FEDERATED HERMES, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FEDERATED HERMES, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,143	1,103	1,136	1,327	1,448	1,300	1,446	1,610	1,632	1,801
Selling and marketing	14.5	11.2	16.1	17.8	15.8	21.6	20.9	23	24.1	23
Operating expenses	808	761	805	979	1,030	934	1,109	1,222	1,271	1,287
Operating income	336	342	330	348	418	366	337	388	361	514
Interest expense	4.17	4.77	5.89	5.04	2.68	1.79	11.1	12.5	12.7	12.7
Interest income		7.24	5.99	4.45	4.12	3.17	8.97	22.6	26.1	25.3
Other non-operating income	5.25	10.5	-34.1	17.3	27.9	10	-30.6	23.8	20.1	33.6
Pre-tax income	341	352	296	365	446	376	306	411	382	548
Income tax	119	57.1	73.9	88.1	110	104	71.7	107	113	133
Net income to minority interests	12.6	3.56	2	4.79	9.66	2.02	-4.93	5.8	0.12	10.8
Net income	209	291	220	272	326	270	239	299	268	403
EBITDA	345	352	347	364	434	382	352	401	371	522
EPS, basic	2.03	2.87	2.18	2.69	3.25	2.77	2.65	3.40	3.23	5.13
EPS, diluted	2.03	2.87	2.18	2.69	3.23	2.75	2.65	3.40	3.23	5.13
Shares, basic (weighted)	99.1	97.4	96.9	97.3	96.5	93.8	85.8	83.9	79.4	75.1
Shares, diluted (weighted)	99.1	97.4	96.9	97.3	96.5	93.8	85.8	83.9	79.4	75.1
Dividend per share	2.00	1.00	1.06	1.08	2.08	1.08	1.08	1.11	2.21	1.33

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	105	316	157	249	302	233	337	383	504	583
Receivables	44.8	26	60.1	64.5	64.9	65.3	58.1
Other current assets	3.81	2.51	2.02	1.82	8.48	7.18	8.26	5.9	4.8	12.9
Total current assets	360	437	304	461	575	559	651	721	781	864
Property, plant and equipment	39.3	37.7	53.2	51.7	52.6	47	35.7	30.7	25.6	24.8
Lease right-of-use assets				101	122	108	92.9	99.3	105	95.8
Goodwill	659	660	810	775	800	799	800	807	805	852
Intangible assets		76.9	340	446	482	471	409	409	328	332
Other non-current assets	22.9	19.6	37.1	45.8	28.8	33.4	31.3	34.5	40.4	61.3
Total assets	1,155	1,231	1,544	1,880	2,061	2,018	2,020	2,102	2,085	2,229
Accrued liabilities	74.7	74.6	114	137	171	162	150	158	157	176
Total current liabilities	163	129	181	231	265	271	257	287	289	314
Lease liabilities				108	122	105	86.8	93.8	97.2	88.5
Other non-current liabilities	23	23.6	39.7	23.1	36.6	36.4	40.8	32.5	28.5	31.3
Total liabilities	528	440	504	627	687	841	913	948	934	966
Total debt						223	348	348	348	348
Paid-in capital					0	0	0	0	0	0
Retained earnings	530	697	792	930	1,028	1,187	1,016	1,195	1,257	1,531
Treasury stock	-255	-279	-287	-281	-325	-538	-365	-521	-633	-873
Other comprehensive income	0.52	-0.79	-14.6	-0.25	15.2	16.4	-45.7	-19.9	-32.1	6.48
Shareholders' equity	595	761	857	1,041	1,137	1,114	1,046	1,128	1,095	1,197
Total equity	596	761	857	1,041	1,137	1,114	1,046	1,128	1,095	1,197
Total liabilities and equity	1,155	1,231	1,544	1,880	2,061	2,018	2,020	2,102	2,085	2,229

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	222	295	222	277	336	272	235	305	268	414
Depreciation and amortization	9.7	10.6	17.1	16.5	16	15.4	15.1	13	9.1	8.3
Stock-based compensation	22.4	22.5	23.9	25.1	26.7	30.3	34.8	33.9	28.8	29.1
Deferred income tax	17.5	-59.3	12.3	7.45	18.2	18.2	-18.8	4.25	-14.9	10.8
Change in receivables	-11	-6.13	-9.91	-7.25	11.7	6.66	-4.37	-27.6	17.3	4.03
Change in payables	6	-13.9	-96.2	30.9	0.7	-6.37	4.67	14.6	9.36	5.93
Cash from operations	266	387	206	335	373	170	324	312	347	297
Capital expenditures	-12.8	-9.8	-17.3	-15	-13.5	-10.4	-4.37	-7.92	-4.02	-2.76
Acquisitions	0	-4.35	-168	0.79	2.7	0	-28.1	0	0	-12.8
Cash from investing	-21	1	-174	-94.7	-24.8	10.8	-32.4	-30.6	64.3	2.01
Debt issued					100	296	488	0	0
Share buybacks	-81.8	-48.6	-29.2	-15.7	-66.8	-228	-218	-177	-138	-263
Dividends paid	-205	-102	-107	-109	-208	-106	-97.9	-98.1	-185	-105
Cash from financing	-312	-177	-186	-153	-295	-249	-169	-243	-286	-238
Exchange rate effect	0	0	-5.11	4.51	5.84	-2.31	-20.2	7.87	-3.8	15.3
Net change in cash	-67.7	211	-159	92.1	59.1	-70.6	103	46	121	76.8
Free cash flow	253	378	189	320	360	160	320	304	343	295
Interest paid	3.49	4.11	5.32	4.61	2.39	1.13	7.18	11.6	11.6	11.8
Income taxes paid	105	118	61.6	72.6	98.7	91.9	85.6	108	126	125

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $57.82 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	27.1%	Operating income / revenue.
Pre-tax margin	28.7%	Pre-tax income / revenue.
Net margin	21.3%	Net income / revenue.
FCF margin	19.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	19.3%	Cash from operations / revenue.
Effective tax rate	24.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	32.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	17.7%	Net income / average total assets.
Return on invested capital (ROIC)	30.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.4%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	42.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	15.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	4.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	40.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	14.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	3.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	50.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	19.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	4.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	58.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	24.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	9.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-14.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-2.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-4.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-14.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-2.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-3.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-39.8%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	7.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-8.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	9.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	1.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-5.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-4.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.59x	Current assets / current liabilities.
Quick ratio	1.18x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.18x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.28x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	15.0%	Total debt / total assets.
Liabilities / assets	40.1%	Total liabilities / total assets.
Net debt	$46.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	41.2x	Operating income / interest expense.
Working capital	$405.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	64.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$250.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.83x	Revenue / average total assets.
Fixed asset turnover	73.2x	Revenue / average property, plant and equipment.
FCF conversion	89.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.72	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$26.88	Revenue / diluted weighted shares.
FCF per share	$5.10	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.20	Cash from operations / diluted weighted shares.
Book value per share	$17.41	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$3.48	Tangible book value / shares outstanding.
Cash per share	$4.19	(Cash + short-term investments) / shares outstanding.
Payout ratio	26.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	29.3%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	56.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.32B	Share price x shares outstanding.
Enterprise value	$4.36B	Market cap + total debt - cash - short-term investments.
P/E	10.5x	Market cap / net income. Only when net income is positive.
P/S	2.23x	Market cap / revenue.
P/B	3.45x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	11.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.5x	Market cap / cash from operations, when positive.
EV/Sales	2.26x	Enterprise value / revenue.
EV/EBIT	8.32x	Enterprise value / operating income, when both are positive.
EV/FCF	11.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.5%	Free cash flow / market cap.
Earnings yield	9.5%	Net income / market cap (the inverse of P/E).
Dividend yield	2.5%	Dividends paid over the period / market cap.
Shareholder yield	7.3%	(Dividends paid + share buybacks) / market cap.
PEG	0.43x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was FEDERATED HERMES, INC.'s revenue in fiscal 2025?

FEDERATED HERMES, INC. reported revenue of $1.80B for fiscal 2025, 10.3% higher than the year before.

Was FEDERATED HERMES, INC. profitable in fiscal 2025?

Yes. Net income was $403.3M, a net margin of 22.4%.

How much free cash flow did FEDERATED HERMES, INC. generate in fiscal 2025?

Cash from operations of $297.3M minus capital expenditures of $2.8M left free cash flow of $294.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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