HMH Holding (HMH) Cash Flow: Operating & Free Cash Flow

HMH Holding 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 HMH Holding Inc. (HMH) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Operating Activities
Net Income	46.12	51.96	17.40	-26.57	-2.79
Depreciation & Amortization	42.46	39.40	38.83	41.60	17.27
Deferred Income Tax	2.39	7.03	0.15	-0.12	-
Stock Based Compensation	0.00	-	-	3.50	-
Change in Working Capital	-33.98	-82.28	-36.59	-30.50	3.23
Change in Accounts Receivable	54.56	-19.88	-6.89	-73.66	-107.04
Change in Inventory	29.46	-47.23	-58.07	-27.22	11.36
Change in Accounts Payable	-57.45	2.54	16.13	30.21	-60.74
Change in Other Working Capital	2.99	11.82	5.26	18.53	17.00
Other Operating Activities	33.71	11.82	5.93	18.53	17.07
Net Cash from Operating Activities	88.31	34.86	25.57	0.97	38.75
Investing Activities
Capital Expenditures	-9.62	-18.53	-14.12	-14.99	-2.33
Acquisitions	-4.46	-19.62	-	-3.25	-220.47
Sales/Maturities of Investments	-7.36	-2.44	-10.54	-7.46	-0.46
Other Investing Activities	-7.03	-	-	1.74	0.00
Net Cash from Investing Activities	-21.10	-37.94	-24.06	-15.45	-223.22
Financing Activities
Debt Repayment	-346.58	-97.98	-208.90	-185.01	-2.61
Other Financing Activities	-3.38	0.68	-11.24	-4.11	-3.58
Net Cash from Financing Activities	-24.26	-7.31	14.66	-28.84	323.81
Summary
Effect of Forex Changes on Cash	4.72	-3.22	-0.99	-1.07	-
Net Change in Cash	47.67	-13.61	15.19	-44.39	137.59
Cash at Beginning of Period	48.91	62.52	47.34	91.73	-
Cash at End of Period	96.59	48.91	62.52	47.34	-
Free Cash Flow	78.69	16.33	11.46	-14.02	36.43
Supplemental Disclosures
Interest Paid	28.02	23.28	26.16	21.72	3.86
Income Taxes Paid	18.33	17.22	11.97	3.72	-

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

Frequently Asked Questions About HMH Holding Cash Flow

What is HMH Holding's free cash flow?

HMH Holding generated free cash flow of $78.69M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $88.31M minus $9.62M of capital expenditures. That was up 381.9% from $16.33M a year earlier. Free cash flow equaled 9.6% of revenue.

How much does HMH Holding spend on capital expenditures?

HMH Holding spent $9.62M on capital expenditures in fiscal 2025, compared with $18.53M a year earlier. That equals 10.9% of operating cash flow.

Does HMH Holding pay dividends or buy back shares?

HMH Holding's cash flow statement for fiscal 2025 shows no dividend payments or share repurchases.

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