Grid Dynamics Holdings (GDYN) Cash Flow: Operating & Free Cash Flow

Grid Dynamics 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 Grid Dynamics Holdings, Inc. (GDYN) - 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	9.67	4.04	-1.77	-29.21	-7.70	-12.60	10.81	9.23	13.18
Depreciation & Amortization	24.80	18.74	8.93	9.65	5.05	2.67	2.31	1.31	0.66
Deferred Income Tax	-1.34	-4.03	-4.14	-3.63	2.61	-4.14	-0.43	-0.57	0.39
Stock Based Compensation	30.34	34.17	35.52	60.97	33.04	20.01	2.44	1.76	0.76
Change in Working Capital	-16.98	-21.94	2.32	-6.32	-16.05	-0.41	-2.74	-1.15	-9.45
Change in Accounts Receivable	-11.15	-9.49	2.08	-9.85	-19.53	-1.42	-1.61	-1.40	-4.08
Change in Inventory	0.00	0.00	0.00	0.00	0.80	1.31	0.00	0.00	-5.71
Change in Accounts Payable	-0.38	-1.50	-0.54	1.73	1.49	-0.05	0.30	0.22	-0.09
Change in Other Working Capital	-6.92	-10.96	-3.65	0.07	0.98	-0.26	-1.43	0.04	0.43
Other Operating Activities	-6.92	-0.77	-3.90	0.07	0.98	0.40	0.14	-1.16	-3.75
Net Cash from Operating Activities	40.60	30.20	41.09	31.65	17.97	5.93	12.53	10.58	5.54
Investing Activities
Capital Expenditures	-15.33	-11.77	-7.87	-6.07	-4.72	-2.25	-2.81	-3.08	-1.06
Acquisitions	0.20	-43.07	-17.83	-9.25	-30.65	-16.09	0.00	0.00	0.00
Purchases of Investments	0.00	0.00	-0.25	-1.00	0.00	0.00	0.00	-220.00	0.00
Sales/Maturities of Investments	0.00	3.58	0.00	10.25	0.00	0.00	0.00	0.00	0.00
Other Investing Activities	0.00	-0.04	-0.25	-10.25	0.00	0.00	0.00	0.00	0.00
Net Cash from Investing Activities	-15.14	-51.30	-25.95	-16.32	-35.37	-18.34	-2.81	-3.08	-1.06
Financing Activities
Debt Repayment	0.00	0.00	0.00	-5.00	0.00	0.00	0.00	0.00	-1.92
Common Stock Issued	0.47	108.08	0.51	109.54	78.31	0.00	14.90	221.31	0.00
Common Stock Repurchased	-2.00	0.00	-16.83	-5.76	-49.30	-123.87	0.00	0.00	0.00
Dividends Paid	0.00	0.00	0.00	0.00	0.00	0.00	-2.00	0.00	-3.03
Other Financing Activities	-18.41	-6.92	-16.83	-13.21	-49.79	206.83	1.70	0.00	0.24
Net Cash from Financing Activities	-19.94	101.16	-16.32	97.76	49.13	82.97	14.60	221.31	-4.72
Summary
Effect of Forex Changes on Cash	1.38	-2.13	1.68	-0.72	-0.12	0.00	0.00	0.00	0.00
Net Change in Cash	6.90	77.93	0.50	112.37	31.74	70.56	24.33	7.51	-0.23
Cash at Beginning of Period	335.16	257.23	256.73	144.36	112.75	42.19	17.86	10.36	10.59
Cash at End of Period	342.06	335.16	257.23	256.73	144.36	112.75	42.19	17.86	10.36
Free Cash Flow	25.27	18.43	33.22	25.58	13.26	3.68	9.72	7.51	4.48
Supplemental Disclosures
Income Taxes Paid	-	10.97	12.37	7.47	2.45	2.13	-	-	-

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

Frequently Asked Questions About Grid Dynamics Holdings Cash Flow

What is Grid Dynamics Holdings's free cash flow?

Grid Dynamics Holdings generated free cash flow of $25.27M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $40.60M minus $15.33M of capital expenditures. That was up 37.1% from $18.43M a year earlier. Free cash flow equaled 6.1% of revenue.

How much does Grid Dynamics Holdings spend on capital expenditures?

Grid Dynamics Holdings spent $15.33M on capital expenditures in fiscal 2025, compared with $11.77M a year earlier. That equals 37.8% of operating cash flow.

Does Grid Dynamics Holdings pay dividends or buy back shares?

Yes. In fiscal 2025 Grid Dynamics Holdings returned $2.00M 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