DoubleVerify Holdings (DV) Cash Flow: Operating & Free Cash Flow

DoubleVerify 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 DoubleVerify Holdings, Inc. (DV) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018
Operating Activities
Net Income	50.65	56.23	71.47	43.27	29.31	20.45	23.31	3.18
Depreciation & Amortization	56.58	45.22	40.89	34.33	30.29	23.20	21.81	18.63
Deferred Income Tax	3.83	-21.65	-25.05	-19.58	-7.87	-5.14	2.00	-2.05
Stock Based Compensation	104.23	90.66	59.24	42.31	21.89	5.98	0.00	1.44
Change in Working Capital	-17.04	-26.78	-43.28	-21.18	-13.42	-33.43	-22.17	-11.15
Change in Accounts Receivable	6.45	-26.70	-43.69	-49.77	-22.00	-30.44	-32.74	-12.97
Change in Accounts Payable	2.31	-1.07	5.48	2.88	-0.05	2.48	-0.54	-0.34
Change in Other Working Capital	-19.30	0.99	6.39	7.83	-7.57	-5.47	11.11	2.17
Other Operating Activities	16.76	16.00	6.39	7.83	14.68	-5.04	4.49	2.00
Net Cash from Operating Activities	211.18	159.66	119.74	94.86	82.75	21.22	29.43	12.06
Investing Activities
Capital Expenditures	-38.53	-27.15	-17.01	-39.98	-9.40	-9.75	-5.94	-1.64
Acquisitions	-82.58	0.00	-67.24	0.00	-149.22	0.00	-57.25	-11.33
Purchases of Investments	-67.24	-99.63	0.00	0.00	0.00	0.00	0.00	0.00
Sales/Maturities of Investments	17.75	81.94	0.00	0.00	0.00	0.00	0.00	0.00
Other Investing Activities	-2.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Cash from Investing Activities	-105.38	-44.84	-84.25	-39.98	-158.61	-9.75	-63.20	-12.97
Financing Activities
Debt Repayment	-4.55	-2.48	-52.31	-1.92	-22.00	-143.56	17.73	22.94
Common Stock Issued	3.34	0.00	0.00	0.00	312.23	1.20	0.18	0.10
Common Stock Repurchased	-142.73	-133.82	-4.59	-10.24	-1.80	-260.69	0.00	0.00
Other Financing Activities	-4.55	6.85	13.39	-3.25	-22.12	-283.06	-2.86	-0.14
Net Cash from Financing Activities	-143.95	-129.45	6.49	-7.88	264.40	10.39	15.05	22.90
Summary
Effect of Forex Changes on Cash	4.44	-1.89	0.34	-0.78	-0.20	0.20	0.02	-0.08
Net Change in Cash	-33.71	-16.52	42.32	46.21	188.33	22.05	-18.69	21.92
Cash at Beginning of Period	293.74	310.26	267.94	221.73	33.40	11.34	30.04	8.12
Cash at End of Period	260.03	293.74	310.26	267.94	221.73	33.40	11.34	30.04
Free Cash Flow	172.65	132.52	102.73	54.88	73.35	11.47	23.49	10.42
Supplemental Disclosures
Interest Paid	-	0.48	0.71	0.55	0.77	3.37	-	-
Income Taxes Paid	-	41.93	60.88	12.35	7.70	16.18	-	-

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

Frequently Asked Questions About DoubleVerify Holdings Cash Flow

What is DoubleVerify Holdings's free cash flow?

DoubleVerify Holdings generated free cash flow of $172.65M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $211.18M minus $38.53M of capital expenditures. That was up 30.3% from $132.51M a year earlier. Free cash flow equaled 23.1% of revenue.

How much does DoubleVerify Holdings spend on capital expenditures?

DoubleVerify Holdings spent $38.53M on capital expenditures in fiscal 2025, compared with $27.15M a year earlier. That equals 18.2% of operating cash flow.

Does DoubleVerify Holdings pay dividends or buy back shares?

Yes. In fiscal 2025 DoubleVerify Holdings returned $142.73M 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