Happen, Inc. (HAPN) Cash Flow Statement
Where HAPN’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$2.73B
- Capital expenditures
- $140.3M 10.5% of revenue
- Free cash flow
- −$2.87B −214.8% margin
- Returned to shareholders
- —
- Change in cash
- −$47.0M cash at year-end $930.4M
Cash from operations
−$2.73B
Capital expenditures
−$140.3M
Investments (net)
+$1.76B
Acquisitions & other
+$316.2M
Other financing
+$747.8M
Change in cash
−$47.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
HAPN operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
HAPN cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $545,0002016 | −$2.73B2025 | — | |
| Capital expenditures | $51.8M2016 | $140.3M2025 | +11.7%/yr | |
| Free cash flow | −$51.3M2016 | −$2.87B2025 | — | |
| Free cash flow margin | −4.6%2016 | −214.8%2025 | −210.2 pts | |
| Operating cash flow / net income | 12.912021 | −20.102025 | −33.01 | |
| Stock-based compensation | $69.2M2016 | $34.3M2025 | −7.5%/yr | |
| Dividends paid | $50.2M2020 | $02022 | −100.0% | |
| Capex / revenue | 4.7%2016 | 10.5%2025 | +5.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HAPN cash flow by activity
OperatingInvestingFinancingChange in cash
HAPN net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
HAPN cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $135.7M | $51.3M | $38.9M | $289.7M | $18.6M | −$187.5M | −$30.7M | −$128.2M | −$154.0M | −$146.0M |
| Depreciation & amortization | $62.9M | $53.3M | $47.2M | $43.8M | $44.3M | $54.0M | $62.2M | $54.8M | $46.2M | $29.9M |
| Stock-based compensation | $34.3M | $40.1M | $52.4M | $66.4M | $66.8M | $61.5M | $73.6M | $75.1M | $71.0M | $69.2M |
| Change in working capital | $33.3M | $16.0M | −$32.9M | −$37.6M | $16.6M | −$96.5M | −$76.1M | −$61.7M | $82.0M | $24.0M |
| Other non-cash items | −$2.99B | −$2.79B | −$1.24B | $13.3M | $93.6M | $586.5M | −$299.6M | −$579.8M | −$618.6M | $23.4M |
| Cash from operating activities | −$2.73B | −$2.63B | −$1.14B | $375.6M | $239.9M | $418.0M | −$270.6M | −$639.7M | −$573.4M | $545,000 |
| Investing activities | ||||||||||
| Capital expenditures | −$140.3M | −$54.3M | −$59.5M | −$69.5M | −$34.4M | −$31.1M | −$50.7M | −$53.0M | −$44.6M | −$51.8M |
| Investments (net) | $1.76B | $888.6M | $36.1M | −$136.5M | — | — | — | — | — | — |
| Acquisitions & other investing | $316.2M | −$226.5M | $540.1M | −$2.60B | −$420.0M | $596.9M | $704.4M | $931.7M | $1.04B | −$274.0M |
| Cash from investing activities | $1.93B | $607.8M | $516.7M | −$2.81B | −$454.4M | $565.8M | $653.8M | $878.7M | $998.6M | −$325.9M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | $0 | — | −$50.2M | — | — | — | — |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | — | −$19.5M |
| Net borrowing (repayment) | $0 | −$19.2M | −$112.0M | −$452.3M | — | — | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $747.8M | $1.73B | $901.6M | $3.25B | $349.6M | −$792.2M | −$540.1M | −$239.2M | −$474.3M | $334.0M |
| Cash from financing activities | $747.8M | $1.71B | $789.6M | $2.80B | $349.6M | −$842.4M | −$540.1M | −$239.2M | −$474.3M | $314.5M |
| Summary | ||||||||||
| Net change in cash | −$47.0M | −$316.8M | $169.7M | $360.9M | $135.1M | $141.4M | −$156.9M | −$231,000 | −$49.1M | −$10.9M |
| Cash at end of period | $930.4M | $977.4M | $1.29B | $1.12B | $763.6M | $628.5M | $487.1M | $644.1M | $644.3M | $693.4M |
| Free cash flow | −$2.87B | −$2.69B | −$1.20B | $306.1M | $205.5M | $386.9M | −$321.3M | −$692.7M | −$618.0M | −$51.3M |
| Free cash flow margin | −214.8% | −231.6% | −105.3% | 24.1% | 22.9% | 85.0% | −32.8% | −70.6% | −58.4% | −4.6% |
| Capex / revenue | 10.5% | 4.7% | 5.2% | 5.5% | 3.8% | 6.8% | 5.2% | 5.4% | 4.2% | 4.7% |
| Operating cash flow / net income | −20.10 | −51.32 | −29.19 | 1.30 | 12.91 | — | — | — | — | — |
| 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 | $58.1M | $51.6M | $41.6M | $44.3M | $38.2M | $11.7M | $9.7M | $14.5M | $14.9M | $12.2M | $10.2M | $5.0M |
| Depreciation & amortization | $18.2M | $15.8M | $16.6M | $16.9M | $15.5M | $13.9M | $14.2M | $13.3M | $13.1M | $12.7M | $12.0M | $11.2M |
| Stock-based compensation | $7.0M | $7.6M | $8.2M | $8.5M | $9.1M | $8.5M | $9.5M | $9.5M | $9.4M | $11.5M | $10.3M | $14.4M |
| Change in working capital | $1.0M | −$1.0M | $2.5M | −$33.7M | $38.2M | −$4.6M | −$6.5M | $36.3M | $6.3M | −$20.1M | $9.4M | −$6.6M |
| Other non-cash items | −$657.2M | −$692.9M | −$972.7M | −$806.8M | −$814.0M | −$368.8M | −$212.3M | −$743.5M | −$976.2M | −$862.9M | −$856.6M | −$369.0M |
| Cash from operating activities | −$572.9M | −$619.0M | −$903.8M | −$770.8M | −$713.1M | −$339.3M | −$185.4M | −$669.8M | −$932.5M | −$846.5M | −$814.8M | −$344.9M |
| Investing activities | ||||||||||||
| Capital expenditures | −$28.0M | −$25.8M | −$15.6M | −$21.0M | −$90.7M | −$13.1M | −$17.2M | −$12.4M | −$12.9M | −$11.8M | −$11.3M | −$16.0M |
| Investments (net) | $553.3M | $461.1M | $493.6M | $453.5M | $428.8M | $380.4M | — | — | — | — | — | — |
| Acquisitions & other investing | −$411.8M | −$252.8M | $70.7M | $163.4M | −$1.1M | $83.2M | $515.3M | −$581.7M | $499.8M | $228.7M | $460.1M | $341.8M |
| Cash from investing activities | $113.5M | $182.5M | $548.8M | $595.9M | $337.0M | $450.5M | $498.1M | −$594.1M | $487.0M | $216.9M | $448.8M | $325.8M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | $12.6M | −$12.6M | — | — | $0 | $0 | — | — | — | — | — | — |
| Net borrowing (repayment) | — | — | $0 | $0 | $0 | $0 | — | — | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $565.7M | $340.5M | $439.7M | $246.3M | $230.1M | −$168.4M | −$385.6M | $1.34B | $312.6M | $437.8M | $309.9M | $130.7M |
| Cash from financing activities | $578.3M | $327.9M | $439.7M | $246.3M | $230.1M | −$168.4M | −$385.6M | $1.34B | $312.6M | $437.8M | $309.9M | $130.7M |
| Summary | ||||||||||||
| Net change in cash | $119.0M | −$108.6M | $84.8M | $71.3M | −$145.9M | −$57.1M | −$72.9M | $80.8M | −$132.9M | −$191.8M | −$56.1M | $111.5M |
| Cash at end of period | $940.8M | $821.9M | $930.4M | $845.7M | $774.3M | $920.2M | $977.4M | $1.05B | $969.5M | $1.10B | $1.29B | $1.35B |
| Free cash flow | −$600.9M | −$644.8M | −$919.3M | −$791.8M | −$803.8M | −$352.3M | −$202.6M | −$682.3M | −$945.3M | −$858.3M | −$826.1M | −$360.9M |
| Free cash flow margin | −170.3% | −246.8% | −259.7% | −226.5% | −242.6% | −117.5% | −64.2% | −225.9% | −339.6% | −323.7% | −302.8% | −133.1% |
| Capex / revenue | 7.9% | 9.9% | 4.4% | 6.0% | 27.4% | 4.4% | 5.5% | 4.1% | 4.6% | 4.4% | 4.1% | 5.9% |
| Operating cash flow / net income | −9.85 | −12.00 | −21.75 | −17.41 | −18.68 | −29.07 | −19.07 | −46.33 | −62.57 | −69.10 | −80.24 | −68.88 |
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.
HAPN cash generation
In fiscal 2025 (ended December 31, 2025), Happen generated -$2.7 billion of cash from operations and spent $140.3 million on capital expenditures, leaving free cash flow of -$2.9 billion, −214.8% of revenue. Cash and equivalents fell by $47.0 million over the year.
Related: HAPN income statement, HAPN balance sheet. See the HAPN stock overview for the latest quote and news.
HAPN cash flow FAQ
What is Happen's free cash flow?
Happen's free cash flow was -$2.9 billion in fiscal 2025: -$2.7 billion of operating cash flow minus $140.3 million of capital expenditures It was -$2.7 billion a year earlier..
How much cash does Happen generate from operations?
Happen generated -$2.7 billion of cash from operating activities in fiscal 2025, −20.10 times its net income of $135.7 million.
How much does Happen spend on capital expenditures?
Happen spent $140.3 million on capital expenditures in fiscal 2025, 10.5% of revenue, compared with $54.3 million the year before.