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Dream Finders Homes cash flow, quarter by quarter

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

Free cash flow−$158M in Q3 2026 · −$185M over twelve months

Operating cash flow−$153M
Capital spending−$5.2M
Free cash flow−$158M
Cash / net income-21.4×

Analysis

In Q3 2026, Dream Finders Homes generated −$153M of operating cash flow and spent $5.2M on capital projects, leaving free cash flow of −$158M. That is $22.8M less than in Q3 2025 (−$136M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$161M; the largest uses were operating cash flow ($161M), buybacks ($48.3M), other investing ($32.1M); besides operations, cash came from net borrowing (+) / repaid (−) ($227M), other financing ($47.2M); the cash balance rose by $3.8M.

Operating cash flow was −$153M against net income of $7.1M — -21.4× profit, less cash than reported earnings, worth checking against working capital. The largest differences: inventory −$194M, impairments +$43.1M, deferred revenue −$16.6M.

Free cash flow

Dream Finders Homes: free cash flow by quarterDream Finders Homes: free cash flow by quarter$303MQ4 2024−$47.9MQ1 2025−$78.8MQ2 2025−$136MQ3 2025$136MQ4 2025−$54.8MQ1 2026−$107MQ2 2026−$158MQ3 2026
Operating cash flow less capital spending.
Dream Finders Homes: operating cash flow against capital spendingDream Finders Homes: operating cash flow against capital spendingOperating cash flowCapital spending$306M$3.9MQ4 2024−$44.7M$3.2MQ1 2025−$68.5M$10.3MQ2 2025−$131M$4.7MQ3 2025$144M$7.6MQ4 2025−$49.5M$5.3MQ1 2026−$102M$5.7MQ2 2026−$153M$5.2MQ3 2026
Latest (Q3 2026): Operating cash flow −$153M, Capital spending $5.2M.

Capital allocation, year by year

Dream Finders Homes: where the cash came from (up) and went (down), by fiscal yearDream Finders Homes: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $65.0MFY2021: Net borrowing $424MFY2021: Shares issued $292MFY2021: Asset sales $508KFY2021: Capital spending −$2.8MFY2021: Acquisitions −$519M$782MFY2021FY2022: Operating cash flow −$27.6MFY2022: Net borrowing $203MFY2022: Asset sales $152KFY2022: Capital spending −$5.5MFY2022: Acquisitions −$280K$203MFY2022FY2023: Operating cash flow $374MFY2023: Net borrowing −$436MFY2023: Asset sales $367KFY2023: Capital spending −$4.8M$375MFY2023FY2024: Operating cash flow −$257MFY2024: Net borrowing $351MFY2024: Asset sales $32KFY2024: Capital spending −$25.3MFY2024: Acquisitions −$178MFY2024: Buybacks −$7.8M$352MFY2024FY2025: Operating cash flow −$101MFY2025: Net borrowing $24.1MFY2025: Asset sales $74KFY2025: Capital spending −$25.8MFY2025: Acquisitions −$184MFY2025: Buybacks −$41.7M$24.2MFY2025
Over these 5 years operating cash flow totalled $54.4M; the largest uses were acquisitions ($882M) and net borrowing ($436M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$246M
Debt$2.0B
Net debt$1.8B
Cash runway16 months

Dream Finders Homes is burning cash: its operations consume cash, a free cash flow of −$185M a year at the current rate against $246M of cash and investments: a runway of about 16 months before any new financing.

Where the cash came from and went

Dream Finders Homes: sources (+) and uses (−) of cash, Q3 2026Dream Finders Homes: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)$215MOperating cash flow−$153MCash drawn (+) / kept (−)−$40.2MOther investing−$10.2MBuybacks−$6.0MCapital spending−$5.2MPartners−$696KOther financing$186KAsset & business sales−$32K
Dream Finders Homes: sources (+) and uses (−) of cash, TTM to Q3 2026Dream Finders Homes: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)$227MOperating cash flow−$161MBuybacks−$48.3MOther financing$47.2MOther investing−$32.1MCapital spending−$23.8MTaxes on employees’ shares−$5.2MCash drawn (+) / kept (−)−$3.8MPartners−$631KAsset & business sales−$123K

From profit to cash

Dream Finders Homes: net income to operating cash flow, Q3 2026Dream Finders Homes: net income to operating cash flow, Q3 2026Net income$7.1MDepreciation & amortization$6.2MStock-based pay$5.9MDeferred taxes$4.0MImpairments$43.1MGains on investments−$4.9MOther non-cash$236KReceivables$890KInventory−$194MPayables−$962KDeferred revenue−$16.6MPrepaid and other assets−$13.0MOperating cash flow−$153M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026−$153M−$5.2M—−$6.0M$215M−$40.2M−$158M
Q2 2026−$102M−$5.7M—−$14.8M−$72.5M$225M−$107M
Q1 2026−$49.5M−$5.3M—−$18.5M$282M−$195M−$54.8M
Q4 2025$144M−$7.6M—−$9.0M−$160M$5.8M$136M
Q3 2025−$131M−$4.7M−$1.4M−$9.7M−$109M−$31.8M−$136M
Q2 2025−$68.5M−$10.3M−$71.5M−$16.1M$104M$89.7M−$78.8M
Q1 2025−$44.7M−$3.2M−$112M−$7.0M$190M−$8.3M−$47.9M
Q4 2024$306M−$3.9M−$3.7M−$1.2M−$170M−$107M$303M

Dream Finders Homes: income statement and cash flow

Dream Finders Homes, Q3 2026: revenue $996M (+3% year over year), operating margin 1.3%. The chart follows the revenue to costs, profit and cash.

Dream Finders Homes: 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.