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Burford Capital cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$127M in Q3 2026 · −$292M over twelve months

Operating cash flow−$127M
Capital spending−$4K
Free cash flow−$127M
Cash / net income-3.7×

Analysis

In Q3 2026, Burford Capital generated −$127M of operating cash flow and spent $4K on capital projects, leaving free cash flow of −$127M. That is $107M less than in Q3 2025 (−$20.1M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$292M; the largest uses were other financing ($686M), operating cash flow ($292M), dividends ($27.5M); besides operations, cash came from net borrowing (+) / repaid (−) ($800M); the cash balance fell by $214M.

Operating cash flow was −$127M against net income of $34.3M — -3.7× profit, less cash than reported earnings, worth checking against working capital. The largest differences: other liabilities −$20.7M, other non-cash +$4.8M, prepaid and other assets +$4.7M.

Free cash flow

Burford Capital: free cash flow by quarterBurford Capital: free cash flow by quarter−$19.2MQ4 2024$155MQ1 2025−$84.3MQ2 2025−$20.1MQ3 2025−$80.0MQ4 2025−$137MQ1 2026$51.9MQ2 2026−$127MQ3 2026
Operating cash flow less capital spending.
Burford Capital: operating cash flow against capital spendingBurford Capital: operating cash flow against capital spendingOperating cash flowCapital spending−$18.7M$522KQ4 2024$155M$24KQ1 2025−$84.2M$103KQ2 2025−$20.1M$58KQ3 2025−$79.9M$99KQ4 2025−$137M$41KQ1 2026$52.0M$55KQ2 2026−$127M$4KQ3 2026
Latest (Q3 2026): Operating cash flow −$127M, Capital spending $4K.

Capital allocation, year by year

Burford Capital: where the cash came from (up) and went (down), by fiscal yearBurford Capital: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingBuybacksDividendsFY2021: Operating cash flow −$585MFY2021: Net borrowing $366MFY2021: Capital spending −$285KFY2021: Dividends −$41.0M$366MFY2021FY2022: Operating cash flow −$466MFY2022: Net borrowing $277MFY2022: Capital spending −$407KFY2022: Buybacks −$3.7MFY2022: Dividends −$27.7M$277MFY2022FY2023: Operating cash flow −$275MFY2023: Net borrowing $264MFY2023: Capital spending −$3.2MFY2023: Buybacks −$3.8MFY2023: Dividends −$27.5M$264MFY2023FY2024: Operating cash flow $217MFY2024: Net borrowing $285MFY2024: Capital spending −$661KFY2024: Buybacks −$5.1MFY2024: Dividends −$27.3M$502MFY2024FY2025: Operating cash flow −$29.0MFY2025: Net borrowing $500MFY2025: Capital spending −$284KFY2025: Buybacks −$15.3MFY2025: Dividends −$27.4M$500MFY2025
Over these 5 years operating cash flow totalled −$1.1B; the largest uses were operating cash flow ($1.4B) and dividends ($151M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$841M
Debt$2.3B
Net debt$1.5B
Due within a year$219M
Cash runway2.9 years

Burford Capital is burning cash: its operations consume cash, a free cash flow of −$292M a year at the current rate against $841M of cash and investments: a runway of about 2.9 years; $219M of debt also comes due within a year, which the cash covers before any new financing.

Burford Capital: debt maturities by year (FY2025)Burford Capital: debt maturities by year (FY2025)$219MYear 1$400MYear 3$360MYear 5$1.2BAfter year 5
Principal due in each year as disclosed in the annual report, against $841M of cash and investments now.

Where the cash came from and went

Burford Capital: sources (+) and uses (−) of cash, Q3 2026Burford Capital: sources (+) and uses (−) of cash, Q3 2026Other financing−$405MNet borrowing (+) / repaid (−)$300MCash drawn (+) / kept (−)$233MOperating cash flow−$127MOther investing−$1.3MExchange rates−$31KCapital spending−$4K
Burford Capital: sources (+) and uses (−) of cash, TTM to Q3 2026Burford Capital: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)$800MOther financing−$686MOperating cash flow−$292MCash drawn (+) / kept (−)$214MDividends−$27.5MOther investing−$4.5MBuybacks−$3.7MCapital spending−$199KExchange rates−$82K

From profit to cash

Burford Capital: net income to operating cash flow, Q3 2026Burford Capital: net income to operating cash flow, Q3 2026Net income$34.3MStock-based pay$2.9MDeferred taxes$2.9MOther non-cash$4.8MPrepaid and other assets$4.7MOther liabilities−$20.7MOperating cash flow−$127M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026−$127M−$4K——$300M$233M−$127M
Q2 2026$52.0M−$55K———$5.7M$51.9M
Q1 2026−$137M−$41K−$3.7M—$500M−$136M−$137M
Q4 2025−$79.9M−$99K—−$13.7M—$111M−$80.0M
Q3 2025−$20.1M−$58K——$500M−$305M−$20.1M
Q2 2025−$84.2M−$103K———$114M−$84.3M
Q1 2025$155M−$24K−$15.3M——−$16.7M$155M
Q4 2024−$18.7M−$522K—−$13.6M—$104M−$19.2M

Burford Capital: income statement and cash flow

Burford Capital, Q3 2026: revenue $147M (+110% year over year), operating margin 66.6%. The chart follows the revenue to costs, profit and cash.

Burford Capital: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.