Honda Motor Co., Ltd. (HMC) Cash Flow Statement
Where HMC’s cash came from and went, FY2026
March 31, 2026 · Japanese yen- Cash from operations
- ¥1.14T +288.6% vs FY2025
- Capital expenditures
- ¥897.54B 4.1% of revenue
- Free cash flow
- ¥237.72B 1.1% margin
- Returned to shareholders
- ¥954.66B 402% of free cash flow
- Change in cash
- ¥589.68B cash at year-end ¥5.12T
Cash from operations
¥1.14T
Capital expenditures
−¥897.54B
Investments (net)
+¥54.92B
Acquisitions & other
−¥9.54B
Dividends
−¥284.39B
Share buybacks (net)
−¥670.27B
Net borrowing (repayment)
+¥995.94B
Other financing
−¥78.20B
Currency & other
+¥343.50B
Change in cash
¥589.68B
Drawn to scale: where the cash came from and how it was used. Hover for values.
HMC operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
HMC cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | ¥885.07BFY2017 | ¥1.14TFY2026 | +2.8%/yr | |
| Capital expenditures | ¥637.45BFY2017 | ¥897.54BFY2026 | +3.9%/yr | |
| Free cash flow | ¥247.62BFY2017 | ¥237.72BFY2026 | −0.5%/yr | |
| Free cash flow margin | 1.8%FY2017 | 1.1%FY2026 | −0.7 pts | |
| Operating cash flow / net income | 0.88FY2017 | 0.22FY2025 | −0.66 | |
| Stock-based compensation | ¥125.0MFY2019 | ¥453.0MFY2024 | +29.4%/yr | |
| Dividends paid | ¥162.21BFY2017 | ¥284.39BFY2026 | +6.4%/yr | |
| Share buybacks (net) | ¥11.0MFY2017 | ¥670.27BFY2026 | +240.1%/yr | |
| Capex / revenue | 4.6%FY2017 | 4.1%FY2026 | −0.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HMC cash flow by activity
OperatingInvestingFinancingChange in cash
HMC 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).
HMC cash flow statement in Japanese yen
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −¥403.30B | ¥1.32T | ¥1.64T | ¥938.19B | ¥1.07T | ¥914.05B | ¥789.92B | ¥979.38B | ¥1.11T | ¥1.01T |
| Depreciation & amortization | ¥1.30T | ¥742.86B | ¥794.37B | ¥721.63B | ¥611.06B | ¥624.24B | ¥699.88B | ¥721.70B | ¥713.09B | ¥674.33B |
| Stock-based compensation | — | — | ¥453.0M | ¥286.0M | ¥159.0M | ¥129.0M | ¥140.0M | ¥125.0M | — | — |
| Change in working capital | ¥33.65B | −¥1.35T | −¥1.13T | ¥797.21B | ¥302.62B | −¥192.29B | −¥260.39B | −¥519.57B | −¥528.08B | −¥535.46B |
| Other non-cash items | ¥201.65B | −¥419.01B | −¥558.09B | −¥328.30B | −¥304.41B | −¥273.75B | −¥250.13B | −¥405.64B | −¥312.31B | −¥260.78B |
| Cash from operating activities | ¥1.14T | ¥292.15B | ¥747.28B | ¥2.13T | ¥1.68T | ¥1.07T | ¥979.41B | ¥775.99B | ¥987.67B | ¥885.07B |
| Investing activities | ||||||||||
| Capital expenditures | −¥897.54B | −¥847.43B | −¥608.66B | −¥632.49B | −¥449.23B | −¥551.14B | −¥601.26B | −¥607.81B | −¥572.49B | −¥637.45B |
| Investments (net) | ¥54.92B | −¥941.97B | −¥867.27B | −¥678.06B | −¥376.06B | −¥254.74B | −¥619.48B | −¥577.55B | −¥615.11B | −¥650.62B |
| Acquisitions & other investing | −¥9.54B | ¥847.43B | ¥608.66B | ¥632.49B | ¥449.23B | ¥9.00B | ¥601.26B | ¥607.81B | ¥572.49B | ¥637.45B |
| Cash from investing activities | −¥852.17B | −¥941.97B | −¥867.27B | −¥678.06B | −¥376.06B | −¥796.88B | −¥619.48B | −¥577.55B | −¥615.11B | −¥650.62B |
| Financing activities | ||||||||||
| Dividends paid | −¥284.39B | −¥347.81B | −¥241.87B | −¥213.47B | −¥188.40B | −¥145.09B | −¥196.79B | −¥194.27B | −¥174.22B | −¥162.21B |
| Share repurchases & issuance (net) | −¥670.27B | −¥722.04B | −¥250.01B | −¥156.62B | −¥62.18B | ¥154.0M | −¥96.11B | −¥64.56B | −¥87.08B | −¥11.0M |
| Net borrowing (repayment) | ¥995.94B | ¥1.41T | ¥1.49T | −¥1.05T | −¥311.32B | −¥96.73B | ¥264.02B | ¥348.62B | ¥135.30B | ¥358.08B |
| Shares issued | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 |
| Other financing | −¥78.20B | −¥63.14B | −¥83.47B | −¥51.38B | −¥53.81B | −¥42.31B | −¥58.52B | −¥66.87B | −¥48.33B | −¥80.44B |
| Cash from financing activities | −¥36.92B | ¥280.48B | ¥918.65B | −¥1.47T | −¥615.72B | −¥283.98B | −¥87.41B | ¥22.92B | −¥174.33B | ¥115.42B |
| Summary | ||||||||||
| Net change in cash | ¥589.68B | −¥425.77B | ¥1.15T | ¥128.08B | ¥916.91B | ¥85.67B | ¥178.23B | ¥237.63B | ¥150.51B | ¥348.52B |
| Cash at end of period | ¥5.12T | ¥4.53T | ¥4.95T | ¥3.80T | ¥3.67T | ¥2.76T | ¥2.67T | ¥2.49T | ¥2.26T | ¥2.11T |
| Free cash flow | ¥237.72B | −¥555.28B | ¥138.61B | ¥1.50T | ¥1.23T | ¥521.24B | ¥378.16B | ¥168.18B | ¥415.18B | ¥247.62B |
| Free cash flow margin | 1.1% | −2.6% | 0.7% | 8.9% | 8.5% | 4.0% | 2.5% | 1.1% | 2.7% | 1.8% |
| Capex / revenue | 4.1% | 3.9% | 3.0% | 3.7% | 3.1% | 4.2% | 4.0% | 3.8% | 3.7% | 4.6% |
| Operating cash flow / net income | — | 0.22 | 0.45 | 2.27 | 1.57 | 1.17 | 1.24 | 0.79 | 0.89 | 0.88 |
| 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 | ¥605.03B | −¥1.18T | ¥244.37B | ¥235.09B | ¥292.33B | ¥92.08B | ¥483.61B | ¥182.48B | ¥292.33B | ¥92.08B | ¥483.61B | ¥182.48B |
| Depreciation & amortization | ¥173.37B | ¥647.55B | ¥176.69B | ¥300.41B | ¥178.61B | ¥194.89B | ¥181.16B | ¥178.88B | ¥178.61B | ¥194.89B | ¥232.77B | ¥178.88B |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | ¥453.0M | ¥453.0M | — |
| Change in working capital | −¥439.63B | ¥732.90B | −¥89.39B | −¥97.74B | −¥512.12B | −¥22.75B | −¥473.42B | −¥130.93B | −¥512.12B | −¥22.75B | −¥473.42B | −¥130.93B |
| Other non-cash items | −¥46.25B | ¥252.16B | −¥19.79B | −¥157.55B | ¥126.84B | −¥125.40B | −¥106.72B | −¥80.48B | ¥126.84B | −¥125.85B | −¥158.78B | −¥80.48B |
| Cash from operating activities | ¥292.52B | ¥457.52B | ¥311.88B | ¥280.20B | ¥85.66B | ¥138.83B | ¥84.63B | ¥149.95B | ¥85.66B | ¥138.83B | ¥84.63B | ¥149.95B |
| Investing activities | ||||||||||||
| Capital expenditures | −¥637.75B | −¥318.71B | −¥214.21B | −¥164.24B | −¥200.39B | −¥289.14B | −¥193.67B | −¥157.21B | −¥200.39B | −¥289.14B | −¥193.67B | −¥157.21B |
| Investments (net) | ¥242.20B | −¥19.45B | ¥45.95B | −¥146.64B | −¥210.08B | −¥305.19B | −¥117.67B | −¥326.51B | −¥192.60B | −¥325.85B | −¥252.29B | −¥162.54B |
| Acquisitions & other investing | −¥3.50B | ¥21.67B | −¥10.70B | ¥164.24B | ¥200.39B | ¥289.14B | ¥193.67B | ¥157.21B | ¥182.91B | ¥309.80B | ¥328.30B | −¥6.76B |
| Cash from investing activities | −¥399.05B | −¥316.49B | −¥178.96B | −¥146.64B | −¥210.08B | −¥305.19B | −¥117.67B | −¥326.51B | −¥210.08B | −¥305.19B | −¥117.67B | −¥326.51B |
| Financing activities | ||||||||||||
| Dividends paid | −¥136.43B | −¥7.28B | −¥136.43B | −¥519.3M | −¥147.96B | −¥24.8M | −¥159.39B | −¥19.9M | −¥147.96B | −¥5.9M | −¥159.39B | −¥27.4M |
| Share repurchases & issuance (net) | — | −¥92.0M | ¥12.68B | −¥306.97B | −¥363.21B | −¥430.11B | −¥67.53B | −¥212.21B | −¥363.21B | −¥430.11B | −¥67.53B | −¥212.21B |
| Net borrowing (repayment) | ¥412.24B | ¥12.36B | ¥13.93B | ¥757.03B | ¥212.62B | ¥328.34B | ¥307.76B | ¥471.03B | — | — | — | ¥367.85B |
| Shares issued | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 |
| Other financing | −¥25.38B | −¥14.47B | −¥17.03B | −¥25.00B | −¥26.57B | −¥16.54B | ¥368.0M | −¥23.15B | ¥186.05B | ¥311.78B | ¥308.13B | ¥80.04B |
| Cash from financing activities | ¥250.44B | −¥9.48B | −¥126.85B | ¥424.54B | −¥325.12B | −¥118.34B | ¥81.22B | ¥235.65B | −¥325.12B | −¥118.34B | ¥81.22B | ¥235.65B |
| Summary | ||||||||||||
| Net change in cash | ¥229.61B | ¥226.48B | ¥214.10B | ¥664.14B | −¥515.04B | −¥432.23B | ¥338.74B | −¥354.97B | −¥515.04B | −¥432.23B | ¥338.74B | −¥354.97B |
| Cash at end of period | ¥5.35T | ¥5.12T | ¥4.89T | ¥4.68T | ¥4.01T | ¥4.53T | ¥4.96T | ¥4.62T | ¥4.01T | ¥4.53T | ¥4.96T | ¥4.62T |
| Free cash flow | −¥345.24B | ¥138.82B | ¥97.67B | ¥115.96B | −¥114.73B | −¥150.32B | −¥109.04B | −¥7.25B | −¥114.73B | −¥150.32B | −¥109.04B | −¥7.25B |
| Free cash flow margin | −5.7% | 2.4% | 1.8% | 2.2% | −2.1% | −2.8% | −2.0% | −0.1% | −2.1% | −2.8% | −2.0% | −0.1% |
| Capex / revenue | 10.5% | 5.5% | 4.0% | 3.1% | 3.8% | 5.4% | 3.5% | 2.9% | 3.7% | 5.3% | 3.6% | 3.2% |
| Operating cash flow / net income | 0.48 | — | 1.28 | 1.19 | 0.29 | 1.51 | 0.18 | 0.82 | 0.29 | 1.51 | 0.18 | 0.82 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Japanese yen as reported; data from EODHD.
HMC cash generation
In fiscal 2026 (ended March 31, 2026), Honda Motor generated ¥1.14 trillion of cash from operations (up 288.6%) and spent ¥897.5 billion on capital expenditures, leaving free cash flow of ¥237.7 billion, 1.1% of revenue. It returned ¥954.7 billion to shareholders through dividends (¥284.4 billion) and net share buybacks (¥670.3 billion). Cash and equivalents rose by ¥589.7 billion over the year.
Related: HMC income statement, HMC balance sheet, HMC dividend history. See the HMC stock overview for the latest quote and news.
HMC cash flow FAQ
What is Honda Motor's free cash flow?
Honda Motor's free cash flow was ¥237.7 billion in fiscal 2026: ¥1.14 trillion of operating cash flow minus ¥897.5 billion of capital expenditures It was -¥555.3 billion a year earlier..
How much cash does Honda Motor generate from operations?
Honda Motor generated ¥1.14 trillion of cash from operating activities in fiscal 2026.
How much does Honda Motor spend on capital expenditures?
Honda Motor spent ¥897.5 billion on capital expenditures in fiscal 2026, 4.1% of revenue, compared with ¥847.4 billion the year before.
How much stock does Honda Motor buy back?
Honda Motor spent ¥670.3 billion on net share repurchases in fiscal 2026.
How much does Honda Motor pay in dividends?
Honda Motor paid ¥284.4 billion in dividends in fiscal 2026, 119.6% of free cash flow.