Cash generation is erratic, evidenced by a -$2.2 billion operating cash flow in 2026Q1 and a history of negative free cash flow margins, such as the -115.2% observed in 2024Q4.
UWM Holdings Corporation (UWMC) cash flow statement — 9-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 |
|---|
| Cash from Operations | -4.86B | -2.65B | -6.24B | 165.24M | 8.27B | -9.96B | 56.41M | -3.5B | -926.17M | -754.64M |
| Operating CF Growth % | -168.33% | 57.58% | -3877.14% | -98% | 183.04% | -17750.43% | 101.61% | -277.47% | -22.73% | - |
| Net Income | -37.14M | 27.38M | 329.38M | -13.23M | 931.86M | 931.86M | 3.38B | 415.06M | 91.32M | 114.6M |
| Depreciation & Amortization | 60.95M | 55.51M | 48.78M | 50.06M | 49.4M | 49.4M | 35.08M | 92.2M | 50.69M | 40.37M |
| Deferred Taxes | -21.02M | 0 | 0 | 0 | 20.54M | 0 | -191.63M | 0 | 0 | 0 |
| Other Non-Cash Items | -3.13B | -2.35B | -2.6B | -1.42B | -2.44B | -20.64B | -3.17B | -4B | -361.15M | -245.65M |
| Working Capital Changes | -1.72B | -433.2M | -4.05B | 1.54B | 9.7B | 9.7B | 4.01M | -134.88K | -707.03M | -663.96M |
| Cash from Investing | 1.48B | 2.26B | 2.68B | 1.83B | 1.29B | 199.75M | 231.88M | 577.38M | 170.74M | 203.09M |
| Purchase of Investments | -1M | -100M | -4.29M | 0 | 0 | 0 | -331.31K | 0 | 0 | 0 |
| Sale/Maturity of Investments | 552.62M | 7.29M | 7.89M | 7.44M | 10.99M | 10.99M | 1.11M | 0 | 0 | 0 |
| Net Investment Activity | 551.62M | -92.71M | 3.59M | 7.44M | 10.99M | 10.99M | 775.69K | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 331.31K | 0 | 0 | 0 |
| Other Investing | 986.32M | 2.43B | 2.71B | 1.85B | 1.31B | 215.38M | 296.16M | 634.66M | 224.01M | 203.25M |
| Cash from Financing | 3.42B | 384.02M | 3.58B | -2.2B | -9.58B | 9.26B | 802.26M | 3.01B | 728.87M | 562.11M |
| Dividends Paid | -394.9M | -716.6M | -39.73M | -37.24M | -787.97M | -1.5B | -1.97B | -72.78M | -5.37M | -89.44M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -81.63M | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 435.5M | 25K | 0 | 0 |
| Net Stock Activity | 0 | 0 | 0 | 0 | 0 | -81.63M | 435.5M | 25K | 0 | 0 |
| Debt Issuance (Net) | 0 | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Financing | -269.55M | -365K | -721.89M | -602.14M | 0 | 871.72M | -151.28M | -25K | 0 | 0 |
| Net Change in Cash | 34.74M | -3.98M | 9.87M | -207.43M | -26.19M | -492.75M | 1.09B | 91.17M | -26.57M | 68.68M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 58.12M |
| Cash at Beginning | 424M | 507.34M | 497.47M | 704.9M | 731.09M | 1.22B | 133.28M | 42.11M | 68.68M | 0 |
| Cash at End | 498.41M | 503.36M | 507.34M | 497.47M | 704.9M | 731.09M | 1.22B | 133.28M | 42.11M | 68.68M |
| Interest Paid | 288.97M | 0 | 476.99M | 341.09M | 0 | 287.3M | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 99K | 0 | 2.98M | 0 | 0 | 1.78M | 0 | 0 | 0 | 0 |
| Free Cash Flow | -4.92B | -2.72B | -6.28B | 138.81M | 8.24B | -10.02B | -876K | -3.51B | -979.45M | -754.8M |
| FCF Growth % | -100.4% | 56.67% | -4624.85% | -98.32% | 182.23% | -1144003.54% | 99.98% | -258.65% | -29.76% | - |
Quick answers to the most common questions about buying UWMC stock.
UWM Holdings Corporation (UWMC) generated $-2647.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
UWM Holdings Corporation (UWMC) reported negative free cash flow of $2.72B in 2025, indicating capital requirements exceeded cash from operations.
UWM Holdings Corporation (UWMC) spent $74.0M 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, UWM Holdings Corporation (UWMC) returned $716.6M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Extreme working capital volatility
Metrics are mathematically derived from official filings.
Earnings Quality Obscured by Volatility
According to the provided quarterly financial data, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios frequently reaching extreme negative values, such as the -431.86 observed in 2024Q2, indicating that reported net income is a poor proxy for cash generation.
The massive divergence between GAAP earnings and cash flow suggests that non-cash adjustments, particularly related to Mortgage Servicing Rights (MSRs), dominate the bottom line. Investors should interpret these figures as evidence that the company's reported profitability is highly sensitive to accounting valuations rather than operational cash inflows.
Free Cash Flow Margin Instability
As reported in financial statements, UWMC's free cash flow trajectory is characterized by violent swings, including a -115.2% FCF margin in 2024Q4, which highlights the company's inability to maintain consistent cash generation despite its aggressive pursuit of market share within the wholesale mortgage channel.
The frequent negative FCF prints suggest that the business model requires significant liquidity to fund loan originations before they are sold into the secondary market. This pattern implies that the company's cash position is perpetually vulnerable to shifts in secondary market demand and interest rate environments.
Working Capital Cycles Drive Liquidity
Based on the reported figures, working capital changes are the primary driver of cash flow volatility, with massive quarterly swings such as the -$2.6 billion outflow in 2025Q3, demonstrating that the company's cash position is heavily dependent on the timing of loan sales and warehouse funding cycles.
These dramatic fluctuations in working capital suggest that the company's liquidity is tightly coupled with the velocity of its loan production engine. Analysts should monitor these swings as a potential indicator of stress in the warehouse lending facilities that support the company's core operations.
Dividend Sustainability Amid Cash Burn
Data from recent filings reveals that UWMC has continued to pay dividends, such as the $160 million distributed in 2026Q1, even during periods of significant negative operating cash flow, which raises questions regarding the long-term sustainability of capital returns in a capital-intensive, cyclical business model.
The decision to prioritize shareholder distributions while experiencing substantial cash outflows warrants further investigation into the company's reliance on external financing. This capital allocation strategy may limit the firm's flexibility to deleverage or invest in technology during periods of industry-wide contraction.