IHS Holding Ltd cash flow statement

In fiscal 2025, IHS Holding Ltd's operations generated $936m of cash; it spent $218m on capital projects, leaving free cash flow of $719m.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

IHS Holding Ltd: cash flow statement, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	642	635	750	907	854	729	936
Depreciation and amortisation	385	409	383	469	436	363	—
Stock-based pay	351	8	12	13	13	28	29
Capital spending	—	95	238	379	465	235	218
Free cash flow	—	540	512	529	389	494	719
Free cash flow after stock pay	—	532	500	516	375	466	690
Share buybacks	—	—	—	—	10	—	—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from IHS Holding Ltd's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to IHS Holding Ltd.