The firm frequently utilizes its securities portfolio for liquidity, evidenced by a significant reduction in investment securities from $4.4 billion in 2023Q4 to $339.6 million in 2026Q1 to offset operational cash flow volatility.
| 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 |
|---|
| Cash from Operations | 75.08M | 67.06M | 58.57M | 60.06M | 80.75M | 136.96M | 97.33M | 72.45M | 73.83M | 47.27M | 30.98M | 25.3M | 19.68M | 10.87M | 4.3M |
| Operating CF Growth % | 266.92% | 14.5% | -2.48% | -25.62% | -41.04% | 40.72% | 34.34% | -1.87% | 56.18% | 52.58% | 22.48% | 28.54% | 81.12% | 152.58% | - |
| Net Income | 31.7M | 25.36M | 16.09M | 41.08M | 102.31M | 112.97M | 64.02M | 58.54M | 51.71M | 36.22M | 20.7M | 29.13M | 19.79M | 13.43M | 11.07M |
| Depreciation & Amortization | 36.4M | 37.26M | 33.35M | 29.71M | 29.29M | 22.91M | 19.05M | 17.27M | 12.7M | 9.2M | 6.6M | 6.12M | 4.87M | 1.41M | 1.52M |
| Deferred Taxes | 10.51M | 6.29M | -4.78M | 6.54M | -1.78M | -5.83M | -2.08M | 3.93M | 708K | 10.16M | 1.89M | -280K | 4.37M | 1.89M | -5.53M |
| Other Non-Cash Items | -18.5M | -13.05M | 14.99M | 6.14M | -31.21M | -19.05M | -11.56M | 75K | 8.23M | -16.49M | 1.33M | -14.02M | -5.32M | -16.09M | 1.39M |
| Working Capital Changes | 428K | -2.81M | -15.59M | -36.63M | -39.03M | 5.64M | 23.27M | -11.02M | -2.25M | 6.38M | -1.9M | 1.26M | -6.73M | 10.1M | -4.15M |
| Cash from Investing | -541.24M | -525.48M | -590.03M | -129.56M | 666.11M | 77.66M | -774.74M | -520.37M | -268.31M | -379.77M | -273.56M | -389.13M | -122.09M | -5.56M | -42.37M |
| Purchase of Investments | -23.49M | -105M | -204.79M | -72.04M | -140.77M | -58.79M | -133.97M | -80.46M | -19.88M | -23.13M | -74.06M | -51.04M | -34.97M | -2M | 0 |
| Sale/Maturity of Investments | 132.08M | 124.67M | 124.95M | 46.09M | 67.18M | 100.16M | 167.66M | 170.99M | 202.78M | 180.1M | 91.82M | 31.22M | 58.42M | 17.81M | 7.72M |
| Net Investment Activity | 108.59M | 19.67M | -79.84M | -25.95M | -73.59M | 41.37M | 33.69M | 90.53M | 182.9M | 156.97M | 17.76M | -19.83M | 23.45M | 15.81M | 7.72M |
| Acquisitions | 143K | -137.37M | -10M | 0 | 85.92M | -96.93M | -14.54M | 0 | -68.02M | 55.58M | -14.48M | -127.59M | 7.93M | 74.71M | -15.45M |
| Other Investing | -638.54M | -391.33M | -437.4M | -79.69M | 664.7M | 147.58M | -776.31M | -589.57M | -364.41M | -584.37M | -272.51M | -239.28M | -150.73M | -94.68M | -31.89M |
| Cash from Financing | 545.15M | 376.77M | 574.94M | -52.05M | -721.87M | -145.83M | 793.92M | 410.86M | 295.29M | 352.11M | 251.81M | 308.23M | 177.5M | 64.71M | -3.54M |
| Dividends Paid | -3.21M | -3.21M | -3.21M | -3.21M | -3.21M | -3.21M | -1.7M | 0 | -578K | -774K | -887K | -780K | 0 | 0 | 0 |
| Share Repurchases | -2.19M | -2.23M | -3.29M | -81.62M | -76.71M | -1.24M | -35.77M | -64.52M | -398K | -366K | -11.15M | -343K | -26.06M | 0 | 0 |
| Stock Issued | 3.75M | 2.81M | 0 | 0 | 0 | 0 | 0 | 0 | 192.05M | 65.51M | 0 | 0 | 83.81M | 42.4M | 1M |
| Net Stock Activity | 1.56M | 578K | -3.29M | -81.62M | -76.71M | -1.24M | -35.77M | -64.52M | 191.66M | 65.14M | -11.15M | -343K | 57.75M | 42.4M | 1M |
| Debt Issuance (Net) | 0 | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K |
| Other Financing | 971.8M | 129.4M | 845.94M | -192.22M | -464.8M | -69.89M | 922.17M | 337.11M | 139.95M | 152.74M | 115.17M | 84.03M | 151.1M | 17.27M | 22.79M |
| Net Change in Cash | 31.22M | -81.65M | 43.48M | -121.55M | 25M | 68.78M | 116.51M | -37.06M | 100.81M | 19.61M | 9.24M | -55.61M | 75.09M | 70.01M | -41.61M |
| Exchange Rate Effect | -47.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 248.47M | 330.12M | 286.63M | 408.18M | 383.18M | 314.39M | 197.88M | 234.94M | 134.13M | 114.51M | 105.28M | 160.89M | 85.8M | 15.78M | 57.4M |
| Cash at End | 581.94M | 248.47M | 330.12M | 286.63M | 408.18M | 383.18M | 314.39M | 197.88M | 234.94M | 134.13M | 114.51M | 105.28M | 160.89M | 85.8M | 15.78M |
| Interest Paid | 56.77M | 73.9M | 68.63M | 48.28M | 16.33M | 18.95M | 41.74M | 52.01M | 31.96M | 20.39M | 10.45M | 7.86M | 8.22M | 1.55M | 3.77M |
| Income Taxes Paid | 1.87M | 0 | 1K | 14.14M | 47.22M | 40M | 12.08M | 17.75M | 12.84M | 12.89M | 10.94M | 5.88M | 5.09M | 966K | 0 |
| Free Cash Flow | 57.38M | 50.62M | -28.59M | 16.24M | 63.58M | 122.6M | 79.75M | 51.11M | 55.05M | 39.32M | 26.66M | 22.86M | 16.93M | 9.46M | 1.55M |
| FCF Growth % | 92.65% | 277.05% | -276.06% | -74.46% | -48.14% | 53.72% | 56.04% | -7.16% | 40.02% | 47.5% | 16.62% | 34.98% | 78.98% | 510.85% | - |
Freight market cyclicality
According to recent financial disclosures, TFIN's net income has exhibited significant quarterly variance, ranging from a low of $17,000 in 2025Q1 to $19.2 million in 2025Q4, which complicates the bank's ability to maintain a consistent organic capital generation trajectory for its technology-heavy business model.
The erratic nature of bottom-line results suggests that the firm's capital base is highly sensitive to the underlying freight cycle rather than stable interest-earning assets. Investors should monitor whether the current earnings volatility necessitates a more conservative approach to capital retention to support the ongoing TriumphPay platform development.
Based on reported cash flow statements, TFIN has frequently engaged in significant asset sales, such as the $66.0 million divestment in 2025Q2, indicating that the bank is actively utilizing its securities portfolio as a primary source of liquidity to offset operational cash flow fluctuations.
The frequent rotation between purchasing and selling investment securities suggests a tactical approach to balance sheet management rather than a long-term hold-to-maturity strategy. This reliance on portfolio turnover may indicate that the bank is managing tight liquidity constraints while attempting to fund its broader technology-driven growth initiatives.
As indicated in the quarterly cash flow data, the provision for credit losses reached a substantial $78.1 million in 2025Q4, highlighting the bank's exposure to credit quality deterioration within its specialized factoring portfolio during periods of industry-wide stress in the logistics sector.
The sharp spike in provisioning suggests that the bank is proactively adjusting its reserves to account for the heightened risk profile of its freight-focused borrower base. This volatility in credit costs appears to be a primary driver of the inconsistent cash flow generation observed over the last ten quarters.
As reported in financial filings, TFIN has maintained a remarkably consistent dividend payout of approximately $801,000 to $802,000 per quarter, despite the significant fluctuations in net income and operating cash flow that have characterized the firm's performance over the past two and a half years.
While the dividend appears stable, the payout ratio relative to net income has been highly erratic, suggesting that the commitment to shareholders is being maintained despite the current earnings strain. Investors should consider whether this fixed payout policy remains prudent if the freight recession persists and continues to pressure the bank's core profitability.
Quick answers to the most common questions about buying TFIN stock.
Triumph Financial, Inc. (TFIN) generated $67.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Triumph Financial, Inc. (TFIN) generated $50.6M 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.
Triumph Financial, Inc. (TFIN) spent $16.4M 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, Triumph Financial, Inc. (TFIN) returned $3.2M to shareholders via cash dividends and spent $2.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.