Cash conversion is inconsistent, with FFO of $232.8M in 2026Q2 exceeding OCF of $47.2M, while minimal capex (under $0.5M per quarter) supports an asset-light model, but dividend coverage varies from 1.3x to 7x.
DigitalBridge Group, Inc. (DBRG) cash flow statement — 16-year operating, investing & financing cash flows
| Metric | TTM | 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 |
|---|
| Cash from Operations | 139.31M | 259.33M | 60.12M | 233.64M | 262.58M | 248.24M | 89.89M | 170.87M | 506.96M | 549.62M | 408.36M | 373.13M | 132.76M | 125.29M | 71.03M | 24.42M | 9.86M |
| Operating CF Growth % | 2.5% | 331.34% | -74.27% | -11.02% | 5.78% | 176.15% | -47.39% | -66.3% | -7.76% | 34.59% | 9.44% | 181.06% | 5.96% | 76.4% | 190.89% | 147.71% | - |
| Operating CF / Revenue % | 15.78% | 55.16% | 9.9% | 28.44% | 37.79% | 67.81% | 21.59% | 279.96% | 21.42% | 19.65% | 43.52% | 44.32% | 44.16% | 69.51% | 66.28% | 37.3% | 35.94% |
| Net Income | 343.77M | -27.07M | 147.01M | 45.16M | -570M | -816.91M | 522.31M | -2.42B | -561.69M | -220.61M | 113.03M | 119.79M | 19.1M | -2M | -17.32M | -25.68M | -15M |
| Depreciation & Amortization | 24.86M | 29.45M | 33.71M | 485.55M | 579.25M | 641.6M | 578.28M | 596.26M | 572.41M | 617.78M | 171.68M | 140.98M | 9.18M | 310K | 0 | 0 | 0 |
| Stock-Based Compensation | 37.9M | 34.22M | 34.72M | 67.64M | 54.71M | 59.42M | 34.96M | 39.57M | 41.88M | 154.43M | 13.64M | 13.71M | 11.27M | 4.28M | 7.33M | 204K | 67K |
| Other Non-Cash Items | -218.27M | 147.65M | -133.02M | -366.99M | 113.23M | 437.57M | 3.26B | -302.5M | 497.88M | 76.26M | -104.88M | -101.05M | -65.97M | -5.95M | -4.94M | -20.68M | -9.41M |
| Working Capital Changes | -2.15M | 76.2M | -19.13M | 2.34M | 73.82M | -4.98M | 31.16M | -3.95M | -40.59M | -95.78M | 42.99M | 15.15M | 17.45M | 4.13M | 430K | 1.53M | 1.45M |
| Cash from Investing | 184.3M | -126M | -11.22M | -979.04M | -1.91B | 146.56M | -1.93B | 4.2B | -268.21M | 1.33B | 251.81M | -1.46B | -2.87B | -1.31B | -425.98M | -366.43M | -178.66M |
| Acquisitions (Net) | -55.18M | -123.58M | -7.89M | -102.46M | 11.55M | 104.61M | 119.78M | -214.06M | 258.29M | 666.29M | -113.17M | -412.39M | -458.88M | -672.34M | -528.35M | -178.95M | -110.65M |
| Purchase of Investments | -72.35M | 0 | 0 | -4.14M | 0 | -21.42M | -11.66M | -14.93M | -34.31M | -480K | -91.02M | -1.12B | -1.65B | 122.75M | 0 | -187.31M | 0 |
| Sale of Investments | 491.47M | 0 | 0 | 3.4M | 10.55M | 18.38M | 32.82M | 57.67M | 43.63M | 272.96M | 390.94M | 1.86B | 28M | 180.94M | 78.24M | 0 | 4.12M |
| Other Investing | -178.92M | -1.06M | 255K | -875.85M | -1.94B | 44.99M | 55.22M | 180.42M | -50.7M | 1.72B | 566.28M | -349.82M | 827.38M | -821.82M | 24.13M | -176K | -72.13M |
| Cash from Financing | -129.06M | -48.28M | -90.84M | 58.15M | 923.78M | 561.01M | 1.37B | -3.78B | -788.4M | -1.35B | -465.96M | 1.06B | 2.84B | 1.06B | 521.28M | 279.65M | 77.72M |
| Dividends Paid | -82.42M | -65.79M | -65.41M | -65.24M | -64.03M | -73.38M | -185.84M | -322.7M | -431.22M | -612.34M | -229.54M | -203.8M | -155.32M | -111.34M | -57.69M | -32.89M | -10.1M |
| Common Dividends | -9.11M | -7.15M | -6.77M | -6.48M | -1.64M | 0 | -106.51M | -214.15M | -310.52M | -482.16M | -181.17M | -165.56M | -131.81M | -89.92M | -48.37M | -32.89M | -10.1M |
| Debt Issuance (Net) | 0 | 0 | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K |
| Share Repurchases | -776K | 0 | 0 | -4.76M | -55.01M | -150.25M | -24.75M | -10.73M | -343.14M | -935.96M | -20M | -112.38M | 0 | 0 | 0 | -8.65M | 0 |
| Other Financing | -45.87M | 17.51M | -20.43M | -189.67M | 447.38M | -84.43M | 1.73B | -2.37B | 430.93M | -1.37B | -642.94M | 887.77M | 165.86M | 194.94M | 39.61M | 88K | -1.8M |
| Net Change in Cash | 191.66M | 89.19M | -43.95M | -686.49M | -729.51M | 952.99M | -461.69M | 591.97M | -561.19M | 545.82M | 190.15M | 43.92M | 98.77M | -127.03M | 166.33M | -62.37M | -91.08M |
| Exchange Rate Effect | -2.89M | 4.14M | -2.01M | 766K | -2.46M | -2.83M | 7.37M | 1.75M | -11.54M | 11.16M | -4.07M | -6.48M | -983K | 161K | 0 | -3K | 2K |
| Cash at Beginning | 395.49M | 306.3M | 350.25M | 1.04B | 1.77B | 963.01M | 1.42B | 832.73M | 1.39B | 376M | 185.85M | 141.94M | 43.17M | 170.2M | 3.87M | 66.25M | 157.33M |
| Cash at End | 514.78M | 395.49M | 306.3M | 350.25M | 1.04B | 1.92B | 963.01M | 1.42B | 832.73M | 921.82M | 376M | 185.85M | 141.94M | 43.17M | 170.2M | 3.87M | 66.25M |
| Free Cash Flow | 138.59M | 257.98M | 56.53M | 233.64M | 262.58M | 248.24M | -2.04B | 4.36B | 21.84M | -775.5M | -92.86M | -1.06B | -1.49B | 2.54M | 71.03M | 24.42M | 9.86M |
| FCF Growth % | -27.31% | 356.33% | -75.8% | -11.02% | 5.78% | 112.18% | -146.74% | 19862.02% | 102.82% | -735.13% | 91.24% | 28.6% | -58599.8% | -96.43% | 190.89% | 147.71% | - |
| FCF / Revenue % | 15.7% | 54.87% | 9.31% | 28.44% | 37.79% | 67.81% | -489.46% | 7144.83% | 0.92% | -27.73% | -9.9% | -125.96% | -494.03% | 1.41% | 66.28% | 37.3% | 35.94% |
Quick answers to the most common questions about buying DBRG stock.
DigitalBridge Group, Inc. (DBRG) generated $259.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
DigitalBridge Group, Inc. (DBRG) generated $258.0M 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.
DigitalBridge Group, Inc. (DBRG) spent $1.4M 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, DigitalBridge Group, Inc. (DBRG) returned $65.8M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Lumpy earnings from asset sales
Metrics are mathematically derived from official filings.
AFFO Coverage Thin in Weak Quarters
In 2026Q2, AFFO of $232.7M covered dividends 7x, but in 2025Q1 coverage fell to 1.3x, indicating dividend sustainability hinges on volatile transaction-driven income.
The dividend payout ratio based on AFFO swung from 0.02 in 2026Q2 to 0.78 in 2025Q1, revealing that in quarters without large gains, AFFO barely covers the distribution. This suggests the dividend is not consistently supported by recurring cash earnings, and investors should monitor the stability of AFFO ex one-time items.
FFO Conversion Distorted by Timing
FFO exceeded operating cash flow in 2026Q2 ($232.8M vs $47.2M) but lagged in 2025Q2 ($40.2M vs $77.0M), per reported figures, indicating significant timing differences between accrual and cash.
The FFO-to-OCF ratio ranged from -2.0 in 2026Q1 to 3.65 in 2025Q1, highlighting that FFO is not a reliable proxy for cash generation in any given quarter. This divergence likely stems from the timing of fee income and investment gains, which may not convert to cash immediately, warranting a longer-term view of cash conversion.
Minimal Capex Signals Asset-Light Model
Capital expenditures averaged under $0.5M per quarter over the last ten quarters, per financial statements, suggesting DBRG operates an asset-light model with negligible maintenance capex, unlike traditional REITs.
With quarterly capex never exceeding $3.1M, the company appears to avoid heavy property investment, consistent with its asset management focus. This low capex supports high AFFO conversion, but it also implies that growth is dependent on acquisitions or fee-generating activities rather than organic property improvements.
Dividend Funded by Operating Cash Flow
Operating cash flow covered dividends in most quarters, with 2026Q2 OCF of $47.2M against $33.0M dividends, but 2026Q1 OCF was negative, indicating occasional reliance on external sources.
In 2026Q1, OCF was -$40.0M while dividends were $16.5M, suggesting the company had to draw on cash reserves or external financing to cover the distribution. This pattern, combined with volatile FFO, implies that dividend sustainability may depend on the timing of asset sales or capital raises, which investors should monitor.
Depreciation Impact Minimal on Earnings
Net income and FFO were nearly identical in 2026Q2 ($227.3M vs $232.8M), but diverged in 2024Q4 (-$5.1M vs $3.2M), showing depreciation's variable effect on GAAP results.
The small gap between net income and FFO in most quarters indicates that depreciation is not a major earnings drag, consistent with an asset-light model. However, the 2024Q4 divergence suggests that other non-cash items or impairments can create significant GAAP losses, underscoring the need to focus on FFO/AFFO for cash flow analysis.
Cash Flow Hides One-Time Gains
The 2026Q2 FFO spike to $232.8M from $25.3M in 2026Q1, as reported, suggests that reported cash flow may be inflated by non-recurring gains, masking underlying volatility.
The extreme quarter-over-quarter swings in FFO and OCF, such as the -$40.0M OCF in 2026Q1 followed by $47.2M in 2026Q2, indicate that cash flow is heavily influenced by transaction timing. Investors should be cautious about annualizing any single quarter's cash flow, as the company's earnings appear to be driven by discrete events rather than steady operations.