Freedom Holding Cash Flow Statement

Financials in millions USD. Fiscal year is April - March.

Millions USD. Fiscal year is Apr - Mar.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022	Mar '21 Mar 31, 2021
Net Income	2.66	84.65	375.54	205.14	227.49	149.65
Depreciation & Amortization, Total	25.15	17.16	14.6	5.14	3.42	2.69
Gain (Loss) On Sale of Investments	174.02	123.21	-99.98	-110.24	53.21	-6.58
Stock-Based Compensation	77.41	59.59	22.72	9.29	7.86	0.63
Change in Accounts Receivable	-854.05	-1,744	-1,273	-253.3	-103.76	20.97
Change in Accounts Payable	2,239	1,991	846.86	269.71	2.9	448.75
Change in Other Net Operating Assets	-100.62	-248.71	-51.1	-50.45	-5.75	-1.14
Other Operating Activities	246.97	306.9	48.56	-11.22	117.84	20.84
Operating Cash Flow	3,072	1,681	-1,064	-951.68	-406.37	529.4
Capital Expenditures	-217.52	-95.33	-43.75	-38.54	-5.62	-1.52
Cash Acquisitions	-23.15	-22.49	-53.76	-61.97	-	94.68
Investment in Securities	-465.97	-353.35	30.42	-69.46	-49.94	-83.47
Other Investing Activities	-	-	-	-629.74	-4.38	-2.23
Investing Cash Flow	-1,194	-905.47	-638.22	-1,463	-146.32	6.35
Short-Term Debt Issued	-	-	1,191	637.39	427.62	383.35
Long-Term Debt Issued	-	204.14	208.86	45.95	13.2	6.93
Total Debt Issued	675.7	204.14	1,400	683.34	440.82	390.27
Short-Term Debt Repaid	-	-1,061	-	-	-	-
Long-Term Debt Repaid	-	-	-	-28.25	-9.99	-8.35
Total Debt Repaid	-1,251	-1,061	-	-28.25	-9.99	-8.35
Net Debt Issued (Repaid)	-574.94	-857.29	1,400	655.08	430.83	381.92
Issuance of Common Stock	-	-	-	0.68	0.12	1.79
Other Financing Activities	743.59	855.71	274.49	1,478	187.58	108.82
Financing Cash Flow	168.65	-1.58	1,675	2,133	618.53	492.52
Foreign Exchange Rate Adjustments	147.52	-137.04	12.19	78.19	-54.42	-6.13
Net Cash Flow	2,192	637.05	-19.22	-203.36	11.42	1,022
Free Cash Flow	2,854	1,586	-1,108	-990.23	-411.99	527.88
Free Cash Flow Growth	382.73%	-	-	-	-	554.73%
Free Cash Flow Margin	191.69%	108.39%	-101.38%	-184.04%	-67.64%	162.99%
Free Cash Flow Per Share	46.79	26.21	-18.67	-16.64	-6.94	9.03
Cash Interest Paid	446.05	511.95	474.66	199.37	37.85	19.1
Cash Income Tax Paid	76.73	53.92	30.32	53.18	44.47	11

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Capital Markets template. Financial Sources.

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