H2O America (HTO) Cash Flow Statement
Where HTO’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $244.8M +25.2% vs 2024
- Capital expenditures
- $522.9M 65.3% of revenue
- Free cash flow
- −$278.1M −34.7% margin
- Returned to shareholders
- $58.6M
- Change in cash
- $9.6M cash at year-end $20.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
HTO operating cash flow, capex and free cash flow
HTO cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $114.6M2016 | $244.8M2025 | +8.8%/yr | |
| Capital expenditures | $145.6M2016 | $522.9M2025 | +15.3%/yr | |
| Free cash flow | −$31.0M2016 | −$278.1M2025 | — | |
| Free cash flow margin | −9.1%2016 | −34.7%2025 | −25.6 pts | |
| Operating cash flow / net income | 2.172016 | 2.392025 | +0.22 | |
| Stock-based compensation | $1.7M2016 | $6.4M2025 | +16.0%/yr | |
| Dividends paid | $16.6M2016 | $58.6M2025 | +15.1%/yr | |
| Capex / revenue | 42.9%2016 | 65.3%2025 | +22.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HTO cash flow by activity
HTO 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).
HTO cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $102.6M | $94.0M | $85.0M | $73.8M | $60.5M | $61.5M | $23.6M | $38.8M | $61.1M | $52.8M |
| Depreciation & amortization | $120.5M | $115.0M | $108.1M | $106.4M | $96.5M | $91.6M | $68.5M | $56.9M | $50.5M | $46.3M |
| Stock-based compensation | $6.4M | $5.6M | $4.6M | $4.8M | $4.2M | $3.6M | $3.4M | $2.1M | $2.6M | $1.7M |
| Change in working capital | $16.3M | −$3.8M | $3.7M | −$7.9M | −$17.2M | −$39.9M | $36.6M | $2.6M | $6.7M | $22.6M |
| Other non-cash items | −$1.1M | −$15.3M | −$10.6M | −$11.0M | −$14.0M | −$12.7M | −$2.2M | −$9.1M | −$19.8M | −$8.8M |
| Cash from operating activities | $244.8M | $195.5M | $190.8M | $166.2M | $130.0M | $104.1M | $130.0M | $91.3M | $101.1M | $114.6M |
| Investing activities | ||||||||||
| Capital expenditures | −$522.9M | −$380.6M | −$290.7M | −$244.2M | −$253.8M | −$215.0M | −$182.9M | −$148.3M | −$152.4M | −$145.6M |
| Investments (net) | — | −$340.1M | −$322.3M | −$244.3M | −$260.0M | — | — | — | — | — |
| Acquisitions & other investing | $2.8M | $380.6M | $290.7M | $244.2M | $253.8M | $716,000 | −$834.9M | $1.5M | $38.5M | $23.5M |
| Cash from investing activities | −$520.1M | −$340.1M | −$322.3M | −$244.3M | −$260.0M | −$214.3M | −$1.02B | −$146.8M | −$113.9M | −$122.1M |
| Financing activities | ||||||||||
| Dividends paid | −$58.6M | −$52.1M | −$47.9M | −$43.6M | −$40.1M | −$36.5M | −$34.1M | −$23.1M | −$21.3M | −$16.6M |
| Share repurchases & issuance (net) | — | — | — | — | — | — | −$10,000 | — | — | — |
| Net borrowing (repayment) | $149.0M | $83.1M | $77.6M | $62.4M | $58.8M | — | — | — | — | — |
| Shares issued | $122.8M | $85.0M | $80.7M | $39.1M | $91.0M | $0 | $0 | $0 | $0 | $0 |
| Other financing | $71.7M | $30.0M | $18.5M | $20.4M | $23.1M | $138.0M | $519.1M | $491.5M | $16.5M | $44.2M |
| Cash from financing activities | $284.9M | $146.0M | $128.8M | $78.4M | $132.8M | $101.5M | $485.0M | $468.4M | −$4.8M | $27.7M |
| Summary | ||||||||||
| Net change in cash | $9.6M | $1.4M | −$2.6M | $225,000 | $2.9M | −$8.7M | −$407.8M | $412.9M | −$17.6M | $20.1M |
| Cash at end of period | $20.7M | $11.1M | $9.7M | $12.3M | $12.1M | $9.3M | $12.9M | $420.7M | $7.8M | $25.4M |
| Free cash flow | −$278.1M | −$185.1M | −$99.9M | −$78.0M | −$123.8M | −$110.9M | −$52.9M | −$57.0M | −$51.3M | −$31.0M |
| Free cash flow margin | −34.7% | −24.7% | −14.9% | −12.6% | −21.6% | −19.6% | −12.6% | −14.3% | −13.2% | −9.1% |
| Capex / revenue | 65.3% | 50.9% | 43.4% | 39.3% | 44.2% | 38.1% | 43.5% | 37.3% | 39.2% | 42.9% |
| Operating cash flow / net income | 2.39 | 2.08 | 2.25 | 2.25 | 2.15 | 1.69 | 5.50 | 2.36 | 1.65 | 2.17 |
| 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 | $26.6M | $19.0M | $16.2M | $45.1M | $24.7M | $16.6M | $22.9M | $38.7M | $20.7M | $11.7M | $18.9M | $36.2M |
| Depreciation & amortization | $33.6M | $33.8M | $30.9M | $30.0M | $30.0M | $29.6M | $29.2M | $28.0M | $28.9M | $28.9M | $27.6M | $27.0M |
| Stock-based compensation | $1.7M | $1.2M | $1.8M | $2.0M | $1.5M | $1.2M | $1.2M | $1.6M | $1.3M | $1.5M | $1.1M | $1.2M |
| Change in working capital | −$5.0M | −$11.8M | $39.3M | −$15.6M | −$911,000 | −$6.4M | $28.8M | −$39.9M | −$1.6M | $8.9M | $5.9M | −$6.3M |
| Other non-cash items | $3.8M | $1.5M | −$24.6M | $15.7M | $5.6M | $2.2M | −$40.7M | $25.3M | $12,000 | $121,000 | −$22.0M | $3.8M |
| Cash from operating activities | $60.7M | $43.7M | $63.5M | $77.3M | $60.8M | $43.2M | $41.5M | $53.5M | $49.3M | $51.2M | $31.5M | $61.9M |
| Investing activities | ||||||||||||
| Capital expenditures | −$123.3M | −$92.9M | −$302.6M | −$154.5M | −$133.1M | −$84.8M | −$107.3M | −$101.7M | −$97.3M | −$74.3M | −$80.3M | −$84.9M |
| Investments (net) | — | — | — | — | −$133.1M | −$84.8M | −$107.4M | −$101.7M | −$56.7M | −$74.3M | — | — |
| Acquisitions & other investing | $0 | $0 | $152.1M | $2.8M | $133.1M | $84.8M | $107.3M | $101.7M | $97.3M | $74.3M | −$256,000 | −$31.4M |
| Cash from investing activities | −$123.3M | −$92.9M | −$150.6M | −$151.7M | −$133.1M | −$84.8M | −$107.4M | −$101.7M | −$56.7M | −$74.3M | −$80.5M | −$116.4M |
| Financing activities | ||||||||||||
| Dividends paid | −$18.4M | −$15.9M | −$15.0M | −$14.9M | −$14.6M | −$14.1M | −$13.3M | −$13.1M | −$12.9M | −$12.8M | −$12.1M | −$12.1M |
| Net borrowing (repayment) | $17.5M | −$102.9M | $80.1M | — | $7.6M | $32.4M | $55.0M | −$497,000 | $6.2M | — | — | — |
| Shares issued | $0 | $288.6M | $14.7M | $0 | $57.2M | $26.5M | $21.7M | $31.0M | $25.3M | $7.0M | $0 | $0 |
| Other financing | $14.5M | $11.7M | $16.7M | $80.7M | $18.3M | $9.4M | $9.7M | $11.9M | $7.0M | $23.7M | $49.8M | $62.1M |
| Cash from financing activities | $13.6M | $181.5M | $96.4M | $65.9M | $68.4M | $54.2M | $73.1M | $29.3M | $25.7M | $17.9M | $37.7M | $50.0M |
| Summary | ||||||||||||
| Net change in cash | −$48.9M | $132.3M | $9.4M | −$8.5M | −$3.8M | $12.6M | $7.1M | −$18.8M | $18.3M | −$5.2M | −$11.3M | −$4.4M |
| Cash at end of period | $104.1M | $153.0M | $20.7M | $11.3M | $19.8M | $23.7M | $11.1M | $4.0M | $22.8M | $4.5M | $9.7M | $21.1M |
| Free cash flow | −$62.5M | −$49.2M | −$239.1M | −$77.2M | −$72.3M | −$41.6M | −$65.9M | −$48.2M | −$48.0M | −$23.0M | −$48.7M | −$23.0M |
| Free cash flow margin | −29.7% | −26.9% | −123.1% | −32.1% | −36.5% | −24.8% | −33.3% | −21.4% | −27.3% | −15.4% | −28.5% | −11.2% |
| Capex / revenue | 58.6% | 50.7% | 155.8% | 64.2% | 67.1% | 50.6% | 54.3% | 45.2% | 55.2% | 49.7% | 46.9% | 41.5% |
| Operating cash flow / net income | 2.28 | 2.30 | 3.92 | 1.71 | 2.47 | 2.61 | 1.81 | 1.39 | 2.38 | 4.38 | 1.66 | 1.71 |
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.
HTO cash generation
In fiscal 2025 (ended December 31, 2025), H2O America generated $244.8 million of cash from operations (up 25.2%) and spent $522.9 million on capital expenditures, leaving free cash flow of -$278.1 million, −34.7% of revenue. It returned $58.6 million to shareholders through dividends ($58.6 million) and net share buybacks ($0). Cash and equivalents rose by $9.6 million over the year.
Related: HTO income statement, HTO balance sheet, HTO dividend history. See the HTO stock overview for the latest quote and news.
HTO cash flow FAQ
What is H2O America's free cash flow?
H2O America's free cash flow was -$278.1 million in fiscal 2025: $244.8 million of operating cash flow minus $522.9 million of capital expenditures It was -$185.1 million a year earlier..
How much cash does H2O America generate from operations?
H2O America generated $244.8 million of cash from operating activities in fiscal 2025, 2.39 times its net income of $102.6 million.
How much does H2O America spend on capital expenditures?
H2O America spent $522.9 million on capital expenditures in fiscal 2025, 65.3% of revenue, compared with $380.6 million the year before.
How much does H2O America pay in dividends?
H2O America paid $58.6 million in dividends in fiscal 2025.