Dream Finders Homes, Inc.
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 24, 2026
DFH$11.87-7.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities | |||
| Net income | $217,404 | $340,582 | $307,942 |
| Adjustments to reconcile net income to net cash (used in) provided by operating activities | |||
| Depreciation and amortization | 15,076 | 10,227 | 10,651 |
| Amortization of lease right-of-use assets | 14,083 | 6,988 | 7,245 |
| Stock-based compensation | 24,924 | 18,788 | 14,098 |
| Deferred income tax expense (benefit) | 35,495 | 46,166 | (22,344) |
| Contingent consideration revaluation | (9,820) | 13,939 | 46,590 |
| Payments of contingent consideration | (21,014) | (34,872) | (12,331) |
| Inventory and lot deposit impairment | 8,244 | 1,487 | 3,300 |
| Other, net | 1,672 | (2,758) | (1,342) |
| Changes in operating assets and liabilities, net of effects of acquisitions | |||
| Accounts receivable | (924) | (2,634) | 12,616 |
| Inventories | (210,198) | (149,506) | (64,923) |
| Lot deposits | (80,487) | (209,486) | 30,051 |
| Other assets | (21,525) | (28,073) | (3,444) |
| Mortgage loans held for sale | 98,304 | (188,662) | — |
| Accounts payable and accrued liabilities | (115,147) | (23,057) | 19,204 |
| Customer deposits | (56,661) | (55,777) | 26,921 |
| Net cash (used in) provided by operating activities | (100,574) | (256,648) | 374,234 |
| Cash flows from investing activities | |||
| Purchase of property and equipment | (25,792) | (25,345) | (4,781) |
| Proceeds from disposals of property and equipment | 74 | 32 | 367 |
| Investments in unconsolidated entities | (16,937) | (8,117) | (300) |
| Return of investments from unconsolidated entities | 691 | 884 | 230 |
| Payments for acquisitions, net of cash acquired | (184,460) | (178,123) | — |
| Deposits on pending acquisitions | — | (11,003) | — |
| Purchase of investment securities | (11,939) | — | — |
| Proceeds from sales and maturities of investment securities | 12,518 | — | — |
| Net cash used in investing activities | (225,845) | (221,672) | (4,484) |
| Cash flows from financing activities | |||
| Proceeds from senior unsecured notes | 300,000 | — | 300,000 |
| Proceeds from revolving credit facility and other borrowings | 1,564,667 | 861,386 | 5,410,000 |
| Repayments on revolving credit facility and other borrowings | (1,443,757) | (690,384) | (5,845,864) |
| Proceeds from mortgage warehouse facilities | 202,537 | 1,272,536 | — |
| Repayments on mortgage warehouse facilities | (299,317) | (1,092,063) | — |
| Payments of debt issuance costs | (11,328) | (7,343) | (11,385) |
| Proceeds from borrowings related to consolidated inventory not owned | 62,656 | — | — |
| Redemption of Series B preferred units | — | — | (11,077) |
| Payments of preferred stock dividends | (13,500) | (13,500) | (13,238) |
| Payments for common stock withheld for taxes | (7,882) | (12,464) | (322) |
| Repurchases of common stock | (41,699) | (7,827) | — |
| Distributions to noncontrolling interests | (4,197) | (12,820) | (11,946) |
| Payments of contingent consideration | (37,196) | (27,832) | (32,592) |
| Net cash provided by (used in) financing activities | 270,984 | 269,689 | (216,424) |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (55,435) | (208,631) | 153,326 |
| Cash, cash equivalents and restricted cash at beginning of period | 339,825 | 548,456 | 395,130 |
| Cash, cash equivalents and restricted cash at end of period | $284,390 | $339,825 | $548,456 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(In thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Reconciliation of cash, cash equivalents and restricted cash | |||
| Cash and cash equivalents | $234,766 | $274,384 | $494,145 |
| Restricted cash | 49,624 | 65,441 | 54,311 |
| Total cash, cash equivalents and restricted cash | $284,390 | $339,825 | $548,456 |
| Supplemental disclosures of cash payments: | |||
| Cash paid for interest | $283,047 | $199,183 | $80,111 |
| Cash paid for income taxes, net of refunds(1) | 120,737 | 127,547 | 81,320 |
| Supplemental disclosures of noncash activities: | |||
| Noncash investing activities | |||
| Noncontrolling interests issued in business combinations(2) | 8,088 | 21,451 | — |
| Accrued cash consideration for business combinations | 6,712 | 22,406 | — |
| Total noncash investing activities | $14,800 | $43,857 | $— |
(1)Refer to Note 8, Income Taxes for more information.
(2)Based on the estimated acquisition date fair value of the redeemable noncontrolling interests as of the reporting period date. Refer to Note 2, Acquisitions for more information.
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