Workhorse Group (WKHS) Cash Flow: Operating & Free Cash Flow

Workhorse Group 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 Workhorse Group, Inc. (WKHS) - Annual data in millions USD
Breakdown	FY 2025	FY 2025	FY 2024	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Mar 2026	Dec 2025	Mar 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	-64.09	-64.09	-101.79	-51.59	-123.92	-117.27	-401.34	69.78	-37.16	-36.50	-41.22
Depreciation & Amortization	1.24	1.24	7.91	0.82	4.06	1.95	1.91	0.81	0.39	0.35	0.55
Deferred Income Tax	0.00	-	0.00	-	0.00	0.00	-21.83	0.00	0.00	0.00	0.00
Stock Based Compensation	0.68	0.68	10.06	0.56	0.85	11.46	4.94	4.02	1.98	1.06	1.43
Change in Working Capital	22.19	22.19	5.34	1.98	-3.10	-12.01	-53.42	-15.64	-8.91	8.91	0.57
Change in Accounts Receivable	0.05	0.05	2.30	1.52	-0.35	-16.93	0.98	-0.96	0.08	1.02	-0.22
Change in Inventory	4.85	4.85	-1.33	-5.04	-39.29	-16.63	-69.61	-13.67	0.04	-0.40	-2.16
Change in Accounts Payable	2.05	2.05	4.70	-1.01	-2.23	33.68	11.83	5.50	-3.50	2.34	3.09
Change in Other Working Capital	15.24	0.81	-0.33	0.59	-1.20	-12.13	7.43	-6.51	-5.53	5.94	-0.14
Other Operating Activities	4.43	0.81	30.89	0.59	26.66	21.56	7.43	-129.25	6.84	4.43	0.00
Net Cash from Operating Activities	-35.55	-35.55	-47.59	-38.15	-40.81	-93.82	-132.58	-70.28	-36.87	-21.75	-38.66
Investing Activities
Capital Expenditures	-0.60	-0.60	-4.06	-4.76	-1.28	-17.50	-5.31	-5.73	-2.00	-0.02	-0.14
Acquisitions	10.43	-	0.00	-	0.00	-5.00	0.00	0.00	3.66	0.00	0.00
Purchases of Investments	0.00	-	0.00	-	0.00	-5.00	0.00	0.00	0.00	0.00	0.00
Sales/Maturities of Investments	0.00	-	0.00	-	-0.13	0.00	105.13	0.00	0.00	0.00	0.00
Other Investing Activities	0.00	10.43	0.00	-	0.00	7.48	0.00	0.00	0.00	0.00	0.00
Net Cash from Investing Activities	9.83	9.83	-4.06	-4.76	-1.41	-20.02	99.81	-5.73	1.65	-0.02	-0.14
Financing Activities
Debt Repayment	22.00	-	14.11	0.00	16.62	-0.86	0.00	263.79	27.61	3.50	4.69
Common Stock Issued	0.02	0.02	7.34	7.34	61.66	12.32	-4.43	53.58	5.93	16.42	37.69
Common Stock Repurchased	0.00	-	-0.18	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Financing Activities	10.00	10.00	-0.83	0.00	-0.88	-0.86	-2.39	-25.00	25.04	-0.70	0.03
Net Cash from Financing Activities	32.02	32.02	20.45	45.29	40.35	11.47	-6.82	292.37	58.57	19.22	42.41
Summary
Net Change in Cash	6.29	6.29	-31.20	2.37	-1.87	-102.37	-39.58	216.36	23.36	-2.56	3.60
Cash at Beginning of Period	6.63	6.63	35.85	4.26	99.28	201.65	241.23	24.87	1.51	4.07	0.47
Cash at End of Period	12.92	12.92	4.64	6.63	35.85	99.28	201.65	241.23	24.87	1.51	4.07
Free Cash Flow	-36.16	-36.16	-51.65	-42.92	-42.09	-111.32	-137.89	-76.01	-38.87	-21.78	-38.81
Supplemental Disclosures
Interest Paid	-	-	-	-	0.71	-	-	-	-	-	-
Income Taxes Paid	-	-	-	0.00	0.00	-	-	-	-	-	-

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

Frequently Asked Questions About Workhorse Group Cash Flow

What is Workhorse Group's free cash flow?

Workhorse Group had negative free cash flow of $36.16M in fiscal 2025 (fiscal year ended Mar 31, 2026), operating cash flow of −$35.55M minus $603.00K of capital expenditures.

How much does Workhorse Group spend on capital expenditures?

Workhorse Group spent $603.00K on capital expenditures in fiscal 2025, compared with $4.06M a year earlier.

Does Workhorse Group pay dividends or buy back shares?

Workhorse Group's cash flow statement for fiscal 2025 shows no dividend payments or share repurchases.

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