ADTRAN Holdings (ADTN) Cash Flow: Operating & Free Cash Flow

ADTRAN Holdings Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for ADTRAN Holdings, Inc. (ADTN) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	-36.24	-450.07	-261.91	-8.89	-8.64	2.38	-54.02	-19.34	23.83
Depreciation & Amortization	92.55	90.53	112.95	67.55	16.08	16.63	17.77	15.89	15.69
Deferred Income Tax	-3.85	5.58	15.72	-62.39	-1.78	-1.36	30.07	-17.26	14.07
Stock Based Compensation	10.06	15.99	16.38	28.32	7.48	6.83	6.96	7.16	7.43
Change in Working Capital	72.51	134.45	-9.35	-94.18	-0.09	-30.08	9.00	76.26	-98.99
Change in Accounts Receivable	-18.30	57.47	72.32	0.79	-60.86	-7.27	8.28	40.68	-48.77
Change in Inventory	64.49	79.99	22.41	-73.24	-10.64	-20.18	1.57	24.19	-15.52
Change in Accounts Payable	17.26	5.57	-95.85	25.95	58.74	4.54	-13.81	-3.80	-17.88
Change in Other Working Capital	1.79	3.95	-2.08	0.29	0.11	-4.88	12.96	15.19	-16.82
Other Operating Activities	1.79	3.95	-2.08	0.29	0.11	-6.54	-9.83	-7.26	-4.41
Net Cash from Operating Activities	129.77	103.57	-43.02	-44.23	3.01	-16.52	-0.04	56.58	-42.37
Investing Activities
Capital Expenditures	-69.27	-65.17	-45.78	-17.07	-5.67	-6.41	-9.49	-8.11	-14.72
Acquisitions	0.00	0.00	-1.22	44.00	0.00	0.00	0.01	-22.05	0.15
Purchases of Investments	-0.38	-0.27	-0.87	-23.90	-35.03	48.33	-48.58	-123.21	-93.14
Sales/Maturities of Investments	1.02	1.24	10.57	51.66	50.47	105.10	47.27	153.65	173.75
Other Investing Activities	-0.54	-30.73	1.22	1.13	0.50	-0.52	1.00	0.00	0.00
Net Cash from Investing Activities	-69.17	-64.26	-34.86	55.83	10.27	41.40	-9.79	0.29	66.04
Financing Activities
Debt Repayment	-214.00	-31.00	-89.88	-65.70	-10.00	-24.60	-1.00	-1.10	-1.10
Common Stock Issued	1.83	0.00	0.54	6.90	6.43	1.04	0.00	0.00	0.00
Common Stock Repurchased	-1.48	0.00	-6.46	-4.25	-1.86	-1.04	-0.18	-15.53	-17.35
Dividends Paid	0.00	0.00	-21.24	-22.89	-17.53	-17.33	-17.21	-17.27	-17.37
Other Financing Activities	-84.76	-45.84	5.71	-7.27	-1.86	-1.04	0.53	1.58	13.41
Net Cash from Financing Activities	-46.68	-50.01	58.87	52.94	-12.96	-42.98	-17.87	-32.32	-22.40
Summary
Effect of Forex Changes on Cash	5.76	-0.45	-2.47	-12.71	-3.68	4.50	-1.59	-4.25	5.27
Net Change in Cash	13.92	-10.70	-19.01	64.54	0.32	-13.59	-29.29	19.07	6.54
Cash at Beginning of Period	76.02	87.17	108.64	56.82	60.18	73.77	105.50	86.43	79.90
Cash at End of Period	95.70	76.02	87.17	108.64	56.82	60.18	76.22	105.50	86.43
Free Cash Flow	60.50	38.40	-88.79	-61.30	-2.66	-22.93	-9.54	48.47	-57.09
Supplemental Disclosures
Interest Paid	-	20.88	12.60	1.73	0.01	0.02	-	-	-
Income Taxes Paid	-	6.69	18.55	3.83	1.78	7.61	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About ADTRAN Holdings Cash Flow

What is ADTRAN Holdings's free cash flow?

ADTRAN Holdings generated free cash flow of $60.50M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $129.77M minus $69.27M of capital expenditures. That was up 57.6% from $38.40M a year earlier. Free cash flow equaled 5.6% of revenue.

How much does ADTRAN Holdings spend on capital expenditures?

ADTRAN Holdings spent $69.27M on capital expenditures in fiscal 2025, compared with $65.17M a year earlier. That equals 53.4% of operating cash flow.

Does ADTRAN Holdings pay dividends or buy back shares?

Yes. In fiscal 2025 ADTRAN Holdings returned $1.48M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition