KVH Industries (KVHI) Cash Flow: Operating & Free Cash Flow

KVH Industries 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 KVH Industries, Inc. (KVHI) - 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	-7.38	-11.05	-15.42	24.03	-9.76	-21.94	33.26	-8.23	-11.03
Depreciation & Amortization	10.70	13.30	13.44	13.41	14.60	11.66	11.49	12.86	11.04
Deferred Income Tax	-0.46	0.11	-0.05	-0.36	-0.19	-0.28	0.20	-0.78	-0.76
Stock Based Compensation	1.57	2.03	2.08	3.42	4.11	3.46	4.16	3.32	3.52
Change in Working Capital	14.23	-20.32	-5.86	-1.08	0.22	-7.67	-9.69	-2.28	8.15
Change in Accounts Receivable	-4.28	3.81	1.72	0.51	-0.51	-1.12	-4.34	-2.18	2.70
Change in Inventory	8.71	-3.91	3.69	-8.49	0.03	-1.21	-0.55	-0.17	-1.98
Change in Accounts Payable	0.18	-0.45	-15.65	11.36	-0.25	-3.27	-1.92	2.04	6.71
Change in Other Working Capital	9.13	-19.78	0.19	-4.45	0.66	-1.25	-2.87	-1.96	0.71
Other Operating Activities	-0.68	2.76	8.30	-30.53	-6.25	-0.13	-53.58	0.30	0.62
Net Cash from Operating Activities	17.11	-13.17	2.53	8.89	2.91	-3.08	-14.17	5.18	11.53
Investing Activities
Capital Expenditures	-7.36	-7.42	-10.63	-14.44	-18.74	-14.07	-12.62	-15.94	-12.87
Acquisitions	-3.78	0.00	0.00	57.38	0.00	14.14	88.45	15.94	12.79
Purchases of Investments	0.00	-1.99	-18.21	-55.72	-0.01	4.77	-41.88	-2.04	-11.12
Sales/Maturities of Investments	0.00	60.47	15.42	13.16	12.00	-0.08	12.00	10.33	28.51
Other Investing Activities	-0.03	1.40	-1.30	0.00	0.10	-14.06	0.10	-15.94	-12.79
Net Cash from Investing Activities	3.89	52.39	-14.71	0.38	-6.71	-9.30	46.05	-7.65	4.52
Financing Activities
Debt Repayment	0.00	0.00	-0.02	-0.26	-0.29	6.30	-30.16	-18.25	-11.00
Common Stock Issued	0.05	0.11	2.60	0.97	2.94	1.22	0.00	4.50	0.00
Common Stock Repurchased	-1.74	0.00	-0.24	0.00	0.00	-0.39	-1.30	0.00	-0.39
Other Financing Activities	0.00	0.00	-0.02	0.00	-0.29	1.22	0.70	0.48	1.64
Net Cash from Financing Activities	-1.69	0.11	2.34	0.71	2.65	7.13	-30.76	-13.27	-9.75
Summary
Effect of Forex Changes on Cash	0.04	-0.05	0.08	-0.30	-0.05	-0.54	-0.81	-0.82	1.87
Net Change in Cash	19.34	39.28	-9.76	9.68	-1.20	-5.79	0.32	-16.55	8.17
Cash at Beginning of Period	50.57	11.29	21.06	11.38	12.58	18.37	18.05	34.60	26.42
Cash at End of Period	69.91	50.57	11.29	21.06	11.38	12.58	18.37	18.05	34.60
Free Cash Flow	9.75	-20.59	-8.10	-5.55	-15.83	-17.15	-26.79	-10.76	-1.34
Supplemental Disclosures
Income Taxes Paid	-	0.17	0.02	0.31	0.42	1.05	-	-	-

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

Frequently Asked Questions About KVH Industries Cash Flow

What is KVH Industries's free cash flow?

KVH Industries generated free cash flow of $9.75M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $17.11M minus $7.36M of capital expenditures. Free cash flow equaled 8.8% of revenue.

How much does KVH Industries spend on capital expenditures?

KVH Industries spent $7.36M on capital expenditures in fiscal 2025, compared with $7.42M a year earlier. That equals 43.0% of operating cash flow.

Does KVH Industries pay dividends or buy back shares?

Yes. In fiscal 2025 KVH Industries returned $1.74M 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