Income StatementBalance SheetCash FlowSegments
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HEICO Cash Flow Statement

Operating, investing, and financing cash movements

HEICO generated $909.8M in operating cash flow over the trailing twelve months. After $69.0M in capital expenditures, free cash flow was $840.8M. Free cash flow increased 0.2% year-over-year. Based on the Q4 2025 filing.

Net Cash From Operating (TTM)$909.8MNet Cash From Investing (TTM)-$890.7MNet Cash From Financing (TTM)$68.2MCapital Expenditures (TTM)$69.0MDepreciation And Amortization Cf (TTM)$200.9MNet Change In Cash (TTM)$58.9M
Latest FilingQ4 2025
Report Date2026-02-27
Market Cap$40.7B
P/E Ratio57.13
ROE17.28%

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other non-cash income (expense)—-$17.7M-$14.2M$25.7M—-$6.1M
Other non-cash income (expense)—-$17.7M-$14.2M$25.7M—-$6.1M
Other non-cash income (expense)—-$17.7M-$14.2M$25.7M—-$6.1M
Change in accounts payable-$10.8M$10.4M$18.8M-$274.0K$0.0$4.1M
Change in accrued liabilities$23.2M-$63.9M$24.6M$51.2M$32.7M-$107.2M
Change in income taxes payable/receivable$29.8M$16.9M-$6.3M-$38.3M—$10.3M
Change in inventories$30.8M$36.2M$9.9M$14.0M—$17.1M
Change in receivables$5.5M-$20.1M$60.4M-$4.3M$39.5M$5.3M
Deferred income taxes-$6.8M-$7.1M-$10.9M-$10.8M-$19.8M$7.5M
Depreciation and amortization$44.7M$46.2M$48.9M$49.8M$51.2M$51.0M
Other Postretirement Benefit Plans (Net)$2.1M$13.0M$3.5M$6.5M$491.0K$10.1M
Other Non-Cash Income (Expense)—-$17.7M-$14.2M$25.7M—-$6.1M
Other Non-cash Income (Expense)—-$17.7M-$14.2M$25.7M—-$6.1M
Other Non-cash Income (Expense)—-$17.7M-$14.2M$25.7M—-$6.1M
Net cash from operating activities$205.6M$203.0M$204.7M$231.2M$295.3M$178.6M
Net income$150.9M$181.6M$170.5M$190.7M$202.8M$204.8M
Other non-cash income (expense)—-$17.7M-$14.2M$25.7M—-$6.1M
Contingent consideration fair value adjustments—$3.3M$3.5M$2.2M$3.9M$2.2M
Increase (Decrease) in Contract with Customer, Asset—$5.9M$6.4M$8.0M—-$3.8M
Increase (Decrease) in Other Noncurrent Assets and Liabilities, Net-$13.4M-$2.7M-$2.7M-$2.7M-$2.7M—
Other postretirement benefit plans (net)$2.1M$13.0M$3.5M$6.5M$491.0K$10.1M
Increase (Decrease) in Prepaid Expense and Other Assets$8.2M$955.0K-$5.5M-$10.3M-$549.0K$8.8M
Other Noncash Income (Expense)—-$17.7M-$14.2M$25.7M—-$6.1M
PaymentofContingentConsiderationinExcessofAcquisitionDateValue—$2.2M———$0.0
Stock Option Plan Expense$4.7M$4.7M$6.0M$7.7M$16.0M$11.3M
Other Non-cash Income and Expense—-$17.7M-$14.2M$25.7M—-$6.1M
Other Non-Cash Adjustments—-$17.7M-$14.2M$25.7M—-$6.1M
Other Non-Cash Income and Expense—-$17.7M-$14.2M$25.7M—-$6.1M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Payment for contingent consideration liability (financing)$6.2M$6.0M$0.0$0.0$0.0$0.0
Payment for Contingent Consideration (Financing)$6.2M$6.0M$0.0$0.0$0.0$0.0
Payment for Contingent Consideration (Financing)$6.2M$6.0M$0.0$0.0$0.0$0.0
Proceeds from Lines of Credit$80.0M$145.0M$0.0$350.0M$0.0$443.0M
Proceeds from Long-term Lines of Credit$80.0M$145.0M$0.0$350.0M$0.0$443.0M
Distributions to noncontrolling interests$11.0M$10.2M$7.3M$9.7M$11.2M$7.2M
Dividends paid$0.0$15.3M$0.0$16.7M$0.0$16.7M
Common Stock Issued Repurchased and Retired Related To Stock Option Exercises$25.1M$95.0K$1.3M$564.0K$20.4M$4.5M
Payments to Noncontrolling Interests$6.6M$3.3M$947.0K$1.6M$0.0$4.1M
Other, net-$818.0K-$1.1M-$1.0M-$1.4M-$815.0K-$812.0K
Repayments of Long-Term Lines of Credit$110.0M$20.0M$75.0M$180.0M$275.0M$103.0M
Payment of Deferred Purchase Consideration$0.0$6.0M$0.0$0.0$0.0$0.0
Proceeds from revolving credit facility$80.0M$145.0M$0.0$350.0M$0.0$443.0M
Noncontrolling interest transactions and other-$818.0K-$1.1M-$1.0M-$1.4M-$815.0K-$812.0K
Net cash from financing activities-$65.3M$90.7M-$81.4M$146.0M-$305.9M$309.6M
Noncontrolling Interests Activity and Other-$818.0K-$1.1M-$1.0M-$1.4M-$815.0K-$812.0K
Proceeds from issuance of common stock$1.6M$1.6M$4.2M$5.9M$1.5M$2.9M
Payments on Revolving Credit Facilities$110.0M$20.0M$75.0M$180.0M$275.0M$103.0M
Repayments of Long-term Lines of Credit$110.0M$20.0M$75.0M$180.0M$275.0M$103.0M
Repayments of lines of credit$110.0M$20.0M$75.0M$180.0M$275.0M$103.0M

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquisitions, net of cash acquired$164.1M$254.8M$31.4M$343.8M$0.0$441.4M
Capital expenditures$16.1M$17.3M$16.0M$12.7M$26.8M$13.5M
Net Investment Related to Deferred Compensation Plan$3.4M$14.6M$3.1M$4.0M$11.3M$14.0M
Payment for (Proceeds from) Other Investing Activity-$2.5M$1.3M$1.3M-$2.6M-$4.0M$728.0K
Proceeds From Life Insurance Policies—$0.0———$22.7M
Net cash from investing activities-$181.1M-$288.0M-$51.8M-$357.9M-$34.0M-$447.0M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$189.5M$185.7M$188.7M$218.5M$268.5M$165.1M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash$0.0-$2.4M$5.4M$317.0K$490.0K$2.0M
Contingent consideration (receivable) payable - financing activities$6.2M$6.0M$0.0$0.0$0.0$0.0
Net increase (decrease) in cash-$40.8M$3.4M$76.8M$19.6M—$43.2M
Defined Contribution Plan Employer Discretionary Contribution Amount$3.9M$5.5M$3.0M$5.7M$6.3M$5.9M