Cash generation appears strained, evidenced by a 2026Q1 OCF/NI ratio of -3.26 and aggressive capital returns, including $47.5 million in buybacks that exceeded the $39.0 million net income for the same period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Cash from Operations | -124.08M | -78.26M | 273.93M | 443.02M | 1.19B | 765.62M | 280.44M | -433.02M | 389.54M | -320.72M | -160.97M | 35.74M | -91.42M | 396.7M | 115.22M | -3.32M | 9.85M | 18.9M | -7.19M | -46.87M | 37.05M | 7.04M | 27.03M | 10.69M | 14.27M | 6.63M | -3.18M | -1.97M |
| Operating CF Growth % | -2410.04% | -128.57% | -38.17% | -62.75% | 55.36% | 173.01% | 164.76% | -211.16% | 221.46% | -99.24% | -550.42% | 139.09% | -123.04% | 244.31% | 3568.36% | -133.72% | -47.88% | 362.87% | 84.66% | -226.5% | 426.64% | -73.98% | 152.99% | -25.1% | 115.32% | 308.56% | -61.35% | - |
| Net Income | 162.49M | 165.59M | 123.21M | 117.98M | 119.29M | 374.5M | 469.68M | 232.98M | 125.73M | 133.14M | 147.94M | 212.58M | 112.56M | 126.71M | -5.1M | -6.53M | -548K | -2.11M | -22.59M | -73.09M | -17.42M | -184.47M | -94.66M | -34.42M | -40.83M | -13.12M | -14.11M | 0 |
| Depreciation & Amortization | 9.92M | 0 | 19.95M | 19.63M | 32.63M | 24.63M | 21.93M | -1.48M | -5.27M | -13.87M | -49.77M | -83.36M | -83.28M | -53.79M | -2.53M | 1.71M | 1.79M | 1.98M | 2.16M | 2.04M | 92.14M | 89.22M | 74.77M | 49.58M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 8.32M | 0 | -19.54M | 7M | 8.18M | -7.08M | 16.58M | -4.06M | 13.01M | 40.93M | -9.69M | 17.38M | -22.78M | 15.83M | -6.43M | -3.93M | 1.49M | 995K | 7.22M | 2.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -345.41M | -261.05M | 42.56M | 52.59M | 930.14M | 976.31M | -770.99M | -689.02M | 325.91M | 125.28M | -231.83M | -291.78M | -172.29M | 338.52M | 119.48M | -417K | 60K | -110K | 46.19M | 26.94M | -37.68M | 101.9M | 37.61M | -6.21M | 55.1M | 19.74M | 10.93M | -1.97M |
| Working Capital Changes | 37.92M | 17.19M | 107.75M | 245.82M | 99.2M | -620.23M | 543.24M | 28.57M | -69.83M | -606.21M | -17.62M | 180.92M | 74.38M | -30.56M | 9.3M | 5.7M | 6.91M | 17.93M | -40.27M | -7.25M | -5.23M | 0 | 9.32M | 1.73M | 0 | 0 | 0 | 0 |
| Cash from Investing | -513.14M | -325.28M | 354.22M | 158.34M | -877.3M | -553.27M | -827.67M | -604.29M | -289.67M | -357.96M | -493.56M | 442.29M | 259.82M | 223.92M | 12.87M | -60.7M | -16.66M | 32.07M | -12.13M | 742.03M | 135.47M | -112.95M | -607.62M | -47.69M | -167.56M | -102.76M | -91.19M | -116M |
| Purchase of Investments | -392.74M | -395.27M | -117.59M | -85.08M | -781.67M | -1.34B | -982.84M | -525.38M | -345.26M | -531.99M | -513.68M | -278.52M | -172.68M | -373M | -224.89M | -81.58M | -44.73M | -1.1B | -52.63M | -118.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale/Maturity of Investments | 360.2M | 443.02M | 330.35M | 318.4M | 425.16M | 665.68M | 514.97M | 370.74M | 259.07M | 355.1M | 563.09M | 762.02M | 320.37M | 381.89M | 77.44M | 21.18M | 28.39M | 1.11B | 59.47M | 50.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Investment Activity | -32.53M | 47.75M | 212.76M | 233.32M | -356.51M | -678.08M | -467.87M | -154.65M | -86.2M | -176.89M | 49.41M | 483.5M | 147.69M | 8.89M | -147.45M | -60.4M | -16.34M | 15.28M | 6.84M | -68.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 5.37M | 74.91M | 0 | 0 | 0 | 0 | 0 | 0 | -63.24M | 0 | 0 | 41.1M | 0 | 362.69M | 165.68M | 0 | 0 | 0 | -375K | -69.95M | -1.69M | 0 | 36.92M | -15.56M | 0 | 0 | 0 | 0 |
| Other Investing | -469.94M | -431.11M | 148.59M | -66.5M | -510.99M | 149.56M | -322.05M | -407.36M | -72.5M | -149.92M | -501.03M | -51.03M | 155.32M | -114.6M | 12.05M | 0 | 0 | 18.5M | -18.5M | 881.15M | 162.05M | 63.6M | 0 | 14.88M | -167.56M | -102.76M | -91.19M | -116M |
| Cash from Financing | -261.98M | -714.24M | -174.31M | -332.51M | -1.71B | 1.48B | 1.26B | 901.64M | 4.63M | 480.88M | 698.23M | -621.66M | -101.35M | -601.06M | 19.85M | -6.9M | -133.77M | -10.33M | -14.31M | 58.56M | -171.16M | 100.98M | 593.76M | 25.39M | 167.88M | 82.46M | 111.98M | 114.95M |
| Dividends Paid | -45.57M | -45.4M | -44.26M | -41.6M | -42.96M | -38.98M | -32.52M | -29.63M | -26.7M | -23.14M | -5.8M | -3.54M | -5.62M | -2.98M | 0 | 0 | -8.77M | -10.31M | -10.31M | -10.31M | -10.31M | -45.46M | -7.25M | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -198.29M | -184.03M | -19.86M | -5.1M | -442.34M | -123.63M | -208.66M | -73.39M | -58.99M | -27.39M | 0 | -144.1M | 0 | 0 | -1.3M | 0 | -125M | 0 | 0 | -1.8M | 0 | 0 | -43.31M | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.14M | 200.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100M | 0 | 0 | 438.08M | -1.03M | 0 | 0 | 0 | 0 |
| Net Stock Activity | -198.29M | -184.03M | -19.86M | -5.1M | -442.34M | -123.63M | -208.66M | -73.39M | -58.99M | -27.39M | 4.14M | 56.53M | 0 | 0 | -1.3M | 0 | -125M | 0 | 0 | 98.2M | 0 | 0 | 394.76M | -1.03M | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | -3M | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 0 | -18K | -1000K | -1000K | 0 | 0 | 1000K | 1000K | 0 | 0 | 0 | 0 |
| Other Financing | 12.7M | -127.78M | -44.86M | -214.88M | -1.29B | 1.54B | 2.1B | 591.63M | 210.81M | 854.6M | 150.61M | -601.97M | -516.7M | -210.65M | 207.73M | 0 | 0 | 0 | 0 | -17.84M | -171.16M | 146.44M | 27.48M | 3.71M | 167.88M | 82.46M | 111.98M | 114.95M |
| Net Change in Cash | -899.21M | -1.12B | 453.85M | 268.85M | -1.4B | 1.69B | 710.51M | -135.68M | 104.51M | -197.8M | 43.7M | -143.63M | 67.05M | 19.56M | 146.64M | -70.92M | -140.57M | 40.64M | -33.63M | 753.73M | 1.35M | -4.93M | 13.18M | -11.62M | 167.88M | 82.46M | 111.98M | 114.95M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 153.3M | 96.14M | 94.36M | 117.97M |
| Cash at Beginning | 1.25B | 2.37B | 1.92B | 1.65B | 3.05B | 1.35B | 642.79M | 778.47M | 673.96M | 871.76M | 828.06M | 813.08M | 746.02M | 726.46M | 578.52M | 649.44M | 790.01M | 749.38M | 783.01M | 29.28M | 27.93M | 32.86M | 26.63M | 38.25M | 0 | 0 | 0 | 0 |
| Cash at End | 892.52M | 1.25B | 2.37B | 1.92B | 1.65B | 3.05B | 1.35B | 642.79M | 778.47M | 673.96M | 871.76M | 669.45M | 813.08M | 746.02M | 725.16M | 578.52M | 649.44M | 790.01M | 749.38M | 783.01M | 29.28M | 27.93M | 39.8M | 26.63M | 167.88M | 82.46M | 111.98M | 114.95M |
| Interest Paid | 259.32M | 347.09M | 426.78M | 357.4M | 128.41M | 110.11M | 124.93M | 168.53M | 143.2M | 84.31M | 58.43M | 59.7M | 28.85M | 31.8M | 10.37M | 8.78M | 8.8M | 9.21M | 10.35M | 13.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 60.45M | 61.08M | 44.23M | 19.06M | 15.09M | 136.18M | 123.55M | 56.9M | 8.38M | 85.84M | 88.9M | 112.46M | 26.86M | 73.8M | 184K | 811K | 1.91M | 23.89M | 10.63M | 69.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -140.12M | -95.1M | 266.8M | 434.54M | 1.18B | 740.87M | 242.69M | -475.31M | 321.46M | -351.87M | -202.91M | 4.47M | -134.61M | 363.64M | 97.81M | -3.62M | 9.53M | 17.18M | -7.29M | -47.27M | 12.16M | -169.51M | -617.5M | -36.33M | 14.27M | 6.63M | -3.18M | -1.97M |
| FCF Growth % | -168.88% | -135.64% | -38.6% | -63.16% | 59.22% | 205.27% | 151.06% | -247.86% | 191.36% | -73.41% | -4642.4% | 103.32% | -137.02% | 271.79% | 2803.34% | -137.97% | -44.55% | 335.8% | 84.58% | -488.71% | 107.17% | 72.55% | -1599.61% | -354.66% | 115.32% | 308.56% | -61.35% | - |
Mortgage origination volatility
According to recent financial disclosures, Hilltop Holdings' net income has remained constrained, with 2026Q1 earnings of $39.0 million, suggesting that organic capital generation is currently insufficient to offset the significant cash outflows observed in the most recent quarter, warranting close monitoring of future capital adequacy ratios.
The firm's ability to retain earnings is currently pressured by the high volatility in operating cash flows, which frequently swing into negative territory. Investors should monitor whether the current dividend payout remains sustainable if the recent spike in provision expenses continues to erode the bottom line.
Based on reported cash flow statements, Hilltop Holdings consistently maintains a balanced investment strategy, with 2026Q1 purchases of $77.1 million largely offset by $73.6 million in sales, indicating a defensive posture that prioritizes liquidity over aggressive duration extension in the current interest rate environment.
The tight alignment between investment purchases and sales suggests that management is actively managing the securities portfolio to provide liquidity for the banking segment. This activity appears to be a tactical response to fluctuating deposit flows rather than a strategic shift in the firm's overall asset allocation.
As indicated by quarterly filings, Hilltop Holdings returned $47.5 million to shareholders via buybacks in 2026Q1, a figure that significantly exceeds the $39.0 million in net income, suggesting that capital return levels may be aggressive relative to the firm's current cash generation capacity.
The reliance on buybacks during periods of negative operating cash flow may indicate a management preference for supporting share price stability over building excess capital buffers. This strategy warrants further investigation into whether such distributions are sustainable if the mortgage segment continues to face cyclical headwinds.
Based on an analysis of the statement of cash flows, the extreme variance in OCF/NI ratios, which reached -3.26 in 2026Q1, suggests that reported net income is a poor proxy for actual cash generation due to the impact of mortgage servicing rights and trading asset fluctuations.
The cash flow statement obscures the underlying operational health by conflating banking activities with the highly transactional nature of the mortgage and broker-dealer segments. Analysts should be cautious in interpreting these figures as a direct measure of the bank's core liquidity, as they are heavily influenced by non-cash valuation adjustments.
Quick answers to the most common questions about buying HTH stock.
Hilltop Holdings Inc. (HTH) generated $-78.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Hilltop Holdings Inc. (HTH) reported negative free cash flow of $95.1M in 2025, indicating capital requirements exceeded cash from operations.
Hilltop Holdings Inc. (HTH) spent $16.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Hilltop Holdings Inc. (HTH) returned $45.4M to shareholders via cash dividends and spent $184.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.