Burford Capital Limited (BUR) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q2'23 | Q4'22 | Q2'22 | Q4'21 | Q2'21 | Q4'20 | Q2'20 | Q4'19 | Q2'19 | Q4'18 | Q2'18 |
|---|
| Cash from Operations | -79.9M | -20.05M | -84.23M | 155.17M | -18.66M | 279.8M | -44.42M | 52.96M | -70.43M | -203.77M | -271.52M | -88.4M | 60.75M | -646.12M | -40.49M | 94.31M | -15.02M | 6.71M | -192.49M | -40.82M |
| Operating CF Margin % | -1357.05% | -37.6% | -48.17% | 143.23% | -102.34% | 123.11% | -31.35% | 141.88% | -45.76% | -1089.35% | -302.6% | -481.85% | 47.58% | -682.63% | -41.16% | 36.35% | -20.93% | 2.3% | -87.91% | -19.68% |
| Operating CF Growth % | -328.18% | -107.17% | -89.64% | 192.98% | 73.5% | - | 78.2% | - | 74.06% | -130.51% | -546.91% | 86.32% | 250.05% | -785.06% | -169.63% | 1305.59% | 92.2% | 116.44% | -399.7% | 36.02% |
| Net Income | -49.6M | -20.27M | 105.15M | 36.91M | 13.95M | 157.86M | 23.81M | -17.5M | 139.96M | -20.28M | 99.72M | -18.17M | -161K | -28.59M | 13.66M | 151.45M | -8.37M | 220.48M | 156.76M | 160.82M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.06M | 511K | 5.39M | 5.29M | 5.54M | 7.09M | 5.03M | 5.67M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 7.22M | 0 | 7.43M | 6.68M | 5.41M | 0 | 5M | 4.27M | 5.33M | 0 | 2.76M | 1.76M | 1.69M | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -22.18M | 0 |
| Other Non-Cash Items | -59.15M | -55.52M | -212.63M | -125.31M | -92.29M | -256.2M | -170.07M | -35.55M | -328.35M | -54.46M | -375.35M | -72.19M | -70.19M | -78.37M | -83M | -189.03M | -32.91M | -253.34M | -183.64M | -186.53M |
| Working Capital Changes | 28.86M | 55.74M | 23.25M | 243.57M | 59.68M | 378.14M | 94.63M | 106.01M | 110.53M | -135.71M | -1.29M | 1.96M | 132.17M | -543.94M | 18.12M | 126.6M | 17.96M | 30.73M | -172.33M | -20.77M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20.49M | -20.49M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -357K | -8.31M | -103K | -24K | -522K | -51K | -88K | -43K | -255K | -2.25M | -237K | -10K | -98K | -187K | -216K | -144K | -2.54M | -860K | -40K | -64K |
| Capital Expenditures | -99K | -58K | -103K | -24K | -522K | -51K | -88K | -43K | -255K | -2.25M | -237K | -10K | -98K | -187K | -216K | -144K | -2.54M | -860K | -40K | -64K |
| CapEx % of Revenue | 1.68% | 0.11% | 0.06% | 0.02% | 2.86% | 0.02% | 0.06% | 0.12% | 0.17% | 12.01% | 0.26% | 0.05% | 0.08% | 0.2% | 0.22% | 0.06% | 3.54% | 0.29% | 0.02% | 0.03% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 89.49M | 0 | 0 | 0 | 0 | 0 | 92.92M | 102.8M | 0 | 4.52B | 3.87B | 3.24B | 3.08B | 2.68B | 2.19B | 1.93B | 2.12B | 1.81B | 1.64B | 1.27B |
| Other Investing | 0 | -8.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -31.21M | 334.15M | -31.36M | -139.17M | -83.43M | -97.57M | 214.83M | 209.41M | 34.38M | 504M | 80.96M | 285.43M | -70M | 514.83M | 14.68M | -19.93M | -28.49M | -38.94M | 218.29M | 146.59M |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 0 | 0 | -15.31M | -15.31M | 0 | 0 | -5.09M | -4.38M | 0 | 0 | -2.9M | -5.14M | -2.54M | -1.14M | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -13.72M | 0 | -13.67M | 0 | -13.63M | 0 | -13.69M | 0 | -13.79M | -13.71M | -13.99M | 0 | -13.67M | -27.38M | 0 | 0 | -9.12M | -19.31M | -8.02M | -16.55M |
| Share Repurchases | 0 | 0 | -15.31M | -15.31M | 0 | 0 | -5.09M | -4.38M | 0 | 0 | -2.9M | 0 | -2.54M | -1.14M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -11K | -43.06M | 4.3M | -123.86M | -54.75M | -86.09M | -28.05M | -71.18M | 48.17M | 517.71M | 97.85M | 290.57M | -53.79M | 177.04M | 14.68M | -18.59M | -19.37M | -18.96M | 226.31M | -16.85M |
| Net Change in Cash | -111.22M | 305.4M | -114.39M | 16.71M | -104.08M | 183.34M | 390.67M | 262.12M | -35.02M | 299.34M | -189.08M | 193.32M | -10.52M | -131.31M | -25.01M | 73.69M | -45.85M | 232.47M | -194.08M | 240.74M |
| Free Cash Flow | -80M | -20.11M | -84.33M | 155.15M | -19.18M | 279.75M | -44.5M | 52.92M | -70.69M | -206.02M | -271.75M | -88.41M | 60.66M | -646.3M | -40.7M | 94.17M | -17.55M | 5.85M | -192.53M | -40.88M |
| FCF Margin % | -1358.73% | -37.71% | -48.23% | 143.2% | -105.2% | 123.09% | -31.41% | 141.77% | -45.93% | -1101.36% | -302.87% | -481.9% | 47.5% | -682.83% | -41.38% | 36.3% | -24.46% | 2% | -87.93% | -19.71% |
| FCF Growth % | -317.05% | -107.19% | -89.5% | 193.17% | 72.86% | - | 78.4% | - | 73.99% | -133.03% | -548.03% | 86.32% | 249.02% | -786.31% | -131.88% | 1509.76% | 90.88% | 114.31% | -394.09% | 36.12% |
| FCF per Share | -0.37 | -0.09 | -0.38 | 0.70 | -0.09 | 1.25 | -0.20 | 0.24 | -0.32 | -0.93 | -1.23 | -0.38 | 0.28 | -2.95 | -0.19 | 0.43 | -0.08 | 0.03 | -0.90 | -0.20 |
| FCF Conversion (FCF/Net Income) | 2.13x | 1.05x | -0.95x | 5.02x | 1.44x | 2.06x | -0.83x | -1.77x | -0.70x | 9.46x | -3.31x | 1.79x | -377.35x | 22.60x | -2.96x | 0.62x | 1.79x | 0.03x | -1.23x | -0.25x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.96M | 0 | 14.22M |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |