Herc Holdings Inc. (HRI) Cash Flow Statement
Where HRI’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.12B −8.7% vs 2024
- Capital expenditures
- $1.25B 28.7% of revenue
- Free cash flow
- −$135.0M −3.1% margin
- Returned to shareholders
- $95.0M
- Change in cash
- $104.0M cash at year-end $187.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
HRI operating cash flow, capex and free cash flow
HRI cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $449.7M2016 | $1.12B2025 | +10.7%/yr | |
| Capital expenditures | $516.1M2016 | $1.25B2025 | +10.4%/yr | |
| Free cash flow | −$66.4M2016 | −$135.0M2025 | — | |
| Free cash flow margin | −4.3%2016 | −3.1%2025 | +1.2 pts | |
| Operating cash flow / net income | 2.132017 | 1,119.002025 | +1116.87 | |
| Stock-based compensation | $5.5M2016 | $34.0M2025 | +22.4%/yr | |
| Dividends paid | $2.07B2016 | $87.0M2025 | −29.7%/yr | |
| Share buybacks (net) | $42.0M2016 | $8.0M2025 | −16.8%/yr | |
| Capex / revenue | 33.2%2016 | 28.7%2025 | −4.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HRI cash flow by activity
HRI 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).
HRI cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.0M | $211.0M | $347.0M | $329.9M | $224.1M | $73.7M | $47.5M | $69.1M | $160.3M | −$19.7M |
| Depreciation & amortization | $1.08B | $806.0M | $755.0M | $630.8M | $488.7M | $466.4M | $470.1M | $444.8M | $430.4M | $395.3M |
| Stock-based compensation | $34.0M | $17.0M | $18.0M | $27.1M | $23.3M | $16.4M | $19.5M | $13.4M | $10.1M | $5.5M |
| Change in working capital | −$97.0M | −$62.0M | −$99.0M | −$179.9M | −$62.9M | −$17.5M | −$28.4M | −$12.2M | −$124.3M | −$37.8M |
| Other non-cash items | $101.0M | $253.0M | $65.0M | $108.8M | $70.8M | $71.9M | $126.9M | $44.0M | −$134.8M | $106.4M |
| Cash from operating activities | $1.12B | $1.23B | $1.09B | $916.7M | $744.0M | $610.9M | $635.6M | $559.1M | $341.7M | $449.7M |
| Investing activities | ||||||||||
| Capital expenditures | −$1.25B | −$1.21B | −$1.48B | −$1.27B | −$641.8M | −$385.5M | −$695.3M | −$849.0M | −$576.0M | −$516.1M |
| Investments (net) | — | −$1.51B | −$1.69B | −$1.68B | −$961.3M | −$207.5M | −$463.6M | −$567.0M | −$403.0M | −$398.4M |
| Acquisitions & other investing | −$3.57B | $1.21B | $1.58B | $1.27B | $641.8M | $385.5M | $695.3M | $849.0M | $576.0M | $516.1M |
| Cash from investing activities | −$4.83B | −$1.51B | −$1.58B | −$1.68B | −$961.3M | −$207.5M | −$463.6M | −$567.0M | −$403.0M | −$398.4M |
| Financing activities | ||||||||||
| Dividends paid | −$87.0M | −$77.0M | −$73.0M | −$68.1M | −$14.8M | −$4.9M | −$500,000 | −$14.8M | $0 | −$2.07B |
| Share repurchases & issuance (net) | −$8.0M | −$12.0M | −$120.0M | −$115.2M | $4.8M | −$3.0M | −$3.7M | −$1.1M | −$100,000 | −$42.0M |
| Net borrowing (repayment) | $3.93B | $390.0M | $724.0M | $994.0M | $251.5M | −$397.0M | −$166.6M | −$5.6M | $203.3M | $2.09B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.0M | $0 | $0 |
| Other financing | −$28.0M | −$2.0M | −$19.0M | −$26.6M | −$21.9M | −$1.1M | $3.7M | $15.3M | −$125.7M | −$32.2M |
| Cash from financing activities | $3.81B | $299.0M | $512.0M | $784.1M | $219.6M | −$406.0M | −$167.1M | −$4.2M | $77.5M | −$55.0M |
| Summary | ||||||||||
| Net change in cash | $104.0M | $12.0M | $17.0M | $18.4M | $2.1M | −$2.6M | $5.2M | −$13.7M | $17.5M | −$4.1M |
| Cash at end of period | $187.0M | $83.0M | $71.0M | $53.5M | $35.1M | $33.0M | $33.0M | $27.8M | $41.5M | $11.6M |
| Free cash flow | −$135.0M | $16.0M | −$390.0M | −$355.5M | $102.2M | $225.4M | −$59.7M | −$289.9M | −$234.3M | −$66.4M |
| Free cash flow margin | −3.1% | 0.4% | −11.9% | −13.0% | 4.9% | 12.7% | −3.0% | −14.7% | −13.4% | −4.3% |
| Capex / revenue | 28.7% | 33.9% | 45.0% | 46.4% | 31.0% | 21.6% | 34.8% | 43.0% | 32.8% | 33.2% |
| Operating cash flow / net income | 1,119.00 | 5.81 | 3.13 | 2.78 | 3.32 | 8.29 | 13.38 | 8.09 | 2.13 | — |
| 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 | $30.0M | −$24.0M | $24.0M | $30.0M | −$35.0M | −$18.0M | −$46.0M | $122.0M | $70.0M | $65.0M | $91.0M | $113.0M |
| Depreciation & amortization | $317.0M | $318.0M | $319.0M | $316.0M | $240.0M | $205.0M | $215.0M | $207.0M | $195.0M | $189.0M | $192.0M | $196.0M |
| Stock-based compensation | −$6.0M | $6.0M | $6.0M | $16.0M | $6.0M | $6.0M | $1.0M | $7.0M | $4.0M | $5.0M | $3.0M | $6.0M |
| Change in working capital | $142.0M | −$3.0M | −$42.0M | −$82.0M | $6.0M | $21.0M | −$32.0M | −$47.0M | $38.0M | −$21.0M | −$44.0M | −$49.0M |
| Other non-cash items | −$621.0M | −$20.0M | $42.0M | $78.0M | $24.0M | −$43.0M | $193.0M | $47.0M | $11.0M | $2.0M | $48.0M | $14.0M |
| Cash from operating activities | −$138.0M | $277.0M | $349.0M | $358.0M | $241.0M | $171.0M | $331.0M | $336.0M | $318.0M | $240.0M | $290.0M | $280.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$41.0M | −$41.0M | −$296.0M | −$457.0M | −$281.0M | −$220.0M | −$329.0M | −$341.0M | −$328.0M | −$211.0M | −$257.0M | −$439.0M |
| Investments (net) | — | — | — | −$234.0M | −$4.43B | −$133.0M | −$268.0M | −$543.0M | −$404.0M | −$296.0M | −$257.0M | −$394.0M |
| Acquisitions & other investing | $224.0M | −$142.0M | $265.0M | $457.0M | $281.0M | $220.0M | $329.0M | $341.0M | $328.0M | $211.0M | $257.0M | −$491.0M |
| Cash from investing activities | $183.0M | −$183.0M | −$31.0M | −$234.0M | −$4.43B | −$133.0M | −$268.0M | −$543.0M | −$404.0M | −$296.0M | −$257.0M | −$1.32B |
| Financing activities | ||||||||||||
| Dividends paid | −$23.0M | −$24.0M | −$23.0M | −$23.0M | −$20.0M | −$21.0M | −$19.0M | −$19.0M | −$19.0M | −$20.0M | −$17.0M | −$18.0M |
| Share repurchases & issuance (net) | $7.0M | −$7.0M | −$8.0M | −$1.0M | $2.0M | −$7.0M | $7.0M | $12.0M | $0 | −$12.0M | −$13.0M | −$101.0M |
| Net borrowing (repayment) | −$86.0M | −$74.0M | −$148.0M | −$93.0M | $4.22B | −$46.0M | −$104.0M | $297.0M | — | — | — | $164.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$1.0M | $2.0M | −$14.0M | $1.0M | −$10.0M | $1.0M | −$5.0M | −$11.0M | $112.0M | $80.0M | −$3.0M | $103.0M |
| Cash from financing activities | −$103.0M | −$103.0M | −$193.0M | −$116.0M | $4.19B | −$73.0M | −$121.0M | $279.0M | $93.0M | $48.0M | −$33.0M | $148.0M |
| Summary | ||||||||||||
| Net change in cash | −$58.0M | −$9.0M | $126.0M | $8.0M | $5.0M | −$35.0M | −$59.0M | $72.0M | $7.0M | −$8.0M | $166.0M | $34.0M |
| Cash at end of period | −$15.0M | $43.0M | $187.0M | $61.0M | $53.0M | $48.0M | $83.0M | $142.0M | $70.0M | $63.0M | $71.0M | $71.0M |
| Free cash flow | −$97.0M | $236.0M | $53.0M | −$99.0M | −$40.0M | −$49.0M | $2.0M | −$5.0M | −$10.0M | $29.0M | $33.0M | −$159.0M |
| Free cash flow margin | −8.1% | 20.7% | 4.4% | −7.6% | −4.0% | −5.7% | 0.2% | −0.5% | −1.2% | 3.6% | 4.0% | −17.5% |
| Capex / revenue | 3.4% | 3.6% | 24.5% | 35.0% | 28.0% | 25.6% | 34.6% | 35.3% | 38.7% | 26.2% | 30.9% | 48.3% |
| Operating cash flow / net income | −4.60 | — | 14.54 | 11.93 | — | — | — | 2.75 | 4.54 | 3.69 | 3.19 | 2.48 |
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.
HRI cash generation
In fiscal 2025 (ended December 31, 2025), Herc generated $1.1 billion of cash from operations (down 8.7%) and spent $1.3 billion on capital expenditures, leaving free cash flow of -$135.0 million, −3.1% of revenue. It returned $95.0 million to shareholders through dividends ($87.0 million) and net share buybacks ($8.0 million). Cash and equivalents rose by $104.0 million over the year.
Related: HRI income statement, HRI balance sheet, HRI dividend history. See the HRI stock overview for the latest quote and news.
HRI cash flow FAQ
What is Herc's free cash flow?
Herc's free cash flow was -$135.0 million in fiscal 2025: $1.1 billion of operating cash flow minus $1.3 billion of capital expenditures It was $16.0 million a year earlier..
How much cash does Herc generate from operations?
Herc generated $1.1 billion of cash from operating activities in fiscal 2025, 1,119.00 times its net income of $1.0 million.
How much does Herc spend on capital expenditures?
Herc spent $1.3 billion on capital expenditures in fiscal 2025, 28.7% of revenue, compared with $1.2 billion the year before.
How much stock does Herc buy back?
Herc spent $8.0 million on net share repurchases in fiscal 2025.
How much does Herc pay in dividends?
Herc paid $87.0 million in dividends in fiscal 2025.