Helen of Troy Limited (HELE) Cash Flow Statement
Where HELE’s cash came from and went, FY2026
February 28, 2026 · U.S. dollars- Cash from operations
- $171.1M +51.2% vs FY2025
- Capital expenditures
- $39.2M 2.2% of revenue
- Free cash flow
- $131.9M 7.4% margin
- Returned to shareholders
- $1.9M 1% of free cash flow
- Change in cash
- $19,000 cash at year-end $18.9M
Cash from operations
$171.1M
Capital expenditures
−$39.2M
Acquisitions & other
+$4.4M
Share buybacks (net)
−$1.9M
Net borrowing (repayment)
−$136.3M
Other financing
+$1.5M
Change in cash
$19,000
Drawn to scale: where the cash came from and how it was used. Hover for values.
HELE operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
HELE cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $228.5MFY2017 | $171.1MFY2026 | −3.2%/yr | |
| Capital expenditures | $20.6MFY2017 | $39.2MFY2026 | +7.4%/yr | |
| Free cash flow | $207.9MFY2017 | $131.9MFY2026 | −4.9%/yr | |
| Free cash flow margin | 14.9%FY2017 | 7.4%FY2026 | −7.5 pts | |
| Operating cash flow / net income | 1.62FY2017 | 0.91FY2025 | −0.71 | |
| Stock-based compensation | $15.5MFY2017 | $16.9MFY2026 | +1.0%/yr | |
| Dividends paid | $405.6MFY2017 | $5.2MFY2021 | −66.3%/yr | |
| Share buybacks (net) | $75.6MFY2017 | $1.9MFY2026 | −33.5%/yr | |
| Capex / revenue | 1.5%FY2017 | 2.2%FY2026 | +0.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HELE cash flow by activity
OperatingInvestingFinancingChange in cash
HELE 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).
HELE cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$899.0M | $123.8M | $168.6M | $143.3M | $223.8M | $253.9M | $152.3M | $174.2M | $128.9M | $140.7M |
| Depreciation & amortization | $53.3M | $55.0M | $51.5M | $44.7M | $35.8M | $37.7M | $37.4M | $29.9M | $33.7M | $36.2M |
| Stock-based compensation | $16.9M | $21.4M | $33.9M | $26.8M | $34.6M | $26.4M | $22.9M | $22.1M | $15.1M | $15.5M |
| Change in working capital | $64.1M | −$74.6M | $53.5M | −$15.6M | −$152.6M | −$18.2M | $19.3M | −$34.8M | $1.9M | $19.1M |
| Other non-cash items | $935.8M | −$12.3M | −$1.4M | $9.1M | −$749,000 | $14.3M | $39.3M | $3.9M | $44.6M | $17.0M |
| Cash from operating activities | $171.1M | $113.2M | $306.1M | $208.2M | $140.8M | $314.1M | $271.3M | $195.3M | $224.2M | $228.5M |
| Investing activities | ||||||||||
| Capital expenditures | −$39.2M | −$30.1M | −$36.6M | −$174.9M | −$78.0M | −$98.7M | −$17.8M | −$26.4M | −$13.6M | −$20.6M |
| Investments (net) | $404,000 | −$263.1M | $5.4M | −$319.3M | −$438.9M | −$98.7M | −$273.6M | −$25.2M | $35.6M | −$229.9M |
| Acquisitions & other investing | $4.4M | $30.1M | $36.6M | $174.9M | $78.0M | $98.7M | $17.8M | $26.4M | $13.6M | $20.6M |
| Cash from investing activities | −$34.4M | −$263.1M | $5.4M | −$319.3M | −$438.9M | −$98.7M | −$273.6M | −$25.2M | $35.6M | −$229.9M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | −$5.2M | — | — | −$463.1M | −$405.6M |
| Share repurchases & issuance (net) | −$1.9M | −$103.2M | −$55.2M | −$18.4M | −$188.2M | −$203.3M | −$10.2M | −$217.5M | −$73.1M | −$75.6M |
| Net borrowing (repayment) | −$136.3M | $249.9M | −$269.1M | $120.1M | $468.6M | $3.3M | $16.9M | $29.9M | −$197.0M | −$133.2M |
| Shares issued | $0 | $0 | $0 | $18.4M | $188.2M | $0 | $10.2M | $217.5M | $0 | $0 |
| Other financing | $1.5M | $3.5M | $2.2M | −$13.3M | −$182.2M | $10.4M | −$2.0M | −$208.8M | $470.9M | $413.1M |
| Cash from financing activities | −$136.7M | $150.2M | −$322.1M | $106.8M | $286.4M | −$194.8M | $14.9M | −$178.9M | −$262.2M | −$201.4M |
| Summary | ||||||||||
| Net change in cash | $19,000 | $366,000 | −$10.6M | −$4.3M | −$11.7M | $20.7M | $12.6M | −$8.9M | −$2.3M | −$202.7M |
| Cash at end of period | $18.9M | $18.9M | $18.5M | $29.1M | $33.4M | $45.1M | $24.5M | $11.9M | $20.7M | $23.1M |
| Free cash flow | $131.9M | $83.1M | $269.4M | $33.4M | $62.8M | $215.4M | $253.5M | $168.9M | $210.6M | $207.9M |
| Free cash flow margin | 7.4% | 4.4% | 13.4% | 1.6% | 2.8% | 10.3% | 14.8% | 10.8% | 14.2% | 14.9% |
| Capex / revenue | 2.2% | 1.6% | 1.8% | 8.4% | 3.5% | 4.7% | 1.0% | 1.7% | 0.9% | 1.5% |
| Operating cash flow / net income | — | 0.91 | 1.82 | 1.45 | 0.63 | 1.24 | 1.78 | 1.12 | 1.74 | 1.62 |
| Aug '26 | May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$35.8M | $35.8M | −$55.6M | −$84.1M | −$308.6M | −$450.7M | $50.9M | $49.6M | $17.0M | $6.2M | $42.7M | $75.9M |
| Depreciation & amortization | $13.0M | $13.4M | $13.5M | $12.8M | $12.9M | $14.1M | $14.2M | $13.2M | $13.8M | $13.8M | $14.5M | $12.4M |
| Stock-based compensation | −$6.4M | $6.4M | −$14.7M | $5.0M | $9.4M | $296,000 | $5.3M | $4.7M | $5.5M | $5.8M | $8.8M | $8.6M |
| Change in working capital | $10.7M | −$10.7M | $76.1M | −$62.2M | −$46.9M | $97.1M | −$5.7M | −$61.0M | $6.4M | −$14.3M | $1.9M | −$149,000 |
| Other non-cash items | $75.6M | −$45.5M | $92.0M | $140.4M | $322.8M | $397.5M | −$29.7M | $1.8M | $1.9M | $13.7M | $5.8M | −$22.0M |
| Cash from operating activities | $57.1M | −$636,000 | $111.3M | $11.9M | −$10.5M | $58.3M | $35.0M | $8.3M | $44.6M | $25.3M | $73.6M | $74.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$5.8M | −$5.8M | −$33.1M | −$6.2M | −$13.4M | −$13.4M | −$7.9M | −$8.1M | −$4.9M | −$9.1M | −$7.0M | −$9.1M |
| Investments (net) | — | −$67,000 | $580,000 | −$64,000 | −$11.5M | −$9.5M | −$239.5M | −$9.5M | −$4.9M | −$9.2M | −$8.6M | $34.3M |
| Acquisitions & other investing | −$6.4M | $78.4M | $25.1M | $163,000 | $13.4M | $13.4M | $7.9M | $8.1M | $4.9M | $9.1M | $7.0M | $9.1M |
| Cash from investing activities | −$12.2M | $72.5M | −$7.4M | −$6.1M | −$11.5M | −$9.5M | −$239.5M | −$9.5M | −$4.9M | −$9.2M | −$8.6M | $34.3M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | $0 | — | — | — | $0 | — | — | — | −$1.9M |
| Share repurchases & issuance (net) | −$47,000 | −$1.2M | −$209,000 | −$224,000 | −$151,000 | −$1.3M | −$14,000 | −$30,000 | −$109,000 | −$103.0M | −$381,000 | −$306,000 |
| Net borrowing (repayment) | — | −$65.1M | −$112.0M | −$1.1M | $21.8M | −$45.0M | $182.6M | $20.3M | −$35.5M | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$43.9M | −$2.8M | $1,000 | $209,000 | $0 | $1.3M | −$23,000 | $1.5M | −$96,000 | $84.5M | −$71.4M | −$105.9M |
| Cash from financing activities | −$44.0M | −$69.1M | −$112.2M | −$1.1M | $21.7M | −$45.1M | $182.6M | $21.8M | −$35.7M | −$18.5M | −$71.8M | −$108.0M |
| Summary | ||||||||||||
| Net change in cash | $901,000 | $2.8M | −$8.3M | $4.8M | −$299,000 | $3.8M | −$21.9M | $20.7M | $4.0M | −$2.4M | −$6.7M | $1.0M |
| Cash at end of period | $22.6M | $21.7M | $18.9M | $27.1M | $22.4M | $22.7M | $18.9M | $40.8M | $20.1M | $16.1M | $18.5M | $25.2M |
| Free cash flow | $62.9M | −$6.4M | $78.3M | $5.8M | $2.9M | $45.0M | $27.1M | $191,000 | $39.7M | $16.2M | $66.6M | $65.6M |
| Free cash flow margin | 14.3% | −1.6% | 16.7% | 1.1% | 0.7% | 12.1% | 5.6% | 0.0% | 8.4% | 3.9% | 13.6% | 11.9% |
| Capex / revenue | 1.3% | 1.4% | 7.0% | 1.2% | 3.1% | 3.6% | 1.6% | 1.5% | 1.0% | 2.2% | 1.4% | 1.7% |
| Operating cash flow / net income | — | −0.02 | — | — | — | — | 0.69 | 0.17 | 2.62 | 4.08 | 1.72 | 0.98 |
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.
HELE cash generation
In fiscal 2026 (ended February 28, 2026), Helen of Troy generated $171.1 million of cash from operations (up 51.2%) and spent $39.2 million on capital expenditures, leaving free cash flow of $131.9 million, 7.4% of revenue. It returned $1.9 million to shareholders through dividends ($0) and net share buybacks ($1.9 million). Cash and equivalents rose by $0.0 million over the year.
Related: HELE income statement, HELE balance sheet. See the HELE stock overview for the latest quote and news.
HELE cash flow FAQ
What is Helen of Troy's free cash flow?
Helen of Troy's free cash flow was $131.9 million in fiscal 2026: $171.1 million of operating cash flow minus $39.2 million of capital expenditures It was $83.1 million a year earlier..
How much cash does Helen of Troy generate from operations?
Helen of Troy generated $171.1 million of cash from operating activities in fiscal 2026.
How much does Helen of Troy spend on capital expenditures?
Helen of Troy spent $39.2 million on capital expenditures in fiscal 2026, 2.2% of revenue, compared with $30.1 million the year before.
How much stock does Helen of Troy buy back?
Helen of Troy spent $1.9 million on net share repurchases in fiscal 2026.