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	2.99	169.04	749.9	411.17	441.86	300.56
Depreciation & Amortization	165.09	241.32	74.22	18.7	14.82	5.26
Stock-Based Compensation	77.41	59.59	22.72	9.29	7.86	0.63
Other Adjustments	456.77	474.01	-39.59	-85.48	73.21	34.43
Changes in Trading Assets	1,092	827.16	-1,048	-1,019	-608.62	-466.59
Change in Receivables	-854.05	-1,744	-1,273	-253.3	-103.76	20.97
Changes in Trading Liabilities	-	-	-	-13.87	5.3	8.51
Changes in Accounts Payable	175.5	474.09	734.61	163.76	26.06	16.51
Changes in Income Taxes Payable	2.57	-4.09	28.43	-10.02	0.36	11.57
Changes in Other Operating Activities	2,409	1,780	535.81	244.63	-108.86	788.71
Operating Cash Flow	3,072	1,681	-1,064	-951.68	-406.37	529.4
Operating Cash Flow Growth	370.89%	-	-	-	-	540.75%
Capital Expenditures	-217.52	-95.33	-43.75	-38.54	-5.62	-1.52
Sale of Property, Plant & Equipment	-	-	-	-	-	0.02
Purchases of Investments	-1,296	-963.54	-799.06	-1,045	-335.12	-274.94
Proceeds from Sale of Investments	340.28	174.43	260.34	260.63	198.8	190.34
Payments for Business Acquisitions	-44.81	-37.91	-58.21	-78.32	-	-62.71
Proceeds from Business Divestments	1.21	17.32	-	51.51	-	-
Other Investing Activities	11.49	-0.45	2.46	16.35	-	157.38
Investing Cash Flow	-1,194	-905.47	-638.22	-1,463	-146.32	6.35
Short-Term Debt Issued	70.64	-980.07	1,293	1,073	434.64	383.35
Short-Term Debt Repaid	-405.33	-54.72	-41.77	-14.81	-0.15	-
Net Short-Term Debt Issued (Repaid)	-334.7	-1,035	1,251	1,058	434.5	383.35
Long-Term Debt Issued	776.53	204.14	208.86	41.08	13.2	6.93
Long-Term Debt Repaid	-	-	-	-23.39	-9.99	-8.35
Net Long-Term Debt Issued (Repaid)	776.53	204.14	208.86	17.69	3.21	-1.42
Issuance of Common Stock	-	-	-	0.68	0.12	1.79
Net Common Stock Issued (Repurchased)	-	-	-	0.68	0.12	1.79
Other Financing Activities	732	829.07	214.33	1,057	180.7	108.82
Financing Cash Flow	168.65	-1.58	1,675	2,133	618.53	492.52
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-1.59	-136.96	8.79	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	79.99%	-	-	-	-	554.73%
FCF Margin	183.54%	104.69%	-95.10%	-167.78%	-67.23%	162.71%
Free Cash Flow Per Share	46.79	26.21	-18.67	-16.64	-6.94	9.03
Levered Free Cash Flow	4,071	2,477	2,117	626.61	-11.37	894.02
Unlevered Free Cash Flow	3,630	3,308	656.06	-461.36	-351.45	490.95

Updated Dec 31, 2025. Data Source: Fiscal.ai. Capital Markets template. Financial Sources.

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