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Advanced Flower Capital (AFCG) earnings and revenue breakdown
Latest: Q4 2025 · 10-K filed Mar 4, 2026 · Advanced Flower Capital (AFCG) Q4 2025 earnings results →
Q4 2025 Revenue down 32% year over year to $5.2M · 16¢ of every $1 of revenue kept as net profit · operating margin 23.2%
Advanced Flower Capital made $5.2M in Q4 2025 (-32% Y/Y). Operating margin 23.2%, net earnings $842K. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-K filed Mar 4, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $5.2M in Q4 2025, down 32% year over year and down 21% from the previous quarter.
Operating profit was $1.2M, a 23.2% margin (up 41.2 points year over year). Total costs fell 56% while revenue fell 32%. Net earnings were $842K. The effective tax rate was 23.9%.
Operating cash flow was −$561K. Non-cash charges added back $5.3M of share-based compensation. Working capital and other items used $6.8M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q4 2025 | 10-K | Mar 4, 2026 | $5.2M | -32% | 23.2% | $842K | −$561K |
| Q3 2025 | 10-Q | Nov 12, 2025 | $6.5M | -26% | -204.6% | −$12.5M | $6.1M |
| Q2 2025 | 10-Q | Aug 14, 2025 | $6.2M | -62% | -214.4% | −$13.2M | $1.8M |
| Q1 2025 | 10-Q | May 14, 2025 | $6.6M | -48% | 62.9% | $4.1M | $3.9M |
| Q4 2024 | 10-K | Mar 13, 2025 | $7.6M | -52% | -18.0% | −$992K | $2.2M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Advanced Flower Capital
The following description of the business of Advanced Flower Capital Inc. should be read in conjunction with the information included elsewhere in this Annual Report on Form 10-K for the year ended December 31, 2025. Advanced Flower Capital Inc. is an institutional lender that was founded in July 2020 by a veteran team of investment professionals. We are a Maryland corporation and externally managed by AFC Management, LLC. Effective January 1, 2026, we elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”).
In its own words, from its 10-K, filed Mar 4, 2026.
Source: Advanced Flower Capital 10-K on SEC EDGAR · CIK 1822523 ·
13F: who owns AFCG and who is buying
More on AFCG
History
Every quarter: Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results