Capital Southwest (CSWC) financial statements
Net income was $113M.
Free cash flow was -$194M, and the company returned $147M in dividends.
The diluted share count rose 245% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Capital Southwest's 10-K filings with the SEC.
| Fiscal year | 2010 | 2011 | 2012 | 2013 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6M | $8M | $9M | $11M | — | — | — | — | — | — |
| Selling, general and admin | — | — | — | — | $3M | $4M | $5M | $5M | $6M | $7M |
| Interest expense | — | — | — | — | $18M | $20M | $29M | $43M | — | — |
| Income tax | $815,000 | $25M | $1M | $1M | $2M | $615,000 | $329,000 | $944,000 | $2M | $1M |
| Net income | — | — | — | — | $51M | $43M | $33M | $83M | $71M | $113M |
| EPS (diluted) | — | — | — | — | $1.66 | $1.87 | $2.29 | $2.05 | $1.47 | $1.90 |
| Diluted shares | — | — | — | — | 19M | 23M | 30M | 41M | 51M | 66M |
Balance sheet
Fiscal years, from Capital Southwest's 10-K filings with the SEC.
| Fiscal year | 2010 | 2011 | 2012 | 2013 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $4M | $45M | $65M | $82M | $32M | $11M | $22M | $32M | $43M | $29M |
| Total assets | — | $543M | $633M | $668M | — | $974M | $1.3B | $1.6B | $1.9B | $2.2B |
| Total liabilities | — | $4M | $4M | $8M | — | $553M | $667M | $801M | $999M | $1.2B |
| Shareholders' equity | — | — | $633M | $668M | $336M | $421M | $590M | $756M | $884M | $1.0B |
| Net debt | -$4M | -$45M | -$65M | -$82M | -$32M | -$11M | -$22M | -$32M | -$43M | -$29M |
Cash flow
Fiscal years, from Capital Southwest's 10-K filings with the SEC.
| Fiscal year | 2010 | 2011 | 2012 | 2013 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$7M | $68M | $24M | $94M | -$68M | -$183M | -$227M | -$188M | -$217M | -$194M |
| Capital spending | — | — | — | — | $0 | $2M | $281,000 | $13,000 | $2M | $286,000 |
| Free cash flow | — | — | — | — | -$68M | -$185M | -$227M | -$189M | -$219M | -$194M |
| Stock-based compensation | $675,000 | $957,000 | $1M | — | $3M | $4M | $4M | $5M | $7M | $5M |
| Dividends paid | — | $0 | $0 | $77M | $40M | $59M | $71M | $103M | $125M | $147M |
| Dividends per share | — | — | — | — | $2.10 | $2.57 | $2.37 | $2.53 | $2.45 | $2.24 |
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How much free cash flow does Capital Southwest generate?
-$194M in fiscal 2026 (operating cash flow minus capital spending).
From Capital Southwest's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.