Harmonic (HLIT) Cash Flow: Operating & Free Cash Flow

Harmonic 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 Harmonic Inc. (HLIT) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	-43.31	39.22	83.99	28.18	13.25	-29.27	-5.92	-21.04	-82.96
Depreciation & Amortization	11.08	12.14	12.26	12.26	13.05	15.71	19.61	21.34	22.92
Deferred Income Tax	8.48	-16.44	-92.86	5.04	-6.20	-0.11	-2.08	0.66	2.19
Stock Based Compensation	31.88	28.07	27.33	25.21	24.06	18.04	12.07	17.29	16.61
Change in Working Capital	36.43	-24.97	-37.21	-69.53	-13.86	14.31	-22.45	-17.37	22.49
Change in Accounts Receivable	53.91	-38.24	-35.47	-23.14	-26.72	21.19	-8.39	-14.70	12.60
Change in Inventory	-7.10	8.37	35.40	-54.43	-39.34	-8.20	-4.82	-2.05	11.69
Change in Accounts Payable	-5.97	-3.11	-29.36	5.84	42.30	-18.17	5.09	1.02	3.43
Change in Other Working Capital	-14.63	8.01	-7.78	2.35	-5.11	19.50	-14.33	-1.64	-5.23
Other Operating Activities	71.88	23.89	13.55	4.31	4.51	20.48	30.07	11.40	21.81
Net Cash from Operating Activities	107.97	61.92	7.06	5.48	41.02	39.16	31.30	12.28	3.06
Investing Activities
Capital Expenditures	-11.08	-9.19	-8.48	-9.25	-12.98	-32.21	-10.33	-7.04	-11.40
Purchases of Investments	0.00	0.00	-6.31	0.00	0.00	0.00	0.00	0.00	0.00
Sales/Maturities of Investments	0.00	0.00	6.31	7.96	0.00	0.00	0.00	0.10	6.90
Other Investing Activities	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.10	0.29
Net Cash from Investing Activities	-11.08	-9.19	-8.48	-1.29	-12.98	-32.21	-10.33	-6.94	-4.21
Financing Activities
Debt Repayment	-142.82	-2.00	-1.03	-38.79	-6.17	-5.92	3.67	-2.07	-1.06
Common Stock Issued	5.98	6.63	6.56	7.09	12.31	5.47	8.41	4.95	4.72
Common Stock Repurchased	-79.03	-30.05	0.00	-5.13	-2.06	0.00	0.00	0.00	0.00
Other Financing Activities	-4.37	-7.85	-10.52	-6.30	-2.06	-1.66	-5.77	-0.23	-2.76
Net Cash from Financing Activities	-81.39	-33.27	-4.99	-43.13	7.94	-2.11	6.31	2.65	0.90
Summary
Effect of Forex Changes on Cash	7.18	-1.94	1.09	-4.90	-1.20	0.74	-0.20	-0.76	1.64
Net Change in Cash	22.67	17.52	-5.32	-43.85	34.79	5.59	27.07	7.23	1.39
Cash at Beginning of Period	101.79	84.27	89.59	133.43	98.65	93.06	65.99	58.76	55.64
Cash at End of Period	124.46	101.79	84.27	89.59	133.43	98.65	93.06	65.99	57.02
Free Cash Flow	96.89	52.73	-1.42	-3.77	28.04	6.96	20.97	5.24	-8.34
Supplemental Disclosures
Income Taxes Paid	12.76	27.31	18.13	9.04	2.53	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jul 3, 2026. Data sources and methodology

Frequently Asked Questions About Harmonic Cash Flow

What is Harmonic's free cash flow?

Harmonic generated free cash flow of $96.89M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $107.97M minus $11.08M of capital expenditures. That was up 83.7% from $52.73M a year earlier. Free cash flow equaled 26.9% of revenue.

How much does Harmonic spend on capital expenditures?

Harmonic spent $11.08M on capital expenditures in fiscal 2025, compared with $9.19M a year earlier. That equals 10.3% of operating cash flow.

Does Harmonic pay dividends or buy back shares?

Yes. In fiscal 2025 Harmonic returned $79.03M in share buybacks 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