Westwood Holdings Group (WHG) Cash Flow: Operating & Free Cash Flow

Westwood Holdings Group (WHG) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Westwood Holdings Group generated $18.92M of operating cash flow and spent $86.00K on capital expenditures. That left free cash flow of $18.84M, down 10.4% from $21.01M a year earlier, or 19.3% of revenue. It returned $6.70M to shareholders through $5.37M in dividends and $1.33M in share buybacks.

Westwood Holdings Group 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 Westwood Holdings Group, Inc. (WHG) - 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	7.08	2.21	10.57	-4.63	9.76	-8.95	5.91	26.75	19.99
Depreciation & Amortization	4.45	4.75	4.82	2.58	2.37	2.64	2.62	2.54	2.92
Deferred Income Tax	-0.21	-1.52	1.04	-0.93	0.62	0.75	2.91	-1.75	7.54
Stock Based Compensation	5.15	5.54	6.52	6.00	5.84	6.70	10.31	15.28	16.43
Change in Working Capital	2.49	4.94	-16.58	45.21	1.72	-1.53	-2.89	3.64	-4.03
Change in Accounts Receivable	-2.30	-0.06	0.14	-0.31	-1.70	3.68	5.40	2.68	2.16
Change in Inventory	0.00	0.00	0.00	0.00	0.00	-2.42	-2.89	5.40	-9.05
Change in Accounts Payable	1.17	0.28	-0.45	1.25	4.80	-0.53	-0.38	-0.64	0.76
Change in Other Working Capital	-6.31	-2.63	-0.75	-3.16	5.75	-2.27	-5.02	-3.79	2.10
Other Operating Activities	-1.19	3.69	-6.52	2.33	5.75	-9.39	13.31	-14.98	5.16
Net Cash from Operating Activities	18.92	21.12	-1.19	51.49	19.39	-9.77	32.17	31.48	48.01
Investing Activities
Capital Expenditures	-0.09	-0.11	-0.15	-0.32	-0.18	-0.09	-1.18	-0.99	-1.17
Acquisitions	0.00	0.00	-0.74	-33.42	0.00	0.09	0.00	10.01	0.00
Purchases of Investments	-3.13	-3.50	0.00	48.98	-0.02	-19.56	-3.67	-5.43	0.00
Sales/Maturities of Investments	-0.45	-1.00	0.00	48.98	9.26	-0.09	15.81	0.00	5.78
Other Investing Activities	-0.45	-1.00	5.00	-97.95	0.50	19.65	-15.81	4.59	0.00
Net Cash from Investing Activities	-3.67	-4.61	4.11	-33.74	9.57	0.00	-4.85	3.60	-1.17
Financing Activities
Common Stock Repurchased	-1.34	-2.29	-0.86	-3.48	-2.99	-14.07	-4.80	-8.77	-5.33
Dividends Paid	-5.37	-5.44	-5.50	-5.63	-22.93	-11.04	-26.09	-24.62	-21.92
Other Financing Activities	-1.15	-10.36	-0.86	0.00	-0.88	-0.70	-0.98	-0.73	-1.33
Net Cash from Financing Activities	-7.85	-18.08	-6.36	-9.10	-26.81	-25.81	-31.87	-34.12	-28.58
Summary
Effect of Forex Changes on Cash	0.00	0.00	0.00	0.01	0.05	-1.16	1.86	-2.77	2.31
Net Change in Cash	7.40	-1.58	-3.44	8.65	2.15	-36.75	-2.68	-1.80	20.57
Cash at Beginning of Period	18.85	20.42	23.86	15.21	13.02	49.77	52.45	54.25	33.68
Cash at End of Period	26.25	18.85	20.42	23.86	15.21	13.02	49.77	52.45	54.25
Free Cash Flow	18.84	21.01	-1.33	51.17	19.21	-9.86	31.00	30.49	46.84
Supplemental Disclosures
Income Taxes Paid	1.02	3.43	1.59	1.86	1.86	-	-	-	-

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

Frequently Asked Questions About Westwood Holdings Group Cash Flow

What is Westwood Holdings Group's free cash flow?

Westwood Holdings Group generated free cash flow of $18.84M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $18.92M minus $86.00K of capital expenditures. That was down 10.4% from $21.01M a year earlier. Free cash flow equaled 19.3% of revenue.

How much does Westwood Holdings Group spend on capital expenditures?

Westwood Holdings Group spent $86.00K on capital expenditures in fiscal 2025, compared with $109.00K a year earlier. That equals 0.5% of operating cash flow.

Does Westwood Holdings Group pay dividends or buy back shares?

Yes. In fiscal 2025 Westwood Holdings Group returned $5.37M in dividends and $1.33M 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