Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) Cash Flow Statement
Where HASI’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $167.3M +2,759.1% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $167.3M 41.8% margin
- Returned to shareholders
- $218.2M 130% of free cash flow
- Change in cash
- −$4.9M cash at year-end $145.2M
Cash from operations
$167.3M
Investments (net)
−$518.5M
Acquisitions & other
−$337.3M
Dividends
−$209.8M
Share buybacks (net)
−$8.4M
Net borrowing (repayment)
+$735.9M
Shares issued
+$236.7M
Other financing
−$70.9M
Change in cash
−$4.9M
Drawn to scale: where the cash came from and how it was used. Hover for values.
HASI operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
HASI cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $56.9M2016 | $167.3M2025 | +12.7%/yr | |
| Capital expenditures | $17.7M2016 | $02025 | −100.0% | |
| Free cash flow | $56.9M2016 | $167.3M2025 | +12.7%/yr | |
| Free cash flow margin | 65.1%2016 | 41.8%2025 | −23.3 pts | |
| Operating cash flow / net income | 3.852016 | 0.892025 | −2.96 | |
| Stock-based compensation | $10.1M2016 | $23.2M2024 | +11.0%/yr | |
| Dividends paid | $49.5M2016 | $209.8M2025 | +17.4%/yr | |
| Share buybacks (net) | $02016 | $8.4M2025 | — | |
| Capex / revenue | 20.3%2016 | 0.0%2025 | −20.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HASI cash flow by activity
OperatingInvestingFinancingChange in cash
HASI 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).
HASI cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $188.2M | $203.6M | $150.8M | $41.9M | $127.3M | $82.8M | $81.9M | $41.8M | $31.0M | $14.8M |
| Depreciation & amortization | $780,000 | $1.0M | $3.1M | $4.0M | $3.8M | $3.6M | $3.6M | $4.5M | $3.5M | $7.7M |
| Stock-based compensation | — | $23.2M | $18.4M | $20.1M | $17.05B | $16.79B | $14.16B | $10.1M | $11.3M | $10.1M |
| Change in working capital | $12.2M | −$6.5M | $55.9M | −$60.2M | −$11.6M | $8.0M | $5.2M | $19.6M | −$3.7M | $49.5M |
| Other non-cash items | −$33.9M | −$215.4M | −$128.5M | −$5.6M | −$17.15B | −$16.81B | −$14.22B | −$17.2M | −$30.5M | −$25.1M |
| Cash from operating activities | $167.3M | $5.9M | $99.7M | $230,000 | $13.3M | $73.3M | $29.5M | $58.8M | $11.7M | $56.9M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$27.5M | −$171.0M | −$17.7M |
| Investments (net) | −$518.5M | −$131.2M | −$1.76B | −$618.9M | −$713.2M | −$889.0M | −$201.1M | $80.7M | −$103.9M | −$171.7M |
| Acquisitions & other investing | −$337.3M | $0 | −$235.4M | $26.8M | $9.8M | $57.4M | $0 | −$2.4M | −$23.0M | −$1.3M |
| Cash from investing activities | −$855.8M | −$131.2M | −$1.99B | −$592.1M | −$703.4M | −$831.7M | −$201.1M | $50.8M | −$297.9M | −$190.6M |
| Financing activities | ||||||||||
| Dividends paid | −$209.8M | −$192.3M | −$159.8M | −$132.2M | −$113.5M | −$99.9M | −$86.4M | −$71.0M | −$68.2M | −$49.5M |
| Share repurchases & issuance (net) | −$8.4M | — | −$1.5M | $188.9M | $1.13B | $1.06B | $739.8M | −$3.1M | $96.9M | $177.3M |
| Net borrowing (repayment) | $735.9M | $173.0M | $1.48B | $473.1M | $557.7M | $796.4M | $204.6M | −$196.1M | $466.7M | $64.5M |
| Shares issued | $236.7M | $203.5M | $526.9M | $188.9M | $200.6M | $298.1M | $138.4M | $187.3M | $0 | $0 |
| Other financing | −$70.9M | $16.1M | −$51.2M | −$201.9M | −$1.15B | −$1.09B | −$777.5M | −$85.5M | −$150.2M | −$78.6M |
| Cash from financing activities | $683.6M | $200.4M | $1.79B | $516.8M | $630.8M | $962.1M | $218.9M | −$168.4M | $345.2M | $113.7M |
| Summary | ||||||||||
| Net change in cash | −$4.9M | $75.1M | −$100.9M | −$75.1M | −$59.3M | $203.7M | $47.2M | −$58.8M | $59.0M | −$20.1M |
| Cash at end of period | $145.2M | $150.2M | $75.1M | $176.0M | $251.1M | $310.3M | $106.6M | $59.4M | $118.2M | $59.1M |
| Free cash flow | $167.3M | $5.9M | $99.7M | $230,000 | $13.3M | $73.3M | $29.5M | $58.8M | $11.7M | $56.9M |
| Free cash flow margin | 41.8% | 0.9% | 21.6% | 0.1% | 3.9% | 31.2% | 14.3% | 36.4% | 9.1% | 65.1% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 17.1% | 133.3% | 20.3% |
| Operating cash flow / net income | 0.89 | 0.03 | 0.66 | 0.01 | 0.10 | 0.89 | 0.36 | 1.41 | 0.38 | 3.85 |
| 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 | $131.8M | −$73.7M | −$54.6M | $84.9M | $157.9M | $58.2M | $71.3M | −$19.2M | $26.9M | $124.5M | $91.0M | $21.6M |
| Depreciation & amortization | $195,000 | $179,000 | $184,000 | $178,000 | $417,833 | $167,000 | $313,000 | $175,000 | $175,000 | $340,000 | $381,000 | $884,000 |
| Stock-based compensation | $23.7M | — | $5.9M | — | — | $9.8M | — | $18.99B | $8.3M | $6.6M | $2.0M | $16.30B |
| Change in working capital | $35.9M | −$68.3M | $145.2M | −$131.8M | $44.0M | −$36.0M | −$6.9M | −$10.5M | −$30.6M | $41.4M | $32.9M | −$4.2M |
| Other non-cash items | −$123.5M | $157.5M | $150.1M | −$75.1M | −$110.9M | −$69.3M | −$77.0M | −$18.94B | −$29.6M | −$152.0M | −$118.9M | −$16.29B |
| Cash from operating activities | $68.0M | $15.6M | $246.7M | −$121.8M | $91.5M | −$37.1M | −$12.2M | $21.9M | −$24.8M | $20.9M | $7.3M | $26.6M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | −$89.1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | $0 | −$299.2M | −$106.0M | −$126.8M | −$60.5M | −$323.7M | −$185.3M | −$131.1M | $255.2M | −$69.9M | −$573.6M | −$730.8M |
| Acquisitions & other investing | −$359.2M | $115.1M | −$238.8M | $89.1M | −$11.9M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash from investing activities | −$359.2M | −$184.1M | −$344.8M | −$126.8M | −$72.4M | −$323.7M | −$185.3M | −$131.1M | $255.2M | −$69.9M | −$573.6M | −$730.8M |
| Financing activities | ||||||||||||
| Dividends paid | −$55.8M | −$56.8M | −$54.1M | −$53.2M | −$52.0M | −$50.4M | −$50.1M | −$48.9M | −$48.2M | −$45.1M | −$44.7M | −$43.0M |
| Share repurchases & issuance (net) | — | — | −$8.4M | — | — | — | — | $466,000 | −$309,000 | −$157,000 | −$22,000 | $849.9M |
| Net borrowing (repayment) | $488.4M | $269.7M | −$67.9M | $467.2M | $15.4M | $321.2M | $261.1M | −$1.6M | — | — | — | $564.3M |
| Shares issued | $0 | $0 | $49.6M | $67.3M | $73.3M | $46.6M | $23.8M | $97.7M | $51.6M | $30.4M | $27.4M | $107.4M |
| Other financing | −$11.6M | −$38.5M | $5.6M | −$17.8M | −$35.5M | −$23.2M | $54.2M | −$41.2M | −$149.4M | $66.1M | $489.2M | −$756.7M |
| Cash from financing activities | $420.9M | $174.4M | −$75.3M | $463.5M | $1.1M | $294.3M | $289.0M | $6.5M | −$146.3M | $51.3M | $471.8M | $721.9M |
| Summary | ||||||||||||
| Net change in cash | $129.8M | $5.8M | −$173.5M | $214.9M | $103.7M | −$66.5M | $91.5M | −$102.7M | $84.0M | $2.2M | −$94.5M | $17.8M |
| Cash at end of period | $280.8M | $151.1M | $145.2M | $318.7M | $103.8M | $83.6M | $150.2M | $58.6M | $161.3M | $77.3M | $75.1M | $169.5M |
| Free cash flow | $68.0M | $15.6M | $246.7M | −$121.8M | $42.5M | −$37.1M | −$12.2M | $21.9M | −$24.8M | $20.9M | $7.3M | $26.6M |
| Free cash flow margin | 56.3% | 12.6% | 214.8% | −118.2% | 49.6% | −38.3% | −6.5% | 26.8% | −20.4% | 7.9% | 3.7% | 28.7% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 86.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | 0.52 | — | — | −1.43 | 0.58 | −0.64 | −0.17 | — | −0.92 | 0.17 | 0.08 | 1.23 |
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.
HASI cash generation
In fiscal 2025 (ended December 31, 2025), HA Sustainable Infrastructure generated $167.3 million of cash from operations (up 2,759.1%) and spent $0 on capital expenditures, leaving free cash flow of $167.3 million, 41.8% of revenue. It returned $218.2 million to shareholders through dividends ($209.8 million) and net share buybacks ($8.4 million). Cash and equivalents fell by $4.9 million over the year.
Related: HASI income statement, HASI balance sheet, HASI dividend history. See the HASI stock overview for the latest quote and news.
HASI cash flow FAQ
What is HA Sustainable Infrastructure's free cash flow?
HA Sustainable Infrastructure's free cash flow was $167.3 million in fiscal 2025: $167.3 million of operating cash flow minus $0 of capital expenditures It was $5.9 million a year earlier..
How much cash does HA Sustainable Infrastructure generate from operations?
HA Sustainable Infrastructure generated $167.3 million of cash from operating activities in fiscal 2025, 0.89 times its net income of $188.2 million.
How much stock does HA Sustainable Infrastructure buy back?
HA Sustainable Infrastructure spent $8.4 million on net share repurchases in fiscal 2025.
How much does HA Sustainable Infrastructure pay in dividends?
HA Sustainable Infrastructure paid $209.8 million in dividends in fiscal 2025, 125.4% of free cash flow.