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Federated Hermes cash flow, quarter by quarter

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

Free cash flow$120M in Q3 2026 · $386M over twelve months

Operating cash flow$134M
Capital spending−$13.9M
Free cash flow+$120M
Cash / net income1.2×

Analysis

In Q3 2026, Federated Hermes generated $134M of operating cash flow and spent $13.9M on capital projects, leaving free cash flow of $120M. That is $18.6M more than in Q3 2025 ($102M).

Over the twelve months to Sep 30, 2026, operating cash flow was $405M; the largest uses were buybacks ($263M), acquisitions ($213M), dividends ($109M); besides operations, cash came from partners ($77.0M), other investing ($19.7M); the cash balance fell by $133M.

Operating cash flow was $134M against net income of $111M — 1.2× profit, cash ran ahead of reported earnings. The largest differences: payables +$32.1M, prepaid and other assets +$11.4M, receivables +$6.1M.

Free cash flow

Federated Hermes: free cash flow by quarterFederated Hermes: free cash flow by quarter$126MQ4 2024$13.3MQ1 2025$18.0MQ2 2025$102MQ3 2025$162MQ4 2025$24.0MQ1 2026$79.7MQ2 2026$120MQ3 2026
Operating cash flow less capital spending.
Federated Hermes: operating cash flow against capital spendingFederated Hermes: operating cash flow against capital spendingOperating cash flowCapital spending$127M$505KQ4 2024$14.3M$972KQ1 2025$18.8M$786KQ2 2025$103M$1.4MQ3 2025$161M−$426KQ4 2025$28.8M$4.8MQ1 2026$80.9M$1.2MQ2 2026$134M$13.9MQ3 2026
Latest (Q3 2026): Operating cash flow $134M, Capital spending $13.9M.

Capital allocation, year by year

Federated Hermes: where the cash came from (up) and went (down), by fiscal yearFederated Hermes: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $170MFY2021: Net borrowing $444MFY2021: Capital spending −$10.4MFY2021: Buybacks −$228MFY2021: Dividends −$106M$614MFY2021FY2022: Operating cash flow $324MFY2022: Net borrowing $265MFY2022: Capital spending −$4.4MFY2022: Acquisitions −$28.1MFY2022: Buybacks −$218MFY2022: Dividends −$97.9M$589MFY2022FY2023: Operating cash flow $312MFY2023: Capital spending −$7.9MFY2023: Buybacks −$177MFY2023: Dividends −$98.1M$312MFY2023FY2024: Operating cash flow $347MFY2024: Capital spending −$4.0MFY2024: Buybacks −$138MFY2024: Dividends −$185M$347MFY2024FY2025: Operating cash flow $297MFY2025: Capital spending −$2.8MFY2025: Acquisitions −$12.8MFY2025: Buybacks −$263MFY2025: Dividends −$105M$297MFY2025
Over these 5 years operating cash flow totalled $1.5B; the largest uses were buybacks ($1.0B) and dividends ($591M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$374M
Debt$349M
Net cash$25.1M

Federated Hermes funds itself: free cash flow was $386M over the last twelve months, and $374M of cash and investments stands against $349M of debt.

Where the cash came from and went

Federated Hermes: sources (+) and uses (−) of cash, Q3 2026Federated Hermes: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$134MCash drawn (+) / kept (−)−$72.0MBuybacks−$57.4MPartners$48.4MDividends−$28.4MCapital spending−$13.9MOther financing−$12.6MOther investing$2.1MAcquisitions−$263KExchange rates−$65K
Federated Hermes: sources (+) and uses (−) of cash, TTM to Q3 2026Federated Hermes: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$405MBuybacks−$263MAcquisitions−$213MCash drawn (+) / kept (−)$133MDividends−$109MPartners$77.0MOther financing−$27.1MOther investing$19.7MCapital spending−$19.6MExchange rates−$1.8M

From profit to cash

Federated Hermes: net income to operating cash flow, Q3 2026Federated Hermes: net income to operating cash flow, Q3 2026Net income$111MStock-based pay$5.9MDeferred taxes−$3.3MGains on investments$2.4MGains on disposals−$3.0MReceivables$6.1MPayables$32.1MPrepaid and other assets$11.4MOther liabilities−$5.2MOperating cash flow$134M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsCash drawn (+) / kept (−)Free cash flow
Q3 2026$134M−$13.9M−$263K−$57.4M−$28.4M−$72.0M$120M
Q2 2026$80.9M−$1.2M—−$64.0M−$28.8M$212M$79.7M
Q1 2026$28.8M−$4.8M—−$64.7M−$25.9M$70.0M$24.0M
Q4 2025$161M$426K—−$77.1M−$26.4M−$77.6M$162M
Q3 2025$103M−$1.4M—−$21K−$26.4M−$135M$102M
Q2 2025$18.8M−$786K—−$65.5M−$26.8M$16.6M$18.0M
Q1 2025$14.3M−$972K—−$120M−$25.3M$120M$13.3M
Q4 2024$127M−$505K—−$23.4M−$25.2M−$129M$126M

Federated Hermes: income statement and cash flow

Federated Hermes, Q3 2026: revenue $507M (+8% year over year), operating margin 30.2%. The chart follows the revenue to costs, profit and cash.

Federated Hermes: 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.