Civeo (CVEO) Cash Flow: Operating & Free Cash Flow

Civeo (CVEO) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Civeo generated $22.34M of operating cash flow and spent $20.19M on capital expenditures. That left free cash flow of $2.15M, down 96.3% from $57.37M a year earlier, or 0.3% of revenue. It returned $57.05M to shareholders through $3.44M in dividends and $53.61M in share buybacks.

Civeo 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 Civeo Corporation (CVEO) - 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	-20.08	-18.43	29.73	6.33	2.50	-132.78	-58.33	-81.85	-105.25
Depreciation & Amortization	72.62	68.04	75.14	87.21	83.10	96.55	123.77	125.85	126.44
Deferred Income Tax	-4.41	-7.66	6.81	4.18	3.07	-11.12	-11.71	-31.40	-8.98
Stock Based Compensation	3.06	2.85	4.46	3.79	4.13	6.07	10.12	11.04	7.34
Change in Working Capital	-28.94	31.78	-1.57	-13.92	-8.77	19.88	-14.25	-1.65	1.21
Change in Accounts Receivable	4.74	44.23	-22.31	-14.45	-28.13	13.68	-20.55	13.33	-6.90
Change in Inventory	1.72	-1.22	0.01	-1.85	-0.53	0.17	-0.09	3.38	-4.46
Change in Accounts Payable	-5.19	-17.58	7.44	12.33	15.41	6.89	8.47	-17.72	12.67
Change in Other Working Capital	-30.21	6.36	9.73	3.22	2.20	-0.86	-2.09	-0.63	-0.11
Other Operating Activities	0.08	6.93	-11.20	3.22	2.20	138.77	24.90	32.41	36.07
Net Cash from Operating Activities	22.34	83.51	96.57	91.77	88.53	117.36	74.48	54.39	56.83
Investing Activities
Capital Expenditures	-20.19	-26.14	-31.63	-25.42	-15.57	-10.08	-29.81	-17.11	-11.19
Acquisitions	0.00	0.00	0.00	0.00	0.00	3.69	-16.43	-171.34	0.00
Other Investing Activities	-69.92	11.19	0.37	0.19	14.87	4.62	7.67	6.50	2.46
Net Cash from Investing Activities	-90.11	-14.94	-14.52	-8.95	-0.71	-1.77	-38.58	-181.95	-8.74
Financing Activities
Debt Repayment	132.41	-17.12	-29.90	-323.52	-474.28	-110.17	-38.40	114.36	-80.72
Common Stock Issued	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	64.73
Common Stock Repurchased	-53.61	-29.62	-11.63	-44.76	-4.65	0.00	0.00	0.00	0.00
Dividends Paid	-3.44	-14.42	-7.42	0.00	0.00	-1.89	0.00	0.00	0.00
Other Financing Activities	-0.65	-4.04	0.00	-1.08	-5.53	-2.15	-6.23	-4.84	-2.09
Net Cash from Financing Activities	74.72	-65.20	-86.80	-79.66	-86.51	-114.21	-44.63	109.52	-18.07
Summary
Effect of Forex Changes on Cash	2.29	-1.49	0.13	-1.50	-1.19	1.44	-0.31	-2.24	0.85
Net Change in Cash	9.24	1.88	-4.63	1.67	1.32	2.82	-9.04	-20.28	30.86
Cash at Beginning of Period	5.20	3.32	7.95	6.28	6.16	3.33	12.37	32.65	1.79
Cash at End of Period	14.44	5.20	3.32	7.95	6.28	6.16	3.33	12.37	32.65
Free Cash Flow	2.15	57.37	64.93	66.35	72.96	107.28	44.67	37.28	45.63
Supplemental Disclosures
Interest Paid	8.66	5.48	10.25	9.23	9.99	12.60	-	-	-
Income Taxes Paid	33.56	12.27	0.25	0.22	0.33	0.60	-	-	-

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

Frequently Asked Questions About Civeo Cash Flow

What is Civeo's free cash flow?

Civeo generated free cash flow of $2.15M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $22.34M minus $20.19M of capital expenditures. That was down 96.3% from $57.37M a year earlier. Free cash flow equaled 0.3% of revenue.

How much does Civeo spend on capital expenditures?

Civeo spent $20.19M on capital expenditures in fiscal 2025, compared with $26.14M a year earlier. That equals 90.4% of operating cash flow.

Does Civeo pay dividends or buy back shares?

Yes. In fiscal 2025 Civeo returned $3.44M in dividends and $53.61M 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