XAI Octagon Floating Rate & Alternative Income Term Trust (XFLT) Cash Flow Statement
Where XFLT’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- $55.0M
- Capital expenditures
- $3 0.0% of revenue
- Free cash flow
- $42.5M 130.8% margin
- Returned to shareholders
- $65.7M 155% of free cash flow
- Change in cash
- −$987,135 cash at year-end $6.9M
Drawn to scale: where the cash came from and how it was used. Hover for values.
XFLT operating cash flow, capex and free cash flow
XFLT cash flow trends, FY2018–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$114.1MFY2018 | $55.0MFY2025 | — | |
| Capital expenditures | $0FY2018 | $3FY2025 | — | |
| Free cash flow | −$114.1MFY2018 | $42.5MFY2025 | — | |
| Free cash flow margin | −2,473.6%FY2018 | 130.8%FY2025 | +2,604.4 pts | |
| Operating cash flow / net income | −28.35FY2018 | 5.57FY2025 | +33.92 | |
| Dividends paid | $5.7MFY2018 | $65.7MFY2025 | +41.6%/yr | |
| Capex / revenue | 0.0%FY2018 | 0.0%FY2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
XFLT cash flow by activity
XFLT 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).
XFLT cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | $9.9M | $48.9M | $46.6M | −$36.7M | $35.5M | −$11.0M | −$4.4M | $4.0M |
| Change in working capital | −$23.4M | $18.6M | $13.0M | −$32.0M | $30.3M | −$4.0M | $3.1M | $2.7M |
| Other non-cash items | $68.5M | −$249.5M | −$130.8M | −$5.3M | −$261.7M | $1.6M | −$2.4M | −$120.8M |
| Cash from operating activities | $55.0M | −$182.0M | −$71.2M | −$73.9M | −$195.9M | −$13.5M | −$3.8M | −$114.1M |
| Investing activities | ||||||||
| Capital expenditures | −$3 | −$4 | −$2 | $0 | −$4 | −$4 | $0 | $0 |
| Acquisitions & other investing | −$28.4M | −$255.8M | −$117.0M | −$103.3M | −$223.6M | −$26.8M | −$10.0M | — |
| Cash from investing activities | −$28.4M | −$255.8M | −$117.0M | −$103.3M | −$223.6M | −$26.8M | −$10.0M | — |
| Financing activities | ||||||||
| Dividends paid | −$65.7M | −$49.1M | −$32.2M | −$24.5M | −$13.7M | −$9.3M | −$7.2M | −$5.7M |
| Net borrowing (repayment) | −$2.0M | $53.7M | $37.2M | $15.0M | — | — | — | — |
| Shares issued | $26.1M | $184.2M | $66.1M | $80.2M | $151.5M | $27.3M | $11.1M | $10.7M |
| Other financing | −$1.9M | −$168,750 | $198,097 | −$326,927 | $61.7M | −$3.7M | −$103,731 | $38.5M |
| Cash from financing activities | −$43.5M | $188.7M | $71.3M | $70.3M | $199.4M | $14.3M | $3.8M | $43.4M |
| Summary | ||||||||
| Net change in cash | −$987,135 | $6.7M | $86,604 | −$3.6M | $3.5M | $803,147 | −$34,826 | −$70.7M |
| Cash at end of period | $6.9M | $7.9M | $1.2M | $1.1M | $4.7M | $1.3M | $459,879 | $494,705 |
| Free cash flow | $42.5M | −$182.0M | −$71.2M | −$73.9M | −$195.9M | −$13.5M | −$3.8M | −$114.1M |
| Free cash flow margin | 130.8% | −315.4% | −134.3% | — | −510.6% | — | — | −2,473.6% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | — | 0.0% | — | — | 0.0% |
| Operating cash flow / net income | 5.57 | −3.72 | −1.53 | — | −5.52 | — | — | −28.35 |
| Mar '26 | Sep '25 | Mar '25 | Sep '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | Dec '22 | Sep '22 | Jun '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$73.5M | $14.9M | −$5.0M | $12.3M | $36.6M | $36.6M | $33.5M | $33.5M | $13.2M | $13.2M | −$28.1M | −$28.1M |
| Change in working capital | −$16.2M | $4.4M | −$27.7M | −$4.0M | $22.6M | $22.6M | $14.1M | $14.1M | −$1.1M | −$1.1M | −$10.8M | −$10.8M |
| Other non-cash items | $103.3M | $22.2M | $46.3M | $25.0M | −$5.5M | −$5.5M | −$8.8M | −$8.8M | $2.3M | $2.3M | $48.8M | $48.8M |
| Cash from operating activities | $13.5M | $41.5M | $13.6M | $33.3M | $53.7M | $53.7M | $38.8M | $38.8M | $14.4M | $14.4M | $9.9M | $9.9M |
| Investing activities | ||||||||||||
| Capital expenditures | −$3 | $0 | −$4 | −$1 | −$5 | $0 | −$3 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | $43.4M | $25.2M | −$53.6M | −$131.6M | −$124.2M | — | −$104.9M | — | −$12.1M | — | −$26.8M | — |
| Cash from investing activities | $43.4M | $25.2M | −$53.6M | −$131.6M | −$124.2M | — | −$104.9M | — | −$12.1M | — | −$26.8M | — |
| Financing activities | ||||||||||||
| Dividends paid | −$30.5M | −$33.5M | −$32.2M | −$27.3M | −$21.8M | −$21.8M | −$17.5M | −$17.5M | −$14.7M | −$14.7M | −$13.2M | −$13.2M |
| Share repurchases & issuance (net) | −$67.4M | — | — | — | — | — | — | — | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $35.9M | −$27.3M | $49.5M | $141.1M | $96.7M | $96.7M | $90.6M | $90.6M | $13.0M | $13.0M | $20.8M | $20.8M |
| Cash from financing activities | −$61.9M | −$60.8M | $17.3M | $113.8M | $74.9M | $74.9M | $73.1M | $73.1M | −$1.8M | −$1.8M | $7.6M | $7.6M |
| Summary | ||||||||||||
| Net change in cash | −$13.7M | $5.9M | −$22.7M | $15.5M | $4.3M | $4.3M | $7.1M | $7.1M | $602,041 | $602,041 | −$9.3M | −$9.3M |
| Cash at end of period | $1.4M | $15.1M | $9.2M | $32.0M | $16.5M | $16.5M | $12.2M | $12.2M | $5.0M | $5.0M | $4.4M | $4.4M |
| Free cash flow | $13.5M | $41.5M | $13.6M | $33.3M | $53.7M | $53.7M | $38.8M | $38.8M | $14.4M | $14.4M | $9.9M | $9.9M |
| Free cash flow margin | 63.0% | 194.2% | 33.9% | 73.9% | 137.2% | 137.2% | 163.2% | 163.2% | 64.0% | 64.0% | 48.2% | 48.2% |
| Capex / revenue | 0.0% | 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 | — | 2.78 | — | 2.71 | 1.47 | 1.47 | 1.16 | 1.16 | 1.09 | 1.09 | — | — |
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.
XFLT cash generation
In fiscal 2025 (ended September 30, 2025), XAI Octagon Floating Rate & Alternative Income Term generated $55.0 million of cash from operations and spent $0.0 million on capital expenditures, leaving free cash flow of $42.5 million, 130.8% of revenue. It returned $65.7 million to shareholders through dividends ($65.7 million) and net share buybacks ($0). Cash and equivalents fell by $1.0 million over the year.
Related: XFLT income statement, XFLT balance sheet, XFLT dividend history. See the XFLT stock overview for the latest quote and news.
XFLT cash flow FAQ
What is XAI Octagon Floating Rate & Alternative Income Term's free cash flow?
XAI Octagon Floating Rate & Alternative Income Term's free cash flow was $42.5 million in fiscal 2025: $55.0 million of operating cash flow minus $0.0 million of capital expenditures It was -$182.0 million a year earlier..
How much cash does XAI Octagon Floating Rate & Alternative Income Term generate from operations?
XAI Octagon Floating Rate & Alternative Income Term generated $55.0 million of cash from operating activities in fiscal 2025, 5.57 times its net income of $9.9 million.
How much does XAI Octagon Floating Rate & Alternative Income Term spend on capital expenditures?
XAI Octagon Floating Rate & Alternative Income Term spent $0.0 million on capital expenditures in fiscal 2025, 0.0% of revenue, compared with $0.0 million the year before.
How much does XAI Octagon Floating Rate & Alternative Income Term pay in dividends?
XAI Octagon Floating Rate & Alternative Income Term paid $65.7 million in dividends in fiscal 2025, 154.5% of free cash flow.