Aveanna Healthcare Holdings Inc. (AVAH) Cash Flow Statement
Where AVAH’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $122.2M +274.5% vs 2024
- Capital expenditures
- $7.4M 0.3% of revenue
- Free cash flow
- $114.8M 4.7% margin
- Returned to shareholders
- —
- Change in cash
- $109.0M cash at year-end $193.3M
Drawn to scale: where the cash came from and how it was used. Hover for values.
AVAH operating cash flow, capex and free cash flow
AVAH cash flow trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $21.6M2018 | $122.2M2025 | +28.1%/yr | |
| Capital expenditures | $19.6M2018 | $7.4M2025 | −12.9%/yr | |
| Free cash flow | $2.0M2018 | $114.8M2025 | +78.1%/yr | |
| Free cash flow margin | 0.2%2018 | 4.7%2025 | +4.6 pts | |
| Stock-based compensation | $2.1M2018 | $25.1M2025 | +42.3%/yr | |
| Share buybacks (net) | $02021 | $02022 | — | |
| Capex / revenue | 1.6%2018 | 0.3%2025 | −1.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AVAH cash flow by activity
AVAH net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
AVAH cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | $225.0M | −$10.9M | −$134.5M | −$662.0M | −$117.0M | −$57.0M | −$76.5M | −$47.1M |
| Depreciation & amortization | $28.2M | $31.2M | $30.1M | $38.8M | $35.4M | $30.2M | $27.0M | $11.9M |
| Stock-based compensation | $25.1M | $17.5M | $13.2M | $15.9M | $14.4M | $3.3M | $1.9M | $2.1M |
| Change in working capital | −$52.7M | −$30.0M | −$23.4M | −$42.2M | −$71.3M | $56.5M | $13.1M | $34.8M |
| Other non-cash items | −$103.4M | $24.9M | $137.3M | $601.1M | $127.2M | $83.6M | $25.8M | $19.9M |
| Cash from operating activities | $122.2M | $32.6M | $22.7M | −$48.4M | −$11.3M | $116.6M | −$8.7M | $21.6M |
| Investing activities | ||||||||
| Capital expenditures | −$7.4M | −$6.3M | −$6.1M | −$12.0M | −$15.9M | −$15.2M | −$16.6M | −$19.6M |
| Investments (net) | — | −$6.3M | −$10.4M | −$11.7M | $1.0M | −$193.5M | −$17.8M | −$229.5M |
| Acquisitions & other investing | −$14.9M | $6.3M | $7.7M | −$1.6M | −$666.9M | $15.2M | $16.6M | $19.6M |
| Cash from investing activities | −$22.3M | −$6.3M | −$8.8M | −$25.3M | −$681.8M | −$193.5M | −$17.8M | −$229.5M |
| Financing activities | ||||||||
| Share repurchases & issuance (net) | — | — | — | $4.0M | $475.5M | — | — | — |
| Net borrowing (repayment) | −$3.8M | −$2.4M | −$4.7M | $68.1M | $1.42B | $166.1M | $68.9M | $149.7M |
| Shares issued | $0 | $0 | $0 | $0 | $477.7M | $50.0M | $0 | $54.4M |
| Other financing | $12.8M | $16.4M | $15.5M | −$9.7M | −$1.78B | −$5.2M | −$47.1M | $0 |
| Cash from financing activities | $9.0M | $14.0M | $10.8M | $62.4M | $586.3M | $210.9M | $21.9M | $204.2M |
| Summary | ||||||||
| Net change in cash | $109.0M | $40.3M | $24.7M | −$11.3M | −$106.9M | $134.0M | −$4.7M | −$3.8M |
| Cash at end of period | $193.3M | $84.3M | $43.9M | $19.2M | $30.5M | $137.3M | $3.3M | $8.0M |
| Free cash flow | $114.8M | $26.3M | $16.6M | −$60.4M | −$27.3M | $101.4M | −$25.4M | $2.0M |
| Free cash flow margin | 4.7% | 1.3% | 0.9% | −3.4% | −1.6% | 6.8% | −1.8% | 0.2% |
| Capex / revenue | 0.3% | 0.3% | 0.3% | 0.7% | 1.0% | 1.0% | 1.2% | 1.6% |
| Operating cash flow / net income | 0.54 | — | — | — | — | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $40.3M | $41.7M | $178.8M | $14.1M | $27.0M | $5.2M | $29.2M | −$42.8M | $13.9M | −$11.2M | −$25.7M | −$102.4M |
| Depreciation & amortization | $7.5M | $7.7M | $7.2M | $7.1M | $7.0M | $6.9M | $7.2M | $7.3M | $7.5M | $9.1M | $7.1M | $7.3M |
| Stock-based compensation | $4.1M | $4.1M | −$21.1M | $5.0M | $5.2M | $11.0M | $5.0M | $4.9M | $3.5M | $4.1M | $3.0M | $5.1M |
| Change in working capital | $29.7M | −$50.7M | $48.1M | −$6.9M | $4.6M | −$45.8M | −$18.5M | $23.9M | −$27.5M | −$7.8M | −$20.6M | $20.0M |
| Other non-cash items | −$741,000 | $1.6M | −$163.2M | $13.9M | $7.8M | $14.0M | −$9.5M | $36.1M | $4.5M | −$6.2M | $33.2M | $98.7M |
| Cash from operating activities | $80.9M | $4.3M | $49.7M | $33.2M | $51.6M | −$8.6M | $13.4M | $29.4M | $1.8M | −$12.0M | −$3.0M | $28.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$1.3M | −$4.6M | −$5.5M | −$2.0M | −$1.1M | −$2.3M | −$1.5M | −$2.2M | −$1.3M | −$1.3M | −$1.6M | −$1.1M |
| Investments (net) | — | — | — | −$2.0M | −$16.0M | −$2.3M | −$1.5M | −$2.2M | −$1.3M | −$1.3M | −$1.6M | −$1.1M |
| Acquisitions & other investing | −$174.1M | $0 | $3.5M | $2.0M | $1.1M | $2.3M | $1.5M | $2.2M | $1.3M | $1.3M | $1.6M | $1.1M |
| Cash from investing activities | −$175.4M | −$4.6M | −$1.9M | −$2.0M | −$16.0M | −$2.3M | −$1.5M | −$2.2M | −$1.3M | −$1.3M | −$1.6M | −$1.1M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | $4.6M | — | −$4.6M | — | — | — | — | — | — | — |
| Net borrowing (repayment) | −$2.6M | −$5.7M | −$6.3M | $11.3M | −$3.6M | −$5.1M | −$8.0M | −$1.1M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $4.9M | $1.9M | $1.4M | $2.7M | $1.9M | $3.2M | $1.9M | $4.7M | $4.5M | $11.9M | $221,000 | −$7.3M |
| Cash from financing activities | $2.4M | −$3.8M | −$377,000 | $13.9M | −$6.3M | −$1.8M | −$6.1M | $3.6M | $4.5M | $11.9M | $221,000 | −$7.3M |
| Summary | ||||||||||||
| Net change in cash | −$92.1M | −$4.0M | $47.4M | $45.1M | $29.2M | −$12.8M | $5.8M | $30.8M | $5.1M | −$1.3M | −$4.4M | $20.3M |
| Cash at end of period | $97.2M | $189.3M | $193.3M | $145.9M | $100.7M | $71.5M | $84.3M | $78.5M | $47.7M | $42.6M | $43.9M | $48.3M |
| Free cash flow | $79.6M | −$208,000 | $55.2M | $31.2M | $50.4M | −$11.0M | $11.9M | $27.2M | $540,000 | −$13.3M | −$4.6M | $27.6M |
| Free cash flow margin | 11.9% | −0.0% | 8.3% | 5.0% | 8.6% | −2.0% | 2.3% | 5.3% | 0.1% | −2.7% | −1.0% | 5.8% |
| Capex / revenue | 0.2% | 0.7% | 0.8% | 0.3% | 0.2% | 0.4% | 0.3% | 0.4% | 0.3% | 0.3% | 0.3% | 0.2% |
| Operating cash flow / net income | 2.01 | 0.10 | 0.28 | 2.36 | 1.91 | −1.66 | 0.46 | — | 0.13 | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
AVAH cash generation
In fiscal 2025 (ended December 31, 2025), Aveanna Healthcare generated $122.2 million of cash from operations (up 274.5%) and spent $7.4 million on capital expenditures, leaving free cash flow of $114.8 million, 4.7% of revenue. Cash and equivalents rose by $109.0 million over the year.
Related: AVAH income statement, AVAH balance sheet. See the AVAH stock overview for the latest quote and news.
AVAH cash flow FAQ
What is Aveanna Healthcare's free cash flow?
Aveanna Healthcare's free cash flow was $114.8 million in fiscal 2025: $122.2 million of operating cash flow minus $7.4 million of capital expenditures It was $26.3 million a year earlier..
How much cash does Aveanna Healthcare generate from operations?
Aveanna Healthcare generated $122.2 million of cash from operating activities in fiscal 2025, 0.54 times its net income of $225.0 million.
How much does Aveanna Healthcare spend on capital expenditures?
Aveanna Healthcare spent $7.4 million on capital expenditures in fiscal 2025, 0.3% of revenue, compared with $6.3 million the year before.