Horizon Technology Finance (HRZN) Cash Flow: Operating & Free Cash Flow

Horizon Technology Finance 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 Horizon Technology Finance Corporation (HRZN) - 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	-2.66	-5.63	-17.19	21.15	27.78	6.36	19.50	13.01	9.59
Depreciation & Amortization	2.65	0.00	1.85	1.60	1.09	1.02	0.00	0.55	0.80
Change in Working Capital	3.04	-6.31	-4.62	-7.93	-1.82	-1.94	-2.12	-0.39	1.99
Change in Accounts Receivable	0.69	-0.92	1.77	-3.42	-0.17	0.89	-0.68	0.10	-0.09
Change in Accounts Payable	0.00	-0.01	-1.41	-0.26	1.18	-0.59	0.72	0.49	0.58
Change in Other Working Capital	2.36	-5.38	-6.60	1.60	-106.82	-2.23	-2.16	-0.39	1.99
Other Operating Activities	53.60	51.58	-6.60	1.60	0.44	-30.72	0.18	-25.23	-27.22
Net Cash from Operating Activities	56.63	39.64	-5.26	-246.28	-75.99	-25.28	17.56	-12.06	-14.84
Investing Activities
Purchases of Investments	0.00	-182.36	-218.69	-421.98	-344.45	-198.56	-202.73	-101.26	-135.56
Sales/Maturities of Investments	0.00	146.66	163.36	49.96	52.95	8.34	133.77	4.45	1.84
Net Cash from Investing Activities	0.00	-35.70	-55.33	-372.01	-291.49	-190.23	-68.96	-96.80	-133.72
Financing Activities
Debt Repayment	31.42	6.08	-77.57	-177.43	-66.88	33.25	24.69	32.50	-0.63
Common Stock Issued	14.08	66.35	65.09	84.60	30.09	44.61	47.10	-0.16	0.00
Common Stock Repurchased	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.06
Dividends Paid	-53.09	-46.37	-40.52	-29.85	-24.55	-21.32	-15.59	-13.67	-13.65
Other Financing Activities	-7.21	-4.85	-0.74	-4.36	-2.65	-0.89	0.00	-0.78	-1.37
Net Cash from Financing Activities	-14.80	21.21	50.51	229.46	75.52	55.66	56.20	18.06	-15.70
Summary
Effect of Forex Changes on Cash	0.00	-0.70	0.15	372.01	291.49	190.23	-10.92	96.80	133.72
Net Change in Cash	41.83	24.45	45.26	-16.82	-0.48	30.37	-6.13	6.00	-30.54
Cash at Beginning of Period	100.87	73.08	30.47	47.28	47.76	17.39	12.59	6.59	37.14
Cash at End of Period	142.69	97.53	75.72	30.47	47.28	47.76	6.47	12.59	6.59
Free Cash Flow	56.63	39.64	-5.26	-246.28	-75.99	-25.28	17.56	-12.06	-14.84
Supplemental Disclosures
Interest Paid	-	30.44	26.88	17.03	10.71	8.59	-	-	-

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

Frequently Asked Questions About Horizon Technology Finance Cash Flow

What is Horizon Technology Finance's free cash flow?

Horizon Technology Finance generated free cash flow of $56.63M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 42.9% from $39.64M a year earlier. Free cash flow equaled 141.5% of revenue.

Does Horizon Technology Finance pay dividends or buy back shares?

Yes. In fiscal 2025 Horizon Technology Finance returned $53.09M 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