HEICO Corporation (HEI-A) Cash Flow Statement
Where HEI-A’s cash came from and went, FY2025
October 31, 2025 · U.S. dollars- Cash from operations
- $934.3M +39.0% vs FY2024
- Capital expenditures
- $72.9M 1.6% of revenue
- Free cash flow
- $861.4M 19.2% margin
- Returned to shareholders
- $54.4M 6% of free cash flow
- Change in cash
- $55.7M cash at year-end $217.8M
Drawn to scale: where the cash came from and how it was used. Hover for values.
HEI-A operating cash flow, capex and free cash flow
HEI-A cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $249.2MFY2016 | $934.3MFY2025 | +15.8%/yr | |
| Capital expenditures | $30.9MFY2016 | $72.9MFY2025 | +10.0%/yr | |
| Free cash flow | $218.3MFY2016 | $861.4MFY2025 | +16.5%/yr | |
| Free cash flow margin | 15.9%FY2016 | 19.2%FY2025 | +3.3 pts | |
| Operating cash flow / net income | 1.41FY2016 | 1.25FY2025 | −0.16 | |
| Stock-based compensation | $6.4MFY2016 | $34.4MFY2025 | +20.5%/yr | |
| Dividends paid | $10.7MFY2016 | $32.0MFY2025 | +12.9%/yr | |
| Share buybacks (net) | $4,000FY2016 | $22.4MFY2025 | +160.9%/yr | |
| Capex / revenue | 2.2%FY2016 | 1.6%FY2025 | −0.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HEI-A cash flow by activity
HEI-A 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).
HEI-A cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $745.6M | $559.1M | $444.4M | $390.6M | $329.8M | $335.9M | $359.7M | $285.7M | $207.7M | $176.2M |
| Depreciation & amortization | $196.1M | $175.3M | $130.0M | $96.3M | $93.0M | $88.6M | $83.5M | $77.2M | $64.8M | $60.3M |
| Stock-based compensation | $34.4M | $18.8M | $15.5M | $12.6M | $9.1M | $10.1M | $10.3M | $9.3M | $7.4M | $6.4M |
| Change in working capital | −$24.4M | −$121.4M | −$123.0M | −$51.3M | $6.3M | −$51.0M | −$19.3M | −$39.0M | $8.9M | $16.6M |
| Other non-cash items | −$17.4M | $40.6M | −$18.2M | $19.6M | $5.9M | $25.6M | $3.2M | −$4.7M | −$13.9M | −$10.3M |
| Cash from operating activities | $934.3M | $672.4M | $448.7M | $467.9M | $444.1M | $409.1M | $437.4M | $328.5M | $274.9M | $249.2M |
| Investing activities | ||||||||||
| Capital expenditures | −$72.9M | −$58.3M | −$49.4M | −$32.0M | −$36.2M | −$22.9M | −$28.9M | −$41.9M | −$26.0M | −$30.9M |
| Investments (net) | −$33.0M | −$293.2M | −$2.48B | −$395.8M | −$183.5M | −$199.0M | −$280.6M | −$113.5M | −$444.8M | −$297.6M |
| Acquisitions & other investing | −$625.8M | $58.3M | $49.4M | $32.0M | $36.2M | $22.9M | $28.9M | $41.9M | $26.0M | $30.9M |
| Cash from investing activities | −$731.7M | −$293.2M | −$2.48B | −$395.8M | −$183.5M | −$199.0M | −$280.6M | −$113.5M | −$444.8M | −$297.6M |
| Financing activities | ||||||||||
| Dividends paid | −$32.0M | −$29.1M | −$27.4M | −$24.5M | −$23.0M | −$21.6M | −$18.7M | −$15.4M | −$12.8M | −$10.7M |
| Share repurchases & issuance (net) | −$22.4M | −$29.9M | −$14.8M | −$6.4M | $3.5M | −$12.1M | −$64.0M | −$25.0M | −$203,000 | −$4,000 |
| Net borrowing (repayment) | −$55.0M | −$248.9M | $2.16B | $49.0M | −$505.0M | $177.0M | $30.0M | −$152.1M | $212.9M | $90.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$41.3M | −$81.5M | −$57.2M | −$52.0M | −$34.5M | −$5.6M | −$107.0M | −$15.1M | −$24.0M | −$22.5M |
| Cash from financing activities | −$150.7M | −$389.4M | $2.07B | −$33.8M | −$559.0M | $137.7M | −$159.7M | −$207.5M | $175.9M | $56.8M |
| Summary | ||||||||||
| Net change in cash | $55.7M | −$8.9M | $31.5M | $31.2M | −$298.6M | $349.9M | −$2.6M | $7.5M | $9.1M | $9.4M |
| Cash at end of period | $217.8M | $162.1M | $171.0M | $139.5M | $108.3M | $406.9M | $57.0M | $59.6M | $52.1M | $43.0M |
| Free cash flow | $861.4M | $614.1M | $399.3M | $435.9M | $407.9M | $386.2M | $408.4M | $286.6M | $248.9M | $218.3M |
| Free cash flow margin | 19.2% | 15.9% | 13.5% | 19.7% | 21.9% | 21.6% | 19.9% | 16.1% | 16.3% | 15.9% |
| Capex / revenue | 1.6% | 1.5% | 1.7% | 1.4% | 1.9% | 1.3% | 1.4% | 2.4% | 1.7% | 2.2% |
| Operating cash flow / net income | 1.25 | 1.20 | 1.01 | 1.20 | 1.35 | 1.22 | 1.22 | 1.15 | 1.32 | 1.41 |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $254.5M | $250.3M | $204.8M | $188.3M | $190.7M | $170.5M | $181.6M | $150.9M | $147.8M | $134.9M | $125.5M | $113.6M |
| Depreciation & amortization | $58.7M | $56.6M | $51.0M | $51.2M | $49.8M | $48.9M | $46.2M | $44.7M | $44.3M | $42.8M | $43.5M | $43.7M |
| Stock-based compensation | $11.9M | $11.2M | $11.3M | $16.0M | $7.7M | $6.0M | $4.7M | $4.7M | $4.6M | $4.6M | $4.9M | $5.1M |
| Change in working capital | $58.5M | −$37.4M | −$104.1M | $34.9M | $11.7M | −$30.5M | −$46.6M | −$7.9M | $17.5M | −$73.8M | −$57.1M | −$12.2M |
| Other non-cash items | −$38.3M | $11.2M | $15.6M | $4.9M | −$28.6M | $9.8M | $17.2M | $13.3M | −$250,000 | $32.6M | −$5.1M | −$1.7M |
| Cash from operating activities | $345.3M | $292.0M | $178.6M | $295.3M | $231.2M | $204.7M | $203.0M | $205.6M | $214.0M | $141.1M | $111.7M | $148.4M |
| Investing activities | ||||||||||||
| Capital expenditures | −$22.6M | −$18.1M | −$13.5M | −$26.8M | −$12.7M | −$16.0M | −$17.3M | −$16.1M | −$15.8M | −$12.9M | −$13.4M | −$15.3M |
| Investments (net) | −$2.6M | −$2.8M | −$14.0M | −$11.3M | −$357.9M | −$51.8M | −$288.0M | −$181.1M | −$26.9M | −$14.1M | −$71.1M | −$1.91B |
| Acquisitions & other investing | −$196.8M | −$379.1M | −$423.5M | $4.1M | $12.7M | $16.0M | $17.3M | $16.1M | $15.8M | $12.9M | $13.4M | $15.3M |
| Cash from investing activities | −$221.9M | −$399.9M | −$451.0M | −$34.0M | −$357.9M | −$51.8M | −$288.0M | −$181.1M | −$26.9M | −$14.1M | −$71.1M | −$1.91B |
| Financing activities | ||||||||||||
| Dividends paid | −$18.2M | $0 | −$16.7M | $0 | −$16.7M | $0 | −$15.3M | $0 | −$15.2M | $0 | −$13.8M | −$1.2M |
| Share repurchases & issuance (net) | −$111,000 | −$282,000 | −$4.5M | −$20.4M | −$564,000 | −$1.3M | −$95,000 | −$25.1M | −$2.5M | −$1.8M | −$601,000 | $14.8M |
| Net borrowing (repayment) | −$43.5M | $80.0M | $340.0M | −$275.0M | $170.0M | −$75.0M | $125.0M | −$30.0M | −$130.0M | — | — | $1.25B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$30.1M | −$21.5M | −$5.1M | −$10.5M | −$6.8M | −$5.1M | −$18.9M | −$10.3M | −$41.1M | −$116.7M | −$2.3M | −$22.7M |
| Cash from financing activities | −$91.9M | $58.2M | $313.6M | −$305.9M | $146.0M | −$81.4M | $90.7M | −$65.3M | −$188.9M | −$118.5M | −$16.7M | $1.24B |
| Summary | ||||||||||||
| Net change in cash | $30.6M | −$50.6M | $43.2M | −$44.1M | $19.6M | $76.8M | $3.4M | −$40.8M | −$1.2M | $7.8M | $25.3M | −$523.2M |
| Cash at end of period | $241.0M | $210.3M | $261.0M | $217.8M | $261.9M | $242.3M | $165.5M | $162.1M | $202.9M | $204.2M | $196.3M | $171.0M |
| Free cash flow | $322.8M | $273.9M | $165.1M | $268.5M | $218.5M | $188.7M | $185.7M | $189.5M | $198.1M | $128.2M | $98.3M | $133.1M |
| Free cash flow margin | 22.8% | 19.9% | 14.0% | 22.2% | 19.0% | 17.2% | 18.0% | 18.7% | 20.0% | 13.4% | 11.0% | 14.2% |
| Capex / revenue | 1.6% | 1.3% | 1.1% | 2.2% | 1.1% | 1.5% | 1.7% | 1.6% | 1.6% | 1.4% | 1.5% | 1.6% |
| Operating cash flow / net income | 1.36 | 1.17 | 0.87 | 1.57 | 1.21 | 1.20 | 1.12 | 1.36 | 1.45 | 1.05 | 0.89 | 1.31 |
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.
HEI-A cash generation
In fiscal 2025 (ended October 31, 2025), HEICO generated $934.3 million of cash from operations (up 39.0%) and spent $72.9 million on capital expenditures, leaving free cash flow of $861.4 million, 19.2% of revenue. It returned $54.4 million to shareholders through dividends ($32.0 million) and net share buybacks ($22.4 million). Cash and equivalents rose by $55.7 million over the year.
Related: HEI-A income statement, HEI-A balance sheet, HEI-A dividend history. See the HEI-A stock overview for the latest quote and news.
HEI-A cash flow FAQ
What is HEICO's free cash flow?
HEICO's free cash flow was $861.4 million in fiscal 2025: $934.3 million of operating cash flow minus $72.9 million of capital expenditures It was $614.1 million a year earlier..
How much cash does HEICO generate from operations?
HEICO generated $934.3 million of cash from operating activities in fiscal 2025, 1.25 times its net income of $745.6 million.
How much does HEICO spend on capital expenditures?
HEICO spent $72.9 million on capital expenditures in fiscal 2025, 1.6% of revenue, compared with $58.3 million the year before.
How much stock does HEICO buy back?
HEICO spent $22.4 million on net share repurchases in fiscal 2025.
How much does HEICO pay in dividends?
HEICO paid $32.0 million in dividends in fiscal 2025, 3.7% of free cash flow.