Rand Capital Corporation (RAND) Cash Flow Statement
Where RAND’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $11.3M −26.6% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $11.3M 251.5% margin
- Returned to shareholders
- $7.3M 65% of free cash flow
- Change in cash
- $3.4M cash at year-end $4.2M
Drawn to scale: where the cash came from and how it was used. Hover for values.
RAND operating cash flow, capex and free cash flow
RAND cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $6.5M2016 | $11.3M2025 | +6.4%/yr | |
| Capital expenditures | $8372016 | $02025 | −100.0% | |
| Free cash flow | $6.5M2016 | $11.3M2025 | +6.4%/yr | |
| Free cash flow margin | −478.9%2017 | 251.5%2025 | +730.4 pts | |
| Operating cash flow / net income | −0.832020 | 1.742024 | +2.57 | |
| Stock-based compensation | $12.5M2016 | $409,6502023 | −38.6%/yr | |
| Dividends paid | $4.6M2018 | $7.3M2025 | +6.9%/yr | |
| Share buybacks (net) | $21,6142016 | $02023 | −100.0% | |
| Capex / revenue | 0.0%2017 | 0.0%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RAND cash flow by activity
RAND 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).
RAND cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$8.0M | $8.8M | $6.5M | −$881,849 | $15.8M | $743,766 | −$2.3M | −$394,498 | −$710,678 | −$1.2M |
| Depreciation & amortization | $25,000 | $25,000 | $25,000 | $12,500 | $175,412 | $37,675 | $37,295 | $29,686 | $31,433 | $33,390 |
| Stock-based compensation | — | — | $409,650 | — | $302,144 | −$1.3M | $679,000 | −$1.8M | −$5.1M | $12.5M |
| Change in working capital | −$3.1M | $134,430 | $734,963 | −$1.6M | $4.4M | $303,959 | $472,445 | −$179,170 | −$1.2M | $1.8M |
| Other non-cash items | $22.3M | $6.3M | −$1.6M | $2.7M | −$24.6M | −$377,031 | $6.9M | −$526,009 | $925,028 | −$6.7M |
| Cash from operating activities | $11.3M | $15.3M | $6.1M | $252,368 | −$3.9M | −$616,970 | $5.8M | −$2.9M | −$6.0M | $6.5M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | −$1 | $0 | −$5 | −$5 | −$3 | $0 | $0 | −$837 |
| Investments (net) | — | — | — | — | — | — | — | $0 | $0 | −$837 |
| Acquisitions & other investing | $990,796 | — | −$14.5M | $3.5M | −$10.3M | −$6.7M | −$1.1M | −$2.5M | −$4.6M | $837 |
| Cash from investing activities | $990,796 | — | −$14.5M | $3.5M | −$10.3M | −$6.7M | −$1.1M | −$2.5M | −$4.6M | −$837 |
| Financing activities | ||||||||||
| Dividends paid | −$7.3M | −$2.1M | −$3.4M | −$2.1M | −$4.6M | −$4.8M | −$4.6M | −$4.6M | — | — |
| Share repurchases & issuance (net) | — | — | $0 | $0 | −$20,771 | −$76,729 | $14.8M | $0 | $0 | −$21,614 |
| Net borrowing (repayment) | −$600,000 | −$15.7M | $13.7M | $2.5M | −$11.0M | −$11.0M | $2.2M | $750,000 | $750,000 | $750,000 |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $14.8M | $0 | $0 | $0 |
| Other financing | $0 | $0 | $0 | −$125,000 | $0 | $11.0M | −$10.3M | $4.5M | −$78,188 | −$750,000 |
| Cash from financing activities | −$7.9M | −$17.8M | $10.3M | $282,753 | −$15.6M | −$4.8M | $17.0M | $671,812 | $671,812 | −$21,614 |
| Summary | ||||||||||
| Net change in cash | $3.4M | −$2.5M | $1.9M | $535,121 | −$19.5M | −$5.5M | $21.8M | −$2.2M | −$6.0M | $6.4M |
| Cash at end of period | $4.2M | $834,805 | $3.3M | $1.4M | $833,875 | $20.4M | $25.8M | $4.0M | $6.3M | $12.3M |
| Free cash flow | $11.3M | $15.3M | $6.1M | $252,368 | −$3.9M | −$616,970 | $5.8M | −$2.9M | −$6.0M | $6.5M |
| Free cash flow margin | 251.5% | 136.7% | 66.9% | 37.0% | −22.9% | −17.8% | — | −164.1% | −478.9% | — |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | 0.0% | 0.0% | — |
| Operating cash flow / net income | — | 1.74 | 0.94 | — | −0.25 | −0.83 | — | — | — | — |
| 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 | $1.4M | −$367,469 | $1.1M | −$2.2M | −$7.7M | $841,447 | −$2.9M | $2.6M | $7.7M | $1.4M | $1.1M | $595,504 |
| Depreciation & amortization | $6,250 | $6,250 | $6,250 | $6,250 | $6,250 | $6,250 | $6,250 | $6,250 | $6,250 | $6,250 | $6,250 | $6,250 |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | $666,302 | −$40,739 |
| Change in working capital | −$54,351 | −$93,482 | $182,747 | $129,193 | −$1.6M | −$1.8M | −$861,251 | $623,550 | $943,596 | −$571,465 | $192,882 | −$81,325 |
| Other non-cash items | −$8.7M | $716,614 | −$4.0M | $8.0M | $9.7M | $8.7M | $4.6M | −$2.3M | −$8.8M | −$922,263 | $2.8M | −$7.8M |
| Cash from operating activities | −$7.4M | $261,913 | −$2.8M | $5.9M | $347,689 | $7.7M | $782,071 | $957,678 | −$101,060 | −$88,097 | $4.8M | −$7.3M |
| Investing activities | ||||||||||||
| Capital expenditures | −$8 | −$4 | −$3 | −$2 | $0 | −$3 | $0 | −$2 | $0 | −$3 | $0 | −$4 |
| Acquisitions & other investing | $3.8M | −$3.8M | −$3.2M | $5.4M | — | $9.0M | — | $14.2M | $4.4M | −$4.8M | −$5.8M | −$7.8M |
| Cash from investing activities | $3.8M | −$3.8M | −$3.2M | $5.4M | — | $9.0M | — | $14.2M | $4.4M | −$4.8M | −$5.8M | −$7.8M |
| Financing activities | ||||||||||||
| Dividends paid | −$861,246 | −$861,129 | −$2.5M | −$861,246 | −$861,145 | −$3.0M | $0 | −$748,496 | −$748,496 | −$645,255 | −$1.6M | −$645,255 |
| Net borrowing (repayment) | $4.6M | $500,000 | $0 | $0 | $0 | −$600,000 | −$3.3M | −$13.3M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$2.0M | $3.0M | $2.5M | $3.1M |
| Cash from financing activities | $3.7M | −$361,129 | −$2.5M | −$861,246 | −$861,145 | −$3.6M | −$3.3M | −$14.0M | −$2.7M | $2.3M | $873,957 | $2.5M |
| Summary | ||||||||||||
| Net change in cash | $99,089 | −$3.9M | −$5.3M | $5.1M | −$513,456 | $4.1M | −$2.5M | $1.1M | $1.5M | −$2.5M | −$184,451 | −$4.9M |
| Cash at end of period | $429,639 | $330,550 | $4.2M | $9.5M | $4.4M | $4.9M | $834,805 | $3.4M | $2.3M | $759,183 | $3.3M | $3.5M |
| Free cash flow | −$7.4M | $261,909 | −$2.8M | $5.9M | $347,689 | $7.7M | $782,071 | $957,680 | −$101,060 | −$88,100 | $4.8M | −$7.3M |
| Free cash flow margin | −532.0% | 11.3% | −214.5% | 375.5% | — | 577.7% | — | 32.1% | −1.2% | −4.0% | 253.5% | −559.3% |
| 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 | −5.43 | — | −2.54 | — | — | 9.19 | — | 0.36 | −0.01 | −0.06 | 4.37 | −12.31 |
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.
RAND cash generation
In fiscal 2025 (ended December 31, 2025), Rand Capital generated $11.3 million of cash from operations (down 26.6%) and spent $0 on capital expenditures, leaving free cash flow of $11.3 million, 251.5% of revenue. It returned $7.3 million to shareholders through dividends ($7.3 million) and net share buybacks ($0). Cash and equivalents rose by $3.4 million over the year.
Related: RAND income statement, RAND balance sheet, RAND dividend history. See the RAND stock overview for the latest quote and news.
RAND cash flow FAQ
What is Rand Capital's free cash flow?
Rand Capital's free cash flow was $11.3 million in fiscal 2025: $11.3 million of operating cash flow minus $0 of capital expenditures It was $15.3 million a year earlier..
How much cash does Rand Capital generate from operations?
Rand Capital generated $11.3 million of cash from operating activities in fiscal 2025.
How much does Rand Capital pay in dividends?
Rand Capital paid $7.3 million in dividends in fiscal 2025, 64.7% of free cash flow.