | $56.2M | $65.0M | $1.3M | $76.7M | $53.4M | $3.3M | −$77.9M | $28.9M |
| Cash at end of period | $813.6M | $760.1M | $724.6M | $617.2M | $456.3M | $400.1M | $335.1M | $333.7M | $257.0M | $203.6M | $200.3M | $278.2M |
| Free cash flow | $81.6M | $48.6M | $48.3M | $28.0M | $18.4M | $25.8M | $17.5M | −$14.8M | $19.3M | $45.0M | −$40.8M | $35.5M |
| Free cash flow margin | 49.7% | 30.8% | 36.5% | 36.1% | — | 120.8% | 176.9% | −68.7% | — | 191.4% | −130.9% | — |
| 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 | 0.91 | — | 0.47 | 0.39 | — | 1.51 | 3.16 | −0.86 | — | 2.28 | −1.50 | — |
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.
ORC cash generation
In fiscal 2025 (ended December 31, 2025), Orchid Island Capital generated $120.4 million of cash from operations (up 79.8%) and spent $0 on capital expenditures, leaving free cash flow of $120.4 million, 67.1% of revenue. It returned $186.2 million to shareholders through dividends ($178.9 million) and net share buybacks ($7.4 million). Cash and equivalents rose by $389.5 million over the year.
Related: ORC income statement, ORC balance sheet, ORC dividend history. See the ORC stock overview for the latest quote and news.
ORC cash flow FAQ
What is Orchid Island Capital's free cash flow?
Orchid Island Capital's free cash flow was $120.4 million in fiscal 2025: $120.4 million of operating cash flow minus $0 of capital expenditures It was $67.0 million a year earlier..
How much cash does Orchid Island Capital generate from operations?
Orchid Island Capital generated $120.4 million of cash from operating activities in fiscal 2025, 0.76 times its net income of $159.0 million.
How much stock does Orchid Island Capital buy back?
Orchid Island Capital spent $7.4 million on net share repurchases in fiscal 2025.
How much does Orchid Island Capital pay in dividends?
Orchid Island Capital paid $178.9 million in dividends in fiscal 2025, 148.5% of free cash flow.