Two Harbors Investment Corp. (TWO) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 56.58M | 117.13M | -239.24M | 99.11M | 111.91M | -21.06M | 87.08M | 143.65M | -8.67M | 109.74M | 122.33M | 111.32M | 115K | 235.98M | 369.23M | 69.54M | -51.34M | 43.46M | 229.63M | 213.78M |
| Operating CF Growth % | -49.44% | 656.2% | -374.73% | -31.01% | 1390.81% | -119.19% | -28.82% | 29.04% | -7639.13% | -53.5% | -66.87% | 60.08% | 100.22% | 442.95% | 60.79% | -67.47% | 18.96% | -82.83% | 1.59% | 309.8% |
| Operating CF / Revenue % | 25.86% | 65.3% | -96.63% | 83.02% | 52.79% | -9.6% | 68.85% | 68.8% | -2.97% | 446.87% | 35.72% | 39.97% | 0.8% | -698% | 192.25% | 130.4% | 35.05% | 28.77% | 1216.95% | 521.07% |
| Net Income | 32.28M | 11.72M | 338.1M | -259.04M | -79.06M | 276.73M | -238.49M | 56.34M | 203.59M | -433.2M | 306.19M | 197.44M | -176.81M | -270.22M | 277.61M | -72.42M | 285.27M | -1.29M | 66.32M | -117.96M |
| Depreciation & Amortization | 5.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 4.42M | 3.35M | -8.46M | 1.93M | 6.52M | 1.61M | 1.61M | 1.64M | 6.08M | 1.61M | 1.58M | 1.74M | 6.05M | 1.65M | 2.35M | 3.46M | 4.16M | 2.52M | 2.56M | 4.61M |
| Other Non-Cash Items | 14.69M | 106.73M | -521.91M | 322M | 174.47M | -276.57M | 328.77M | 85.55M | -145.73M | 558.05M | -200.61M | -155.18M | 179.17M | 487.45M | 34.39M | 96.51M | -378.09M | 32.72M | 151.63M | 334.22M |
| Working Capital Changes | 0 | -4.67M | -46.97M | 34.22M | 9.98M | -22.83M | -4.82M | 126K | -72.61M | -16.72M | 15.17M | 67.32M | -8.3M | 17.1M | 54.87M | 41.98M | 37.31M | 9.51M | 9.11M | -7.09M |
| Cash from Investing | -38.14M | -17.23M | 2.13B | 829.22M | -2.03B | 1.22B | -254.94M | 273.96M | -347.71M | 777.47M | 56.84M | 39.89M | -1.07B | 882.2M | -2.25B | -674.18M | -711.53M | -474.21M | 626.36M | 3.26B |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -20.98M | 11.04M | 4.32M | 179.83M | 117.44M | 30.5M | 60.88M | 50.67M | 487.76M | 0 | 0 | 0 |
| Purchase of Investments | -1.36B | 0 | 6.46B | -3.83B | -2.77B | -607.64M | -502.86M | -1.37B | -1.52B | -477.71M | -512.07M | -357.72M | -2.78B | -1.18B | -2.26B | -4.69B | -2.61B | -2.34B | -4.4M | -7.84M |
| Sale of Investments | 1.13B | 0 | -5.35B | 4.02B | 1.51B | 1.68B | 101.6M | 1.45B | 1.69B | 1.01B | 429.04M | 393.81M | 1.5B | 2.79B | 1.01B | 2.69B | 2.53B | 1.77B | 1.14B | 3.51B |
| Other Investing | 188.83M | -17.23M | 928.1M | 733.1M | -764.96M | 178.02M | 189.52M | 194.65M | -448.05M | 241.91M | 139.87M | 3.81M | 208.53M | -731.33M | -992.26M | 1.32B | -634.29M | 92.7M | -509.3M | -240.08M |
| Cash from Financing | 0 | 75.13M | -1.8B | -827.76M | 1.8B | -996.97M | -7.26M | -369.21M | 299.97M | -1.14B | -155.9M | 44.91M | 768.93M | -1.57B | 2.31B | 268.11M | 150.35M | 659.23M | -1.14B | -3.3B |
| Dividends Paid | 0 | -49.03M | -54.2M | -60.4M | -58.77M | -58.72M | -58.73M | -58.69M | -58.91M | -55.67M | -55.67M | -70.75M | -64.5M | -72.8M | -72.59M | -72.56M | -72.41M | -67.31M | -60.51M | -60.38M |
| Common Dividends | 0 | -35.71M | -40.96M | -47.22M | -46.98M | -46.94M | -46.95M | -46.9M | -46.9M | -43.56M | -43.56M | -58.38M | -52.14M | -59.05M | -58.84M | -58.81M | -58.66M | -53.56M | -46.76M | -46.64M |
| Debt Issuance (Net) | 0 | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 0 | -1000K | 1000K |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11.1M | -4.85M | 0 | -17.02M | 0 | -51.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | -1.75M | 0 | -958.21M | 1.94B | -958.34M | 328.49M | 73.27M | 341.43M | -1.09B | 45.45M | -16.89M | 481.7M | -1.43B | 2.08B | 85.59M | 216.21M | 532.74M | -1.23B | -3.33B |
| Net Change in Cash | 0 | 175.03M | 88.62M | 100.57M | -119.92M | 205.94M | -175.12M | 48.39M | -56.41M | -250.13M | 23.28M | 196.12M | -300.94M | -448.51M | 435.4M | -336.53M | -612.53M | 228.48M | -287.59M | 175.82M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 0 | 886.92M | 798.3M | 697.73M | 817.64M | 611.71M | 786.82M | 738.43M | 794.83M | 1.04B | 1.02B | 825.56M | 1.13B | 1.58B | 1.14B | 1.48B | 2.09B | 1.86B | 2.15B | 1.97B |
| Cash at End | 0 | 1.06B | 886.92M | 798.3M | 697.73M | 817.64M | 611.71M | 786.82M | 738.43M | 794.83M | 1.04B | 1.02B | 825.56M | 1.13B | 1.58B | 1.14B | 1.48B | 2.09B | 1.86B | 2.15B |
| Free Cash Flow | 56.58M | 117.13M | -247.89M | 7.71M | 110.4M | -48.56M | 43.89M | 140.3M | -48.74M | 98.7M | 118.01M | -68.51M | -117.33M | 205.49M | 308.34M | 18.87M | -539.11M | -66.06M | -38.43M | 17.38M |
| FCF Growth % | -48.75% | 341.19% | -664.83% | -94.51% | 326.5% | -149.21% | -62.81% | 304.78% | 58.46% | -51.97% | -61.73% | -463.09% | 78.24% | 411.04% | 902.27% | 8.55% | -132.85% | 20.34% | -128.48% | -55.82% |
| FCF / Revenue % | 25.86% | 65.3% | -100.13% | 6.46% | 52.08% | -22.13% | 34.7% | 67.19% | -16.69% | 401.91% | 34.46% | -24.6% | -819.32% | -607.8% | 160.55% | 35.38% | 368.04% | -43.73% | -203.69% | 42.37% |