SUPER HI INTERNATIONAL HOLDING LTD. (HDL) Cash Flow Statement
Where HDL’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $114.6M −4.2% vs 2024
- Capital expenditures
- $53.3M 6.3% of revenue
- Free cash flow
- $61.4M 7.3% margin
- Returned to shareholders
- —
- Change in cash
- −$110.1M cash at year-end $144.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
HDL operating cash flow, capex and free cash flow
HDL cash flow trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $15.7M2019 | $114.6M2025 | +39.3%/yr | |
| Capital expenditures | $82.7M2019 | $53.3M2025 | −7.1%/yr | |
| Free cash flow | −$67.0M2019 | $61.4M2025 | — | |
| Free cash flow margin | −28.7%2019 | 7.3%2025 | +36.0 pts | |
| Operating cash flow / net income | 4.442023 | 2.322025 | −2.12 | |
| Dividends paid | $02021 | $02024 | — | |
| Capex / revenue | 35.5%2019 | 6.3%2025 | −29.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HDL cash flow by activity
HDL 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).
HDL cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | $49.5M | $33.2M | $25.7M | −$41.3M | −$150.8M | −$53.9M | −$33.1M |
| Depreciation & amortization | $82.7M | $81.0M | $78.6M | $73.0M | $70.3M | $50.8M | $32.5M |
| Change in working capital | $2.2M | −$4.5M | $3.7M | −$8.7M | −$7.3M | −$4.0M | $10.5M |
| Other non-cash items | −$19.7M | $10.0M | $6.2M | $45.3M | $92.3M | $9.9M | $5.8M |
| Cash from operating activities | $114.6M | $119.7M | $114.0M | $68.3M | $4.4M | $2.8M | $15.7M |
| Investing activities | |||||||
| Capital expenditures | −$53.3M | −$34.7M | −$33.0M | −$60.5M | −$67.4M | −$110.2M | −$82.7M |
| Investments (net) | −$125.7M | −$27.6M | −$11.8M | $888,000 | −$87.5M | −$91.8M | — |
| Acquisitions & other investing | $1.7M | $34.7M | $33.0M | $60.5M | $67.2M | $109.8M | −$63.3M |
| Cash from investing activities | −$177.3M | −$27.6M | −$11.8M | $888,000 | −$87.7M | −$92.3M | −$145.9M |
| Financing activities | |||||||
| Dividends paid | — | $0 | $0 | $0 | $0 | — | — |
| Net borrowing (repayment) | −$51.0M | −$43.5M | −$44.0M | −$50.4M | $130.9M | — | — |
| Shares issued | $0 | $56.1M | $0 | $23.1M | $0 | $0 | $0 |
| Other financing | $0 | $0 | $200,000 | −$38.6M | −$22.4M | $109.8M | $149.3M |
| Cash from financing activities | −$51.0M | $12.6M | −$43.8M | −$65.9M | $108.5M | $109.8M | $149.3M |
| Summary | |||||||
| Net change in cash | −$110.1M | $101.8M | $59.0M | $4.3M | $38.0M | $15.2M | $19.1M |
| Cash at end of period | $144.6M | $254.7M | $152.9M | $97.6M | $92.9M | $54.0M | $38.5M |
| Free cash flow | $61.4M | $85.0M | $81.1M | $3.4M | −$72.4M | −$114.6M | −$67.0M |
| Free cash flow margin | 7.3% | 10.9% | 11.8% | 0.6% | −23.2% | −51.8% | −28.7% |
| Capex / revenue | 6.3% | 4.5% | 4.8% | 10.8% | 21.6% | 49.8% | 35.5% |
| Operating cash flow / net income | 2.32 | 3.60 | 4.44 | — | — | — | — |
| 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 | −$1.9M | $4.1M | $4.5M | $3.6M | $16.6M | $11.9M | −$11.3M | $38.1M | −$125,678 | −$4.4M | $11.1M | $11.1M |
| Depreciation & amortization | $21.0M | $20.7M | $21.6M | $21.4M | $20.0M | $19.9M | — | $20.6M | $18.5M | $20.4M | $18.4M | $18.4M |
| Change in working capital | — | — | −$1.6M | — | — | −$144,000 | — | — | −$1.9M | — | −$2.2M | −$2.2M |
| Other non-cash items | $9.1M | −$512,000 | $9.8M | $9.1M | −$9.9M | −$12.0M | $42.3M | −$18.0M | $7.5M | $8.0M | −$2.1M | −$2.1M |
| Cash from operating activities | $28.2M | $24.2M | $34.2M | $34.1M | $26.6M | $19.7M | $31.0M | $40.7M | $23.9M | $24.0M | $25.2M | $25.2M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | −$31.6M | $0 | −$7.0M | −$19.7M | $0 | −$40.9M | −$16.6M | −$24.0M | −$7.7M | −$7.7M |
| Investments (net) | — | — | — | −$62.5M | $37.5M | −$55.6M | $23.3M | $41.3M | −$18.7M | −$73.5M | $57.3M | −$52.9M |
| Acquisitions & other investing | $30.4M | −$53.5M | −$65.1M | $0 | $7.0M | $19.7M | — | $40.9M | $16.6M | $24.1M | −$47.4M | $62.8M |
| Cash from investing activities | $30.4M | −$53.5M | −$96.7M | −$62.5M | $37.5M | −$55.6M | — | $41.3M | −$18.7M | −$73.4M | $2.2M | $2.2M |
| Financing activities | ||||||||||||
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$14.1M | −$10.1M | −$11.3M | −$13.2M | −$11.7M | −$14.8M | — | −$11.4M | $45.2M | −$12.5M | −$10.4M | −$10.4M |
| Cash from financing activities | −$14.1M | −$10.1M | −$11.3M | −$13.2M | −$11.7M | −$14.8M | — | −$11.4M | $45.2M | −$12.5M | −$10.4M | −$10.4M |
| Summary | ||||||||||||
| Net change in cash | $43.5M | −$40.4M | −$73.2M | −$40.7M | $53.5M | −$49.8M | $45.5M | $74.5M | $50.7M | −$62.9M | $17.0M | $17.0M |
| Cash at end of period | $147.7M | $104.2M | $144.6M | $217.8M | $258.5M | $204.9M | $254.7M | $215.2M | $143.7M | $93.0M | $17.0M | $17.0M |
| Free cash flow | $28.2M | $24.2M | $2.7M | $34.1M | $26.6M | $22,487 | $12.8M | $40.7M | $23.9M | $24.0M | $17.5M | $17.5M |
| Free cash flow margin | 12.9% | 10.7% | 1.2% | 16.0% | 13.4% | 0.0% | 6.1% | 20.5% | 13.1% | 12.7% | 9.2% | 10.1% |
| Capex / revenue | 0.0% | 0.0% | 13.7% | 0.0% | 3.5% | 9.9% | 0.0% | 20.6% | 9.1% | 12.7% | 4.0% | 4.4% |
| Operating cash flow / net income | — | 5.93 | 7.66 | 9.46 | 1.61 | 1.65 | — | 1.07 | — | — | 2.27 | 2.27 |
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.
HDL cash generation
In fiscal 2025 (ended December 31, 2025), SUPER HI INTERNATIONAL HOLDING LTD. generated $114.6 million of cash from operations (down 4.2%) and spent $53.3 million on capital expenditures, leaving free cash flow of $61.4 million, 7.3% of revenue. Cash and equivalents fell by $110.1 million over the year.
Related: HDL income statement, HDL balance sheet. See the HDL stock overview for the latest quote and news.
HDL cash flow FAQ
What is SUPER HI INTERNATIONAL HOLDING LTD.'s free cash flow?
SUPER HI INTERNATIONAL HOLDING LTD.'s free cash flow was $61.4 million in fiscal 2025: $114.6 million of operating cash flow minus $53.3 million of capital expenditures It was $85.0 million a year earlier..
How much cash does SUPER HI INTERNATIONAL HOLDING LTD. generate from operations?
SUPER HI INTERNATIONAL HOLDING LTD. generated $114.6 million of cash from operating activities in fiscal 2025, 2.32 times its net income of $49.5 million.
How much does SUPER HI INTERNATIONAL HOLDING LTD. spend on capital expenditures?
SUPER HI INTERNATIONAL HOLDING LTD. spent $53.3 million on capital expenditures in fiscal 2025, 6.3% of revenue, compared with $34.7 million the year before.