Varex Imaging (VREX) Cash Flow: Operating & Free Cash Flow

Varex Imaging 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 Varex Imaging Corporation (VREX) - Annual data in millions USD
Breakdown	FY 2025	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Oct 2025	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Oct 2021	Sep 2021	Sep 2020	Sep 2019	Sep 2018	Sep 2017
Operating Activities
Net Income	-69.90	-69.90	-47.20	48.70	30.80	17.90	17.90	-57.40	15.80	28.30	52.00
Depreciation & Amortization	27.20	27.20	31.10	33.20	33.60	37.30	37.30	39.50	39.20	42.20	27.40
Deferred Income Tax	-	-0.50	38.10	-38.70	0.60	-	-3.00	-3.10	-12.90	-7.70	-8.90
Stock Based Compensation	15.00	15.00	15.30	13.50	14.00	13.90	13.90	13.40	11.70	10.00	8.40
Change in Working Capital	-31.40	-31.40	2.00	23.30	-88.00	8.20	8.20	-13.90	4.70	6.00	-6.60
Change in Accounts Receivable	0.10	0.10	6.70	9.80	-18.10	-32.90	-32.90	17.70	14.80	9.00	-23.10
Change in Inventory	-39.90	-39.90	6.60	20.20	-85.00	42.80	42.80	-42.70	-11.10	-2.40	-4.20
Change in Accounts Payable	6.20	6.20	-3.20	-15.00	19.70	-13.60	-13.60	14.30	-9.00	5.20	4.90
Change in Other Working Capital	-3.60	0.90	2.20	5.60	-4.60	-0.90	11.90	-3.20	10.00	-5.80	15.80
Other Operating Activities	100.80	0.90	2.20	5.60	25.90	15.30	18.30	34.70	13.40	6.50	2.30
Net Cash from Operating Activities	41.70	41.70	47.30	108.40	16.90	92.60	92.60	13.20	71.90	85.30	75.20
Investing Activities
Capital Expenditures	-22.90	-22.90	-26.90	-20.70	-21.30	-15.10	-15.10	-23.50	-19.80	-20.40	-20.20
Acquisitions	-	0.00	0.90	-1.00	1.10	-	-1.40	-3.40	-73.40	-4.80	-271.80
Purchases of Investments	-30.60	-31.40	-61.00	-55.90	-28.30	-1.40	0.00	0.00	0.00	0.00	0.00
Sales/Maturities of Investments	65.40	65.40	60.60	28.30	2.00	-	0.00	0.00	0.00	0.00	0.00
Other Investing Activities	-1.60	-0.80	-1.10	4.40	-1.90	0.30	0.30	0.00	0.00	0.00	0.00
Net Cash from Investing Activities	10.30	10.30	-27.50	-44.90	-48.40	-16.20	-16.20	-26.90	-93.20	-25.20	-292.00
Financing Activities
Debt Repayment	-201.90	-201.90	-1.60	-2.40	-29.40	-33.10	-31.60	109.90	-1.60	-96.00	494.00
Common Stock Issued	3.30	3.30	0.00	0.00	0.00	2.80	0.00	0.00	0.00	0.00	0.00
Common Stock Repurchased	-1.90	0.00	0.00	0.00	0.00	-1.50	0.00	0.00	0.00	0.00	0.00
Other Financing Activities	-2.30	-4.20	-5.50	-1.90	5.60	-2.00	-0.70	-26.30	1.50	5.60	-494.00
Net Cash from Financing Activities	-75.90	-75.90	-3.30	-0.20	-23.80	-32.30	-32.30	83.60	-0.10	-90.40	0.00
Summary
Effect of Forex Changes on Cash	0.60	0.60	-0.10	0.10	-0.20	-0.10	-0.10	0.90	-0.70	-0.50	0.90
Net Change in Cash	-23.30	-23.30	16.40	63.40	-55.50	44.00	44.00	70.80	-22.10	-30.80	47.40
Cash at Beginning of Period	-	170.40	154.00	90.60	146.10	-	102.10	31.30	53.40	84.20	36.80
Cash at End of Period	-	147.10	170.40	154.00	90.60	-	146.10	102.10	31.30	53.40	84.20
Free Cash Flow	18.80	18.80	20.40	87.70	-4.40	77.50	77.50	-10.30	52.10	64.90	55.00
Supplemental Disclosures
Interest Paid	31.30	-	27.60	27.40	29.50	21.60	-	-	-	-	-
Income Taxes Paid	18.60	-	20.20	16.70	2.20	14.10	-	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jul 3, 2026. Data sources and methodology

Frequently Asked Questions About Varex Imaging Cash Flow

What is Varex Imaging's free cash flow?

Varex Imaging generated free cash flow of $18.80M in fiscal 2025 (fiscal year ended Oct 3, 2025), operating cash flow of $41.70M minus $22.90M of capital expenditures. That was down 7.8% from $20.40M a year earlier. Free cash flow equaled 2.2% of revenue.

How much does Varex Imaging spend on capital expenditures?

Varex Imaging spent $22.90M on capital expenditures in fiscal 2025, compared with $26.90M a year earlier. That equals 54.9% of operating cash flow.

Does Varex Imaging pay dividends or buy back shares?

Yes. In fiscal 2025 Varex Imaging returned $1.90M 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