Huntington Bancshares Incorporated (HBAN) Cash Flow Statement
Where HBAN’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.54B +40.2% vs 2024
- Capital expenditures
- $267.0M 2.1% of revenue
- Free cash flow
- $2.28B 18.2% margin
- Returned to shareholders
- $1.02B 45% of free cash flow
- Change in cash
- $648.0M cash at year-end $13.49B
Drawn to scale: where the cash came from and how it was used. Hover for values.
HBAN operating cash flow, capex and free cash flow
HBAN cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.22B2016 | $2.54B2025 | +8.6%/yr | |
| Capital expenditures | $120.0M2016 | $267.0M2025 | +9.3%/yr | |
| Free cash flow | $1.09B2016 | $2.28B2025 | +8.5%/yr | |
| Free cash flow margin | 29.0%2016 | 18.2%2025 | −10.7 pts | |
| Operating cash flow / net income | 1.712016 | 1.142025 | −0.57 | |
| Stock-based compensation | $65.6M2016 | $113.0M2025 | +6.2%/yr | |
| Dividends paid | $299.0M2016 | $1.02B2025 | +14.6%/yr | |
| Share buybacks (net) | $02016 | $02025 | — | |
| Capex / revenue | 3.2%2016 | 2.1%2025 | −1.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HBAN cash flow by activity
HBAN 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).
HBAN cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $2.23B | $1.96B | $1.97B | $2.25B | $1.30B | $817.0M | $1.41B | $1.39B | $1.19B | $711.8M |
| Depreciation & amortization | $762.0M | $622.0M | $798.0M | $484.0M | $391.0M | $367.0M | $386.0M | $493.0M | $413.0M | $380.0M |
| Stock-based compensation | $113.0M | $106.0M | $97.0M | $105.0M | $129.0M | $77.0M | $83.0M | $78.0M | $92.0M | $65.6M |
| Change in working capital | −$666.0M | −$1.26B | −$339.0M | $570.0M | $353.0M | −$891.0M | −$645.0M | −$525.0M | −$128.0M | −$299.0M |
| Other non-cash items | $107.0M | $387.0M | $130.0M | $619.0M | −$108.0M | $953.0M | $339.0M | $287.0M | $391.0M | $356.9M |
| Cash from operating activities | $2.54B | $1.81B | $2.66B | $4.03B | $2.06B | $1.32B | $1.57B | $1.73B | $1.95B | $1.22B |
| Investing activities | ||||||||||
| Capital expenditures | −$267.0M | −$143.0M | −$140.0M | −$214.0M | −$247.0M | −$119.0M | −$107.0M | −$110.0M | −$194.0M | −$120.0M |
| Investments (net) | $4.53B | −$12.12B | −$951.0M | −$12.10B | −$4.71B | −$9.29B | −$2.16B | −$3.64B | −$4.73B | −$2.76B |
| Acquisitions & other investing | −$12.64B | $143.0M | −$1.91B | $705.0M | $994.0M | $771.0M | $394.0M | $87.0M | $55.0M | −$563.0M |
| Cash from investing activities | −$8.38B | −$12.12B | −$3.00B | −$11.61B | −$3.96B | −$8.64B | −$1.88B | −$3.66B | −$4.87B | −$3.44B |
| Financing activities | ||||||||||
| Dividends paid | −$1.02B | −$1.05B | −$1.03B | −$1.01B | −$888.0M | −$698.0M | −$671.0M | −$584.0M | −$425.0M | −$299.0M |
| Share repurchases & issuance (net) | $0 | −$410.0M | −$82.0M | −$250.0M | −$1.35B | −$92.0M | −$441.0M | −$939.0M | −$260.0M | $2.77B |
| Net borrowing (repayment) | $1.23B | $3.32B | $1.29B | $5.15B | −$3.87B | −$4.04B | $1.64B | −$3.59B | $2.24B | $2.75B |
| Shares issued | $741.0M | $0 | $317.0M | $317.0M | $486.0M | $988.0M | $494.0M | $495.0M | $0 | $0 |
| Other financing | $5.53B | $11.16B | $3.27B | $4.56B | $6.45B | $16.58B | −$2.22B | $7.71B | $1.49B | −$2.45B |
| Cash from financing activities | $6.49B | $13.02B | $3.77B | $8.76B | $827.0M | $12.74B | −$1.20B | $3.09B | $3.05B | $2.77B |
| Summary | ||||||||||
| Net change in cash | $648.0M | $2.72B | $3.42B | $1.18B | −$1.07B | $5.42B | −$1.50B | $1.15B | $135.0M | $537.6M |
| Cash at end of period | $13.49B | $12.85B | $10.13B | $6.70B | $5.52B | $6.59B | $1.17B | $2.67B | $1.52B | $1.38B |
| Free cash flow | $2.28B | $1.67B | $2.52B | $3.81B | $1.81B | $1.20B | $1.47B | $1.62B | $1.76B | $1.09B |
| Free cash flow margin | 18.2% | 14.0% | 23.3% | 48.0% | 29.9% | 23.0% | 25.9% | 30.7% | 37.1% | 29.0% |
| Capex / revenue | 2.1% | 1.2% | 1.3% | 2.7% | 4.1% | 2.3% | 1.9% | 2.1% | 4.1% | 3.2% |
| Operating cash flow / net income | 1.14 | 0.93 | 1.35 | 1.79 | 1.59 | 1.62 | 1.12 | 1.24 | 1.65 | 1.71 |
| 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 | $735.0M | $527.0M | $519.0M | $633.0M | $542.0M | $531.0M | $534.0M | $522.0M | $480.0M | $424.0M | $248.0M | $552.0M |
| Depreciation & amortization | $192.0M | $191.0M | $190.0M | $175.0M | $188.0M | $209.0M | $130.0M | $132.0M | $170.0M | $190.0M | $240.0M | $214.0M |
| Stock-based compensation | $50.0M | $45.0M | $29.0M | $31.0M | $32.0M | $21.0M | $25.0M | $28.0M | $33.0M | $20.0M | $24.0M | $25.0M |
| Change in working capital | −$996.0M | −$257.0M | $100.0M | $687.0M | −$200.0M | −$342.0M | $673.0M | −$1.20B | −$503.0M | −$227.0M | $548.0M | $131.0M |
| Other non-cash items | $1.15B | $18.0M | −$9.0M | −$1.04B | −$8.0M | $94.0M | $122.0M | $83.0M | $107.0M | $75.0M | −$162.0M | $77.0M |
| Cash from operating activities | $1.13B | $524.0M | $829.0M | $487.0M | $554.0M | $513.0M | $1.48B | −$438.0M | $287.0M | $482.0M | $898.0M | $999.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$124.0M | −$124.0M | −$118.0M | −$108.0M | −$54.0M | −$54.0M | −$27.0M | −$42.0M | −$42.0M | −$32.0M | −$60.0M | −$23.0M |
| Investments (net) | $603.0M | −$80.0M | $1.67B | −$266.0M | −$2.50B | −$2.15B | −$4.78B | −$2.88B | −$2.19B | −$2.26B | −$3.31B | $1.44B |
| Acquisitions & other investing | −$2.13B | $69.0M | −$3.45B | $108.0M | $54.0M | $54.0M | $27.0M | $42.0M | $42.0M | $32.0M | $60.0M | $23.0M |
| Cash from investing activities | −$1.66B | −$135.0M | −$1.90B | −$266.0M | −$2.50B | −$2.15B | −$4.78B | −$2.88B | −$2.19B | −$2.26B | −$3.31B | $1.44B |
| Financing activities | ||||||||||||
| Dividends paid | −$357.0M | −$291.0M | −$255.0M | −$254.0M | −$254.0M | −$253.0M | −$262.0M | −$262.0M | −$260.0M | −$262.0M | −$263.0M | −$265.0M |
| Share repurchases & issuance (net) | −$159.0M | −$150.0M | — | — | $0 | $0 | −$410.0M | — | — | — | −$82.0M | — |
| Net borrowing (repayment) | −$1.51B | $2.46B | $655.0M | −$150.0M | −$766.0M | $1.49B | $147.0M | −$737.0M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$7.86B | $3.28B | $1.43B | $2.56B | −$1.99B | $2.86B | $4.09B | $4.36B | $2.53B | $4.09B | $1.45B | −$1.82B |
| Cash from financing activities | −$9.89B | $5.30B | $1.83B | $2.16B | −$3.01B | $4.10B | $3.56B | $3.36B | $2.27B | $3.83B | $1.10B | −$2.09B |
| Summary | ||||||||||||
| Net change in cash | −$10.42B | $5.69B | $757.0M | $2.38B | −$4.95B | $2.46B | $262.0M | $39.0M | $366.0M | $2.05B | −$1.31B | $356.0M |
| Cash at end of period | $8.77B | $19.19B | $13.49B | $12.74B | $10.36B | $15.31B | $12.85B | $12.59B | $12.55B | $12.18B | $10.13B | $11.44B |
| Free cash flow | $1.25B | $400.0M | $711.0M | $595.0M | $500.0M | $459.0M | $1.46B | −$480.0M | $245.0M | $450.0M | $838.0M | $976.0M |
| Free cash flow margin | 30.0% | 10.6% | 21.9% | 18.4% | 16.5% | 15.4% | 47.5% | −15.6% | 8.3% | 15.8% | 30.4% | 34.6% |
| Capex / revenue | 3.0% | 3.3% | 3.6% | 3.3% | 1.8% | 1.8% | 0.9% | 1.4% | 1.4% | 1.1% | 2.2% | 0.8% |
| Operating cash flow / net income | 1.53 | 0.99 | 1.60 | 0.77 | 1.02 | 0.97 | 2.78 | −0.84 | 0.60 | 1.14 | 3.62 | 1.81 |
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.
HBAN cash generation
In fiscal 2025 (ended December 31, 2025), Huntington Bancshares generated $2.5 billion of cash from operations (up 40.2%) and spent $267.0 million on capital expenditures, leaving free cash flow of $2.3 billion, 18.2% of revenue. It returned $1.0 billion to shareholders through dividends ($1.0 billion) and net share buybacks ($0). Cash and equivalents rose by $648.0 million over the year.
Related: HBAN income statement, HBAN balance sheet, HBAN dividend history. See the HBAN stock overview for the latest quote and news.
HBAN cash flow FAQ
What is Huntington Bancshares's free cash flow?
Huntington Bancshares's free cash flow was $2.3 billion in fiscal 2025: $2.5 billion of operating cash flow minus $267.0 million of capital expenditures It was $1.7 billion a year earlier..
How much cash does Huntington Bancshares generate from operations?
Huntington Bancshares generated $2.5 billion of cash from operating activities in fiscal 2025, 1.14 times its net income of $2.2 billion.
How much does Huntington Bancshares spend on capital expenditures?
Huntington Bancshares spent $267.0 million on capital expenditures in fiscal 2025, 2.1% of revenue, compared with $143.0 million the year before.
How much does Huntington Bancshares pay in dividends?
Huntington Bancshares paid $1.0 billion in dividends in fiscal 2025, 44.6% of free cash flow.