Operating cash flow turned sharply negative at -$244.4M in 2026Q2 despite $44.4M net income, driven by $297.9M net investment outflows, and dividends paid of $129.2M exceeded net income, indicating a payout ratio above 100%.
Trinity Capital Inc. (TRIN) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | -200.25M | -535.5M | -316.91M | -96.26M | 54.91M | -241.67M | -58.23M | 0 |
| Operating CF Growth % | 45.8% | -68.98% | -229.22% | -275.29% | 122.72% | -315.06% | - | - |
| Net Income | 157.03M | 146.67M | 115.6M | 76.89M | -30.38M | 132.32M | -6.11M | -524K |
| Depreciation & Amortization | -33.42M | -55.85M | 0 | 4.28M | 0 | 0 | 50K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -357.51M | -642.77M | -434.45M | -175.78M | 79.6M | -374.72M | -58.21M | 0 |
| Working Capital Changes | -19.3M | 4.4M | 1.95M | -10.45M | 5.69M | 731K | 6.04M | 524K |
| Cash from Investing | -439.85M | -785K | -420K | -2.74M | -290.85M | -1.2M | -91.98M | 0 |
| Purchase of Investments | -1.96B | -1.48B | 0 | 0 | -627.21M | 0 | 0 | 0 |
| Sale/Maturity of Investments | 1.18B | 826.65M | 0 | 0 | 336.55M | 0 | 0 | 0 |
| Net Investment Activity | -781.88M | -650.31M | 0 | 0 | -290.66M | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | -2.21M | 0 |
| Other Investing | 343.14M | 650.31M | 0 | 0 | 0 | 0 | -89.52M | 0 |
| Cash from Financing | 636.55M | 545.77M | 322.19M | 93.15M | 199.81M | 228.52M | 211.31M | 0 |
| Dividends Paid | -285.68M | -136.37M | -102.53M | -78.8M | -61.16M | -24.93M | -10.35M | 0 |
| Share Repurchases | -2.59M | 0 | -3.73M | -3.82M | -2.01M | -138K | 0 | 0 |
| Stock Issued | 428.6M | 289.99M | 200.23M | 150.28M | 113.14M | 104.78M | 125M | 0 |
| Net Stock Activity | 426.01M | 289.99M | 196.5M | 146.46M | 111.14M | 104.65M | 125M | 0 |
| Debt Issuance (Net) | 4M | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 |
| Other Financing | -3.5M | -4.36M | 0 | 0 | -1.03M | -7.2M | -22.03M | 0 |
| Net Change in Cash | -3.55M | 9.48M | 4.87M | -5.85M | -36.13M | -14.36M | 61.1M | 0 |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 19.11M | 9.63M | 4.76M | 10.61M | 46.74M | 61.1M | 0 | 0 |
| Cash at End | 22.18M | 19.11M | 9.63M | 4.76M | 10.61M | 46.74M | 61.1M | 0 |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -201.36M | -535.5M | -317.33M | -99M | 54.72M | -242.88M | -58.48M | 0 |
| FCF Growth % | 49.79% | -68.75% | -220.52% | -280.93% | 122.53% | -315.32% | - | - |
Quick answers to the most common questions about buying TRIN stock.
Trinity Capital Inc. (TRIN) generated $-535.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Trinity Capital Inc. (TRIN) reported negative free cash flow of $535.5M in 2025, indicating capital requirements exceeded cash from operations.
Trinity Capital Inc. (TRIN) spent $0.8M 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, Trinity Capital Inc. (TRIN) returned $136.4M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
NII volatility and fee dependence
Metrics are mathematically derived from official filings.
Earnings Retention Under Pressure
Trinity's operating cash flow turned sharply negative in 2026Q2 at -$244.4M, per company filings, despite $44.4M net income, indicating heavy cash consumption from investment activities.
The negative OCF/NI ratio of -5.50 in 2026Q2 suggests that net income is not translating into cash generation, as cash is being deployed into new investments. This may indicate that the company is funding growth through external sources rather than retained earnings, which could pressure future capital adequacy.
Investment Portfolio Cash Burn
Purchases of investments totaled $765.5M in 2026Q2 against $467.6M in sales, per financial statements, resulting in a net cash outflow of $297.9M, reflecting aggressive portfolio expansion.
The significant net investment outflow in 2026Q2, following a smaller net outflow in 2026Q1, suggests an accelerating deployment of capital into higher-yielding assets. This may indicate a strategic shift towards growth, but it also increases liquidity risk if funding sources become constrained.
Loan Growth Outpaces Deposits
Trinity's investment purchases outpaced sales by $297.9M in 2026Q2, as reported in SEC filings, while deposit flows are not separately disclosed, suggesting reliance on wholesale funding.
The lack of deposit data and the heavy investment activity imply that loan growth is being funded through capital markets rather than core deposits. This could increase funding costs and interest rate sensitivity, as seen in the volatile NII in prior quarters.
Dividend Sustainability Questioned
Dividends paid rose to $129.2M in 2026Q2, per company data, exceeding net income of $44.4M, indicating a payout ratio above 100% and potential strain on capital retention.
With dividends exceeding net income, Trinity is likely using external financing or cash reserves to maintain its dividend, which may not be sustainable if investment cash flows remain negative. Investors should monitor whether the dividend is supported by recurring earnings or one-time gains.
Provision Reversals Mask Credit Costs
Loan loss provisions were negative in 2026Q1 and 2025Q4, per financial statements, with a $23.9M reversal in 2025Q4, boosting cash flow and net income.
The pattern of provision reversals suggests that credit quality may be improving, but it also raises questions about the adequacy of reserves. If losses materialize, the company may need to increase provisions, which could pressure future earnings and cash flow.
Hidden Cash Flow Risks
The cash flow statement does not disclose off-balance sheet commitments or AOCI impacts, per available data, which could affect liquidity if undrawn commitments are funded.
Given the heavy investment activity, Trinity may have significant unfunded commitments that could require cash outflows in the future. Additionally, the negative NII in 2026Q1 suggests potential interest rate risk that could impact cash flows if rates move adversely.