Capital allocation remains disciplined, with quarterly dividend payments hovering near $50 million, supported by consistent net income generation that exceeded $160 million in 2026Q1.
| 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 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 807.92M | 837.73M | 834.47M | 881.55M | 764.95M | 528.2M | 551.95M | 424.64M | 705.31M | 384.48M | 241.93M | 201.18M | 96.77M | 59.32M | -15.7M | 20.59M | 40.9M | 47.96M | 46.28M | 42.67M | 22.62M | 32.05M | 34.84M | 30.2M | 21.39M | 4.9M | 9.78M | 12.7M | 2.2M | 3.5M | 2.8M |
| Operating CF Growth % | -9.44% | 0.39% | -5.34% | 15.24% | 44.82% | -4.3% | 29.98% | -39.79% | 83.45% | 58.92% | 20.26% | 107.9% | 63.13% | 477.88% | -176.25% | -49.66% | -14.73% | 3.64% | 8.46% | 88.67% | -29.44% | -8% | 15.37% | 41.18% | 336.55% | -49.88% | -23.02% | 477.27% | -37.14% | 25% | - |
| Net Income | 706.88M | 715.48M | 716.5M | 690.84M | 564.09M | 579.03M | 291.87M | 425.91M | 417.08M | 421.94M | 270.08M | 182.31M | 118.59M | 91.27M | 77.06M | 101.3M | 63.92M | 43.08M | 34.7M | 31.75M | 31.69M | 31.49M | 25.88M | 20.2M | 14.41M | 8.96M | 7.63M | 7.4M | 5.6M | 4.5M | 3M |
| Depreciation & Amortization | 102.52M | 0 | 89.24M | 63.8M | 55.52M | 43.13M | 43.79M | 42.51M | 35.44M | 34.07M | 25.03M | 17.46M | 12.98M | 10M | 8.8M | 7.04M | 4.9M | 4.28M | 3.77M | 3.55M | 2.13M | 2.05M | 2.75M | 2.88M | 1.76M | 1.74M | 1.68M | 1.6M | 1.1M | 600K | 600K |
| Deferred Taxes | 11.35M | 0 | 56.37M | -52.93M | 63.83M | -61.21M | 53.76M | -100.9M | 33.06M | 198.64M | 12.7M | 7.39M | -258K | -10.15M | -7.81M | 11.87M | 8.2M | -1.71M | -6.15M | -1.06M | -352K | 21K | 597K | 344K | -836K | -569K | 405K | 100K | -200K | 0 | -300K |
| Other Non-Cash Items | 206.59M | 305.5M | 164.05M | 150.94M | 82.97M | -60.72M | 184.09M | -5.64M | 32.93M | -47.3M | -69.19M | -56.25M | -60.17M | -44.95M | -88.25M | -131.18M | -45.92M | 15.02M | 19.2M | 4.81M | -1.32M | -633K | 3.12M | 8.92M | 4.17M | -9.03M | 1.5M | 6.1M | -2.3M | -700K | -300K |
| Working Capital Changes | -237.25M | -183.25M | -212.37M | 11.47M | -14.66M | 11.96M | -36.41M | 48.61M | 172.67M | -235.19M | -7.46M | 42.06M | 19.95M | 8.67M | -8.11M | 30.03M | 8.96M | -13.43M | -6.29M | 3.62M | -9.53M | -875K | 2.49M | -2.15M | 1.9M | 3.8M | -1.44M | -2.5M | -2M | -900K | -200K |
| Cash from Investing | -2.95B | -2.34B | -3.25B | -5.53B | -2.43B | 140.21M | -2.97B | 120.63M | -1.53B | -2.63B | -2.28B | -1.33B | -564.56M | -84.28M | 187.6M | 793.01M | 492.1M | 476.17M | -493.44M | -190.56M | -384.68M | -404.66M | -337.98M | -299.78M | -173.59M | -28.03M | -38.49M | -181.1M | -231.9M | -72.1M | -59.6M |
| Purchase of Investments | -1.59B | -724.8M | -575.85M | -241.65M | -960.36M | -3.73B | -2.5B | 0 | -825.19M | -1.61B | -652.11M | -93.77M | -56.13M | -141.45M | -63.06M | -15.25M | -125.66M | -321.93M | -1.96B | -70.15M | -256.39M | -273.45M | -243.41M | -478.82M | -175.94M | -177.68M | -12.17M | -151.4M | -255.1M | -43M | -32.9M |
| Sale/Maturity of Investments | 851.49M | 984.18M | 997.13M | 574.91M | 1.09B | 3.11B | 1.39B | 648.84M | 496.62M | 488.23M | 183.3M | 361.17M | 159.95M | 85.85M | 100.84M | 125.73M | 315.12M | 775.43M | 1.66B | 98.46M | 209.42M | 133.73M | 171.25M | 345.98M | 133.11M | 247.44M | 20.49M | 62.2M | 124.5M | 37.7M | 34.4M |
| Net Investment Activity | -741.43M | 259.37M | 421.28M | 333.26M | 127.81M | -616.69M | -1.11B | 648.84M | -328.58M | -1.12B | -468.8M | 267.4M | 103.82M | -55.6M | 37.78M | 110.48M | 189.46M | 453.5M | -303.44M | 28.31M | -46.97M | -139.72M | -72.16M | -132.85M | -42.83M | 69.76M | 8.32M | -89.2M | -130.6M | -5.3M | 1.5M |
| Acquisitions | -17.19M | -550K | -25.38M | -92.19M | -74.31M | -156.22M | -106.22M | -28.04M | 0 | 0 | 203.69M | 299.81M | 121.92M | 56.79M | 28.54M | 365.39M | 201.47M | -15K | -192K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -2.08B | -2.5B | -3.55B | -5.74B | -2.45B | 947.04M | -1.7B | -401.48M | -1.11B | -1.47B | -1.97B | -1.89B | -772.23M | -75.35M | 167.12M | 337.54M | 118.05M | 31.88M | -161.91M | -206.97M | -308.26M | -237.98M | -248.4M | -154.68M | -123.26M | -93.74M | -45.24M | -86.9M | -87.2M | -59.5M | -60.1M |
| Cash from Financing | 1.46B | 1.56B | 3.05B | 5.77B | 644.92M | -1.01B | 3.32B | 659.81M | 671.43M | 1.82B | 2.82B | 1.07B | 422.02M | 12.97M | -22.86M | -803.7M | -562.26M | -486.82M | 440.82M | 152.68M | 364.21M | 371.65M | 315.86M | 273.23M | 146.05M | 33.72M | 24.69M | 178M | 229.2M | 77.4M | 54.6M |
| Dividends Paid | -216.09M | -212.97M | -195.64M | -179.17M | -168.86M | -146.51M | -139.25M | -121.12M | -102.22M | -88.73M | -62.17M | -47.08M | -36.13M | -25.74M | -17.29M | -12.66M | -10.17M | -12.13M | -8.42M | -7.22M | -6.68M | -6.15M | -4.91M | -3.66M | -2.37M | -1.74M | -1.59M | -1.5M | -900K | -600K | -900K |
| Share Repurchases | -204.48M | -144.52M | -8.47M | -160.14M | -355.54M | -195.42M | -1.85M | -1.68M | -3.77M | 0 | -3.3M | -6.86M | -2.35M | -1.37M | -341K | 0 | 0 | -77.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | -4.59M | -6.82M | 0 | 0 | 0 | 7.23M | 0 | 0 | 0 | 299.72M | 0 | 110M | 0 | 0 | 0 | 4.03M | 2.83M | 258K | 75.41M | 546K | 824K | 974K | 977K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -209.07M | -151.35M | -8.47M | -160.14M | -355.54M | -188.19M | -1.85M | -1.68M | -3.77M | 299.72M | -3.3M | 103.14M | -2.35M | -1.37M | -341K | 4.03M | 2.83M | -77.39M | 75.41M | 546K | 824K | 974K | 977K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 0 | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | -1000K | 132K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -471K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K |
| Other Financing | 1.84B | 2.34B | 3.64B | 5.91B | 1.32B | -1.13B | 3.06B | 527.91M | 703.04M | 1.63B | 3.05B | 1.01B | 559.04M | 39.95M | 15.86M | -721.96M | -440.97M | -314.65M | 285.82M | 12.39M | 454.33M | 213.58M | 320.26M | 221.75M | 112.43M | 60K | 81.75M | 84.2M | 208.5M | 63.8M | 49.2M |
| Net Change in Cash | -675.7M | 52.72M | 631.57M | 1.12B | -1.02B | -339.83M | 897.9M | 1.21B | -149.72M | -425.97M | 775.37M | -59.22M | -45.77M | -11.99M | 149.04M | 9.9M | -29.27M | 37.31M | -6.54M | 4.79M | 2.15M | -962K | 12.71M | 3.65M | -6.15M | 10.59M | -4.02M | 9.6M | -15.6M | 8.8M | -9.1M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 2.83B | 2.78B | 2.15B | 1.03B | 2.05B | 2.39B | 1.5B | 290.67M | 440.39M | 866.36M | 90.99M | 150.2M | 195.97M | 207.97M | 58.93M | 49.03M | 78.29M | 40.98M | 47.52M | 42.73M | 40.59M | 41.55M | 28.83M | 25.18M | 31.33M | 20.74M | 24.56M | 15M | 15.6M | 6.8M | 9.1M |
| Cash at End | 1.7B | 2.83B | 2.78B | 2.15B | 1.03B | 2.05B | 2.39B | 1.5B | 290.67M | 440.39M | 866.36M | 90.99M | 150.2M | 195.97M | 207.97M | 58.93M | 49.03M | 78.29M | 40.98M | 47.52M | 42.73M | 40.59M | 41.55M | 28.83M | 25.18M | 31.33M | 20.54M | 24.6M | 0 | 15.6M | 0 |
| Interest Paid | 0 | 0 | 1.11B | 665.21M | 113.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 0 | 175.64M | 213.78M | 69.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 701.44M | 731.73M | 738.85M | 852.41M | 735.09M | 494.28M | 502.34M | 325.95M | 618.56M | 345.62M | 196.76M | 184.37M | 78.7M | 49.21M | -61.8M | -550K | 24.02M | 38.76M | 18.18M | 30.77M | -6.84M | 5.09M | 17.42M | 17.95M | 13.89M | 852K | 8.21M | 7.7M | -11.9M | -3.8M | 1.8M |
| FCF Growth % | -7.31% | -0.96% | -13.32% | 15.96% | 48.72% | -1.6% | 54.11% | -47.3% | 78.97% | 75.66% | 6.72% | 134.28% | 59.92% | 179.64% | -11135.82% | -102.29% | -38.04% | 113.21% | -40.92% | 549.87% | -234.43% | -70.8% | -2.94% | 29.19% | 1530.63% | -89.62% | 6.58% | 164.71% | -213.16% | -311.11% | - |
CRE construction concentration risk
According to recent SEC filings, Bank OZK consistently generates net income exceeding $160 million per quarter, providing a stable foundation for capital retention that supports its specialized lending model while maintaining a dividend payout ratio that appears sustainable relative to the bank's overall earnings power.
The bank's ability to generate consistent net income suggests that its core RESG business model remains effective at producing internal capital. This organic generation is critical for funding growth without excessive reliance on external equity markets, which would otherwise dilute existing shareholders.
As reported in financial statements, Bank OZK exhibits active management of its investment securities portfolio, with quarterly purchase activity reaching as high as $483.3 million in 2024Q4, suggesting a tactical approach to liquidity deployment that fluctuates significantly based on broader interest rate environments and internal funding requirements.
The variability in investment purchases and sales indicates that the bank uses its securities portfolio as a dynamic buffer rather than a static asset class. Investors should monitor whether these fluctuations represent a strategic shift in duration management or merely a response to temporary liquidity surpluses.
Based on the bank's reported figures, capital returns through dividends and buybacks remain disciplined, with quarterly dividend payments hovering near $50 million, reflecting a conservative approach to shareholder distributions that prioritizes the preservation of capital for the bank's high-yield construction lending pipeline.
The sporadic nature of share repurchases, such as the $93.7 million buyback in 2025Q4, suggests that management utilizes buybacks opportunistically rather than as a fixed commitment. This flexibility appears to be a prudent strategy given the inherent cyclicality of the large-scale construction projects the bank finances.
As indicated by quarterly financial data, Bank OZK's provision for credit losses has fluctuated between $35.2 million and $50.6 million over the last ten quarters, suggesting that management is actively adjusting its reserve levels to account for the evolving risk profile of its construction loan book.
The lack of a linear trend in provisioning implies that the bank is sensitive to specific project-level developments rather than just macroeconomic forecasts. This proactive approach to reserving may help mitigate the impact of potential credit deterioration within the RESG portfolio during periods of economic stress.
Quick answers to the most common questions about buying OZK stock.
Bank OZK (OZK) generated $837.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Bank OZK (OZK) generated $731.7M 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.
Bank OZK (OZK) spent $106.0M 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, Bank OZK (OZK) returned $213.0M to shareholders via cash dividends and spent $144.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.