Management prioritizes capital return through aggressive share repurchases, totaling $72.7 million in 2026Q2, which significantly outpaced the $1.1 million distributed via dividends.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Cash from Operations | 675.28M | 450.62M | 453.54M | 303.11M | 268.81M | 581.64M | 467.22M | 191.01M | 137.75M | 120M | 55K | 48.96M | 25.81M | -23.07M | 79.99M | 21.86M | 34.57M | 22.9M | -33.06M | 2.47M | 8.38M | 5.48M | 8.77M | 7.25M | 3.58M | 3.49M | 5.86M | 6.5M | 5.4M | 2M | 3.5M |
| Operating CF Growth % | 329.02% | -0.64% | 49.63% | 12.76% | -53.78% | 24.49% | 144.6% | 38.66% | 14.8% | 218078.18% | -99.89% | 89.66% | 211.9% | -128.84% | 265.95% | -36.77% | 50.97% | 169.26% | -1437.34% | -70.48% | 52.86% | -37.55% | 21% | 102.56% | 2.47% | -40.41% | -9.82% | 20.37% | 170% | -42.86% | 40% |
| Net Income | 188.91M | 186.79M | 168.36M | 165.81M | 159.35M | 145.75M | 109.34M | 101.32M | 52.29M | 44.92M | 33.22M | 18.05M | 15.71M | 13.42M | 17.11M | 4.64M | 12.39M | -1.46M | -1.02M | 1.31M | 3.38M | -652K | 3.99M | 3.4M | 2.16M | 1.91M | 1.98M | 2.6M | 2.8M | 3.6M | 2.4M |
| Depreciation & Amortization | 55.5M | 59.73M | 57.77M | 64.95M | 61.6M | 59.05M | 60.74M | 55.15M | 37.72M | 45.05M | -22K | 28.88M | 18.15M | 21.1M | 20.35M | 9.76M | 11.43M | 5.97M | 3.2M | 2.58M | 3.02M | 3.01M | 4.66M | 3.38M | 2.19M | 849.7K | 1.52M | 1.8M | 1M | 1.1M | 900K |
| Deferred Taxes | 9.19M | 16.8M | 11.12M | -175K | 17.59M | -1.64M | -2.35M | -14.3M | 6.53M | -6.29M | -230K | -3.9M | -1.75M | -395K | 988K | -938K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 707.74M | 297.38M | 34.41M | -23.46M | 55.18M | 328.37M | 262.63M | 24.01M | 53.98M | 21.51M | -33.88M | 3.08M | 1.09M | -1.38M | -11.16M | 1.05M | 10.93M | 18.39M | 8.67M | 521K | 1.08M | 4.98M | 240.33K | 607.44K | -208.29K | 743.26K | 2.46M | 1.7M | 1.6M | -100K | 0 |
| Working Capital Changes | -298.33M | -119.58M | 171.61M | 84.91M | -34.92M | 43.27M | 26.63M | 11.9M | -23.89M | 4.41M | 536K | 2.84M | -7.38M | -55.81M | 52.7M | 7.35M | -185K | -434K | -43.91M | -1.94M | 886K | -1.86M | -109.92K | -133.63K | -555.06K | -9.43K | -100.39K | 400K | 0 | -2.6M | 200K |
| Cash from Investing | -641.13M | 25.84M | -227.66M | -920.76M | -310.87M | -1.12B | -206.32M | -339.2M | -389.79M | -700.43M | -81M | -453.92M | -367.8M | -198.66M | -514.34M | -63.94M | -130.23M | -142.2M | -43.57M | -83.27M | 121.49M | 1.99M | -27.38M | -169.07M | -87.11M | -14.81M | 3.98M | -100.9M | -22.5M | -16.9M | -61.9M |
| Purchase of Investments | -45.18M | -2.28M | -3.46M | -156.88M | -907.36M | -1.04B | -229.33M | -299.27M | -626.58M | -849.54M | -902.86M | -883.38M | -506.53M | -514.81M | -1.39B | -289.78M | -437.31M | -287.11M | -106.87M | -87.18M | -109K | -42.74M | -46.33M | -435.8M | -135.94M | -22.89M | -716.8K | -128M | -89.9M | -67.7M | -122.7M |
| Sale/Maturity of Investments | 217.88M | 406.72M | 205.05M | 182.13M | 604.47M | 456.63M | 282.18M | 954.68M | 799.4M | 635.21M | 0 | 700.81M | 265.36M | 400.25M | 896.82M | 181.42M | 296.72M | 130.7M | 54.34M | 34.08M | 72.3M | 92.56M | 89.17M | 276.23M | 61.74M | 31.39M | 30.1M | 62M | 85.4M | 62.7M | 95.4M |
| Net Investment Activity | 172.7M | 404.44M | 201.58M | 25.25M | -302.89M | -585.13M | 52.85M | 655.42M | 172.83M | -214.33M | -902.86M | -182.57M | -241.17M | -114.56M | -497.02M | -108.36M | -140.58M | -156.41M | -52.52M | -53.1M | 72.19M | 49.82M | 42.84M | -159.56M | -74.19M | 8.51M | 29.38M | -66M | -4.5M | -5M | -27.3M |
| Acquisitions | 19.63M | 608.46M | 0 | 0 | 0 | 0 | 3.5M | 0 | 58.85M | -29.43M | -81M | -115.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -33.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -660.3M | -773.03M | -152.49M | -496.1M | 430.89M | -469.24M | -196.76M | -836.21M | -596.08M | -449.88M | 909.84M | -150.76M | -124.29M | -78.84M | -13.19M | 46.79M | 14.47M | 17.89M | 14.14M | 8.24M | 53.06M | -43.48M | -68.86M | -8.25M | -10.39M | -19.4M | -23.63M | -33.8M | -17.8M | -11.1M | -33.8M |
| Cash from Financing | -131.28M | -513.03M | -443.2M | 604.86M | 117.82M | 422.93M | 40.02M | 174.88M | -915.58M | 1.07B | 82.38M | 402.79M | 331.75M | 116.74M | 302.51M | 231.47M | 176.99M | 122.51M | 58.69M | -15.35M | -35.77M | -1.65M | 17.79M | 164.2M | 82.14M | 13.16M | -8.29M | 93M | 11M | 13.4M | 68.1M |
| Dividends Paid | -4.5M | -4.69M | -5.07M | -5.43M | -5.92M | -6.4M | -7.1M | -7.76M | -5.74M | -4.84M | -4.39M | -3.49M | -3.18M | -2.93M | -1.83M | -1.62M | -1.54M | -1.35M | -1.34M | -1.32M | -1.29M | -1.28M | -1.29M | -1.28M | -1.28M | -1.25M | -1.28M | -1.3M | -1.2M | -1M | -700K |
| Share Repurchases | -184.22M | -163.05M | -86.85M | -120.44M | -168.24M | -99.88M | -118.74M | -49.91M | -2.6M | -470K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -709.79K | -906.65K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 1K | 0 | 3K | 1K | 1K | 0 | 2K | 3K | 4K | 12K | 0 | 0 | 2.33M | 15.27M | 47.8M | 575K | 0 | 0 | 0 | 540K | 187.16K | 230.41K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -184.21M | -163.05M | -86.85M | -120.44M | -168.23M | -99.88M | -118.74M | -49.91M | -2.59M | -458K | 0 | 0 | 2.33M | 15.27M | 47.8M | 575K | 0 | 0 | 0 | 540K | 187.16K | -479.37K | -906.65K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 0 | -1000K | 1000K | 1000K | -1000K | -32K | -1000K | 1000K | -1000K | 1000K | 1000K | -116K | 0 | -1000K | 0 | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K |
| Other Financing | 31.43M | 22.71M | -715.28M | 717.72M | 347.05M | 529.24M | 923.61M | -42.37M | -480.29M | 776.09M | 11.77M | 406.14M | 334.94M | 108.4M | 256.55M | 243.52M | 256.34M | 154.75M | -4.19M | 21.68M | 27.91M | 76.5M | 42.13M | 79.69M | 16.91M | 19.82M | 13.91M | 21M | 37.8M | 12.8M | 18.2M |
| Net Change in Cash | -96.65M | -37.77M | -217.24M | -12.46M | 74.02M | -113.35M | 300.82M | 26.57M | -1.17B | 493.76M | 1.44M | -2.17M | -10.23M | -104.99M | -131.84M | 189.39M | 81.33M | 3.21M | -17.94M | -96.15M | 94.98M | 5.82M | -820.25K | 2.38M | -1.39M | 1.84M | 1.55M | -1.3M | -6.2M | -14.3M | -4.6M |
| Exchange Rate Effect | 481K | -1.21M | 81K | 331K | -1.74M | 476K | -101K | -122K | 3K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 0 | 0 | 0 |
| Cash at Beginning | 331.22M | 158.34M | 375.58M | 388.04M | 314.02M | 427.37M | 126.55M | 99.98M | 1.27B | 773.83M | 14.28M | 29.83M | 40.06M | 145.05M | 276.89M | 87.5M | 6.17M | 2.96M | 20.9M | 107.47M | 13.38M | 7.56M | 9.76M | 7.38M | 8.77M | 6.92M | 5.37M | 6.7M | 12.9M | 14.3M | 4.6M |
| Cash at End | 157.6M | 120.57M | 158.34M | 375.58M | 388.04M | 314.02M | 427.37M | 126.55M | 99.98M | 1.27B | 15.72M | 27.66M | 29.83M | 40.06M | 145.05M | 276.89M | 87.5M | 6.17M | 2.96M | 11.32M | 107.47M | 13.38M | 8.94M | 9.76M | 7.38M | 8.77M | 6.92M | 5.4M | 6.7M | 27.7M | 72.7M |
| Interest Paid | 2.76M | 11.98M | 20.91M | 10.82M | 5.26M | 8.21M | 41.29M | 0 | 33.5M | 16.28M | 3.49M | 2.43M | 2.37M | 2.84M | 3.61M | 4.92M | 6.05M | 9.04M | 14.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | -10.13M | 19.05M | 20.36M | 15.41M | 13.94M | 9.01M | 7.04M | 0 | 8.95M | 20.06M | 5.9M | 5.28M | 4.45M | 3.76M | 8.42M | 3.25M | 3.56M | 2.61M | 470K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 502.12M | 236.59M | 176.78M | -146.79M | -170.06M | 517.62M | 401.32M | 32.61M | 112.36M | 113.2M | -6.92M | 43.92M | 23.48M | -28.33M | 75.86M | 20.03M | 32.22M | 19.21M | -38.25M | -2.27M | 4.61M | 1.13M | 7.41M | 6M | 1.05M | -421.42K | 4.09M | 5.4M | 5.2M | 1.2M | 2.7M |
| FCF Growth % | 210.34% | 33.83% | 220.43% | 13.68% | -132.85% | 28.98% | 1130.69% | -70.98% | -0.74% | 1734.89% | -115.76% | 87.04% | 182.89% | -137.34% | 278.82% | -37.85% | 67.7% | 150.23% | -1586.68% | -149.17% | 307.87% | -84.73% | 23.56% | 472.66% | 348.46% | -110.3% | -24.24% | 3.85% | 333.33% | -55.56% | 42.11% |
Seasonal credit and regulatory
Based on Pathward's reported financial statements, the bank consistently generates positive net income, with the 2026Q2 net income of $72.8 million providing a solid foundation for capital retention despite the inherent volatility of its fee-driven business model and the associated seasonal fluctuations in quarterly earnings.
The bank's ability to convert earnings into capital remains a core strength, as evidenced by the consistent, albeit seasonal, profitability. This internal capital generation appears sufficient to support the bank's specialized lending activities without requiring significant external equity issuance, maintaining a stable regulatory capital position.
According to recent SEC filings, Pathward maintains a consistent pattern of securities portfolio management, with the bank frequently liquidating investment assets to generate cash, as seen in the $76.6 million of sales recorded in 2026Q2 compared to the $45.2 million in new purchases during the same period.
This active management of the investment portfolio suggests a strategy of utilizing securities as a liquidity buffer to manage the cash flow demands of its tax-related and prepaid card businesses. Investors should monitor whether this net divestment trend continues, as it may indicate a need to fund loan growth or manage deposit outflows.
As reported in financial statements, Pathward prioritizes capital return through share repurchases, with $72.7 million in buybacks during 2026Q2 significantly dwarfing the $1.1 million in dividends paid, signaling a management preference for reducing share count over providing a substantial recurring income stream to shareholders.
The scale of these repurchases relative to net income suggests a high degree of confidence in the bank's long-term capital position. However, this aggressive buyback strategy warrants further investigation into whether it limits the bank's flexibility to absorb potential regulatory capital requirements or unexpected credit losses in the future.
Based on the provided cash flow data, Pathward's provision for credit losses exhibits significant quarterly variance, peaking at $45.6 million in 2026Q2, which highlights the inherent sensitivity of the bank's short-duration consumer loan portfolio to seasonal credit performance and potential shifts in borrower repayment behavior.
The sharp increase in provisions during the second quarter of 2026 suggests that the bank is proactively adjusting its reserves to account for the high-velocity nature of its tax-advance products. This volatility in provisioning is a critical factor that analysts must reconcile with the bank's overall earnings stability.
Quick answers to the most common questions about buying CASH stock.
Pathward Financial, Inc. (CASH) generated $450.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Pathward Financial, Inc. (CASH) generated $236.6M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Pathward Financial, Inc. (CASH) spent $214.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Pathward Financial, Inc. (CASH) returned $4.7M to shareholders via cash dividends and spent $163.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.