VSE (VSEC) Cash Flow: Operating & Free Cash Flow

VSE 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 VSE Corporation (VSEC) - 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	53.49	15.32	39.13	28.06	7.97	-5.17	37.02	35.08	39.10
Depreciation & Amortization	39.92	28.76	23.42	24.60	25.60	24.14	26.93	25.22	25.88
Deferred Income Tax	-0.06	-10.00	-1.98	-1.14	-4.36	0.11	-0.51	-1.37	-10.53
Stock Based Compensation	12.84	8.32	7.74	4.47	3.93	2.86	3.26	3.03	3.07
Change in Working Capital	-113.13	-106.86	-92.42	-50.12	-75.10	-22.07	-50.62	-41.41	-7.09
Change in Accounts Receivable	-35.10	-32.46	-20.78	-33.03	-9.41	27.43	-3.33	-3.75	2.88
Change in Inventory	-56.87	-31.67	-87.53	-59.10	-80.02	-50.17	-44.22	-35.56	3.75
Change in Accounts Payable	-10.93	-31.76	23.91	36.19	33.21	3.50	7.73	-7.41	-23.59
Change in Other Working Capital	28.62	-16.93	1.54	2.08	-18.88	-2.82	-10.79	5.31	9.87
Other Operating Activities	28.62	23.42	1.54	1.05	24.36	-4.89	1.90	-1.70	71.79
Net Cash from Operating Activities	26.99	-31.04	-21.83	8.05	-17.60	35.76	17.99	18.86	50.42
Investing Activities
Capital Expenditures	-21.28	-20.70	-18.67	-11.21	-10.52	-4.43	-9.63	-3.12	-3.74
Acquisitions	-394.14	-283.12	-218.58	0.00	-53.34	21.77	-113.18	1.70	0.73
Other Investing Activities	0.00	40.16	1.56	8.84	2.22	1.86	0.00	0.12	0.73
Net Cash from Investing Activities	-276.45	-263.67	-235.69	-2.38	-61.63	20.22	-122.81	-1.30	-3.01
Financing Activities
Debt Repayment	-803.59	-739.74	-699.87	1.88	33.27	-19.34	110.07	-12.42	-43.90
Common Stock Issued	442.17	326.00	130.02	0.90	52.02	0.00	0.96	0.00	0.00
Common Stock Repurchased	0.00	-2.63	0.00	-1.02	0.00	-0.69	-0.96	0.00	-0.50
Dividends Paid	-8.26	-7.06	-5.44	-5.11	-4.43	-3.97	-3.73	-3.26	-2.82
Other Financing Activities	-7.86	-2.63	-4.00	-2.36	-1.49	-32.34	-0.96	-2.34	-0.50
Net Cash from Financing Activities	289.79	315.81	264.97	-5.71	79.37	-56.34	105.39	-18.02	-47.21
Summary
Net Change in Cash	40.33	21.10	7.45	-0.04	0.14	-0.36	0.57	-0.46	0.20
Cash at Beginning of Period	29.03	7.93	0.48	0.52	0.38	0.73	0.16	0.62	0.43
Cash at End of Period	69.36	29.03	7.93	0.48	0.52	0.38	0.73	0.16	0.62
Free Cash Flow	5.71	-51.74	-40.50	-3.16	-28.12	31.33	8.36	15.74	46.68
Supplemental Disclosures
Interest Paid	-	37.08	35.04	16.42	12.15	13.94	-	-	-
Income Taxes Paid	-	12.23	13.94	10.33	7.54	4.76	-	-	-

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

Frequently Asked Questions About VSE Cash Flow

What is VSE's free cash flow?

VSE generated free cash flow of $5.71M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $26.99M minus $21.28M of capital expenditures. Free cash flow equaled 0.5% of revenue.

How much does VSE spend on capital expenditures?

VSE spent $21.28M on capital expenditures in fiscal 2025, compared with $20.70M a year earlier. That equals 78.8% of operating cash flow.

Does VSE pay dividends or buy back shares?

Yes. In fiscal 2025 VSE returned $8.26M 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