Hilltop Holdings Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Hilltop Holdings 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
Interest expense	58.4	85.4	141	172	122	107	132	372
Pre-tax income	231	243	155	283	564	504	156	149	154	221
Income tax	83.5	110	34.2	63.7	133	118	36.8	31.1	31	49
Income from continuing operations			117	211	409	374	113
Net income to minority interests	2.05	0.6	4.29	7.69	21.8	11.6	6.16	8.33	10	6.43
Net income	146	133	121	225	448	374	113	110	113	166
EPS, basic	1.48	1.36	1.28	2.44	5.02	4.64	1.61	1.69	1.74	2.64
EPS, diluted	1.48	1.36	1.28	2.44	5.01	4.61	1.60	1.69	1.74	2.64
Shares, basic (weighted)	98.4	97.1	95	92.3	89.3	80.7	70.4	65	65	62.7
Shares, diluted (weighted)	98.6	97.4	95.1	92.4	89.3	81.2	70.6	65	65	62.7
Dividend per share	0.06	0.24	0.28	0.32	0.36	0.48	0.60	0.64	0.68	0.72

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	691	487	778	643	45.2	3,045	1,648	1,917	2,371	1,253
Property, plant and equipment	190	178	237	210	212	204	185	169	148	133
Lease right-of-use assets				114	106	112	102	88.6	90.6	83.8
Goodwill	252	252	291	267	267	267	267	267	267	267
Intangible assets	44.7	36.4	38	26.7	20.4	15.3	11.3	8.46	6.63	5.61
Total assets	12,738	13,366	13,684	15,172	16,944	18,689	16,259	16,467	16,268	15,845
Short-term debt	1,417	1,206	1,066	1,424	696	859	970	900	834	677
Total liabilities	10,864	11,451	11,710	13,044	14,594	16,140	14,196	14,317	14,050	13,647
Total debt	318	209	229
Paid-in capital	1,573	1,526	1,490	1,445	1,318	1,274	1,046	1,055	1,052	973
Retained earnings	296	385	467	645	987	1,257	1,124	1,189	1,249	1,275
Other comprehensive income	0.49	-0.39	-8.63	11.4	17.8	-10.2	-134	-122	-111	-79.9
Shareholders' equity	1,871	1,912	1,949	2,103	2,324	2,523	2,037	2,123	2,190	2,168
Minority interests	4.01	2.73	24.4	25.8	26.7	26.5	26.6	27.4	28.3	29.2
Total equity	1,875	1,915	1,974	2,129	2,351	2,549	2,064	2,150	2,218	2,198
Total liabilities and equity	12,738	13,366	13,684	15,172	16,944	18,689	16,259	16,467	16,268	15,845
Shares outstanding	98.5	96	93.6	90.6	82.2	79	64.7	65.2	65	59.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	148	133	126	233	470	386	119	118	123	172
Depreciation and amortization	-49.8	-13.9	-5.27	-1.48	21.9	24.6	32.6	19.6	19.9	15.7
Stock-based compensation	10.5		9.1	11.8	14.6	17.5	15.6	15.5	10.7
Deferred income tax	-9.69	40.9	13	-4.06	16.6	-7.08	8.18	7	-19.5	5.44
Cash from operations	-161	-321	390	-433	280	766	1,189	443	274	-38.7
Capital expenditures	-41.9	-31.2	-67.7	-42.3	-37.7	-24.8	-9.8	-8.49	-7.13	-16.8
Acquisitions			-63.2
Purchases of investments	-327	-471	-306	-416	-975	-1,344	-768	-65.2	-116	-295
Cash from investing	-494	-358	-290	-604	-828	-553	-877	158	354	-365
Debt issued	297	403	664	1,056	1,451	976	822	490	919	1,074
Debt repaid	-218	-512	-644	-1,001	-1,326	-1,038	-863	-490	-891	-1,247
Stock issued	4.14
Share buybacks		-27.4	-59	-73.4	-209	-124	-442	-5.1	-19.9	-184
Dividends paid	-5.8	-23.1	-26.7	-29.6	-32.5	-39	-43	-41.6	-44.3	-45.4
Cash from financing	698	481	4.63	902	1,258	1,480	-1,710	-333	-174	-714
Net change in cash	43.7	-198	105	-136	711	1,692	-1,397	269	454	-1,118
Free cash flow	-203	-352	322	-475	243	741	1,180	435	267	-55.5
Interest paid	58.4	84.3	143	169	125	110	128	357	427	347
Income taxes paid	88.9	85.8	8.38	56.9	124	136	15.1	19.1	44.2	61.1

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 $38.56 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	22.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.0%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	46.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	13.5%	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	-18.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	51.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	18.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-12.0%	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	-114.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-120.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	5.9%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	6.3%	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	14.9%	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	-1.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.1%	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	-1.4%	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	-2.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.9%	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	-1.3%	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	-3.6%	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	-3.9%	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	-6.8%	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
Liabilities / assets	86.5%	Total liabilities / total assets.
Goodwill and intangibles / assets	1.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.85B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
FCF conversion	-75.9%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.70	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.
FCF per share	-$2.12	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$1.63	Cash from operations / diluted weighted shares.
Book value per share	$37.12	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$32.36	Tangible book value / shares outstanding.
Cash per share	$13.42	(Cash + short-term investments) / shares outstanding.
Payout ratio	28.2%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.21B	Share price x shares outstanding.
Enterprise value	$1.44B	Market cap + total debt - cash - short-term investments.
P/E	13.7x	Market cap / net income. Only when net income is positive.
P/B	1.04x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.19x	Market cap / tangible book value, when positive.
FCF yield	-5.6%	Free cash flow / market cap.
Earnings yield	7.3%	Net income / market cap (the inverse of P/E).
Dividend yield	2.1%	Dividends paid over the period / market cap.
Shareholder yield	11.6%	(Dividends paid + share buybacks) / market cap.
PEG	0.75x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

Was Hilltop Holdings Inc. profitable in fiscal 2025?

Yes. Net income was $165.6M, a net margin of -.

How much free cash flow did Hilltop Holdings Inc. generate in fiscal 2025?

Cash from operations of $38.7M minus capital expenditures of $16.8M left free cash flow of -$55.5M.

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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