Robert Half (RHI) Cash Flow: Operating & Free Cash Flow

Robert Half (RHI) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Robert Half generated $319.96M of operating cash flow and spent $53.16M on capital expenditures. That left free cash flow of $266.81M, down 24.7% from $354.15M a year earlier, or 5.0% of revenue. It returned $330.31M to shareholders through $238.22M in dividends and $92.09M in share buybacks.

Robert Half 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 Robert Half Inc. (RHI) - 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	132.99	251.60	411.15	657.92	598.63	306.28	454.43	434.29	290.58
Depreciation & Amortization	81.63	89.32	98.97	77.99	54.45	81.90	65.63	65.95	65.49
Deferred Income Tax	22.85	-17.94	-16.57	10.81	-21.13	-13.15	-9.47	-15.89	44.09
Stock Based Compensation	59.42	63.45	61.14	57.66	55.93	52.49	48.30	44.95	42.19
Change in Working Capital	127.33	119.62	181.31	-187.82	-53.63	264.86	-22.41	31.10	2.61
Change in Accounts Receivable	45.80	66.95	156.27	-65.63	-292.63	127.74	-48.46	-86.22	-17.04
Change in Inventory	0.00	0.00	0.00	0.00	102.59	0.00	65.59	-626.47	-712.16
Change in Accounts Payable	-15.22	-4.91	-3.98	6.33	52.61	1.10	-9.20	89.72	47.83
Change in Other Working Capital	96.75	-29.21	-34.90	-40.36	83.80	136.02	-30.34	654.07	683.97
Other Operating Activities	-104.24	-29.21	-34.90	-40.36	-31.11	-95.84	-16.85	11.91	8.02
Net Cash from Operating Activities	319.97	410.47	636.88	683.75	603.14	596.53	519.63	572.32	452.99
Investing Activities
Capital Expenditures	-53.16	-56.32	-45.87	-61.12	-36.61	-33.38	-59.46	-42.48	-40.75
Acquisitions	-10.72	-0.26	-1.04	-18.98	36.61	-15.84	0.00	0.00	-1.16
Purchases of Investments	0.00	-69.24	-102.97	-67.39	-85.43	-64.35	0.00	0.00	0.00
Sales/Maturities of Investments	0.00	38.70	37.63	30.87	34.43	123.03	0.00	0.00	0.00
Other Investing Activities	-21.83	-30.54	-65.34	0.00	-36.61	0.00	-42.67	-46.03	-36.58
Net Cash from Investing Activities	-85.70	-87.12	-112.25	-116.62	-87.61	9.46	-102.14	-88.51	-78.50
Financing Activities
Debt Repayment	0.00	0.00	0.00	0.00	-0.24	-0.22	-0.20	-0.18	-0.17
Common Stock Repurchased	-92.09	-276.03	-254.63	-319.90	-287.74	-159.17	-277.54	-353.51	-231.72
Dividends Paid	-238.22	-220.41	-205.91	-189.29	-170.61	-155.94	-145.63	-136.42	-121.00
Net Cash from Financing Activities	-330.31	-496.44	-460.54	-509.18	-458.59	-315.33	-423.37	-490.12	-352.89
Summary
Effect of Forex Changes on Cash	22.90	-21.07	9.02	-18.32	-12.36	13.28	-0.23	-11.87	12.95
Net Change in Cash	-73.15	-194.16	73.11	39.63	44.58	303.95	-6.10	-18.17	34.55
Cash at Beginning of Period	537.58	731.74	658.63	619.00	574.43	270.48	276.58	294.75	260.20
Cash at End of Period	464.44	537.58	731.74	658.63	619.00	574.43	270.48	276.58	294.75
Free Cash Flow	266.81	354.15	591.01	622.63	566.53	563.15	460.17	529.84	412.24
Supplemental Disclosures
Interest Paid	0.23	0.27	0.32	0.37	0.55	-	-	-	-
Income Taxes Paid	41.63	143.62	168.49	217.93	219.73	-	-	-	-

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

Frequently Asked Questions About Robert Half Cash Flow

What is Robert Half's free cash flow?

Robert Half generated free cash flow of $266.81M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $319.96M minus $53.16M of capital expenditures. That was down 24.7% from $354.15M a year earlier. Free cash flow equaled 5.0% of revenue.

How much does Robert Half spend on capital expenditures?

Robert Half spent $53.16M on capital expenditures in fiscal 2025, compared with $56.32M a year earlier. That equals 16.6% of operating cash flow.

Does Robert Half pay dividends or buy back shares?

Yes. In fiscal 2025 Robert Half returned $238.22M in dividends and $92.09M 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