KVH Industries, Inc. (KVHI) Cash Flow Statement
Where KVHI’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $17.1M
- Capital expenditures
- $7.4M 6.6% of revenue
- Free cash flow
- $9.8M 8.8% margin
- Returned to shareholders
- $1.7M 18% of free cash flow
- Change in cash
- $19.3M cash at year-end $69.9M
Drawn to scale: where the cash came from and how it was used. Hover for values.
KVHI operating cash flow, capex and free cash flow
KVHI cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $18.7M2016 | $17.1M2025 | −1.0%/yr | |
| Capital expenditures | $5.6M2016 | $7.4M2025 | +3.0%/yr | |
| Free cash flow | $13.1M2016 | $9.8M2025 | −3.2%/yr | |
| Free cash flow margin | 7.4%2016 | 8.8%2025 | +1.4 pts | |
| Operating cash flow / net income | −0.432019 | 0.372022 | +0.80 | |
| Stock-based compensation | $3.7M2016 | $1.6M2025 | −9.0%/yr | |
| Dividends paid | $02016 | $2.4M2023 | — | |
| Share buybacks (net) | $313,0002016 | $1.7M2025 | +21.0%/yr | |
| Capex / revenue | 3.2%2016 | 6.6%2025 | +3.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
KVHI cash flow by activity
KVHI 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).
KVHI cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$7.4M | −$11.0M | −$15.4M | $24.0M | −$9.8M | −$21.9M | $33.3M | −$8.2M | −$11.0M | −$7.5M |
| Depreciation & amortization | $10.7M | $13.3M | $13.4M | $13.4M | $14.6M | $11.7M | $11.5M | $12.9M | $11.0M | $12.6M |
| Stock-based compensation | $1.6M | $2.0M | $2.1M | $3.4M | $4.1M | $3.5M | $4.2M | $3.3M | $3.5M | $3.7M |
| Change in working capital | $14.2M | −$20.3M | −$5.9M | −$1.1M | $215,000 | −$7.7M | −$9.7M | −$2.3M | $8.1M | $4.9M |
| Other non-cash items | −$2.0M | $2.9M | $8.3M | −$30.9M | −$6.3M | $11.4M | −$53.4M | −$484,000 | −$141,000 | $5.1M |
| Cash from operating activities | $17.1M | −$13.2M | $2.5M | $8.9M | $2.9M | −$3.1M | −$14.2M | $5.2M | $11.5M | $18.7M |
| Investing activities | ||||||||||
| Capital expenditures | −$7.4M | −$7.4M | −$11.9M | −$14.4M | −$18.8M | −$14.1M | −$12.6M | −$15.9M | −$12.9M | −$5.6M |
| Investments (net) | $0 | $52.4M | −$13.1M | −$42.6M | $12.0M | $4.8M | −$29.9M | $8.3M | $17.4M | −$3.1M |
| Acquisitions & other investing | $11.2M | $7.4M | $10.4M | $57.4M | $100,000 | $80,000 | $88.5M | $0 | $0 | $0 |
| Cash from investing activities | $3.9M | $52.4M | −$14.7M | $375,000 | −$6.7M | −$9.3M | $46.0M | −$7.6M | $4.5M | −$8.7M |
| Financing activities | ||||||||||
| Dividends paid | — | — | −$2.4M | — | — | −$1.2M | −$700,000 | — | $0 | $0 |
| Share repurchases & issuance (net) | −$1.7M | $0 | −$239,000 | $972,000 | $2.9M | −$390,000 | −$1.3M | $5.0M | −$392,000 | −$313,000 |
| Net borrowing (repayment) | — | $0 | −$22,000 | $1.1M | $407,000 | $6.9M | −$8.2M | $4.3M | −$1.6M | −$1.4M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $6.9M | $6.9M | $4.5M | $0 | $0 |
| Other financing | $50,000 | $110,000 | $5.0M | −$1.4M | −$701,000 | −$5.1M | −$27.5M | −$27.0M | −$7.7M | −$2.7M |
| Cash from financing activities | −$1.7M | $110,000 | $2.3M | $708,000 | $2.6M | $7.1M | −$30.8M | −$13.3M | −$9.7M | −$4.4M |
| Summary | ||||||||||
| Net change in cash | $19.3M | $39.3M | −$9.8M | $9.7M | −$1.2M | −$5.8M | $315,000 | −$16.5M | $8.2M | $3.7M |
| Cash at end of period | $69.9M | $50.6M | $11.3M | $21.1M | $11.4M | $12.6M | $18.4M | $18.1M | $34.6M | $26.4M |
| Free cash flow | $9.8M | −$20.6M | −$9.4M | −$5.6M | −$15.9M | −$17.2M | −$26.8M | −$10.8M | −$1.3M | $13.1M |
| Free cash flow margin | 8.8% | −18.1% | −7.1% | −4.0% | −11.9% | −10.8% | −17.0% | −6.3% | −0.8% | 7.4% |
| Capex / revenue | 6.6% | 6.5% | 9.0% | 10.4% | 14.0% | 8.9% | 8.0% | 9.3% | 8.0% | 3.2% |
| Operating cash flow / net income | — | — | — | 0.37 | — | — | −0.43 | — | — | — |
| 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 | $163,000 | $588,000 | $331,000 | −$6.9M | $930,000 | −$1.7M | −$4.3M | −$1.2M | −$2.4M | −$3.2M | −$12.1M | −$4.4M |
| Depreciation & amortization | $2.3M | $2.4M | $2.6M | $2.6M | $2.6M | $2.9M | $3.0M | $3.3M | $3.7M | $3.2M | $3.3M | $3.2M |
| Stock-based compensation | $411,000 | $306,000 | $430,000 | $366,000 | $434,000 | $337,000 | $398,000 | $385,000 | $722,000 | $522,000 | $645,000 | $559,000 |
| Change in working capital | −$1.3M | −$11.5M | $1.1M | $14.6M | $2.2M | −$3.6M | $1.7M | −$2.3M | −$17.3M | −$2.4M | $11.2M | −$4.7M |
| Other non-cash items | $251,000 | −$124,000 | −$994,000 | −$741,000 | −$1.1M | $842,000 | −$463,000 | $1.7M | $579,000 | $1.0M | $2.1M | $5.8M |
| Cash from operating activities | $1.9M | −$8.3M | $3.4M | $9.9M | $5.1M | −$1.3M | $403,000 | $1.9M | −$14.7M | −$792,000 | $5.2M | $508,000 |
| Investing activities | ||||||||||||
| Capital expenditures | −$1.2M | −$2.6M | −$2.3M | −$1.5M | −$2.3M | −$1.2M | −$890,000 | −$1.5M | −$2.7M | −$2.4M | −$4.7M | −$2.4M |
| Investments (net) | — | — | $0 | $7.1M | $3.2M | −$557,000 | $35.9M | $2.1M | $13.6M | $871,000 | −$5.5M | −$3.2M |
| Acquisitions & other investing | −$322,000 | $227,000 | −$3.5M | $1.5M | $2.3M | $1.2M | $890,000 | $1.5M | $2.7M | $2.4M | $4.7M | $2.4M |
| Cash from investing activities | −$1.5M | −$2.4M | −$5.9M | $7.1M | $3.2M | −$557,000 | $35.9M | $2.1M | $13.6M | $871,000 | −$5.5M | −$3.2M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$2.3M | −$206,000 | −$371,000 | −$116,000 | −$1.1M | −$163,000 | $0 | $0 | $0 | $0 | $239,000 | $0 |
| Net borrowing (repayment) | — | — | — | — | — | — | $0 | $0 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $552,000 | $92,000 | $4,000 | $18,000 | $27,000 | $1,000 | $14,000 | $0 | $0 | $96,000 | −$239,000 | $237,000 |
| Cash from financing activities | −$1.8M | −$114,000 | −$367,000 | −$98,000 | −$1.1M | −$162,000 | $14,000 | $0 | $0 | $96,000 | $0 | $237,000 |
| Summary | ||||||||||||
| Net change in cash | −$1.4M | −$10.8M | −$2.9M | $16.9M | $7.3M | −$2.0M | $36.2M | $4.0M | −$1.1M | $147,000 | −$190,000 | −$2.5M |
| Cash at end of period | $57.7M | $59.2M | $69.9M | $72.8M | $55.9M | $48.6M | $50.6M | $14.4M | $10.4M | $11.4M | $11.3M | $11.5M |
| Free cash flow | $672,000 | −$10.8M | $1.1M | $8.4M | $2.7M | −$2.5M | −$487,000 | $409,000 | −$17.4M | −$3.2M | $483,000 | −$1.9M |
| Free cash flow margin | 2.0% | −33.6% | 3.4% | 29.4% | 10.3% | −9.7% | −1.8% | 1.4% | −60.6% | −10.9% | 1.6% | −5.8% |
| Capex / revenue | 3.6% | 8.0% | 7.7% | 5.4% | 8.8% | 4.7% | 3.3% | 5.1% | 9.5% | 8.2% | 15.3% | 7.3% |
| Operating cash flow / net income | 11.52 | −14.05 | 10.25 | — | 5.48 | — | — | — | — | — | — | — |
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.
KVHI cash generation
In fiscal 2025 (ended December 31, 2025), KVH Industries generated $17.1 million of cash from operations and spent $7.4 million on capital expenditures, leaving free cash flow of $9.8 million, 8.8% of revenue. It returned $1.7 million to shareholders through dividends ($0) and net share buybacks ($1.7 million). Cash and equivalents rose by $19.3 million over the year.
Related: KVHI income statement, KVHI balance sheet. See the KVHI stock overview for the latest quote and news.
KVHI cash flow FAQ
What is KVH Industries's free cash flow?
KVH Industries's free cash flow was $9.8 million in fiscal 2025: $17.1 million of operating cash flow minus $7.4 million of capital expenditures It was -$20.6 million a year earlier..
How much cash does KVH Industries generate from operations?
KVH Industries generated $17.1 million of cash from operating activities in fiscal 2025.
How much does KVH Industries spend on capital expenditures?
KVH Industries spent $7.4 million on capital expenditures in fiscal 2025, 6.6% of revenue, compared with $7.4 million the year before.
How much stock does KVH Industries buy back?
KVH Industries spent $1.7 million on net share repurchases in fiscal 2025.