Hawthorn Bancshares (HWBK) Cash Flow: Operating & Free Cash Flow

Hawthorn Bancshares (HWBK) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Hawthorn Bancshares generated $26.92M of operating cash flow and spent $4.08M on capital expenditures. That left free cash flow of $22.84M, up 1.1% from $22.59M a year earlier, or 28.6% of revenue. It returned $8.29M to shareholders through $5.43M in dividends and $2.86M in share buybacks.

Hawthorn Bancshares 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 Hawthorn Bancshares, Inc. (HWBK) - 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	23.80	18.26	0.96	20.75	22.52	14.29	16.11	10.71	3.41
Depreciation & Amortization	2.24	1.65	2.11	2.14	2.28	2.27	2.06	1.80	1.74
Stock Based Compensation	0.39	0.18	0.04	0.00	0.00	0.00	0.00	0.00	0.00
Change in Working Capital	0.39	-1.26	-2.56	-4.01	1.87	1.32	-0.06	1.41	3.76
Change in Accounts Receivable	0.00	0.00	-0.71	-1.33	0.02	-0.16	-0.32	-0.54	-0.44
Change in Accounts Payable	0.00	0.00	0.87	0.62	-0.56	-0.30	0.10	0.48	0.06
Change in Other Working Capital	-0.01	-1.26	-2.72	-3.30	2.40	1.78	0.16	1.46	4.15
Other Operating Activities	-0.01	1.86	17.06	1.40	2.75	3.14	1.26	2.38	3.57
Net Cash from Operating Activities	26.92	25.59	17.61	20.28	30.21	21.02	19.38	16.30	12.48
Investing Activities
Capital Expenditures	-4.08	-3.00	-2.10	-2.57	-0.59	-1.83	-2.17	-2.33	-1.27
Acquisitions	0.00	0.00	0.00	0.00	0.00	0.00	-6.70	0.00	0.00
Purchases of Investments	-20.63	-57.25	-29.51	-21.28	-178.58	-100.21	-31.11	-103.08	-64.61
Sales/Maturities of Investments	38.98	22.81	98.90	33.19	60.32	80.09	77.14	113.44	50.88
Other Investing Activities	1.42	-28.51	-13.10	-215.88	1.55	-117.62	-20.89	-86.61	-97.93
Net Cash from Investing Activities	-6.86	1.25	54.19	-206.54	-127.54	-139.56	16.27	-78.57	-112.93
Financing Activities
Debt Repayment	-40.00	-36.00	9.00	20.58	-29.26	9.76	1.77	-26.23	28.48
Common Stock Repurchased	-2.86	-1.12	0.00	-2.89	-2.15	-0.91	0.00	-0.18	-0.88
Dividends Paid	-5.43	-5.05	-4.65	-4.24	-3.62	-3.03	-2.68	-1.99	-1.47
Other Financing Activities	20.97	-37.66	-66.42	96.62	111.89	214.97	1.31	69.88	111.20
Net Cash from Financing Activities	33.26	-69.30	-62.07	110.07	76.87	220.79	0.39	41.48	137.33
Summary
Net Change in Cash	53.32	-42.46	9.73	-76.19	-20.45	102.24	36.04	-20.80	36.88
Cash at Beginning of Period	50.99	93.45	83.72	159.91	180.36	78.12	42.08	62.88	26.00
Cash at End of Period	104.31	50.99	93.45	83.72	159.91	180.36	78.12	42.08	62.88
Free Cash Flow	22.84	22.59	15.51	17.71	29.62	19.19	17.21	13.98	11.21
Supplemental Disclosures
Interest Paid	-	36.89	32.06	9.92	6.46	-	-	-	-
Income Taxes Paid	-	2.60	1.93	4.31	4.73	-	-	-	-

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

Frequently Asked Questions About Hawthorn Bancshares Cash Flow

What is Hawthorn Bancshares's free cash flow?

Hawthorn Bancshares generated free cash flow of $22.84M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $26.92M minus $4.08M of capital expenditures. That was up 1.1% from $22.59M a year earlier. Free cash flow equaled 28.6% of revenue.

How much does Hawthorn Bancshares spend on capital expenditures?

Hawthorn Bancshares spent $4.08M on capital expenditures in fiscal 2025, compared with $3.00M a year earlier. That equals 15.1% of operating cash flow.

Does Hawthorn Bancshares pay dividends or buy back shares?

Yes. In fiscal 2025 Hawthorn Bancshares returned $5.43M in dividends and $2.86M 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