Oxford Lane Capital Corp. (OXLC) Cash Flow Statement
Where OXLC’s cash came from and went, FY2026
March 31, 2026 · U.S. dollars- Cash from operations
- $696.2M
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $696.2M 177.7% margin
- Returned to shareholders
- $471.5M 68% of free cash flow
- Change in cash
- −$198.7M cash at year-end $96.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
OXLC operating cash flow, capex and free cash flow
OXLC cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$844,220FY2017 | $696.2MFY2026 | — | |
| Capital expenditures | $0FY2017 | $0FY2026 | — | |
| Free cash flow | −$844,220FY2017 | $696.2MFY2026 | — | |
| Free cash flow margin | −0.8%FY2017 | 177.7%FY2026 | +178.5 pts | |
| Operating cash flow / net income | −0.01FY2017 | −14.52FY2025 | −14.52 | |
| Dividends paid | $48.9MFY2017 | $451.0MFY2026 | +28.0%/yr | |
| Share buybacks (net) | $15.3MFY2017 | $20.5MFY2026 | +3.3%/yr | |
| Capex / revenue | 0.0%FY2017 | 0.0%FY2026 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
OXLC cash flow by activity
OXLC 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).
OXLC cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$585.1M | $48.5M | $235.1M | −$171.3M | $125.9M | $289.9M | −$291.1M | −$21.0M | $38.0M | $105.2M |
| Depreciation & amortization | — | $2.9M | — | — | — | — | — | — | — | — |
| Change in working capital | −$10.6M | $16.6M | $1.7M | $6.9M | −$3.9M | −$4.5M | $174,169 | −$3.3M | $1.8M | $2.7M |
| Other non-cash items | $1.29B | −$771.8M | −$360.6M | $72.9M | −$507.5M | −$293.4M | $19.7M | $115.9M | −$111.0M | −$108.7M |
| Cash from operating activities | $696.2M | −$703.8M | −$123.8M | −$91.6M | −$385.5M | −$7.9M | −$271.2M | $91.6M | −$71.1M | −$844,220 |
| Investing activities | ||||||||||
| Capital expenditures | $0 | −$5 | −$4 | $0 | $0 | −$3 | −$4 | $0 | $0 | $0 |
| Acquisitions & other investing | −$620.8M | −$1.56B | −$547.0M | −$472.9M | −$933.0M | −$131.9M | −$394.0M | −$175.0M | — | — |
| Cash from investing activities | −$620.8M | −$1.56B | −$547.0M | −$472.9M | −$933.0M | −$131.9M | −$394.0M | −$175.0M | — | — |
| Financing activities | ||||||||||
| Dividends paid | −$451.0M | −$308.5M | −$166.6M | −$122.5M | −$85.6M | −$75.1M | −$84.0M | −$54.2M | −$41.5M | −$48.9M |
| Share repurchases & issuance (net) | −$20.5M | −$68.1M | — | −$63.7M | −$57.0M | −$6.4M | −$30.0M | −$2.5M | −$50.5M | −$15.3M |
| Net borrowing (repayment) | — | $300.0M | — | — | $100.0M | $59.8M | −$2.5M | −$2.5M | $42.5M | $42.5M |
| Shares issued | $200.1M | $1.05B | $315.2M | $205.2M | $381.4M | $114.4M | $385.7M | $141.7M | $0 | $0 |
| Other financing | −$2.6M | −$17.9M | −$3.5M | $59.7M | −$9.5M | −$5.6M | −$7.8M | $2.1M | $127.0M | $16.2M |
| Cash from financing activities | −$274.1M | $956.2M | $145.0M | $78.6M | $329.3M | $87.1M | $261.4M | $84.5M | $77.5M | −$5.5M |
| Summary | ||||||||||
| Net change in cash | −$198.7M | $252.4M | $21.2M | −$12.9M | −$56.2M | $79.2M | −$9.8M | $1.1M | $6.3M | −$6.3M |
| Cash at end of period | $96.7M | $295.3M | $43.0M | $21.7M | $34.7M | $90.9M | $11.7M | $21.5M | $20.3M | $14.0M |
| Free cash flow | $696.2M | −$703.8M | −$123.8M | −$91.6M | −$385.5M | −$7.9M | −$271.2M | $91.6M | −$71.1M | −$844,220 |
| Free cash flow margin | 177.7% | −734.9% | −40.4% | — | −296.2% | −2.7% | — | — | −176.0% | −0.8% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | — | 0.0% | 0.0% | — | — | 0.0% | 0.0% |
| Operating cash flow / net income | — | −14.52 | −0.53 | — | −3.06 | −0.03 | — | — | −1.87 | −0.01 |
| Mar '26 | Sep '25 | Mar '25 | Sep '24 | Mar '24 | Sep '23 | Mar '23 | Sep '22 | Jun '22 | Mar '22 | Dec '21 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||
| Net income | −$606.0M | $20.9M | −$17.1M | $65.6M | $119.9M | $115.2M | $14.2M | −$185.4M | $38.7M | −$19.7M | −$9.8M |
| Change in working capital | −$40.0M | $29.4M | $10.8M | $5.2M | $5.3M | −$3.6M | −$1.7M | $8.4M | — | −$5.0M | — |
| Other non-cash items | $895.0M | $396.9M | $375.3M | $415.2M | $89.4M | $97.0M | $114.0M | $431.9M | −$74.5M | $307.9M | −$128.9M |
| Cash from operating activities | $249.0M | $447.2M | $368.9M | $485.9M | $214.5M | $208.6M | $126.5M | $254.8M | −$35.8M | $283.1M | −$138.8M |
| Investing activities | |||||||||||
| Capital expenditures | −$4 | −$5 | −$5 | $0 | −$2 | −$4 | −$5 | $0 | $0 | −$4 | $0 |
| Acquisitions & other investing | −$11.4M | −$609.4M | −$826.7M | −$731.9M | −$253.7M | −$293.3M | −$146.5M | −$326.4M | — | −$560.7M | — |
| Cash from investing activities | −$11.4M | −$609.4M | −$826.7M | −$731.9M | −$253.7M | −$293.3M | −$146.5M | −$326.4M | — | −$560.7M | — |
| Financing activities | |||||||||||
| Dividends paid | −$226.7M | −$224.3M | −$181.1M | −$127.5M | −$91.7M | −$74.9M | −$64.0M | −$58.6M | −$29.3M | −$47.6M | −$23.8M |
| Share repurchases & issuance (net) | — | −$20.5M | — | — | — | — | $4.7M | −$122.7M | — | $190.8M | — |
| Net borrowing (repayment) | — | — | — | — | — | — | — | — | — | $50.0M | $50.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $66.7M | $130.7M | $727.7M | $537.0M | $146.7M | $164.9M | $55.0M | $264.2M | $70.7M | $50.5M | $95.6M |
| Cash from financing activities | −$160.0M | −$114.0M | $546.6M | $409.5M | $55.0M | $90.0M | −$4.2M | $82.9M | $41.4M | $243.7M | $121.9M |
| Summary | |||||||||||
| Net change in cash | $77.6M | −$276.2M | $88.9M | $163.5M | $15.9M | $5.4M | −$24.2M | $11.3M | $5.7M | −$33.8M | −$16.9M |
| Cash at end of period | $96.7M | $19.1M | $295.3M | $206.5M | $43.0M | $27.1M | $21.7M | $46.0M | $34.7M | $34.7M | $68.4M |
| Free cash flow | $249.0M | $447.2M | $368.9M | $485.9M | $214.5M | $208.6M | $126.5M | $254.8M | −$35.8M | $283.1M | −$138.8M |
| Free cash flow margin | 149.8% | 198.2% | 165.1% | 237.8% | 132.6% | 143.9% | 94.3% | 198.8% | — | 251.9% | — |
| 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 | — | 21.41 | — | 7.41 | 1.79 | 1.81 | 8.94 | — | −0.92 | — | — |
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.
OXLC cash generation
In fiscal 2026 (ended March 31, 2026), Oxford Lane Capital generated $696.2 million of cash from operations and spent $0 on capital expenditures, leaving free cash flow of $696.2 million, 177.7% of revenue. It returned $471.5 million to shareholders through dividends ($451.0 million) and net share buybacks ($20.5 million). Cash and equivalents fell by $198.7 million over the year.
Related: OXLC income statement, OXLC balance sheet, OXLC dividend history. See the OXLC stock overview for the latest quote and news.
OXLC cash flow FAQ
What is Oxford Lane Capital's free cash flow?
Oxford Lane Capital's free cash flow was $696.2 million in fiscal 2026: $696.2 million of operating cash flow minus $0 of capital expenditures It was -$703.8 million a year earlier..
How much cash does Oxford Lane Capital generate from operations?
Oxford Lane Capital generated $696.2 million of cash from operating activities in fiscal 2026.
How much stock does Oxford Lane Capital buy back?
Oxford Lane Capital spent $20.5 million on net share repurchases in fiscal 2026.
How much does Oxford Lane Capital pay in dividends?
Oxford Lane Capital paid $451.0 million in dividends in fiscal 2026, 64.8% of free cash flow.