HealthStream (HSTM) Cash Flow: Operating & Free Cash Flow

HealthStream (HSTM) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), HealthStream generated $63.32M of operating cash flow and spent $3.69M on capital expenditures. That left free cash flow of $59.63M, up 102.0% from $29.52M a year earlier, or 19.6% of revenue. It returned $36.27M to shareholders through $3.73M in dividends and $32.54M in share buybacks.

HealthStream Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

Scale:

Scroll to see more

Cash flow statement showing operating, investing, and financing activities for HealthStream, Inc. (HSTM) - 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	18.34	20.01	15.21	12.09	5.85	14.09	15.77	32.22	10.00
Depreciation & Amortization	43.48	41.24	52.57	48.54	36.81	38.96	36.17	24.23	26.28
Deferred Income Tax	5.12	-1.11	0.00	0.00	1.54	0.00	0.00	3.02	-2.05
Stock Based Compensation	8.15	4.47	4.15	3.55	5.30	2.22	4.24	1.78	1.85
Change in Working Capital	-24.28	-20.61	-14.54	-19.67	-16.38	-19.39	9.62	-7.94	8.30
Change in Accounts Receivable	-3.98	0.54	3.24	-7.77	10.34	-2.99	11.61	-4.05	-6.08
Change in Inventory	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-2.33	8.82
Change in Accounts Payable	1.83	-5.03	0.00	0.00	-4.33	0.00	0.00	4.92	6.36
Change in Other Working Capital	-20.23	-16.12	-17.79	-11.90	-11.03	-16.40	-1.98	-6.47	-0.81
Other Operating Activities	17.63	13.67	6.58	6.67	10.81	0.00	-0.15	-10.06	2.32
Net Cash from Operating Activities	63.32	57.66	63.97	51.19	42.39	35.87	65.66	43.25	46.71
Investing Activities
Capital Expenditures	-3.69	-28.14	-2.20	-1.77	-3.42	-1.99	-22.00	-18.45	-17.87
Acquisitions	-35.09	-0.53	-6.62	-3.97	-4.71	-121.34	-27.02	44.05	-55.26
Purchases of Investments	-1.50	-74.45	0.00	0.00	-6.97	0.00	0.00	-0.83	-0.50
Sales/Maturities of Investments	9.77	28.30	0.00	0.00	11.30	0.00	0.00	11.91	6.79
Other Investing Activities	-28.44	14.11	-47.78	-22.66	-17.60	12.92	-18.51	-0.12	55.26
Net Cash from Investing Activities	-50.35	-33.97	-56.60	-28.39	-25.72	-110.41	-67.52	36.56	-11.58
Financing Activities
Common Stock Issued	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.58	0.41
Common Stock Repurchased	-32.54	-1.11	-9.86	-23.70	-6.19	-20.45	-1.03	-0.34	-0.41
Dividends Paid	-3.73	-3.40	-3.06	0.00	-0.02	-0.04	-0.06	-32.36	0.00
Other Financing Activities	-2.52	0.00	-0.12	0.00	-1.18	0.00	0.18	2.11	0.00
Net Cash from Financing Activities	-36.27	-4.52	-13.04	-23.70	-6.21	-20.49	-0.92	-30.25	0.00
Summary
Effect of Forex Changes on Cash	-0.01	-0.04	-0.02	0.02	-0.11	0.06	0.00	0.00	0.00
Net Change in Cash	-23.31	19.14	-5.69	-0.88	10.34	-94.97	-2.78	49.55	35.13
Cash at Beginning of Period	59.47	40.33	46.02	46.91	36.57	131.54	134.32	84.77	49.63
Cash at End of Period	36.16	59.47	40.33	46.02	46.91	36.57	131.54	134.32	84.77
Free Cash Flow	59.63	29.52	61.77	49.42	38.97	33.89	43.66	24.80	28.84
Supplemental Disclosures
Interest Paid	-	0.10	0.13	0.10	0.13	-	-	-	-
Income Taxes Paid	-	8.70	2.61	0.72	-0.09	-	-	-	-

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

Frequently Asked Questions About HealthStream Cash Flow

What is HealthStream's free cash flow?

HealthStream generated free cash flow of $59.63M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $63.32M minus $3.69M of capital expenditures. That was up 102.0% from $29.52M a year earlier. Free cash flow equaled 19.6% of revenue.

How much does HealthStream spend on capital expenditures?

HealthStream spent $3.69M on capital expenditures in fiscal 2025, compared with $28.14M a year earlier. That equals 5.8% of operating cash flow.

Does HealthStream pay dividends or buy back shares?

Yes. In fiscal 2025 HealthStream returned $3.73M in dividends and $32.54M 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