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First Hawaiian cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$102M in Q3 2026 · $365M over twelve months

Operating cash flow$107M
Capital spending−$5.0M
Free cash flow+$102M
Cash / net income1.7×

Analysis

In Q3 2026, First Hawaiian generated $107M of operating cash flow and spent $5.0M on capital projects, leaving free cash flow of $102M. That is $52.3M more than in Q3 2025 ($49.5M).

Over the twelve months to Sep 30, 2026, operating cash flow was $385M; the largest uses were other financing ($526M), other investing ($174M), dividends ($129M); besides operations, cash came from shares issued ($267K); the cash balance fell by $526M.

Operating cash flow was $107M against net income of $63.7M — 1.7× profit, cash ran ahead of reported earnings. The largest differences: prepaid and other assets +$14.7M, depreciation & amortization +$7.2M, deferred taxes −$4.5M.

Free cash flow

First Hawaiian: free cash flow by quarterFirst Hawaiian: free cash flow by quarter$102MQ4 2024$28.6MQ1 2025$125MQ2 2025$49.5MQ3 2025$100MQ4 2025$155MQ1 2026$7.7MQ2 2026$102MQ3 2026
Operating cash flow less capital spending.
First Hawaiian: operating cash flow against capital spendingFirst Hawaiian: operating cash flow against capital spendingOperating cash flowCapital spending$114M$11.4MQ4 2024$36.7M$8.1MQ1 2025$136M$11.2MQ2 2025$57.1M$7.6MQ3 2025$105M$4.9MQ4 2025$160M$4.3MQ1 2026$13.2M$5.5MQ2 2026$107M$5.0MQ3 2026
Latest (Q3 2026): Operating cash flow $107M, Capital spending $5.0M.

Capital allocation, year by year

First Hawaiian: where the cash came from (up) and went (down), by fiscal yearFirst Hawaiian: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $417MFY2021: Net borrowing −$200MFY2021: Shares issued $547KFY2021: Asset sales $4.0MFY2021: Capital spending −$20.5MFY2021: Buybacks −$75.0MFY2021: Dividends −$134M$422MFY2021FY2022: Operating cash flow $431MFY2022: Net borrowing $75.0MFY2022: Shares issued $379KFY2022: Asset sales $17.3MFY2022: Capital spending −$13.3MFY2022: Buybacks −$9.5MFY2022: Dividends −$133M$523MFY2022FY2023: Operating cash flow $255MFY2023: Net borrowing −$75.0MFY2023: Shares issued $308KFY2023: Asset sales $8.5MFY2023: Capital spending −$16.0MFY2023: Dividends −$133M$264MFY2023FY2024: Operating cash flow $318MFY2024: Net borrowing −$250MFY2024: Shares issued $245KFY2024: Capital spending −$28.8MFY2024: Buybacks −$40.0MFY2024: Dividends −$133M$318MFY2024FY2025: Operating cash flow $335MFY2025: Net borrowing −$250MFY2025: Shares issued $275KFY2025: Capital spending −$31.8MFY2025: Buybacks −$100MFY2025: Dividends −$131M$335MFY2025
Over these 5 years operating cash flow totalled $1.8B; the largest uses were net borrowing ($775M) and dividends ($663M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.3B
Debtnone
Net cash$1.3B

First Hawaiian funds itself: free cash flow was $365M over the last twelve months, with $1.3B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

First Hawaiian: sources (+) and uses (−) of cash, Q3 2026First Hawaiian: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$317MOther investing$197MOperating cash flow$107MOther financing$50.4MDividends−$31.6MCapital spending−$5.0MTaxes on employees’ shares−$11K
First Hawaiian: sources (+) and uses (−) of cash, TTM to Q3 2026First Hawaiian: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing−$526MCash drawn (+) / kept (−)$526MOperating cash flow$385MOther investing−$174MDividends−$129MBuybacks−$58.0MCapital spending−$19.6MTaxes on employees’ shares−$4.7MShares issued$267K

From profit to cash

First Hawaiian: net income to operating cash flow, Q3 2026First Hawaiian: net income to operating cash flow, Q3 2026Net income$63.7MDepreciation & amortization$7.2MStock-based pay$4.0MDeferred taxes−$4.5MPrepaid and other assets$14.7MOther liabilities$868KOperating cash flow$107M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$107M−$5.0M—−$31.6M—−$317M$102M
Q2 2026$13.2M−$5.5M—−$31.7M—$707M$7.7M
Q1 2026$160M−$4.3M−$32.0M−$33.1M—−$241M$155M
Q4 2025$105M−$4.9M−$26.0M−$32.2M$145K$378M$100M
Q3 2025$57.1M−$7.6M−$24.0M−$32.3M—−$457M$49.5M
Q2 2025$136M−$11.2M−$25.0M−$33.6M—−$84.5M$125M
Q1 2025$36.7M−$8.1M−$25.0M−$32.9M—−$144M$28.6M
Q4 2024$114M−$11.4M—−$33.1M$104K−$97.4M$102M

First Hawaiian: income statement and cash flow

First Hawaiian, Q3 2026: revenue $230M (+2% year over year), operating margin 21.7%. The chart follows the revenue to costs, profit and cash.

First Hawaiian: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.