Robert Half (RHI) Annual Cash Flow Statement

Cash Flow Summary

Robert Half (RHI) annual cash flow statement covering fiscal 2020 through 2025, as reported to the SEC.

Robert Half generated $319.96M in cash from operations in fiscal 2025, down 22% from $410.47M in fiscal 2024.
That is 2.4 times its reported net income of $132.99M.
After spending $53.16M on capital expenditures, free cash flow was $266.81M.
Investing activities used $85.7M and financing activities used $330.31M. Overall, cash went down $73.15M.
Robert Half spent $92.09M buying back its own shares and paid $238.22M in dividends.

Net cash from operating activities has shrunk 11.7% a year on average since fiscal 2020, from $596.53M to $319.96M.

A cash flow statement shows the cash that actually came in and went out, split between running the business, investing and financing.

Figures in USD thousands

						Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
132,990	251,598	411,146	657,919	598,626	306,276	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net income						132,990	251,598	411,146	657,919	598,626	306,276	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Allowance for credit losses
3,151	5,286	8,752	8,771	9,464	4,200	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Allowance for credit losses						3,151	5,286	8,752	8,771	9,464	4,200	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Depreciation
50,031	52,053	51,364	47,398	52,210	62,281	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Depreciation						50,031	52,053	51,364	47,398	52,210	62,281	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Amortization of cloud computing implementation costs
29,722	36,045	44,720	28,925	28,023	18,399	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Amortization of cloud computing implementation costs						29,722	36,045	44,720	28,925	28,023	18,399	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Amortization of intangible assets
1,873	1,217	2,883	1,667	2,241	1,219	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Amortization of intangible assets						1,873	1,217	2,883	1,667	2,241	1,219	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Realized and unrealized income from investments held in employee deferred compensation trusts
78,871	71,656	72,971	-98,776	37,359	66,866	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Realized and unrealized income from investments held in employee deferred compensation trusts						78,871	71,656	72,971	-98,776	37,359	66,866	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Stock-based compensation
59,416	63,448	61,139	57,663	55,932	52,486	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Stock-based compensation						59,416	63,448	61,139	57,663	55,932	52,486	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Stock-based compensation expense-stock options
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Stock-based compensation expense-stock options						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Excess tax benefits from stock-based compensation
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Excess tax benefits from stock-based compensation						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Deferred income taxes
22,847	-17,936	-16,568	10,810	-21,133	-13,146	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Deferred income taxes						22,847	-17,936	-16,568	10,810	-21,133	-13,146	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable
-45,797	-66,954	-156,269	65,626	292,628	-127,740	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Accounts receivable						-45,797	-66,954	-156,269	65,626	292,628	-127,740	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Capitalized cloud computing implementation costs
28,522	29,210	34,895	40,357	31,240	33,178	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Capitalized cloud computing implementation costs						28,522	29,210	34,895	40,357	31,240	33,178	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Accounts payable and accrued expenses
-15,220	16,047	-14,698	3,735	52,610	1,098	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Accounts payable and accrued expenses						-15,220	16,047	-14,698	3,735	52,610	1,098	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Accrued payroll and benefit costs
-1,829	-32,963	-61,725	-58,067	99,005	119,231	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Accrued payroll and benefit costs						-1,829	-32,963	-61,725	-58,067	99,005	119,231	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Employee deferred compensation plan obligations
93,227	105,490	98,802	-61,165	100,058	13,923	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Employee deferred compensation plan obligations						93,227	105,490	98,802	-61,165	100,058	13,923	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income taxes payable
-1,394	-20,960	10,721	2,596	3,587	182	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income taxes payable						-1,394	-20,960	10,721	2,596	3,587	182	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other assets and liabilities, net
-6,747	14,944	8,058	9,295	16,260	-2,683	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other assets and liabilities, net						-6,747	14,944	8,058	9,295	16,260	-2,683	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net cash flows provided by operating activities
319,965	410,469	636,881	683,750	603,136	596,528	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net cash flows provided by operating activities						319,965	410,469	636,881	683,750	603,136	596,528	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures
53,155	56,318	45,874	61,120	36,611	33,377	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Capital expenditures						53,155	56,318	45,874	61,120	36,611	33,377	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Investments in employee deferred compensation trusts
80,078	69,237	102,969	67,388	85,432	64,351	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Investments in employee deferred compensation trusts						80,078	69,237	102,969	67,388	85,432	64,351	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Proceeds from employee deferred compensation trust redemptions
58,251	38,700	37,628	30,869	34,434	123,025	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Proceeds from employee deferred compensation trust redemptions						58,251	38,700	37,628	30,869	34,434	123,025	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Proceeds from employee deferred compensation trust redemptions
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Proceeds from employee deferred compensation trust redemptions						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Payments for acquisitions, net of cash acquired
10,722	264	1,035	18,984	-	15,836	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Payments for acquisitions, net of cash acquired						10,722	264	1,035	18,984	-	15,836	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net cash flows used in investing activities
-85,704	-87,119	-112,250	-116,623	-87,609	9,461	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net cash flows used in investing activities						-85,704	-87,119	-112,250	-116,623	-87,609	9,461	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from (Repayments of) Debt
-	-	-	-	239	218	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Proceeds from (Repayments of) Debt						-	-	-	-	239	218	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Repurchases of common stock
92,093	276,032	254,625	319,897	287,738	159,172	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Repurchases of common stock						92,093	276,032	254,625	319,897	287,738	159,172	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Dividends paid
238,220	220,409	205,910	189,286	170,612	155,935	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Dividends paid						238,220	220,409	205,910	189,286	170,612	155,935	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Excess tax benefits from stock-based compensation
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Excess tax benefits from stock-based compensation						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Proceeds from exercises of stock options
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Proceeds from exercises of stock options						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Effect of exchange rate fluctuations
22,904	-21,066	9,018	-18,319	-12,363	13,284	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Effect of exchange rate fluctuations						22,904	-21,066	9,018	-18,319	-12,363	13,284	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Change in cash and cash equivalents
-73,148	-194,157	73,114	39,625	44,575	303,948	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Change in cash and cash equivalents						-73,148	-194,157	73,114	39,625	44,575	303,948	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net cash flows used in financing activities
-330,313	-496,441	-460,535	-509,183	-458,589	-315,325	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net cash flows used in financing activities						-330,313	-496,441	-460,535	-509,183	-458,589	-315,325	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Non-cash items:
Interest
225	272	315	368	548	577	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest						225	272	315	368	548	577	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income taxes, net of refunds
41,633	143,615	168,488	217,927	219,726	128,321	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income taxes, net of refunds						41,633	143,615	168,488	217,927	219,726	128,321	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Repurchases of common stock awaiting settlement
-	-	4,394	3,504	5,593	3,104	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Repurchases of common stock awaiting settlement						-	-	4,394	3,504	5,593	3,104	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Fund exchanges within employee deferred compensation trusts
173,845	130,997	114,821	103,003	116,815	208,055	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Fund exchanges within employee deferred compensation trusts						173,845	130,997	114,821	103,003	116,815	208,055	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Contingent consideration related to acquisition
2,685	-	350	1,300	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Contingent consideration related to acquisition						2,685	-	350	1,300	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx