Federated Hermes, Inc. (FHI) Cash Flow Statement
Where FHI’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $297.3M −14.2% vs 2024
- Capital expenditures
- $2.8M 0.2% of revenue
- Free cash flow
- $294.6M 16.4% margin
- Returned to shareholders
- $367.6M 125% of free cash flow
- Change in cash
- $76.8M cash at year-end $584.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
FHI operating cash flow, capex and free cash flow
FHI cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $252.8M2016 | $297.3M2025 | +1.8%/yr | |
| Capital expenditures | $12.8M2016 | $2.8M2025 | −15.7%/yr | |
| Free cash flow | $239.9M2016 | $294.6M2025 | +2.3%/yr | |
| Free cash flow margin | 21.0%2016 | 16.4%2025 | −4.6 pts | |
| Operating cash flow / net income | 1.142016 | 0.772025 | −0.37 | |
| Stock-based compensation | $22.4M2016 | $29.1M2025 | +2.9%/yr | |
| Dividends paid | $205.5M2016 | $104.9M2025 | −7.2%/yr | |
| Share buybacks (net) | $81.8M2016 | $262.8M2025 | +13.8%/yr | |
| Capex / revenue | 1.1%2016 | 0.2%2025 | −1.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FHI cash flow by activity
FHI net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
FHI cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $385.2M | $268.4M | $304.8M | $234.6M | $272.3M | $336.0M | $277.1M | $222.3M | $294.9M | $221.5M |
| Depreciation & amortization | $22.3M | $22.4M | $26.9M | $28.1M | $30.0M | $28.6M | $25.9M | $17.1M | $10.6M | $9.6M |
| Stock-based compensation | $29.1M | $28.8M | $33.9M | $35.5M | $39.7M | $35.5M | $32.9M | $23.9M | $22.5M | $22.4M |
| Change in working capital | −$3.4M | $17.6M | −$12.1M | $4.0M | −$12.7M | −$12.3M | $23.9M | −$94.7M | −$13.3M | −$12.7M |
| Other non-cash items | −$135.8M | $9.3M | −$41.6M | $21.8M | −$158.9M | −$14.5M | −$24.9M | $37.7M | −$44.3M | $12.0M |
| Cash from operating activities | $297.3M | $346.6M | $311.8M | $323.9M | $170.4M | $373.2M | $334.9M | $206.3M | $270.4M | $252.8M |
| Investing activities | ||||||||||
| Capital expenditures | −$2.8M | −$4.0M | −$7.9M | −$4.4M | −$10.4M | −$13.5M | −$15.0M | −$17.3M | −$9.8M | −$12.8M |
| Investments (net) | — | $64.3M | −$22.5M | −$32.4M | $26.6M | −$24.8M | −$94.7M | $211,000 | $132.1M | $4.6M |
| Acquisitions & other investing | $168.7M | $4.0M | −$213,000 | $4.4M | −$5.3M | $13.5M | $15.0M | −$157.4M | −$4.4M | $0 |
| Cash from investing activities | $165.9M | $64.3M | −$30.6M | −$32.4M | $10.8M | −$24.8M | −$94.7M | −$174.4M | $118.0M | −$8.2M |
| Financing activities | ||||||||||
| Dividends paid | −$104.9M | −$184.8M | −$98.1M | −$97.9M | −$105.8M | −$207.8M | −$109.1M | −$106.9M | −$101.5M | −$205.5M |
| Share repurchases & issuance (net) | −$262.8M | −$137.6M | −$177.1M | −$218.1M | −$228.3M | −$66.8M | −$15.7M | −$29.2M | −$48.6M | −$81.8M |
| Net borrowing (repayment) | — | $0 | $0 | $126.7M | $148.3M | −$25.0M | −$35.0M | −$35.0M | −$21.7M | −$25.5M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$34.2M | $36.0M | $32.1M | $20.9M | −$63.7M | $4.4M | $7.2M | −$14.9M | −$5.0M | $373,000 |
| Cash from financing activities | −$401.8M | −$286.4M | −$243.1M | −$168.5M | −$249.5M | −$295.1M | −$152.7M | −$186.1M | −$176.9M | −$312.4M |
| Summary | ||||||||||
| Net change in cash | $76.8M | $120.6M | $46.0M | $102.9M | −$70.6M | $59.1M | $92.1M | −$159.4M | $211.4M | −$67.8M |
| Cash at end of period | $584.4M | $507.6M | $387.0M | $341.0M | $238.1M | $308.6M | $249.5M | $157.4M | $316.3M | $104.8M |
| Free cash flow | $294.6M | $342.5M | $303.9M | $319.6M | $160.0M | $359.7M | $319.9M | $189.0M | $260.6M | $239.9M |
| Free cash flow margin | 16.4% | 21.0% | 18.9% | 22.1% | 12.3% | 24.8% | 24.1% | 16.6% | 23.6% | 21.0% |
| Capex / revenue | 0.2% | 0.2% | 0.5% | 0.3% | 0.8% | 0.9% | 1.1% | 1.5% | 0.9% | 1.1% |
| Operating cash flow / net income | 0.77 | 1.29 | 1.02 | 1.38 | 0.63 | 1.11 | 1.21 | 0.93 | 0.92 | 1.14 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $106.8M | $95.9M | $102.2M | $106.1M | $96.7M | $103.9M | $83.9M | $90.3M | $21.0M | $75.0M | $78.6M | $74.3M |
| Depreciation & amortization | $8.0M | $5.3M | $5.6M | $5.6M | $5.6M | $5.4M | $5.6M | $5.7M | $5.5M | $5.6M | $6.0M | $6.1M |
| Stock-based compensation | $6.2M | $12.3M | $6.0M | $5.7M | $6.4M | $11.1M | $6.0M | $6.2M | $6.3M | $10.3M | $6.8M | $7.5M |
| Change in working capital | $7.7M | −$89.2M | $54.8M | $41.4M | −$9.0M | −$90.5M | $43.8M | $42.2M | $11.1M | −$79.6M | $33.5M | $29.8M |
| Other non-cash items | −$47.9M | $4.6M | −$7.4M | −$55.8M | −$80.9M | −$15.6M | −$12.6M | −$27.3M | $44.7M | $2.7M | $4.8M | −$12.0M |
| Cash from operating activities | $80.9M | $28.8M | $161.2M | $103.1M | $18.8M | $14.3M | $126.7M | $117.1M | $88.7M | $14.0M | $129.6M | $105.6M |
| Investing activities | ||||||||||||
| Capital expenditures | −$1.2M | −$4.8M | −$2.7M | −$1.4M | −$786,000 | −$972,000 | −$505,000 | −$6.5M | −$6.0M | −$569,000 | −$2.1M | −$2.1M |
| Investments (net) | — | — | — | $5.5M | −$16.0M | −$1.5M | $41.4M | −$8.3M | $3.6M | $27.6M | −$39.2M | $1.3M |
| Acquisitions & other investing | −$215.1M | $6.0M | $22.7M | $1.4M | $786,000 | $972,000 | $505,000 | −$12.5M | $6.0M | $569,000 | $7.2M | $9.3M |
| Cash from investing activities | −$216.3M | $1.2M | $19.9M | $5.5M | −$16.0M | −$1.5M | $41.4M | −$27.3M | $3.6M | $27.6M | −$34.1M | $8.6M |
| Financing activities | ||||||||||||
| Dividends paid | −$28.8M | −$25.9M | −$26.4M | −$26.4M | −$26.8M | −$25.3M | −$25.2M | −$25.6M | −$110.3M | −$23.7M | −$24.1M | −$24.7M |
| Share repurchases & issuance (net) | −$64.0M | −$64.7M | −$77.1M | −$21,000 | −$65.5M | −$120.1M | −$23.4M | −$28.9M | −$46.2M | −$39.0M | −$65.1M | −$64.1M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $15.8M | −$6.6M | −$853,000 | $56.2M | $60.7M | $7.9M | $22.4M | $22.0M | $11.5M | −$766,000 | −$7.3M | $20.4M |
| Cash from financing activities | −$77.0M | −$97.2M | −$104.3M | $29.9M | −$31.7M | −$137.6M | −$26.3M | −$32.5M | −$145.0M | −$63.5M | −$96.5M | −$68.4M |
| Summary | ||||||||||||
| Net change in cash | −$212.1M | −$70.0M | $77.6M | $135.3M | −$16.6M | −$119.5M | $129.0M | $67.7M | −$52.7M | −$23.3M | $5.7M | $34.1M |
| Cash at end of period | $302.3M | $514.4M | $584.4M | $506.8M | $371.5M | $388.0M | $507.6M | $378.6M | $310.4M | $363.2M | $386.7M | $381.2M |
| Free cash flow | $79.7M | $24.0M | $158.5M | $101.6M | $18.0M | $13.3M | $126.2M | $123.7M | $82.7M | $13.5M | $127.5M | $103.6M |
| Free cash flow margin | 15.8% | 5.0% | 32.5% | 21.6% | 4.2% | 3.1% | 29.7% | 30.3% | 20.5% | 3.4% | 32.6% | 25.7% |
| Capex / revenue | 0.2% | 1.0% | 0.6% | 0.3% | 0.2% | 0.2% | 0.1% | 1.6% | 1.5% | 0.1% | 0.5% | 0.5% |
| Operating cash flow / net income | 0.76 | 0.30 | 1.58 | 0.97 | 0.19 | 0.14 | 1.51 | 1.30 | 4.22 | 0.19 | 1.65 | 1.42 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
FHI cash generation
In fiscal 2025 (ended December 31, 2025), Federated Hermes generated $297.3 million of cash from operations (down 14.2%) and spent $2.8 million on capital expenditures, leaving free cash flow of $294.6 million, 16.4% of revenue. It returned $367.6 million to shareholders through dividends ($104.9 million) and net share buybacks ($262.8 million). Cash and equivalents rose by $76.8 million over the year.
Related: FHI income statement, FHI balance sheet, FHI dividend history. See the FHI stock overview for the latest quote and news.
FHI cash flow FAQ
What is Federated Hermes's free cash flow?
Federated Hermes's free cash flow was $294.6 million in fiscal 2025: $297.3 million of operating cash flow minus $2.8 million of capital expenditures It was $342.5 million a year earlier..
How much cash does Federated Hermes generate from operations?
Federated Hermes generated $297.3 million of cash from operating activities in fiscal 2025, 0.77 times its net income of $385.2 million.
How much does Federated Hermes spend on capital expenditures?
Federated Hermes spent $2.8 million on capital expenditures in fiscal 2025, 0.2% of revenue, compared with $4.0 million the year before.
How much stock does Federated Hermes buy back?
Federated Hermes spent $262.8 million on net share repurchases in fiscal 2025.
How much does Federated Hermes pay in dividends?
Federated Hermes paid $104.9 million in dividends in fiscal 2025, 35.6% of free cash flow.