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Freedom Holding cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow−$421M in Q1 FY27 · −$889M over twelve months

Operating cash flow−$342M
Capital spending−$79.1M
Free cash flow−$421M
Cash / net income-10.8×

Analysis

In Q1 FY27, Freedom Holding generated −$342M of operating cash flow and spent $79.1M on capital projects, leaving free cash flow of −$421M. That is $875M less than in Q1 FY26 ($454M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$637M; the largest uses were operating cash flow ($637M), other investing ($560M), capital spending ($252M); besides operations, cash came from other financing ($1.5B), net borrowing (+) / repaid (−) ($794M); the cash balance rose by $1.2B.

Operating cash flow was −$342M against net income of $31.7M — -10.8× profit, less cash than reported earnings, worth checking against working capital. The largest differences: other liabilities +$87.8M, prepaid and other assets −$36.5M, stock-based pay +$23.2M.

Free cash flow

Freedom Holding: free cash flow by quarterFreedom Holding: free cash flow by quarter−$447MQ2 FY25−$92.7MQ3 FY25$1.3BQ4 FY25$454MQ1 FY26$452MQ2 FY26$652MQ3 FY26−$1.6BQ4 FY26−$421MQ1 FY27
Operating cash flow less capital spending.
Freedom Holding: operating cash flow against capital spendingFreedom Holding: operating cash flow against capital spendingOperating cash flowCapital spending−$438M$9.5MQ2 FY25−$72.8M$19.9MQ3 FY25$1.3B$27.3MQ4 FY25$481M$26.4MQ1 FY26$535M$83.4MQ2 FY26$718M$66.1MQ3 FY26−$1.5B$23.0MQ4 FY26−$342M$79.1MQ1 FY27
Latest (Q1 FY27): Operating cash flow −$342M, Capital spending $79.1M.

Capital allocation, year by year

Freedom Holding: where the cash came from (up) and went (down), by fiscal yearFreedom Holding: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY22: Operating cash flow −$443MFY22: Net borrowing $13.2MFY22: Shares issued $119KFY22: Asset sales $116KFY22: Capital spending −$5.6M$13.4MFY22FY23: Operating cash flow −$952MFY23: Net borrowing $45.9MFY23: Shares issued $677KFY23: Capital spending −$38.5MFY23: Acquisitions −$4.0M$46.6MFY23FY24: Operating cash flow −$1.1BFY24: Net borrowing $206MFY24: Capital spending −$43.8MFY24: Acquisitions −$34.5M$206MFY24FY25: Operating cash flow $1.7BFY25: Net borrowing $202MFY25: Asset sales $2.0MFY25: Capital spending −$95.3MFY25: Acquisitions −$18.8M$1.9BFY25FY26: Operating cash flow $185MFY26: Net borrowing $784MFY26: Asset sales $2.5MFY26: Capital spending −$199MFY26: Acquisitions −$13.2M$971MFY26
Over these 5 years operating cash flow totalled −$593M; the largest uses were operating cash flow ($2.5B) and capital spending ($382M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.4B
Debtnone
Net cash$1.4B
Cash runway18 months

Freedom Holding is burning cash: its operations consume cash, a free cash flow of −$889M a year at the current rate against $1.4B of cash and investments: a runway of about 18 months before any new financing.

Where the cash came from and went

Freedom Holding: sources (+) and uses (−) of cash, Q1 FY27Freedom Holding: sources (+) and uses (−) of cash, Q1 FY27Other financing$1.0BCash drawn (+) / kept (−)−$612MOperating cash flow−$342MNet borrowing (+) / repaid (−)$210MOther investing−$191MCapital spending−$79.1MExchange rates$12.2MAcquisitions−$4.9MNot reconciled−$86K
Freedom Holding: sources (+) and uses (−) of cash, TTM to Q1 FY27Freedom Holding: sources (+) and uses (−) of cash, TTM to Q1 FY27Other financing$1.5BCash drawn (+) / kept (−)−$1.2BNet borrowing (+) / repaid (−)$794MOperating cash flow−$637MOther investing−$560MNot reconciled$327MCapital spending−$252MAcquisitions−$7.9M

From profit to cash

Freedom Holding: net income to operating cash flow, Q1 FY27Freedom Holding: net income to operating cash flow, Q1 FY27Net income$31.7MDepreciation & amortization$9.9MStock-based pay$23.2MOther non-cash$710KReceivables$17.7MPrepaid and other assets−$36.5MOther liabilities$87.8MIncome taxes payable$18.9MOperating cash flow−$342M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q1 FY27−$342M−$79.1M−$4.9M$210M−$612M−$421M
Q4 FY26−$1.5B−$23.0M—$184M$1.3B−$1.6B
Q3 FY26$718M−$66.1M—$329M−$1.6B$652M
Q2 FY26$535M−$83.4M—$71.0M−$279M$452M
Q1 FY26$481M−$26.4M−$10.1M$199M−$24.1M$454M
Q4 FY25$1.3B−$27.3M——−$325M$1.3B
Q3 FY25−$72.8M−$19.9M—$202M$145M−$92.7M
Q2 FY25−$438M−$9.5M——$433M−$447M

Freedom Holding: income statement and cash flow

Freedom Holding, Q1 FY27: revenue $733M (+40% year over year), operating margin 5.6%. The chart follows the revenue to costs, profit and cash.

Freedom Holding: 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.