Prospect Capital Corporation (PSEC) Cash Flow Statement
Where PSEC’s cash came from and went, FY2026
June 30, 2026 · U.S. dollars- Cash from operations
- $516.3M −1.3% vs FY2025
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $516.3M 80.7% margin
- Returned to shareholders
- $346.4M 67% of free cash flow
- Change in cash
- −$7.3M cash at year-end $43.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
PSEC operating cash flow, capex and free cash flow
PSEC cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $376.2MFY2017 | $516.3MFY2026 | +3.6%/yr | |
| Capital expenditures | $0FY2017 | $0FY2026 | — | |
| Free cash flow | $376.2MFY2017 | $516.3MFY2026 | +3.6%/yr | |
| Free cash flow margin | 82.6%FY2017 | 80.7%FY2026 | −1.9 pts | |
| Operating cash flow / net income | 1.49FY2017 | 3.36FY2026 | +1.87 | |
| Dividends paid | $333.6MFY2017 | $335.5MFY2026 | +0.1%/yr | |
| Share buybacks (net) | $0FY2017 | $10.9MFY2026 | — | |
| 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.
PSEC cash flow by activity
PSEC 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).
PSEC cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $153.7M | −$469.9M | $262.8M | −$101.6M | $582.6M | $963.8M | −$16.2M | $144.5M | $299.9M | $252.9M |
| Depreciation & amortization | $8.7M | $8.5M | $10.3M | $14.8M | $70.0M | −$2.5M | $4.4M | −$9.6M | $31.0M | $101.8M |
| Change in working capital | $24.6M | −$62.1M | −$132,000 | −$7.0M | $1.8M | $4.6M | $12.1M | −$14.4M | −$61.7M | $43.6M |
| Other non-cash items | $329.4M | $1.05B | $6.9M | −$127.0M | −$1.45B | −$934.9M | $429.1M | $103.3M | $99.9M | −$22.1M |
| Cash from operating activities | $516.3M | $523.2M | $280.0M | −$220.8M | −$795.3M | $31.0M | $429.4M | $223.8M | $369.1M | $376.2M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | −$76,000 | $344.3M | −$2.1M | −$505.5M | −$1.11B | −$154.8M | $264.5M | −$28.7M | $124.0M | −$44.9M |
| Cash from investing activities | −$76,000 | $344.3M | −$2.1M | −$505.5M | −$1.11B | −$154.8M | $264.5M | −$28.7M | $124.0M | −$44.9M |
| Financing activities | ||||||||||
| Dividends paid | −$335.5M | −$332.4M | −$360.3M | −$299.1M | −$270.3M | −$195.6M | −$240.0M | −$245.1M | −$255.9M | −$333.6M |
| Share repurchases & issuance (net) | −$10.9M | −$2.2M | −$11.3M | −$580,000 | $0 | −$125.9M | — | — | $0 | $0 |
| Net borrowing (repayment) | −$237.8M | −$348.8M | −$155.2M | −$158.9M | $495.0M | $77.9M | −$250.3M | $73.3M | −$335.0M | −$32.3M |
| Shares issued | $70.4M | $131.6M | $257.1M | $759.7M | $559.9M | $125.9M | $6.1M | $0 | $0 | $0 |
| Other financing | −$9.8M | −$6.5M | −$20.0M | −$19.9M | −$17.5M | $105.7M | −$7.9M | −$28.7M | −$12.5M | −$10.0M |
| Cash from financing activities | −$523.6M | −$558.3M | −$289.8M | $281.1M | $767.1M | −$12.0M | −$492.0M | −$200.5M | −$603.4M | −$375.9M |
| Summary | ||||||||||
| Net change in cash | −$7.3M | −$35.1M | −$9.8M | $60.3M | −$28.2M | $19.0M | −$62.5M | $23.3M | −$234.3M | $285,000 |
| Cash at end of period | $43.6M | $50.8M | $85.9M | $95.6M | $35.4M | $63.6M | $44.6M | $107.1M | $83.8M | $318.1M |
| Free cash flow | $516.3M | $523.2M | $280.0M | −$220.8M | −$795.3M | $31.0M | $429.4M | $223.8M | $369.1M | $376.2M |
| Free cash flow margin | 80.7% | — | 59.9% | −253.0% | −107.5% | 3.0% | 2,262.7% | 120.0% | 75.5% | 82.6% |
| 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 | 3.36 | — | 1.07 | — | −1.37 | 0.03 | — | 1.55 | 1.23 | 1.49 |
| 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 | −$4.5M | $56.5M | $23.7M | $78.0M | −$195.9M | −$139.9M | −$66,000 | −$134.0M | $29.6M | $144.4M | −$27.7M | $116.7M |
| Depreciation & amortization | $2.3M | $6.4M | $4.3M | $2.0M | −$332,000 | $2.9M | $3.0M | $3.0M | $3.2M | $2.6M | $2.6M | $494,000 |
| Change in working capital | −$100.0M | −$3.2M | −$10.0M | $38.5M | −$42.3M | −$15.3M | −$67.9M | $63.4M | $7.1M | $5.6M | −$477,000 | $5.9M |
| Other non-cash items | $58.2M | −$4.1M | $67.6M | $160.5M | $230.9M | $230.9M | $343.5M | $241.4M | $87.9M | −$174.8M | $105.0M | −$28.0M |
| Cash from operating activities | −$43.9M | $55.7M | $85.6M | $279.0M | −$7.6M | $78.6M | $278.5M | $173.7M | $127.8M | −$22.3M | $79.4M | $95.1M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | −$99.2M | $140.0M | $5.5M | $175.2M | −$21.7M | $31.8M | $279.6M | $54.6M | $59.1M | −$88.2M | $22.7M | −$13.9M |
| Cash from investing activities | −$99.2M | $140.0M | $5.5M | $175.2M | −$21.7M | $31.8M | $279.6M | $54.6M | $59.1M | −$88.2M | $22.7M | −$13.9M |
| Financing activities | ||||||||||||
| Dividends paid | −$80.1M | −$91.9M | −$74.6M | −$89.0M | −$71.7M | −$78.3M | −$89.2M | −$93.2M | −$91.0M | −$95.9M | −$80.5M | −$92.8M |
| Share repurchases & issuance (net) | −$2.5M | −$4.3M | −$2.8M | −$1.2M | −$155,000 | −$1.5M | −$508,000 | $0 | $11.3M | $0 | −$10.3M | −$1.0M |
| Net borrowing (repayment) | $119.5M | −$118.3M | −$70.9M | −$168.1M | $58.9M | −$31.2M | −$216.3M | −$160.3M | — | — | — | — |
| Shares issued | $17.3M | $16.8M | $19.9M | $16.2M | $17.9M | $27.6M | $32.3M | $53.8M | $60.8M | $63.0M | $60.6M | $72.7M |
| Other financing | −$1.3M | −$1.4M | −$5.9M | −$1.1M | −$1.1M | −$401,000 | −$2.1M | −$2.9M | −$76.4M | $11.3M | −$20.8M | −$100.7M |
| Cash from financing activities | $52.9M | −$199.1M | −$134.2M | −$243.2M | $3.9M | −$83.8M | −$275.8M | −$202.6M | −$95.4M | −$21.5M | −$51.0M | −$121.8M |
| Summary | ||||||||||||
| Net change in cash | $9.0M | −$3.5M | −$48.5M | $35.8M | −$3.7M | −$5.3M | $2.7M | −$28.9M | $32.4M | −$43.8M | $28.4M | −$26.7M |
| Cash at end of period | $43.6M | $34.6M | $38.1M | $86.5M | $50.8M | $54.5M | $59.8M | $57.0M | $85.9M | $53.5M | $97.3M | $68.9M |
| Free cash flow | −$43.9M | $55.7M | $85.6M | $279.0M | −$7.6M | $78.6M | $278.5M | $173.7M | $127.8M | −$22.3M | $79.4M | $95.1M |
| Free cash flow margin | −11.3% | 79.0% | 150.3% | 229.7% | — | — | 579.8% | — | 159.1% | −11.4% | 274.6% | 58.5% |
| 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 | — | 0.99 | 3.61 | 3.58 | — | — | — | — | 4.32 | −0.15 | — | 0.82 |
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.
PSEC cash generation
In fiscal 2026 (ended June 30, 2026), Prospect Capital generated $516.3 million of cash from operations (down 1.3%) and spent $0 on capital expenditures, leaving free cash flow of $516.3 million, 80.7% of revenue. It returned $346.4 million to shareholders through dividends ($335.5 million) and net share buybacks ($10.9 million). Cash and equivalents fell by $7.3 million over the year.
Related: PSEC income statement, PSEC balance sheet, PSEC dividend history. See the PSEC stock overview for the latest quote and news.
PSEC cash flow FAQ
What is Prospect Capital's free cash flow?
Prospect Capital's free cash flow was $516.3 million in fiscal 2026: $516.3 million of operating cash flow minus $0 of capital expenditures It was $523.2 million a year earlier..
How much cash does Prospect Capital generate from operations?
Prospect Capital generated $516.3 million of cash from operating activities in fiscal 2026, 3.36 times its net income of $153.7 million.
How much stock does Prospect Capital buy back?
Prospect Capital spent $10.9 million on net share repurchases in fiscal 2026.
How much does Prospect Capital pay in dividends?
Prospect Capital paid $335.5 million in dividends in fiscal 2026, 65.0% of free cash flow.