FRP HOLDINGS, INC.
For the period ended Dec 31, 2025. Filed Apr 15, 2026.
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FY2025 · Filed Apr 15, 2026
FRPH$19.00-4.2%Stored close · as of Nov 10, 2026
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Consolidated statements of cash flows
CONSOLIDATED STATEMENTS OF CASH FLOWS – Years ended December 31
(In thousands)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income | $2,962 | 6,460 | 4,882 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation, depletion and amortization | 11,375 | 10,390 | 10,975 |
| Deferred income taxes | (788) | (1,768) | 1,496 |
| Equity in loss of joint ventures | 9,105 | 11,359 | 11,937 |
| Gain on sale of equipment and property | (16) | (209) | (14) |
| Stock-based compensation | 2,089 | 1,957 | 1,738 |
| Net changes in operating assets and liabilities: | |||
| Accounts receivable | (65) | (306) | 120 |
| Deferred costs and other assets | (196) | 964 | (499) |
| Accounts payable and accrued liabilities | 6,951 | (795) | 3,028 |
| Income taxes payable and receivable | (1,682) | 948 | (355) |
| Other long-term liabilities | (58) | (14) | (337) |
| Net cash provided by operating activities | 29,677 | 28,986 | 32,971 |
| Cash flows from investing activities: | |||
| Investments in properties | (51,137) | (51,194) | (11,217) |
| Investments in joint ventures | (20,380) | (16,372) | (46,693) |
| Return of capital from investments in joint ventures | 21,344 | 17,176 | 9,210 |
| Logistics platform business combination, net of cash acquired | (23,513) | — | — |
| Proceeds from sale of assets | 16 | 224 | 16 |
| Net cash (used in) provided by investing activities | (73,670) | (50,166) | (48,684) |
| Cash flows from financing activities: | |||
| Proceeds from long-term debt | 13,888 | — | — |
| Debt issue costs | (2,037) | — | — |
| Contribution from noncontrolling interest | 1,234 | 15,706 | — |
| Distribution to noncontrolling interests | (13,433) | (3,227) | (3,190) |
| Repurchase of Company stock | (464) | — | (2,000) |
| Exercise of employee stock options | 231 | 221 | 1,024 |
| Net cash (used in) provided by financing activities | (581) | 12,700 | (4,166) |
| Net (decrease) in cash, cash equivalents, and restricted cash | (44,574) | (8,480) | (19,879) |
| Cash, cash equivalents and restricted cash at beginning of year | 149,935 | 158,415 | 178,294 |
| Cash, cash equivalents and restricted cash at end of the year | $105,361 | 149,935 | 158,415 |
| Supplemental disclosures of cash flow information: | |||
| Cash paid (received) during the year for: | |||
| Interest, net of amounts capitalized | $2,727 | 2,971 | 4,165 |
| Income taxes, federal | $2,999 | 2,590 | 508 |
| Income taxes, state | $239 | 200 | 419 |
| Noncash items: | |||
| Profits interest equity grant associated with business combination | $344 | — | — |
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