V2X (VVX) Cash Flow: Operating & Free Cash Flow

V2X 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 V2X, Inc. (VVX) - 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	77.88	34.68	-22.57	-14.33	45.73	36.95	33.18	35.30	59.50
Depreciation & Amortization	112.52	114.88	113.31	62.63	16.55	8.13	6.49	3.80	1.69
Deferred Income Tax	9.33	7.73	-7.51	-15.55	-7.28	0.00	0.00	0.48	-35.32
Stock Based Compensation	11.92	15.97	32.84	32.74	8.33	9.45	8.26	4.10	4.47
Change in Working Capital	-35.41	70.15	40.30	22.23	-2.97	9.19	-20.84	-3.91	-31.70
Change in Accounts Receivable	-23.49	25.18	19.06	-52.31	-36.38	1.00	-21.05	-24.65	0.18
Change in Inventory	0.00	-3.98	-0.31	-3.60	-5.23	0.00	0.00	-9.87	2.18
Change in Accounts Payable	5.46	75.34	43.15	71.84	56.99	-2.68	-11.73	29.96	-4.35
Change in Other Working Capital	-26.50	-39.50	-12.02	7.81	-19.48	10.87	11.95	0.65	-29.72
Other Operating Activities	15.07	18.56	24.09	7.81	-6.30	0.37	0.47	0.30	36.79
Net Cash from Operating Activities	181.99	254.24	187.97	93.50	61.34	64.08	27.56	40.06	35.41
Investing Activities
Capital Expenditures	-11.92	-11.79	-25.02	-12.43	-9.78	-4.50	-16.15	-10.03	-2.34
Acquisitions	-27.50	-16.94	1.35	-5.30	0.26	-133.61	-45.07	-36.86	0.00
Purchases of Investments	0.00	0.00	1.01	0.00	-3.15	0.00	0.00	0.00	0.00
Other Investing Activities	0.00	0.08	1.01	0.01	-3.15	0.08	5.40	0.03	-2.34
Net Cash from Investing Activities	-29.58	-28.65	-22.65	175.96	-12.64	-138.03	-55.83	-46.85	-2.34
Financing Activities
Debt Repayment	-15.01	-15.33	-432.60	-581.33	-8.60	108.50	-4.50	-4.00	-6.00
Common Stock Issued	0.56	0.15	0.03	0.00	0.38	0.00	0.00	1.60	0.00
Common Stock Repurchased	-33.12	-8.14	-18.04	0.00	-2.35	0.00	0.00	-0.88	-1.32
Other Financing Activities	-3.91	-1.19	-10.42	-4.32	-0.02	-2.73	2.60	0.72	-1.13
Net Cash from Financing Activities	-51.48	-24.50	-211.02	-193.24	-75.59	105.77	-1.90	-3.29	-7.13
Summary
Effect of Forex Changes on Cash	-0.26	-5.42	2.29	1.34	-3.33	1.58	-0.66	-1.23	3.87
Net Change in Cash	100.67	195.67	-43.42	77.55	-30.21	33.41	-30.83	-11.31	29.80
Cash at Beginning of Period	268.32	72.65	116.07	38.51	68.73	35.32	66.15	77.45	47.65
Cash at End of Period	368.99	268.32	72.65	116.07	38.51	68.73	35.32	66.15	77.45
Free Cash Flow	170.07	242.45	162.95	81.07	51.56	59.58	11.41	30.03	33.07
Supplemental Disclosures
Interest Paid	-	107.61	117.48	54.27	5.80	-	-	-	-
Income Taxes Paid	-	8.82	8.36	13.42	9.70	-	-	-	-

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

Frequently Asked Questions About V2X Cash Flow

What is V2X's free cash flow?

V2X generated free cash flow of $170.07M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $181.99M minus $11.92M of capital expenditures. That was down 29.9% from $242.45M a year earlier. Free cash flow equaled 3.8% of revenue.

How much does V2X spend on capital expenditures?

V2X spent $11.92M on capital expenditures in fiscal 2025, compared with $11.79M a year earlier. That equals 6.6% of operating cash flow.

Does V2X pay dividends or buy back shares?

Yes. In fiscal 2025 V2X returned $33.12M 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