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Rithm Capital cash flow, quarter by quarter

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

Free cash flow−$1.6B in Q3 2026 · −$1.4B over twelve months

Operating cash flow−$1.6B
Free cash flow−$1.6B
Cash / net income-6.1×

Analysis

In Q3 2026, Rithm Capital generated −$1.6B of operating cash flow. That is $453M more than in Q3 2025 (−$2.0B).

Over the twelve months to Sep 30, 2026, operating cash flow was −$1.4B; the largest uses were operating cash flow ($1.4B), other investing ($1.1B); besides operations, cash came from other financing ($1.4B), net borrowing (+) / repaid (−) ($1.1B); the cash balance rose by $305M.

Operating cash flow was −$1.6B against net income of $261M — -6.1× profit, less cash than reported earnings, worth checking against working capital. The largest differences: deferred taxes +$255M, prepaid and other assets −$214M, accrued liabilities +$168M.

Free cash flow

Rithm Capital: free cash flow by quarterRithm Capital: free cash flow by quarter−$1.8BQ4 2024$1.4BQ1 2025−$557MQ2 2025−$2.0BQ3 2025−$115MQ4 2025$101MQ1 2026$174MQ2 2026−$1.6BQ3 2026
Operating cash flow less capital spending.
Rithm Capital: operating cash flow against capital spendingRithm Capital: operating cash flow against capital spendingOperating cash flowCapital spending−$1.8B$0Q4 2024$1.4B$0Q1 2025−$557M$0Q2 2025−$2.0B$0Q3 2025−$115M$0Q4 2025$101M$0Q1 2026$174M$0Q2 2026−$1.6B$0Q3 2026
Latest (Q3 2026): Operating cash flow −$1.6B, Capital spending $0.

Capital allocation, year by year

Rithm Capital: where the cash came from (up) and went (down), by fiscal yearRithm Capital: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAcquisitionsBuybacksDividendsFY2021: Operating cash flow $3.4BFY2021: Net borrowing −$70.1BFY2021: Shares issued $963MFY2021: Acquisitions −$1.2BFY2021: Dividends −$376M$4.4BFY2021FY2022: Operating cash flow $5.8BFY2022: Net borrowing −$7.7BFY2022: Buybacks −$5.2M$5.8BFY2022FY2023: Operating cash flow $694MFY2023: Net borrowing −$30.6MFY2023: Acquisitions −$307M$694MFY2023FY2024: Operating cash flow −$2.2BFY2024: Net borrowing $2.5BFY2024: Shares issued $410MFY2024: Acquisitions −$604M$2.9BFY2024FY2025: Operating cash flow −$1.3BFY2025: Net borrowing $1.6BFY2025: Shares issued $582MFY2025: Buybacks −$50.0M$2.2BFY2025
Over these 5 years operating cash flow totalled $6.4B; the largest uses were net borrowing ($77.8B) and operating cash flow ($3.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.7B
Debt$37.9B
Net debt$36.2B
Due within a year$16.4B
Cash runway14 months

Rithm Capital is burning cash: its operations consume cash, a free cash flow of −$1.4B a year at the current rate against $1.7B of cash and investments: a runway of about 14 months; $16.4B of debt also comes due within a year, which would need refinancing or new money before any new financing.

Rithm Capital: debt maturities by year (FY2025)Rithm Capital: debt maturities by year (FY2025)$16.4BYear 1$4.4BYear 2$1.8BYear 3$4.8BYear 4$2.5BYear 5
Principal due in each year as disclosed in the annual report, against $1.7B of cash and investments now.

Where the cash came from and went

Rithm Capital: sources (+) and uses (−) of cash, Q3 2026Rithm Capital: sources (+) and uses (−) of cash, Q3 2026Operating cash flow−$1.6BOther financing$1.5BNet borrowing (+) / repaid (−)$689MOther investing−$548MPartners−$23.0MCash drawn (+) / kept (−)−$12.5M
Rithm Capital: sources (+) and uses (−) of cash, TTM to Q3 2026Rithm Capital: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow−$1.4BOther financing$1.4BNet borrowing (+) / repaid (−)$1.1BOther investing−$1.1BCash drawn (+) / kept (−)−$305MShares issued$242MPartners$86.4M

From profit to cash

Rithm Capital: net income to operating cash flow, Q3 2026Rithm Capital: net income to operating cash flow, Q3 2026Net income$261MDepreciation & amortization$92.4MDeferred taxes$255MGains on investments−$19.7MAccrued liabilities$168MPrepaid and other assets−$214MOperating cash flow−$1.6B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$1.6B—$689M—−$12.5M−$1.6B
Q2 2026$174M—−$244M—−$75.6M$174M
Q1 2026$101M—$163M$242M$326M$101M
Q4 2025−$115M—−$151M−$479K−$544M−$115M
Q3 2025−$2.0B—$1.5B$475M−$94.9M−$2.0B
Q2 2025−$557M—$1.3B—−$60.3M−$557M
Q1 2025$1.4B−$50.0M−$1.0B$107M−$173M$1.4B
Q4 2024−$1.8B—$947M$507K$85.6M−$1.8B

Rithm Capital: income statement and cash flow

Rithm Capital, Q3 2026: revenue $1.8B (+59% year over year), operating margin 29.6%. The chart follows the revenue to costs, profit and cash.

Rithm 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.