Hagerty (HGTY) Cash Flow: Operating & Free Cash Flow

Hagerty Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Hagerty, Inc. (HGTY) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019
Operating Activities
Net Income	49.02	78.30	28.18	2.40	-61.35	10.17	4.21
Depreciation & Amortization	37.52	38.91	45.81	33.89	22.14	11.80	8.95
Deferred Income Tax	0.00	2.93	2.92	2.97	3.04	0.00	5.92
Stock Based Compensation	0.00	17.36	18.02	12.13	0.00	0.00	0.00
Change in Working Capital	42.92	22.74	34.23	58.47	33.33	57.85	30.53
Change in Accounts Receivable	0.00	26.50	-69.88	-52.04	-39.12	-14.50	-27.24
Change in Inventory	0.00	0.00	0.00	0.00	0.00	0.00	49.00
Change in Accounts Payable	0.00	0.00	0.00	21.26	38.19	4.60	5.61
Change in Other Working Capital	42.92	-3.76	22.18	89.25	0.16	45.54	3.16
Other Operating Activities	89.52	16.79	7.47	-54.54	0.16	2.11	0.62
Net Cash from Operating Activities	218.99	177.02	133.71	55.33	42.28	84.57	50.09
Investing Activities
Capital Expenditures	-24.54	-21.34	-26.40	-44.38	-43.37	-38.26	-9.40
Acquisitions	-1.62	-25.12	-8.68	-30.65	-14.61	-8.88	-11.25
Purchases of Investments	-354.94	-680.31	-10.57	-4.23	-12.25	0.00	0.00
Sales/Maturities of Investments	229.90	113.22	7.47	1.22	1.18	0.00	0.00
Other Investing Activities	-34.00	-5.00	-14.46	-13.47	0.05	-0.26	-0.41
Net Cash from Investing Activities	-185.20	-618.56	-52.65	-91.52	-68.99	-47.39	-21.06
Financing Activities
Debt Repayment	138.62	-28.80	-139.85	-28.13	-42.50	43.90	-48.85
Common Stock Issued	0.00	0.00	80.69	0.00	0.00	0.00	89.09
Common Stock Repurchased	0.00	-5.60	0.00	0.00	0.00	0.00	0.00
Dividends Paid	-5.60	0.00	0.00	0.00	-4.06	-4.00	0.00
Other Financing Activities	-103.09	-12.52	2.31	0.05	270.59	0.05	-0.15
Net Cash from Financing Activities	29.93	-46.92	103.16	-28.08	332.07	39.95	40.09
Summary
Effect of Forex Changes on Cash	2.44	-2.97	0.87	-0.50	-0.46	221.95	0.22
Net Change in Cash	66.16	-491.43	185.09	-64.78	305.36	78.02	69.35
Cash at Beginning of Period	232.85	724.28	539.19	603.97	299.08	0.00	151.71
Cash at End of Period	299.00	232.85	724.28	539.19	603.97	299.08	221.06
Free Cash Flow	194.45	155.68	107.30	10.95	-1.09	46.31	40.69
Supplemental Disclosures
Interest Paid	-	8.61	6.13	4.87	2.50	1.51	-
Income Taxes Paid	-	17.87	10.50	5.25	2.16	3.87	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Hagerty Cash Flow

What is Hagerty's free cash flow?

Hagerty generated free cash flow of $194.45M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $218.99M minus $24.54M of capital expenditures. That was up 24.9% from $155.68M a year earlier. Free cash flow equaled 13.4% of revenue.

How much does Hagerty spend on capital expenditures?

Hagerty spent $24.54M on capital expenditures in fiscal 2025, compared with $21.34M a year earlier. That equals 11.2% of operating cash flow.

Does Hagerty pay dividends or buy back shares?

Yes. In fiscal 2025 Hagerty returned $5.60M in dividends to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition