Maintenance capital expenditures remain minimal, often falling below $1 million per quarter, which supports the firm's transition to an asset-light model.
| 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 | 169.08M | 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 % | 282.89% | 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 % | 34.78% | 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 | 148.06M | 257.71M | 89.17M | 503.56M | 188.35M | 289.99M | 522.31M | -2.42B | -561.69M | -220.61M | 113.03M | 119.79M | 19.1M | -2M | -17.32M | -25.68M | -15M |
| Depreciation & Amortization | -343.53M | 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 | 9.68M | 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 | -130.54M | -136.84M | -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 | 70.2M | 75.91M | -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 | -20.26M | -89.64M | -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) | 17.56M | 0 | -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 | -383.9M | -395.89M | 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 | 223.36M | 155.67M | 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 | 124.52M | 151.94M | 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 | -86.86M | -84.64M | -90.84M | 58.15M | 923.78M | 411.26M | 1.37B | -3.78B | -788.4M | -1.35B | -465.96M | 1.06B | 2.84B | 1.06B | 521.28M | 279.65M | 77.72M |
| Dividends Paid | -64.04M | -58.64M | -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 | -5.4M | 0 | -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 | -11.65M | 0 | -9.84M | 0 | -55.01M | 0 | -24.75M | -10.73M | -343.14M | -935.96M | -20M | -112.38M | 0 | 0 | 0 | -8.65M | 0 |
| Other Financing | -21.64M | -26M | -10.59M | -194.43M | 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 | 63.28M | 89.19M | -43.95M | -686.49M | -729.51M | 803.24M | -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 | 2.23M | 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 | 417.39M | 395.49M | 306.3M | 350.25M | 1.04B | 1.77B | 963.01M | 1.42B | 832.73M | 921.82M | 376M | 185.85M | 141.94M | 43.17M | 170.2M | 3.87M | 66.25M |
| Free Cash Flow | 167.89M | 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 % | 22.92% | 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 % | 34.53% | 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% |
Capital deployment execution risk
As reported in financial statements, DigitalBridge's FFO frequently diverges from GAAP operating cash flow, with FFO/NI ratios fluctuating wildly from -5.68 in 2024Q4 to 3.65 in 2025Q1, suggesting that non-cash adjustments and transactional accounting continue to mask the underlying cash-generating efficiency of the firm's core operations.
The significant volatility in the FFO-to-Net Income relationship indicates that traditional GAAP metrics remain unreliable for assessing the firm's true cash-generating capacity. Investors should monitor whether this conversion gap narrows as the company completes its transition to a pure-play asset management model.
Based on the provided quarterly data, DigitalBridge maintains a robust dividend coverage profile, with the dividend-to-AFFO ratio reaching as low as 0.03 in 2025Q4, indicating that the firm retains a substantial portion of its distributable cash flow to support ongoing growth and capital deployment initiatives.
The consistently low payout ratio suggests that management is prioritizing the retention of cash to fund its digital infrastructure platform rather than returning capital to shareholders. This conservative distribution policy appears to provide a significant buffer against potential volatility in performance-based carried interest income.
According to recent SEC filings, the persistent gap between GAAP Net Income and FFO highlights the distortive impact of depreciation on the firm's reported profitability, as evidenced by the 2023Q4 period where Net Income of $115.3M significantly exceeded the $84.0M in AFFO generated by the business.
The reliance on FFO and AFFO is essential here, as GAAP Net Income is heavily influenced by the legacy asset base and non-recurring gains. Analysts should interpret these distortions as a byproduct of the firm's structural pivot rather than a reflection of current operational cash flow health.
As indicated by the quarterly financial data, DigitalBridge's maintenance capital expenditures remain remarkably low, with figures often falling below $1M per quarter, which suggests that the firm's current asset-light management model requires minimal ongoing reinvestment compared to traditional infrastructure owners like American Tower.
The low level of recurring capex supports the thesis that the company has successfully transitioned to a high-margin fee-based business. This capital-light structure appears to be a key driver of the firm's ability to generate positive AFFO even during periods of significant corporate restructuring.
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 $58.6M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.