Operating cash flow swung from -$25.6M in 2025Q2 to $224.1M in 2026Q1 and $74.7M in 2026Q2, with a 3.63 cash-to-earnings ratio suggesting recent cash strength may be timing-driven, while dividends and buybacks have been effectively suspended.
BRC Group Holdings, Inc. (RILY) cash flow statement — 19-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 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Cash from Operations | 150.11M | -59.71M | 263.55M | 24.5M | 6.65M | 50.89M | 57.69M | -27.2M | -104.81M | -81.79M | 80.28M | 31.67M | -23.03M | -2.49M | 16.21M | -2.04M | -6.08M | 18.88M | 4.21M | 5.29M |
| Operating CF Growth % | -5906.23% | -122.66% | 975.63% | 268.29% | -86.93% | -11.78% | 312.11% | 74.05% | -28.15% | -201.88% | 153.48% | 237.52% | -824.16% | -115.37% | 892.67% | 66.38% | -132.22% | 348.59% | -20.39% | - |
| Net Income | 79.66M | 236.57M | -774.94M | -105.63M | -156.59M | 450.8M | 204.02M | 81.95M | 16.4M | 11.94M | 32.73M | 13.58M | -5.79M | 576K | 4.34M | 602K | -11.04M | 17.1M | 2.33M | 3.71M |
| Depreciation & Amortization | 30.45M | 35.17M | 45.41M | 49.6M | 39.97M | 25.87M | 19.37M | 19.05M | 13.81M | 11.14M | 4.31M | 848K | 646K | 1.86M | 835K | 981K | 792K | 634K | 433K | 0 |
| Deferred Taxes | 2.59M | 11.48M | 25.89M | -40.95M | -80.43M | 61.77M | 61.62M | 10.87M | 1.99M | 5.73M | 3.55M | 6.61M | -2.98M | 989K | 1.37M | 1.87M | -5.12M | -11.66M | 0 | 0 |
| Other Non-Cash Items | 96.2M | -147.72M | 233.37M | 43.7M | 26.96M | -32.17M | 23.82M | 7.6M | 1.84M | 9.59M | 4.85M | 2.75M | 7.33M | 2.72M | 889K | 6.49M | 1.24M | 6.2M | 1.15M | 0 |
| Working Capital Changes | -75.69M | -209.2M | 714.77M | 32.67M | 115.61M | -491.39M | -269.72M | -162.58M | -151.89M | -130.53M | 32.08M | 5.84M | -22.22M | -8.64M | 8.78M | -12.41M | 3.62M | 3.11M | -583K | 1.58M |
| Cash from Investing | 110.85M | 311.48M | 440.53M | 301.17M | -32.29M | -956.53M | -128.45M | -437.71M | -151.44M | -17.84M | -34.06M | 4.92M | -3.67M | 5.48M | -6.76M | 1.24M | -6.66M | 1.24M | -4.25M | -406.35M |
| Purchase of Investments | 75.3M | 0 | 0 | 0 | 379.66M | 0 | -13.99M | -33.39M | -128.22M | 0 | 0 | 0 | 0 | -21K | 0 | -1.2M | -949K | -1.13M | 0 | 0 |
| Sale/Maturity of Investments | 0 | 0 | 0 | 0 | 411.73M | 0 | 13.99M | 0 | 130.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Investment Activity | 75.3M | 0 | 0 | 0 | 791.39M | 0 | 1K | -33.39M | 2.67M | 0 | 0 | 0 | 0 | -21K | 0 | -1.2M | -949K | -1.13M | 0 | 0 |
| Acquisitions | 94.94M | 88.68M | 381.17M | -13.62M | -272.67M | -28.85M | -15.49M | -22.56M | -109.88M | -23.85M | -33.43M | -2.45M | 2.67M | -1.58M | -1.46M | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -58.35M | 234.12M | 67.32M | 322.51M | -547.1M | -927.01M | -110.92M | -378.29M | -38.79M | 6.84M | 96K | 7.61M | -6.08M | 8.23M | -4.67M | 2.71M | -5.12M | 3.19M | -3.65M | -406.35M |
| Cash from Financing | -18.38M | -279.37M | -671.95M | -365.92M | 17.64M | 1.08B | 69.54M | 389.29M | 284.86M | 134.09M | 40.4M | -28.05M | 29.47M | -3.08M | -5.89M | -4M | -5.16M | 902K | 977K | 402.21M |
| Dividends Paid | 0 | 0 | -41.79M | -149.16M | -127.46M | -354.59M | -43.5M | -41.4M | -22.68M | -16.75M | -5.33M | -5.22M | -479K | 0 | 0 | 0 | 0 | -33.85M | -858K | 0 |
| Share Repurchases | 0 | 0 | 0 | -69.48M | -6.52M | -2.66M | -48.25M | -4.27M | -18.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 115M | 0 | 409.71M | 175M | 143.81M | 0 | 0 | 22.76M | 0 | 51.23M | 0 | 0 | 0 | 0 | 0 | 0 | 418.65M |
| Net Stock Activity | 0 | 0 | 0 | 45.52M | -6.52M | 407.06M | 126.75M | 139.54M | -18.7M | 0 | 22.76M | 0 | 51.23M | 0 | 0 | 0 | 0 | 0 | 0 | 418.65M |
| Debt Issuance (Net) | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -770K | -1000K | -568K | -1000K | -1000K | 1000K | 0 |
| Other Financing | 85.32M | -19M | -26.42M | -213.72M | -175.98M | -49.57M | -204.16M | -14.82M | -12.06M | -19.04M | -3.16M | -4.54M | -1.79M | -2.31M | -2.39M | -3.43M | -3.41M | 44.93M | 0 | -16.44M |
| Net Change in Cash | -29.86M | -27.4M | 22.84M | -37.09M | -8.93M | 175.02M | 98K | -75.54M | 27.74M | 37.13M | 85.34M | 8.41M | 2.73M | 146K | 3.69M | -5.05M | -17.91M | 21.02M | 936K | 1.15M |
| Exchange Rate Effect | 385K | 202K | -9.3M | 3.16M | -933K | -382K | 1.31M | 73K | -860K | 2.67M | -1.28M | -127K | -39K | 231K | 129K | -240K | -14K | 0 | 0 | 0 |
| Cash at Beginning | 155.64M | 256.68M | 233.84M | 270.93M | 279.86M | 104.84M | 104.74M | 180.28M | 152.53M | 115.4M | 30.06M | 21.6M | 18.87M | 18.72M | 15.03M | 20.08M | 37.99M | 16.96M | 16.03M | 0 |
| Cash at End | 0 | 229.28M | 256.68M | 233.84M | 270.93M | 279.86M | 104.84M | 104.74M | 180.28M | 152.53M | 115.4M | 30.01M | 21.6M | 18.87M | 18.72M | 15.03M | 20.08M | 37.99M | 16.96M | 1.15M |
| Interest Paid | 59.5M | 97.04M | 239.66M | 315.31M | 193.39M | 138.37M | 98.59M | 75.63M | 50.1M | 18.84M | 376K | 579K | 1.5M | 2.68M | 2.62M | 2.42M | 3.41M | 8.23M | 5.52M | 0 |
| Income Taxes Paid | 3.18M | 5.23M | 7.13M | 20.12M | 49.36M | 88.15M | 2.37M | 8.65M | 6.5M | 14.99M | 685K | 1.69M | 44K | 175K | 278K | 11K | 9K | 0 | 0 | 0 |
| Free Cash Flow | 149.07M | -71.03M | 255.6M | 16.79M | 2.73M | 50.22M | 55.64M | -30.66M | -110.25M | -82.61M | 79.55M | 31.43M | -23.28M | -3.63M | 15.58M | -2.31M | -6.67M | 18.05M | 3.61M | 5.29M |
| FCF Growth % | 500.55% | -127.79% | 1422.24% | 513.93% | -94.55% | -9.75% | 281.49% | 72.19% | -33.45% | -203.85% | 153.09% | 235.01% | -540.67% | -123.33% | 774.58% | 65.41% | -136.97% | 399.81% | -31.69% | - |
Quick answers to the most common questions about buying RILY stock.
BRC Group Holdings, Inc. (RILY) generated $-59.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
BRC Group Holdings, Inc. (RILY) reported negative free cash flow of $71.0M in 2025, indicating capital requirements exceeded cash from operations.
BRC Group Holdings, Inc. (RILY) spent $11.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Volatile operating cash flow dependence
Metrics are mathematically derived from official filings.
Cash Generation Turns Erratic Across Quarters
Based on RILY's reported figures, operating cash flow swung from negative $25.6M in 2025Q2 to $224.1M in 2026Q1 and $74.7M in 2026Q2, leaving the quarterly series too unstable to establish a reliable base for organic capital accumulation. The company's earnings-to-cash conversion ratio of 3.63 in 2026Q2 further suggests that recent cash strength may be timing-driven rather than recurring. Investors should monitor whether these operating inflows persist beyond the 2026 quarters before treating them as durable capital generation. Stronger conviction would require evidence that cash generation tracks reported earnings across multiple cycles rather than appearing in isolated spikes.
The operating cash flow series shows wide dispersion, with several quarters near zero or negative, which limits the usefulness of any single quarter as a proxy for capital generation. Because the OCF-to-net-income ratio fluctuates between negative and above 3x, the reported earnings base appears to be a weak predictor of cash conversion for this entity. This pattern may reflect the non-bank composition of the revenue base and the volatility of trading and fee-related balances rather than a stable deposit-driven cash profile.
Securities Portfolio Activity Shows Heavy Rotation
As reported in financial statements, RILY's investment purchases of $192.8M in 2026Q1 and $85.8M in 2026Q2 against sales of $200.8M and $79.0M suggest active portfolio turnover rather than passive holding. This level of two-way flow may indicate that securities activity is a material driver of reported cash movements. Investors should monitor whether this turnover reflects deliberate positioning or balance-sheet management needs.
Net investment flows alternate direction between quarters, with 2025Q3 showing purchases of $73.1M against sales of $31.5M, and 2025Q2 showing the reverse pattern. Such alternation makes it difficult to infer a stable reinvestment rate or duration posture from the cash flow statement alone. The absence of reported maturity detail limits any firm conclusion about portfolio duration trends.
Dividends Fade and Buybacks Disappear
Based on RILY's reported figures, dividends paid declined from $19.6M in 2024Q2 to zero by 2025Q1, and no share repurchases appear in the most recent four quarters, suggesting capital return has been suspended or substantially curtailed. This trajectory may indicate management prioritizing balance-sheet flexibility over shareholder distributions. The sustainability question is therefore less about current payouts and more about whether any future return program is supported by cash generation.
The shift from sizable distributions in 2024 to none in recent quarters is consistent with the earnings volatility documented in the income statement, where net losses appear in several periods. Because cash flow from operations has not reliably covered distributions across the series, the historical payout pattern would have been difficult to sustain without external funding. Investors should treat the current absence of returns as an informational signal rather than a settled policy.
Provision Charges Persist at Elevated Levels
As reported in financial statements, RILY recorded loss-related charges of $58.7M in 2026Q2 and $60.2M in 2026Q1, levels that remain material relative to recent operating cash inflows and warrant continued monitoring. These charges have stayed in a $58M to $98M range across the ten-quarter window. Their persistence may indicate ongoing credit or receivable-related stress that the cash flow statement alone cannot fully explain.
Charges have declined from a peak of $98.2M in 2024Q1 but have not returned to levels that would suggest a clear normalization. Because these figures appear alongside volatile operating cash flows, it is difficult to separate the cash effect of genuine losses from timing differences in receivable or trading balances. Further investigation of the nature of these charges would be needed before drawing firm conclusions about underlying asset quality.
Reported Inflows May Overstate Underlying Strength
Based on reported figures, RILY's strong 2026Q1 operating cash flow of $224.1M coincided with a $213.3M net income spike, a pattern that may reflect one-time or timing-driven items rather than recurring cash generation. Investors should monitor whether this inflow reverses in subsequent quarters. The cash flow statement alone does not establish which components of the inflow are durable.
The 2026Q1 spike sits against a long run of near-zero or negative operating cash flow, and the subsequent quarter fell sharply, which suggests the strength may not be representative. Because the statement of cash flows reflects trading and fee-related balance movements that are not clearly separated in the supplied data, the composition of this inflow cannot be verified from the provided figures. Any conclusion about sustainable cash generation therefore remains provisional.