Heritage Financial (HFWA) financial statements
Heritage Financial reported revenue of $246M in fiscal 2025, up 4.6% a year over 9 years.
Net income was $68M.
Free cash flow was $86M, and the company returned $33M in dividends and $6M in net buybacks.
The diluted share count rose 16% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Heritage Financial's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $164M | $175M | $219M | $232M | $238M | $240M | $249M | $244M | $217M | $246M |
| Interest expense | $6M | $8M | $12M | $18M | $13M | $7M | $8M | $59M | — | — |
| Pre-tax income | $53M | $60M | $64M | $81M | $53M | $121M | $99M | $73M | $52M | $79M |
| Income tax | $14M | $18M | $11M | $13M | $7M | $22M | $18M | $11M | $9M | $11M |
| Net income | $39M | $42M | $53M | $68M | $47M | $98M | $82M | $62M | $43M | $68M |
| EPS (diluted) | $1.30 | $1.39 | $1.49 | $1.83 | $1.29 | $2.73 | $2.31 | $1.75 | $1.24 | $1.96 |
| Diluted shares | 30M | 30M | 35M | 37M | 36M | 36M | 35M | 35M | 35M | 34M |
| Net margin | 23.7% | 23.9% | 24.3% | 29.1% | 19.5% | 40.8% | 32.9% | 25.3% | 19.9% | 27.4% |
Balance sheet
Fiscal years, from Heritage Financial's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $104M | $103M | $162M | $229M | $743M | $1.7B | $104M | $225M | $117M | $233M |
| Property, plant and equipment | $64M | $60M | $81M | $88M | $85M | $79M | $77M | $75M | $72M | $75M |
| Goodwill | $119M | $119M | $241M | $241M | $241M | $241M | $241M | $241M | $241M | $241M |
| Total assets | $3.9B | $4.1B | $5.3B | $5.6B | $6.6B | $7.4B | $7.0B | $7.2B | $7.1B | $7.0B |
| Total liabilities | $3.4B | $3.6B | $4.6B | $4.7B | $5.8B | $6.6B | $6.2B | $6.3B | $6.2B | $6.0B |
| Shareholders' equity | $482M | $508M | $761M | $809M | $820M | $854M | $798M | $853M | $864M | $922M |
| Net debt | -$104M | -$103M | -$162M | -$229M | -$743M | -$1.7B | -$104M | -$225M | -$117M | -$233M |
Cash flow
Fiscal years, from Heritage Financial's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $54M | $74M | $90M | $92M | $70M | $70M | $94M | $110M | $64M | $95M |
| Capital spending | $7M | $3M | $23M | $13M | $7M | $3M | $4M | $10M | $3M | $9M |
| Free cash flow | $47M | $70M | $67M | $79M | $63M | $67M | $90M | $99M | $61M | $86M |
| Stock-based compensation | $0 | — | — | — | — | — | — | — | — | — |
| Dividends paid | $22M | $18M | $26M | $31M | $29M | $29M | $29M | $31M | $32M | $33M |
| Share buybacks (net) | -$3M | -$737,000 | -$2M | -$9M | -$19M | -$23M | -$3M | -$7M | -$22M | -$6M |
| Net borrowing | -$581M | -$750M | -$663M | -$446M | -$64M | $0 | -$50M | — | — | — |
| Free cash flow margin | 28.8% | 40.3% | 30.7% | 34.2% | 26.6% | 27.7% | 36.3% | 40.7% | 28.1% | 34.8% |
| Dividends per share | $0.73 | $0.61 | $0.73 | $0.84 | $0.80 | $0.80 | $0.83 | $0.87 | $0.91 | $0.95 |
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Open HFWA in InvestinglyQuestions
What was Heritage Financial's revenue in 2025?
$246M in fiscal 2025, from its 10-K filing.
How much free cash flow does Heritage Financial generate?
$86M in fiscal 2025 (operating cash flow minus capital spending).
From Heritage Financial's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.