HNI (HNI) Cash Flow: Operating & Free Cash Flow

HNI (HNI) Cash Flow Statement

In fiscal 2025 (fiscal year ended Jan 3, 2026), HNI generated $276.30M of operating cash flow and spent $65.80M on capital expenditures. That left free cash flow of $210.50M, up 21.1% from $173.80M a year earlier, or 7.4% of revenue. It returned $146.70M to shareholders through $63.10M in dividends and $83.60M in share buybacks.

HNI 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 HNI Corporation (HNI) - Annual data in millions USD
Breakdown	FY 2025	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2021	FY 2020	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Jan 2026	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Jan 2022	Dec 2021	Jan 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	54.20	54.20	139.50	49.20	123.90	59.80	59.81	41.90	41.92	110.50	93.33	89.90
Depreciation & Amortization	107.10	107.10	107.80	94.90	84.20	83.10	83.10	58.40	77.68	77.43	74.79	72.87
Deferred Income Tax	-	33.70	-14.10	-0.60	-15.30	-	-0.40	-	-12.01	6.75	3.20	-33.61
Stock Based Compensation	24.70	0.00	17.40	0.00	9.00	12.90	12.90	7.80	0.00	0.00	0.00	0.00
Change in Working Capital	-	26.00	-30.50	69.80	-80.40	-34.90	-34.90	54.90	31.93	-12.15	-8.49	-34.30
Change in Other Working Capital	26.00	26.00	5.50	69.80	2.70	-34.90	9.80	54.90	31.93	-12.15	-8.49	-34.30
Other Operating Activities	64.20	55.20	5.50	54.20	2.70	10.70	9.80	-7.40	74.94	36.85	23.56	38.39
Net Cash from Operating Activities	276.30	276.20	226.70	267.50	81.20	131.60	131.60	214.50	214.47	219.38	186.43	133.15
Investing Activities
Capital Expenditures	-65.80	-65.80	-52.90	-78.10	-68.40	-53.50	-66.60	-32.30	-32.30	-60.83	-55.65	-109.24
Acquisitions	-390.30	-390.30	0.00	-367.00	-11.40	-44.60	-44.60	-58.30	-58.26	66.89	-2.85	-0.90
Purchases of Investments	-2.80	-2.80	-3.20	-5.70	-2.80	-3.40	-3.40	-0.60	-4.22	-6.70	-2.68	-3.45
Sales/Maturities of Investments	4.80	4.80	4.70	5.40	2.30	3.30	3.30	-9.50	3.61	4.85	3.10	3.20
Other Investing Activities	4.10	10.20	0.40	1.60	0.00	0.20	0.21	0.30	0.30	-61.04	24.90	10.52
Net Cash from Investing Activities	-443.90	-443.90	-51.00	-444.80	-10.70	-111.00	-111.00	-100.40	-100.37	-62.90	-41.22	-118.02
Financing Activities
Debt Repayment	-782.50	499.60	-420.60	248.00	-401.60	-2.60	-2.60	-	0.10	-74.90	-29.65	62.60
Common Stock Issued	3.80	3.80	51.20	2.30	4.70	31.10	31.10	8.10	8.06	30.47	19.61	14.22
Common Stock Repurchased	-83.60	-83.60	-65.80	-0.30	-65.20	-59.20	-59.20	-6.80	-6.76	-83.89	-30.45	-57.51
Dividends Paid	-63.10	-63.10	-63.60	-58.50	-53.20	-53.80	-53.80	-52.10	-52.10	-52.23	-51.09	-49.56
Other Financing Activities	5.10	6.40	-11.60	-2.70	-4.00	-5.00	-5.00	0.60	0.65	-0.69	-0.16	2.15
Net Cash from Financing Activities	363.10	363.10	-182.20	188.80	-105.40	-84.50	-84.50	-50.10	-50.05	-181.23	-91.74	-28.09
Summary
Effect of Forex Changes on Cash	-	-8.70	0.10	0.00	0.03	-	0.00	-	0.00	0.00	0.00	0.00
Net Change in Cash	195.40	186.70	-6.40	11.50	-34.80	-63.90	-63.80	64.00	64.05	-24.75	53.47	-12.96
Cash at Beginning of Period	-	22.50	28.90	17.40	52.30	-	116.10	-	52.07	76.82	23.35	36.31
Cash at End of Period	-	209.20	22.50	28.90	17.40	-	52.30	-	116.12	52.07	76.82	23.35
Free Cash Flow	210.50	210.40	173.80	189.40	12.80	78.10	65.00	182.20	182.17	158.55	130.78	23.91
Supplemental Disclosures
Interest Paid	-	-	28.70	26.50	9.20	7.60	-	7.50	-	-	-	-
Income Taxes Paid	-	-	46.50	25.00	31.10	26.40	-	31.40	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jul 4, 2026. Data sources and methodology

Frequently Asked Questions About HNI Cash Flow

What is HNI's free cash flow?

HNI generated free cash flow of $210.50M in fiscal 2025 (fiscal year ended Jan 3, 2026), operating cash flow of $276.30M minus $65.80M of capital expenditures. That was up 21.1% from $173.80M a year earlier. Free cash flow equaled 7.4% of revenue.

How much does HNI spend on capital expenditures?

HNI spent $65.80M on capital expenditures in fiscal 2025, compared with $52.90M a year earlier. That equals 23.8% of operating cash flow.

Does HNI pay dividends or buy back shares?

Yes. In fiscal 2025 HNI returned $63.10M in dividends and $83.60M 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