Liquidity management appears erratic, as evidenced by the sharp contraction in cash and cash equivalents from $4.2 billion in 2025Q3 to $62.1 million in 2025Q4.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Cash from Operations | 494.76M | 145.06M | 124.73M | -20.82M | 271.16M | 152.02M | 78.28M | 97.47M | 62.19M | 91.4M | 66.57M | -542.5M | 722.03M | -1.24B | 29.9M | -221.55M | -2.43M |
| Operating CF Growth % | 241.08% | 16.3% | 698.94% | -107.68% | 78.37% | 94.2% | -19.69% | 56.73% | -31.96% | 37.31% | 112.27% | -175.13% | 158.13% | -4253.63% | 113.5% | -9024.63% | - |
| Net Income | 224.09M | 181.47M | 250.14M | 228.03M | 354.27M | 143.04M | 81.39M | 71.69M | 78.84M | 78.7M | 58.58M | 44.53M | 32.69M | 23.82M | 4.03M | 23.73M | -13.23M |
| Depreciation & Amortization | 37.86M | 33.55M | 31.81M | 27.16M | 21.67M | 18.51M | 13.61M | 14.16M | 10.8M | 5.9M | 4M | 3.58M | 3.13M | 2.02M | 1.38M | 840K | 726K |
| Deferred Taxes | -10.99M | -1.14M | 22.18M | 6.91M | 17.75M | -15.85M | 9.64M | 9.3M | 14.82M | -2.58M | -10.09M | -6.19M | 2.21M | -3.73M | -2.73M | 1.82M | -394K |
| Other Non-Cash Items | 170.06M | 49.55M | -234.25M | -272.49M | -286.02M | 51.15M | 54.48M | 17.31M | -489K | 7.78M | 14.17M | -581.65M | 690.36M | -1.26B | 30M | -230.89M | 11.89M |
| Working Capital Changes | 55.28M | -132.81M | 42.26M | -24.59M | 149.64M | -57.71M | -90.68M | -24.73M | -48.94M | -5.46M | -5.75M | -8.01M | -9.73M | -9.08M | -3.48M | -19.09M | -1.42M |
| Cash from Investing | -2.06B | -1.01B | 3.16B | -1.3B | -1.2B | -6.42B | -1.44B | -104.1M | -565.13M | -961.53M | -1.68B | -1.92B | -1.59B | 262.13M | -760.48M | -348.79M | -23.81M |
| Purchase of Investments | -968.57M | -865.88M | -74.5M | -1.36B | -3.63B | -1.2B | 0 | -763.24M | -796.59M | -5M | -231.7M | -164.94M | -542.11M | -114.05M | -470.41M | -305.82M | -34.49M |
| Sale/Maturity of Investments | 1B | 1.55B | 873.15M | 1.51B | 1.01B | 623.91M | 136.26M | 520.5M | 817.33M | 67.55M | 77.14M | 262.44M | 160.3M | 391.61M | 282.93M | 162.46M | 25.61M |
| Net Investment Activity | 32.8M | 679.72M | 798.65M | 149.79M | -2.62B | -578M | 136.26M | -242.75M | 20.73M | 62.55M | -154.57M | 97.5M | -381.81M | 277.56M | -187.49M | -143.36M | -8.88M |
| Acquisitions | 0 | 0 | 0 | 0 | 3.77M | 0 | 0 | -1.5M | 0 | -17M | 0 | 0 | 0 | 0 | 19.21M | 0 | 0 |
| Other Investing | -2.09B | -1.62B | 2.4B | -1.33B | 1.45B | -5.82B | -1.53B | 179.13M | -561.5M | -1B | -1.52B | -2.02B | -1.2B | -12.72M | -589.48M | -202.14M | -14.51M |
| Cash from Financing | 2.19B | 800.62M | 108.09M | 1.26B | 754.77M | 6.75B | 1.52B | -77.56M | 384.55M | 870.25M | 1.51B | 2.6B | 913.03M | 1.09B | 565.42M | 740.25M | 88.75M |
| Dividends Paid | -10.8M | -15.15M | -14.64M | -9.33M | -10.83M | -14.08M | -14.46M | -14.46M | -14.46M | -9.05M | -2.31M | 0 | 0 | 0 | -44K | 0 | -4K |
| Share Repurchases | -148.14M | -19.24M | -39.81M | -33.16M | -110.16M | 0 | -571K | -12.98M | 0 | 0 | 0 | 0 | -7.75M | 0 | -3.56M | 0 | 0 |
| Stock Issued | 165.85M | 1.76M | 3.11M | 533K | 27.76M | 923K | 2.15M | 3.58M | 2.72M | 70.98M | 806K | 77K | 97.51M | 94.59M | 28.53M | 59.72M | 16.67M |
| Net Stock Activity | 17.71M | -17.48M | -36.69M | -32.63M | -82.4M | 923K | 1.58M | -9.39M | 2.72M | 70.98M | 806K | 77K | 89.75M | 94.59M | 24.97M | 59.72M | 16.67M |
| Debt Issuance (Net) | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | -1000K |
| Other Financing | 1.89B | 928.25M | -240.58M | 1.37B | 5.31B | 2.35B | 1.86B | 373.33M | -445.33M | 1.4B | 1.45B | 1.57B | 519.44M | 857.79M | 215.5M | 680.52M | 76.08M |
| Net Change in Cash | 625.53M | -60.41M | 3.39B | -62.23M | -175.32M | 480.85M | 150.37M | -84.19M | -118.39M | 116K | -106.43M | 137.96M | 47.05M | 112.45M | -165.15M | 169.92M | 0 |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 3.79B | 3.85B | 455.81M | 518.03M | 693.35M | 212.5M | 62.13M | 146.32M | 264.71M | 264.59M | 371.02M | 233.07M | 186.02M | 73.57M | 238.72M | 68.81M | 0 |
| Cash at End | 4.41B | 3.79B | 3.85B | 455.81M | 518.03M | 693.35M | 212.5M | 62.13M | 146.32M | 264.71M | 264.59M | 371.02M | 233.07M | 186.02M | 73.57M | 238.72M | 0 |
| Interest Paid | 600.87M | 715.21M | 649.54M | 226.99M | 107.92M | 131.36M | 182.6M | 160.38M | 101.58M | 71.22M | 51.31M | 37.58M | 24.16M | 21.71M | 22.64M | 10.24M | 0 |
| Income Taxes Paid | 36.08M | 57.59M | 44.97M | 80.05M | 94.09M | 3.25M | 7.41M | 4.79M | 40.28M | 57.25M | 38.73M | 29.84M | 9.81M | 19.37M | 2.82M | 0 | 0 |
| Free Cash Flow | 481.02M | 79.87M | 83.39M | -134.17M | 238.21M | 123.23M | 28.21M | 56.99M | 37.84M | 85.98M | 63.63M | -543.77M | 718.14M | -1.24B | 27.18M | -224.83M | -2.86M |
| FCF Growth % | 502.25% | -4.22% | 162.15% | -156.32% | 93.31% | 336.85% | -50.5% | 50.62% | -55.99% | 35.12% | 111.7% | -175.72% | 157.69% | -4679.41% | 112.09% | -7766.8% | - |
Regulatory Compliance and Oversight
According to recent SEC filings, CUBI’s investment activity shows significant volatility, with quarterly purchase activity reaching $350.1 million in 2025Q2, while simultaneous divestment strategies have been employed to manage liquidity, as evidenced by the $604.9 million in sales proceeds recorded during that same period.
The bank appears to be actively rotating its securities portfolio to manage duration and liquidity needs, likely in response to shifting interest rate expectations. Investors should monitor whether these sales are driven by strategic repositioning or a necessity to fund loan growth and regulatory capital requirements.
Based on reported financial statements, CUBI executed $85.0 million in share buybacks during 2025Q4, a notable increase compared to prior periods, which suggests management's confidence in capital adequacy despite the ongoing regulatory scrutiny and the potential for increased compliance-related expenditures in the coming fiscal year.
The decision to prioritize buybacks over significant capital retention may indicate a belief that the bank's current CET1 levels are sufficient to absorb potential regulatory shocks. However, this strategy warrants further investigation, as it could limit the bank's flexibility should the operating environment deteriorate or if capital requirements are tightened.
As reported in quarterly filings, the bank's provision for loan losses fluctuated significantly, peaking at $28.3 million in 2025Q1 before dropping to zero in 2025Q4, which may indicate a high degree of sensitivity in the bank's internal credit loss modeling under the CECL framework.
This lack of consistent provisioning suggests that the bank's credit risk assessment is highly reactive to specific portfolio performance rather than a steady-state accrual. Analysts should consider whether this volatility masks underlying credit deterioration in the niche lending segments, particularly given the bank's exposure to mortgage warehouse and SBA loans.
Data from the cash flow statement reveals that OCF/NI ratios have been highly erratic, ranging from -1.91 in 2023Q4 to 7.29 in 2025Q1, which suggests that traditional cash flow metrics are heavily distorted by the timing of loan originations and secondary market gain-on-sale activities.
The extreme variance in these ratios implies that the cash flow statement is a poor proxy for core earnings quality at CUBI. Investors should focus on PPNR and capital ratios instead, as the cash flow statement appears to be dominated by balance sheet movements that do not reflect recurring operational health.
Quick answers to the most common questions about buying CUBI stock.
Customers Bancorp, Inc. (CUBI) generated $494.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Customers Bancorp, Inc. (CUBI) generated $481.0M 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.
Customers Bancorp, Inc. (CUBI) spent $0.0M 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, Customers Bancorp, Inc. (CUBI) returned $10.8M to shareholders via cash dividends and spent $148.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.