Array Technologies (ARRY) Cash Flow: Operating & Free Cash Flow

Array Technologies 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 Array Technologies, Inc. (ARRY) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2021	FY 2020	FY 2019	FY 2018
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Mar 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018
Operating Activities
Net Income	-52.24	-240.39	137.24	4.43	-50.40	-50.40	59.07	39.75	-60.76
Depreciation & Amortization	47.29	52.78	54.83	101.06	25.95	25.95	27.47	27.32	28.45
Deferred Income Tax	3.20	-37.65	-8.86	-31.57	-10.10	-10.10	-2.74	22.32	-20.06
Stock Based Compensation	0.00	10.35	14.54	14.98	13.76	13.76	5.61	0.80	0.00
Change in Working Capital	-54.96	26.64	7.51	44.34	-261.16	-261.16	-246.82	289.31	31.06
Change in Accounts Receivable	24.16	37.31	92.80	-71.37	-108.74	-116.85	-23.04	-40.71	19.40
Change in Inventory	52.85	-44.79	66.74	20.87	-88.18	-88.18	28.34	-94.59	-10.26
Change in Accounts Payable	-35.87	58.18	-35.72	12.67	7.02	7.02	-50.52	105.48	6.50
Change in Other Working Capital	-96.11	-24.07	13.08	82.18	-71.25	-21.01	-201.61	319.13	15.42
Other Operating Activities	158.50	342.26	13.08	8.24	18.77	8.67	35.20	6.58	2.87
Net Cash from Operating Activities	101.79	153.98	231.96	141.49	-263.19	-263.19	-122.21	386.07	-11.73
Investing Activities
Capital Expenditures	-21.97	-7.31	-16.99	-10.62	-3.36	-3.36	-1.34	-1.70	-6.43
Acquisitions	-164.92	0.03	0.00	-373.82	0.00	-	0.00	0.00	0.00
Purchases of Investments	-1.00	-14.28	0.00	0.00	-11.98	-11.98	0.00	0.00	0.00
Sales/Maturities of Investments	0.00	11.98	0.00	0.00	0.00	-	0.00	0.00	0.00
Other Investing Activities	0.00	0.00	0.17	0.00	0.00	-	0.00	0.00	-4.36
Net Cash from Investing Activities	-187.89	-9.57	-16.82	-384.44	-15.33	-15.33	-1.34	-1.70	-6.43
Financing Activities
Debt Repayment	-36.00	-8.67	-162.36	-18.05	280.10	-133.23	356.67	-64.08	4.48
Common Stock Issued	0.00	0.00	-1.51	15.89	120.65	120.65	145.53	0.00	0.00
Common Stock Repurchased	0.00	-1.75	-1.51	0.00	0.00	-	0.00	0.00	0.00
Dividends Paid	0.00	0.00	0.00	-18.67	-8.05	-8.05	-589.00	0.00	0.00
Other Financing Activities	-2.05	-1.43	-2.71	29.27	145.06	-79.93	-42.48	0.13	46.39
Net Cash from Financing Activities	-38.05	-11.84	-101.76	8.44	537.75	537.75	-129.27	-63.95	50.86
Summary
Effect of Forex Changes on Cash	6.00	-17.50	1.81	0.74	0.00	-	0.00	0.00	0.00
Net Change in Cash	-118.16	115.06	115.18	-233.77	259.23	259.23	-252.82	320.43	32.71
Cash at Beginning of Period	364.14	249.08	133.90	367.67	108.44	108.44	361.26	40.83	8.12
Cash at End of Period	245.98	364.14	249.08	133.90	367.67	367.67	108.44	361.26	40.83
Free Cash Flow	79.81	146.68	214.97	130.87	-266.54	-266.54	-123.54	384.38	-18.16
Supplemental Disclosures
Interest Paid	-	38.66	43.95	23.12	-	24.31	6.94	-	-
Income Taxes Paid	-	27.97	45.94	10.74	-	13.32	31.10	-	-

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

Frequently Asked Questions About Array Technologies Cash Flow

What is Array Technologies's free cash flow?

Array Technologies generated free cash flow of $79.81M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $101.78M minus $21.97M of capital expenditures. That was down 45.6% from $146.68M a year earlier. Free cash flow equaled 6.2% of revenue.

How much does Array Technologies spend on capital expenditures?

Array Technologies spent $21.97M on capital expenditures in fiscal 2025, compared with $7.30M a year earlier. That equals 21.6% of operating cash flow.

Does Array Technologies pay dividends or buy back shares?

Array Technologies's cash flow statement for fiscal 2025 shows no dividend payments or share repurchases.

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