TriplePoint Venture Growth BDC Corp. (TPVG) Cash Flow Statement
Where TPVG’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$57.0M −137.3% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- −$57.0M −58.7% margin
- Returned to shareholders
- $41.3M
- Change in cash
- −$31.4M cash at year-end $47.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
TPVG operating cash flow, capex and free cash flow
TPVG cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$93.7M2016 | −$57.0M2025 | — | |
| Capital expenditures | $02016 | $02025 | — | |
| Free cash flow | −$93.7M2016 | −$57.0M2025 | — | |
| Free cash flow margin | −399.5%2016 | −58.7%2025 | +340.8 pts | |
| Operating cash flow / net income | −8.422016 | −1.162025 | +7.26 | |
| Dividends paid | $21.5M2016 | $41.3M2025 | +7.5%/yr | |
| Share buybacks (net) | $5.4M2016 | $02023 | −100.0% | |
| 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.
TPVG cash flow by activity
TPVG 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).
TPVG cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $49.2M | $32.0M | −$39.8M | −$20.1M | $76.6M | $35.3M | $31.8M | $36.6M | $19.2M | $11.1M |
| Depreciation & amortization | −$2.2M | −$2.8M | −$123,000 | −$8.4M | −$4.6M | −$2.1M | −$2.0M | $1.5M | $1.3M | $1.2M |
| Change in working capital | −$1.5M | −$7.9M | −$3.5M | $1.1M | $7.7M | $4.1M | −$21.2M | −$98.9M | $86.2M | −$31.9M |
| Other non-cash items | −$102.5M | $131.5M | $92.7M | −$73.5M | −$224.3M | $23.3M | −$196.0M | $43.0M | −$81.6M | −$74.2M |
| Cash from operating activities | −$57.0M | $152.9M | $49.2M | −$100.9M | −$144.7M | $60.6M | −$187.5M | −$17.8M | $25.1M | −$93.7M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | −$77.1M | — | $56.9M | −$421.0M | −$417.4M | −$206.1M | −$397.2M | −$158.6M | −$318.2M | −$126.3M |
| Cash from investing activities | −$77.1M | — | $56.9M | −$421.0M | −$417.4M | −$206.1M | −$397.2M | −$158.6M | −$318.2M | −$126.3M |
| Financing activities | ||||||||||
| Dividends paid | −$41.3M | −$52.1M | −$54.9M | −$49.6M | −$45.6M | −$42.5M | −$33.8M | −$31.6M | −$22.6M | −$21.5M |
| Share repurchases & issuance (net) | — | — | $384.9M | $55.1M | — | — | $0 | $94.6M | $22.5M | −$5.4M |
| Net borrowing (repayment) | $70.0M | −$210.0M | $40.0M | $98.6M | $207.2M | −$75.3M | $239.3M | −$44.0M | −$30.4M | $97.0M |
| Shares issued | $0 | $19.4M | $6.0M | $55.1M | $0 | $78.2M | $78.2M | $94.6M | $0 | $0 |
| Other financing | −$3.1M | −$3.1M | −$369.8M | −$58.2M | −$2.5M | −$2.8M | −$79.7M | −$95.9M | $0 | −$1.1M |
| Cash from financing activities | $25.7M | −$245.8M | $6.2M | $101.0M | $159.1M | −$42.3M | $204.0M | $17.8M | −$30.6M | $69.0M |
| Summary | ||||||||||
| Net change in cash | −$31.4M | −$92.9M | $112.3M | $113,000 | $14.5M | $18.2M | $16.5M | −$57,000 | −$5.5M | −$24.7M |
| Cash at end of period | $47.4M | $78.7M | $171.6M | $59.3M | $59.1M | $44.7M | $26.4M | $9.9M | $10.0M | $7.8M |
| Free cash flow | −$57.0M | $152.9M | $49.2M | −$100.9M | −$144.7M | $60.6M | −$187.5M | −$17.8M | $25.1M | −$93.7M |
| Free cash flow margin | −58.7% | 214.8% | 824.6% | −753.2% | −173.5% | 144.2% | −466.5% | −42.9% | 74.5% | −399.5% |
| 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 | −1.16 | 4.77 | — | — | −1.89 | 1.72 | −5.91 | −0.49 | 1.31 | −8.42 |
| 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 | $10.7M | $6.2M | $8.1M | $15.2M | $13.2M | $12.7M | −$7.2M | $22.6M | $8.6M | $8.0M | −$28.8M | $2.1M |
| Depreciation & amortization | −$1.3M | −$1.0M | $606,000 | $681,000 | −$2.7M | — | — | −$3.7M | $644,000 | $1.5M | $1.1M | — |
| Change in working capital | $700,000 | −$11.0M | $7.0M | −$5.3M | $9.4M | −$12.5M | $8.1M | −$4.4M | $7.3M | −$18.9M | $3.3M | −$4.0M |
| Other non-cash items | $7.4M | −$1.2M | $14.9M | −$80.6M | −$32.5M | −$5.1M | $45.7M | −$2.9M | $59.8M | $27.7M | $39.7M | $72.4M |
| Cash from operating activities | $17.5M | −$7.1M | $30.6M | −$70.0M | −$12.7M | −$4.9M | $46.6M | $11.7M | $76.4M | $18.2M | $15.3M | $70.5M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | −$697,000 | $697,000 | $15.1M | −$69.2M | −$24.4M | — | — | — | — | — | $27.8M | $58.1M |
| Cash from investing activities | −$697,000 | $697,000 | $15.1M | −$69.2M | −$24.4M | — | — | — | — | — | $27.8M | $58.1M |
| Financing activities | ||||||||||||
| Dividends paid | −$8.8M | −$8.8M | −$9.5M | −$8.9M | −$11.5M | −$11.4M | −$11.4M | −$11.3M | −$15.1M | −$14.3M | −$14.1M | −$13.6M |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | — | — | $6.2M | −$6.2M |
| Net borrowing (repayment) | −$2.0M | −$23.0M | $0 | $45.0M | $45.0M | −$20.0M | −$5.0M | $0 | — | — | — | −$30.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $18.2M | $1.3M | $14.9M | $6.2M |
| Other financing | −$185,000 | −$111,000 | −$2.3M | −$22,000 | −$37,000 | −$701,000 | −$46,000 | −$2.5M | −$29.6M | −$176.0M | −$1.0M | $6.2M |
| Cash from financing activities | −$11.0M | −$31.9M | −$11.8M | $36.1M | $33.5M | −$32.1M | −$16.4M | −$13.8M | −$26.5M | −$189.0M | $6.0M | −$37.5M |
| Summary | ||||||||||||
| Net change in cash | $5.8M | −$38.3M | $18.8M | −$33.9M | $20.8M | −$37.0M | $30.2M | −$2.1M | $49.9M | −$170.8M | $49.1M | $33.0M |
| Cash at end of period | $14.8M | $9.0M | $47.4M | $28.6M | $62.5M | $41.7M | $78.7M | $48.6M | $50.7M | $763,000 | $171.6M | $122.5M |
| Free cash flow | $17.5M | −$7.1M | $30.6M | −$70.0M | −$12.7M | −$4.9M | $46.6M | $11.7M | $76.4M | $18.2M | $15.3M | $70.5M |
| Free cash flow margin | 71.4% | −31.6% | 202.0% | −316.1% | −61.4% | −23.3% | 1,844.9% | 36.8% | 396.0% | 104.4% | — | 497.1% |
| Capex / revenue | 0.0% | 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 | 1.64 | −1.15 | 3.77 | −4.60 | −0.96 | −0.39 | — | 0.52 | 8.86 | 2.28 | — | 32.83 |
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.
TPVG cash generation
In fiscal 2025 (ended December 31, 2025), TriplePoint Venture Growth BDC generated -$57.0 million of cash from operations (down 137.3%) and spent $0 on capital expenditures, leaving free cash flow of -$57.0 million, −58.7% of revenue. It returned $41.3 million to shareholders through dividends ($41.3 million) and net share buybacks ($0). Cash and equivalents fell by $31.4 million over the year.
Related: TPVG income statement, TPVG balance sheet, TPVG dividend history. See the TPVG stock overview for the latest quote and news.
TPVG cash flow FAQ
What is TriplePoint Venture Growth BDC's free cash flow?
TriplePoint Venture Growth BDC's free cash flow was -$57.0 million in fiscal 2025: -$57.0 million of operating cash flow minus $0 of capital expenditures It was $152.9 million a year earlier..
How much cash does TriplePoint Venture Growth BDC generate from operations?
TriplePoint Venture Growth BDC generated -$57.0 million of cash from operating activities in fiscal 2025, −1.16 times its net income of $49.2 million.
How much does TriplePoint Venture Growth BDC pay in dividends?
TriplePoint Venture Growth BDC paid $41.3 million in dividends in fiscal 2025.