VSE Corporation Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	49.73	11.7	15.32	39.13	28.06	7.97
Depreciation & Amortization	42.77	39.92	28.76	23.42	24.6	24.59
Stock-Based Compensation	13.89	12.84	8.32	7.74	4.47	3.93
Other Adjustments	50.33	75.66	23.42	0.31	1.05	21.01
Change in Receivables	-45.32	-35.1	-32.46	-20.78	-33.03	-14.96
Changes in Inventories	-122.06	-56.87	-31.67	-87.53	-59.1	-80.02
Changes in Accounts Payable	-10.89	-10.93	-31.76	23.91	36.19	33.21
Changes in Accrued Expenses	3	-8.07	5.96	-4.45	3.74	-5.25
Changes in Other Operating Activities	28.29	-2.16	-16.93	-3.58	2.08	-8.09
Operating Cash Flow	11.36	26.99	-31.04	-21.83	8.05	-17.6
Operating Cash Flow Growth	716.53%	-	-	-	-	-
Capital Expenditures	-24.86	-21.28	-20.7	-18.67	-11.21	-10.52
Sale of Property, Plant & Equipment	-	-	-	-	-	0.07
Purchases of Intangible Assets	-16	-	-	-	-	-
Payments for Business Acquisitions	-399.54	-394.14	-283.12	-218.58	-	-53.34
Proceeds from Business Divestments	136.23	138.97	40.16	-	-	-
Other Investing Activities	0.76	-	-	1.56	8.84	2.16
Investing Cash Flow	-303.41	-276.45	-263.67	-235.69	-2.38	-61.63
Short-Term Debt Issued	640.12	667.34	739.24	844.26	520.22	491.57
Short-Term Debt Repaid	-812.74	-803.59	-739.74	-699.87	-518.35	-458.29
Net Short-Term Debt Issued (Repaid)	-172.63	-136.25	-0.5	144.39	1.88	33.27
Issuance of Common Stock	1,717	442.17	326	130.02	0.9	52.02
Net Common Stock Issued (Repurchased)	1,717	442.17	326	130.02	0.9	52.02
Common Dividends Paid	-8.54	-8.26	-7.06	-5.44	-5.11	-4.43
Other Financing Activities	-14.75	-7.86	-2.63	-4	-3.38	-1.49
Financing Cash Flow	1,521	289.79	315.81	264.97	-5.71	79.37
Net Cash Flow	1,229	40.33	21.1	7.45	-0.04	0.14
Free Cash Flow	-13.51	5.71	-51.74	-40.5	-3.16	-28.12
FCF Margin	-1.14%	0.51%	-6.58%	-7.44%	-0.47%	-5.84%
Free Cash Flow Per Share	-0.59	0.27	-2.88	-2.85	-0.25	-2.23
Levered Free Cash Flow	-206.64	-183.93	-51.52	116.63	26.24	-4.84
Unlevered Free Cash Flow	-32.01	10.04	-18.46	-28.58	36.32	-48.09

SEC Filings: 10-K · 10-Q