Free cash flow generation is highly inconsistent, highlighted by a significant $97.4 million outflow in 2026Q1 that contrasts sharply with the $27.6 million paid in dividends during the same period.
| 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 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Cash from Operations | 34.5M | 379M | 55.1M | 48.9M | 32.9M | -30.3M | -12.6M | -19.5M | 93.1M | 73M | 102.9M | 178.2M | 98.1M | 31.3M | 6.77M | -6.01M | 2.16M | -25.23M | -2.96M | -50.04K |
| Operating CF Margin % | - | 75.65% | 10.37% | 8.69% | 6.09% | -6.68% | -2.78% | -3.42% | 12.05% | 9.1% | 14.63% | 29.52% | 24.61% | 23.24% | 8.68% | -8.52% | 3.46% | -29.25% | -9.2% | -0.15% |
| Operating CF Growth % | 169.3% | 587.84% | 12.68% | 48.63% | 208.58% | -140.48% | 35.38% | -120.95% | 27.53% | -29.06% | -42.26% | 81.65% | 213.42% | 362.54% | 212.58% | -378.67% | 108.55% | -751.04% | -5823.18% | - |
| Net Income | 59.2M | 4.7M | -33.7M | -281.4M | 101.9M | 336.4M | 107.8M | 321.1M | 212.1M | 138M | 76.5M | 59M | 90.1M | 13.9M | 6.84M | 7.48M | 6.49M | -9.66M | 1.51M | 615.2K |
| Depreciation & Amortization | 131.1M | 133M | 148.3M | 157.8M | 172.9M | 166.3M | 179.6M | 187.6M | 206.1M | 212.5M | 198.2M | 166.3M | 104.5M | 17.4M | 4.94M | 2.83M | 1.62M | 1.12M | 0 | 0 |
| Stock-Based Compensation | 17.6M | 0 | 23.6M | 34.5M | 29M | 28.7M | 32.3M | 30.2M | 37.1M | 38.2M | 65.1M | 30.8M | 15.8M | 7.5M | 8.15M | 5.05M | 8.09M | 2.31M | 0 | 0 |
| Deferred Taxes | -30.3M | 0 | -10.4M | -65.9M | 18.3M | 112.2M | 27.2M | 26.7M | 39.3M | -24.5M | 8.8M | 24.4M | 28.2M | 2.7M | -481K | -4.67B | -28.42M | 4.5M | -173.16K | 0 |
| Other Non-Cash Items | -80.9M | 290.9M | -85.7M | 224.1M | -258.1M | -630M | -359.4M | -535.8M | -444.9M | -233.4M | -193.2M | -193.4M | -289M | -100.5M | -58.08M | -29.72M | -31.75M | -19.77M | -3.88M | -1.08M |
| Working Capital Changes | -63.4M | -49.6M | 13M | -20.2M | -31.1M | -43.9M | -100K | -49.3M | 43.4M | -57.8M | -52.5M | 91.1M | 148.5M | 90.3M | 45.41M | 8.35M | 17.71M | -3.74M | -426.36K | 415.3K |
| Change in Receivables | -12.7M | -4.5M | 11.6M | -23.8M | -13.4M | -500K | 4.5M | 1M | 1.9M | -13.9M | -22.9M | 2M | -28.6M | 10.7M | -7.65M | -973K | -1.04M | 585K | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 8M | 24.6M | 4.6M | 24.5M | 0 | 0 | 0 | 0 | 0 | 11.7M | 4.07M | 7M | 10.48M | -2.44M | 0 | 0 |
| Change in Payables | -55.2M | -41.7M | 0 | 0 | -8M | -24.6M | -4.6M | -24.5M | 42.1M | -29M | 0 | 0 | 0 | 200K | -36K | 207K | 644K | 501K | 0 | 0 |
| Cash from Investing | 570.8M | 158.5M | 414.2M | -11.7M | -361.6M | -1.04B | 590.8M | 182.3M | 593.1M | -70.2M | -286.7M | -1.48B | -2.47B | -348.8M | -389.73M | -198.13M | -114.84M | 72.89M | 2.97M | -247M |
| Capital Expenditures | -68.3M | -66.6M | -131.6M | -217.2M | -160.9M | -139.2M | -194.1M | -191.1M | 814.3M | -814.3M | -949.6M | -1.93B | -1.96B | -1.4M | -118.96M | -2.68M | -23.76M | 0 | 0 | 0 |
| CapEx % of Revenue | 13.94% | 13.29% | 24.76% | 38.61% | 29.8% | 30.69% | 42.75% | 33.54% | 105.42% | 101.56% | 135% | 319.3% | 492.27% | 1.04% | 152.62% | 3.8% | 38.09% | - | - | - |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 842.8M | -18.5M | 669.2M | 375M | 58.4M | -727.1M | 882.9M | 414.9M | 110.6M | 810M | 629.7M | 798.8M | 88.8M | 48M | -164.85M | -90.01M | -7.18M | -16.3M | 2.97M | -247M |
| Cash from Financing | -769.4M | -560.3M | -565.5M | -164.8M | 264.2M | 632M | -206.6M | -85.8M | -528.8M | -565.3M | 419.8M | 1.12B | 3.16B | 371.4M | 388.42M | 272.62M | 91.16M | -15.71M | -38.22K | 247.11M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -14.3M | -9.2M | -15.3M | 206.3M | 265.4M | -83.2M | -57.4M | 274.5M | -177.9M | -67.7M | -64.8M | 203.6M | 2.01B | 272.1M | 106.2M | 122.6M | 120.99M | -3.63M | 46.28M | 255.27M |
| Dividends Paid | -109.9M | -111.5M | -143.7M | -171.5M | -160.5M | -140.7M | -139.7M | -117.5M | -128.4M | -59.2M | -64.8M | -51.8M | -38.9M | -24.1M | -21.9M | -11.7M | -4.53M | -3.23M | 0 | 0 |
| Share Repurchases | -14.3M | -9.2M | -15.1M | -20.9M | -31.2M | -83.2M | -57.4M | -20.7M | -177.9M | -67.7M | -64.8M | -11.4M | -8.2M | -3.8M | 0 | -500K | -11.3M | -3.69M | -6.17M | 0 |
| Other Financing | 157.1M | -19.3M | -19.8M | -27.1M | 10M | -46.5M | -20M | -253.8M | -102.3M | -847M | -282.2M | -314.8M | -127.5M | 12.6M | -13.9M | -14.48M | -3.79M | -3.91M | -540K | -8.17M |
| Net Change in Cash | -172M | -33M | -96.2M | -125.6M | -85.5M | -440.3M | 391.2M | 85.9M | 136.7M | -534.4M | 154.1M | -206.1M | 759.5M | 57.3M | 4.93M | 68.96M | -10.82M | 31.95M | -29.4K | 58.08K |
| Free Cash Flow | -33.8M | 312.4M | -76.5M | -168.3M | -128M | -169.5M | -206.7M | -210.6M | 907.4M | -741.3M | -846.7M | -1.75B | -1.86B | 29.9M | -112.19M | -8.69M | -21.61M | -25.23M | -2.96M | -50.04K |
| FCF Margin % | -6.9% | 62.36% | -14.4% | -29.91% | -23.7% | -37.37% | -45.53% | -36.97% | 117.48% | -92.45% | -120.37% | -289.78% | -467.66% | 22.2% | -143.94% | -12.32% | -34.63% | -29.25% | -9.2% | -0.15% |
| FCF Growth % | -225.65% | 508.37% | 54.55% | -31.48% | 24.48% | 18% | 1.85% | -123.21% | 222.41% | 12.45% | 51.6% | 6.15% | -6334.45% | 126.65% | -1190.9% | 59.78% | 14.35% | -751.04% | -5823.18% | - |
| FCF per Share | -0.24 | 2.27 | -0.56 | -1.21 | -0.92 | -1.21 | -1.47 | -1.49 | 6.27 | -6.22 | -7.76 | -15.97 | -20.36 | 0.42 | -2.03 | -0.20 | -0.55 | -0.94 | -0.12 | -0.00 |
| FCF Conversion (FCF/Net Income) | -0.57x | 80.64x | -1.67x | -0.16x | 0.35x | -0.09x | -0.11x | -0.09x | 0.62x | 0.73x | 18.38x | 2.39x | 4.48x | -4.47x | 1.52x | -1.00x | 0.62x | 1.64x | -4.84x | -0.01x |
| Interest Paid | 141.8M | 220M | 256.1M | 252M | 214.4M | 183.7M | 209.7M | 211.1M | 225.3M | 206.7M | 170.7M | 133.5M | 98.9M | 49.7M | 28.7M | 0 | 9.19M | 11.62M | 0 | 0 |
| Taxes Paid | 13.1M | 14.9M | 9.2M | 21.8M | 19.9M | 16.5M | 12.6M | 20.6M | 6.6M | 16.1M | 10.7M | 3M | 300K | 2.3M | 100K | 0 | 25K | 4.13M | 0 | 0 |
Transactional Cash Flow Volatility
As reported in recent financial statements, Kennedy-Wilson exhibits a profound disconnect between net income and operating cash flow, with the OCF/NI ratio fluctuating wildly from -3.57 in 2026Q1 to 9.33 in 2025Q2, suggesting that reported earnings are poor proxies for actual cash generation capabilities.
The extreme volatility in the OCF/NI ratio indicates that non-cash items and accounting adjustments heavily influence the bottom line. Investors should monitor this divergence, as it suggests that the company's reported profitability may not be translating into the liquidity required to sustain its dividend and debt obligations.
Based on the provided cash flow data, Kennedy-Wilson's free cash flow trajectory remains highly inconsistent, swinging from a $97.4 million outflow in 2026Q1 to a $52.2 million inflow in 2025Q4, highlighting the inherent instability of a business model reliant on lumpy asset dispositions and performance fees.
The inability to maintain positive free cash flow suggests that the company's core operations are currently struggling to cover both capital expenditures and shareholder distributions. This pattern may indicate that the firm is forced to rely on external financing or asset sales to bridge the gap between operational cash needs and internal generation.
According to historical cash flow filings, Kennedy-Wilson's working capital dynamics are a primary source of cash flow instability, evidenced by a massive $83.8 million outflow in 2026Q1, which directly offset the company's ability to maintain a stable cash position during periods of operational stress.
The significant quarterly swings in working capital suggest that the timing of collections and payables is highly sensitive to the transaction cycle. Such fluctuations may indicate that the company lacks the operational efficiency to smooth out cash inflows, leaving it vulnerable to liquidity crunches during market downturns.
As reported in financial disclosures, Kennedy-Wilson continues to prioritize dividend payments and share repurchases despite inconsistent cash flow, with $27.6 million paid in dividends during 2026Q1 alone, even as the company faced a significant $97.4 million free cash flow deficit during that same period.
This aggressive capital return policy, when juxtaposed with negative free cash flow, warrants further investigation into the sustainability of these distributions. It appears that the company may be prioritizing shareholder optics over balance sheet preservation, which could limit its flexibility to pursue new investment opportunities in a high-rate environment.
Quick answers to the most common questions about buying KW stock.
Kennedy-Wilson Holdings, Inc. (KW) generated $379.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Kennedy-Wilson Holdings, Inc. (KW) generated $312.4M 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.
Kennedy-Wilson Holdings, Inc. (KW) spent $66.6M 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, Kennedy-Wilson Holdings, Inc. (KW) returned $111.5M to shareholders via cash dividends and spent $9.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.