Redwood Trust, Inc. (RWT) Cash Flow Statement
Where RWT’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$10.09B
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- −$10.09B −911.9% margin
- Returned to shareholders
- $157.8M
- Change in cash
- $136.2M cash at year-end $449.1M
Cash from operations
−$10.09B
Investments (net)
+$431.4M
Acquisitions & other
+$4.10B
Dividends
−$106.0M
Share buybacks (net)
−$51.8M
Net borrowing (repayment)
+$5.88B
Change in cash
$136.2M
Drawn to scale: where the cash came from and how it was used. Hover for values.
RWT operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
RWT cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$545.7M2016 | −$10.09B2025 | — | |
| Capital expenditures | $15.3M2016 | $02025 | −100.0% | |
| Free cash flow | −$561.0M2016 | −$10.09B2025 | — | |
| Free cash flow margin | −216.1%2016 | −911.9%2025 | −695.7 pts | |
| Operating cash flow / net income | −4.162016 | −108.562024 | −104.40 | |
| Stock-based compensation | $12.6M2016 | $17.2M2025 | +3.5%/yr | |
| Dividends paid | $88.5M2016 | $106.0M2025 | +2.0%/yr | |
| Share buybacks (net) | $28.1M2016 | $51.8M2025 | +7.1%/yr | |
| Capex / revenue | 5.9%2016 | 0.0%2025 | −5.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RWT cash flow by activity
OperatingInvestingFinancingChange in cash
RWT net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
RWT cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$70.0M | $54.0M | −$2.3M | −$163.5M | $319.6M | −$581.8M | $169.2M | $119.6M | $140.4M | $131.3M |
| Depreciation & amortization | $10.1M | $11.9M | $14.9M | $15.9M | $16.8M | $17.4M | $10.1M | $1.3M | $1.2M | $1.1M |
| Stock-based compensation | $17.2M | $20.7M | $19.1M | $23.9M | $18.9M | $15.3M | $15.0M | $13.7M | $10.4M | $12.6M |
| Change in working capital | $85.5M | −$16.5M | −$41.2M | −$36.6M | −$22.9M | $232.9M | −$78.7M | −$20.8M | −$22.4M | $46.2M |
| Other non-cash items | −$10.14B | −$5.93B | −$2.01B | $21.1M | −$6.03B | −$189.2M | −$1.28B | −$1.73B | −$1.84B | −$736.9M |
| Cash from operating activities | −$10.09B | −$5.86B | −$2.02B | −$139.1M | −$5.69B | −$505.5M | −$1.17B | −$1.61B | −$1.71B | −$545.7M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | −$1.26B | −$25.5M | −$643,000 | −$15.3M |
| Investments (net) | $431.4M | $2.54B | $684.2M | $2.00B | $2.52B | $4.52B | $2.07B | $568.1M | $151.1M | $1.21B |
| Acquisitions & other investing | $4.10B | $0 | $224.6M | −$1.79B | −$1.12B | −$449.2M | $213.5M | −$555.4M | $136.4M | $135.6M |
| Cash from investing activities | $4.53B | $2.54B | $908.7M | $213.9M | $1.40B | $4.07B | $1.03B | −$12.8M | $286.9M | $1.33B |
| Financing activities | ||||||||||
| Dividends paid | −$106.0M | −$99.9M | −$93.6M | −$111.7M | −$91.7M | −$84.0M | −$129.5M | −$96.8M | −$88.3M | −$88.5M |
| Share repurchases & issuance (net) | −$51.8M | $462,000 | −$5.4M | −$56.5M | $19.16B | −$21.7M | $8.24B | −$16.3M | −$8.4M | −$28.1M |
| Net borrowing (repayment) | $5.88B | $3.39B | $1.06B | −$169.5M | $4.34B | −$3.13B | −$88.2M | $1.66B | $1.46B | −$671.7M |
| Shares issued | $434,000 | $462,000 | $100.8M | $68.0M | $21.9M | $5.9M | $450.7M | $142.6M | $0 | $0 |
| Other financing | −$28.2M | −$24.1M | $80.5M | −$7.2M | −$19.16B | −$84.7M | −$8.24B | −$5.1M | −$4.0M | −$7.2M |
| Cash from financing activities | $5.70B | $3.27B | $1.15B | −$276.9M | $4.28B | −$3.31B | $225.5M | $1.68B | $1.36B | −$795.4M |
| Summary | ||||||||||
| Net change in cash | $136.2M | −$55.9M | $39.4M | −$202.1M | −$13.0M | $253.6M | $85.8M | $58.3M | −$68.2M | −$7.4M |
| Cash at end of period | $449.1M | $312.9M | $368.8M | $329.4M | $531.5M | $544.5M | $290.8M | $205.1M | $144.7M | $212.8M |
| Free cash flow | −$10.09B | −$5.86B | −$2.02B | −$139.1M | −$5.69B | −$505.5M | $95.2M | −$1.64B | −$1.71B | −$561.0M |
| Free cash flow margin | −911.9% | −541.1% | −1,271.0% | −26.6% | −598.1% | — | 29.1% | −757.4% | −716.5% | −216.1% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | 385.4% | 11.8% | 0.3% | 5.9% |
| Operating cash flow / net income | — | −108.56 | — | — | −17.82 | — | −6.89 | −13.48 | −12.20 | −4.16 |
| 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 | −$5.5M | $20.0M | −$7.7M | −$98.5M | $16.1M | −$6.6M | $14.8M | $15.5M | $30.3M | $21.0M | −$290,000 |
| Depreciation & amortization | $2.4M | $2.3M | $2.3M | $2.3M | $2.7M | $2.8M | $2.8M | $2.8M | $2.8M | $3.5M | $3.8M | $11.1M |
| Stock-based compensation | $4.7M | $6.2M | $2.4M | $5.1M | $4.6M | $5.1M | $3.8M | $4.7M | $5.6M | $6.7M | $4.1M | $3.4M |
| Change in working capital | $17.3M | −$64.5M | $60.0M | −$47.3M | −$60.9M | $133.8M | −$92.8M | $22.8M | $38.8M | $14.7M | −$65.2M | $13.7M |
| Other non-cash items | −$3.77B | −$4.45B | −$3.45B | −$2.62B | −$1.96B | −$2.11B | −$761.1M | −$2.13B | −$2.03B | −$1.01B | −$1.11B | −$28.2M |
| Cash from operating activities | −$3.75B | −$4.51B | −$3.36B | −$2.67B | −$2.11B | −$1.95B | −$854.0M | −$2.09B | −$1.97B | −$954.2M | −$1.15B | −$290,000 |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$330.9M | −$113,000 |
| Investments (net) | $6.1M | −$10.4M | $240.2M | $1.28B | $979.1M | $658.8M | $1.00B | $635.6M | $551.5M | $350.3M | $269.5M | $49.1M |
| Acquisitions & other investing | $1.46B | $1.24B | $1.37B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $330.9M | $590.3M |
| Cash from investing activities | $1.47B | $1.23B | $1.61B | $1.28B | $979.1M | $658.8M | $1.00B | $635.6M | $551.5M | $350.3M | $269.5M | $639.2M |
| Financing activities | ||||||||||||
| Dividends paid | −$25.8M | −$25.5M | −$25.8M | −$26.0M | −$27.1M | −$27.1M | −$26.8M | −$25.3M | −$23.9M | −$23.9M | −$23.7M | −$160,000 |
| Share repurchases & issuance (net) | −$1.1M | −$1.1M | −$14.8M | −$29.6M | −$7.5M | $110,000 | $462,000 | $352,000 | — | −$815,000 | $1.85B | $100.7M |
| Net borrowing (repayment) | $2.31B | $3.16B | $1.92B | $1.32B | $1.28B | $1.36B | −$129.5M | $1.47B | — | — | — | $441.4M |
| Shares issued | $91,000 | $97,000 | $41,000 | $155,000 | $128,000 | $110,000 | $110,000 | $119,000 | $103,000 | $130,000 | $90.7M | $33.5M |
| Other financing | −$6.3M | −$6.1M | −$13.4M | −$2.7M | −$6.0M | −$6.2M | −$4.3M | −$3.3M | $1.44B | $600.0M | −$931.6M | −$575.6M |
| Cash from financing activities | $2.27B | $3.12B | $1.87B | $1.27B | $1.24B | $1.33B | −$160.1M | $1.44B | $1.41B | $575.5M | $987.9M | −$160,000 |
| Summary | ||||||||||||
| Net change in cash | −$3.4M | −$154.4M | $118.9M | −$118.0M | $101.8M | $33.5M | −$13.0M | −$13.4M | −$1.0M | −$28.4M | $109.1M | −$450,000 |
| Cash at end of period | $291.3M | $294.7M | $449.1M | $330.2M | $448.2M | $346.5M | $312.9M | $326.0M | $339.4M | $340.4M | $368.8M | −$450,000 |
| Free cash flow | −$3.75B | −$4.51B | −$3.36B | −$2.67B | −$2.11B | −$1.95B | −$854.0M | −$2.09B | −$1.97B | −$954.2M | −$1.15B | −$290,000 |
| Free cash flow margin | −6,690.6% | −1,216.0% | −1,594.6% | −814.5% | −971.2% | −634.1% | −1,889.6% | −3,094.2% | −2,914.9% | −1,279.9% | −2,013.3% | −2.7% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 580.2% | 1.1% |
| Operating cash flow / net income | — | — | −167.84 | — | — | −120.92 | — | −140.86 | −126.56 | −31.53 | −54.57 | — |
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.
RWT cash generation
In fiscal 2025 (ended December 31, 2025), Redwood generated -$10.1 billion of cash from operations and spent $0 on capital expenditures, leaving free cash flow of -$10.1 billion, −911.9% of revenue. It returned $157.8 million to shareholders through dividends ($106.0 million) and net share buybacks ($51.8 million). Cash and equivalents rose by $136.2 million over the year.
Related: RWT income statement, RWT balance sheet, RWT dividend history. See the RWT stock overview for the latest quote and news.
RWT cash flow FAQ
What is Redwood's free cash flow?
Redwood's free cash flow was -$10.1 billion in fiscal 2025: -$10.1 billion of operating cash flow minus $0 of capital expenditures It was -$5.9 billion a year earlier..
How much cash does Redwood generate from operations?
Redwood generated -$10.1 billion of cash from operating activities in fiscal 2025.
How much stock does Redwood buy back?
Redwood spent $51.8 million on net share repurchases in fiscal 2025.
How much does Redwood pay in dividends?
Redwood paid $106.0 million in dividends in fiscal 2025.