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Horizon Kinetics Holding cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$2.6M in Q2 2026 · −$31.1M over twelve months

Operating cash flow−$2.0M
Capital spending−$597K
Free cash flow−$2.6M

Analysis

In Q2 2026, Horizon Kinetics Holding generated −$2.0M of operating cash flow and spent $597K on capital projects, leaving free cash flow of −$2.6M. That is $5.2M more than in Q2 2025 (−$7.8M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$29.6M; the largest uses were operating cash flow ($29.6M), dividends ($7.9M), capital spending ($1.5M); besides operations, cash came from other financing ($32.6M), other investing ($6.8M); the cash balance rose by $487K.

Operating cash flow was −$2.0M against net income of −$113M. The largest differences: depreciation & amortization +$193K.

Free cash flow

Horizon Kinetics Holding: free cash flow by quarterHorizon Kinetics Holding: free cash flow by quarter$4.2MQ3 2024$23.0MQ4 2024−$14.5MQ1 2025−$7.8MQ2 2025−$17.9MQ3 2025−$2.8MQ4 2025−$7.4MQ1 2026−$2.6MQ2 2026
Operating cash flow less capital spending.
Horizon Kinetics Holding: operating cash flow against capital spendingHorizon Kinetics Holding: operating cash flow against capital spendingOperating cash flowCapital spending$4.2M$0Q3 2024$23.0M$4KQ4 2024−$14.5M$0Q1 2025−$7.8M$0Q2 2025−$17.9M$0Q3 2025−$2.8M$0Q4 2025−$6.8M$599KQ1 2026−$2.0M$597KQ2 2026
Latest (Q2 2026): Operating cash flow −$2.0M, Capital spending $597K.

Capital allocation, year by year

Horizon Kinetics Holding: where the cash came from (up) and went (down), by fiscal yearHorizon Kinetics Holding: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingDividendsFY2021: Operating cash flow −$322KFY2021: Net borrowing −$2.8MFY2021: Shares issued $57K$57KFY2021FY2022: Operating cash flow −$1.8MFY2022: Net borrowing $290K$290KFY2022FY2023: Operating cash flow $25.5MFY2023: Net borrowing −$3.5MFY2023: Capital spending −$95K$25.5MFY2023FY2024: Operating cash flow $11.8MFY2024: Capital spending −$47KFY2024: Dividends −$988K$11.8MFY2024FY2025: Operating cash flow −$43.1MFY2025: Capital spending −$315KFY2025: Dividends −$6.3MFY2025
Over these 5 years operating cash flow totalled −$7.9M; the largest uses were operating cash flow ($45.2M) and dividends ($7.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$34.3M
Debtnone
Net cash$34.3M
Cash runway13 months

Horizon Kinetics Holding is burning cash: its operations consume cash, a free cash flow of −$31.1M a year at the current rate against $34.3M of cash and investments: a runway of about 13 months before any new financing.

Where the cash came from and went

Horizon Kinetics Holding: sources (+) and uses (−) of cash, Q2 2026Horizon Kinetics Holding: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$5.7MOther financing−$5.5MOther investing$4.8MDividends−$2.4MOperating cash flow−$2.0MCapital spending−$597K
Horizon Kinetics Holding: sources (+) and uses (−) of cash, TTM to Q2 2026Horizon Kinetics Holding: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$32.6MOperating cash flow−$29.6MDividends−$7.9MOther investing$6.8MCapital spending−$1.5MCash drawn (+) / kept (−)−$487K

From profit to cash

Horizon Kinetics Holding: net income to operating cash flow, Q2 2026Horizon Kinetics Holding: net income to operating cash flow, Q2 2026Net income−$113MDepreciation & amortization$193KOperating cash flow−$2.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsCash drawn (+) / kept (−)Free cash flow
Q2 2026−$2.0M−$597K−$2.4M$5.7M−$2.6M
Q1 2026−$6.8M−$599K−$2.3M$3.8M−$7.4M
Q4 2025−$2.8M—−$2.0M−$20.3M−$2.8M
Q3 2025−$17.9M—−$1.3M$10.4M−$17.9M
Q2 2025−$7.8M—−$1.0M−$8.1M−$7.8M
Q1 2025−$14.5M—−$2.0M−$5.7M−$14.5M
Q4 2024$23.0M−$4K—−$9.6M$23.0M
Q3 2024$4.2M——−$7.3M$4.2M

Horizon Kinetics Holding: income statement and cash flow

Horizon Kinetics Holding, Q2 2026: revenue $19.0M (+0.7% year over year), operating margin 15.6%. The chart follows the revenue to costs, profit and cash.

Horizon Kinetics 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.