Karman Holdings (KRMN) Cash Flow: Operating & Free Cash Flow

Karman 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 Karman Holdings Inc. (KRMN) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2024	FY 2023	FY 2022
Period ending	Dec 2025	Mar 2025	Dec 2024	Dec 2023	Dec 2022
Operating Activities
Net Income	17.37	12.70	12.70	4.36	-14.10
Depreciation & Amortization	42.74	32.80	32.80	27.18	34.98
Deferred Income Tax	10.52	-11.51	-11.51	-10.71	-9.81
Stock Based Compensation	1.41	0.99	0.99	1.29	1.60
Change in Working Capital	-93.29	-9.96	-9.96	-4.57	-21.35
Change in Accounts Receivable	-18.36	-20.35	-2.31	-3.00	-21.71
Change in Inventory	2.86	-0.04	-0.04	7.57	2.17
Change in Accounts Payable	-16.88	31.78	31.78	14.23	11.32
Change in Other Working Capital	-42.10	-21.35	-33.18	-43.37	2.77
Other Operating Activities	9.65	1.62	-9.89	-7.94	2.77
Net Cash from Operating Activities	-22.12	26.65	26.65	20.33	-5.89
Investing Activities
Capital Expenditures	-20.34	-15.25	-15.25	-16.78	-21.27
Acquisitions	-211.94	-31.29	-31.29	0.00	0.00
Purchases of Investments	-6.00	0.00	-	0.56	0.01
Sales/Maturities of Investments	0.00	0.00	-	0.56	0.01
Other Investing Activities	0.00	0.31	-	0.00	0.00
Net Cash from Investing Activities	-238.27	-46.24	-46.24	-16.21	-21.26
Financing Activities
Debt Repayment	-341.23	27.58	-9.55	-8.25	-32.43
Common Stock Issued	154.84	0.00	-	0.00	31.77
Common Stock Repurchased	0.00	-0.16	-0.16	-0.79	-0.11
Dividends Paid	1.48	-0.16	-0.16	-0.79	-0.11
Other Financing Activities	-8.36	-1.61	-1.76	-6.25	31.77
Net Cash from Financing Activities	282.82	25.67	25.67	-5.29	16.73
Summary
Net Change in Cash	22.43	6.08	6.08	-1.17	-10.42
Cash at Beginning of Period	11.53	5.45	5.46	6.63	17.05
Cash at End of Period	33.96	11.53	11.53	5.45	6.63
Free Cash Flow	-42.46	11.39	11.39	3.55	-27.16
Supplemental Disclosures
Interest Paid	-	-	47.87	45.90	35.62
Income Taxes Paid	-	-	-0.72	3.10	4.94

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

Frequently Asked Questions About Karman Holdings Cash Flow

What is Karman Holdings's free cash flow?

Karman Holdings had negative free cash flow of $42.45M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of −$22.12M minus $20.34M of capital expenditures.

How much does Karman Holdings spend on capital expenditures?

Karman Holdings spent $20.34M on capital expenditures in fiscal 2025, compared with $15.25M a year earlier.

Does Karman Holdings pay dividends or buy back shares?

Yes. In fiscal 2025 Karman Holdings returned $1.48M in dividends 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