LiveWire Group, Inc. (LVWR) Cash Flow Statement
Where LVWR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$53.5M
- Capital expenditures
- $3.8M 14.8% of revenue
- Free cash flow
- −$57.4M −223.4% margin
- Returned to shareholders
- $1.0M
- Change in cash
- $18.3M cash at year-end $82.8M
Drawn to scale: where the cash came from and how it was used. Hover for values.
LVWR operating cash flow, capex and free cash flow
LVWR cash flow trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$69.2M2019 | −$53.5M2025 | — | |
| Capital expenditures | $7.2M2019 | $3.8M2025 | −10.0%/yr | |
| Free cash flow | −$76.4M2019 | −$57.4M2025 | — | |
| Free cash flow margin | −378.4%2019 | −223.4%2025 | +155.0 pts | |
| Stock-based compensation | $105,0002019 | $4.9M2025 | +90.0%/yr | |
| Share buybacks (net) | $02021 | $1.0M2025 | — | |
| Capex / revenue | 35.6%2019 | 14.8%2025 | −20.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LVWR cash flow by activity
LVWR 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).
LVWR cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | −$75.1M | −$93.9M | −$109.5M | −$78.9M | −$68.3M | −$77.6M | −$56.5M |
| Depreciation & amortization | $10.1M | $10.0M | $5.8M | $4.4M | $4.7M | $3.9M | $1.8M |
| Stock-based compensation | $4.9M | $4.6M | $8.9M | $394,000 | $786,000 | $188,000 | $105,000 |
| Change in working capital | $2.8M | −$9.5M | $5.9M | −$6.1M | −$15.0M | $15.4M | −$22.8M |
| Other non-cash items | $3.7M | −$5.1M | $5.4M | −$9.4M | $3.2M | $4.4M | $8.2M |
| Cash from operating activities | −$53.5M | −$93.9M | −$83.5M | −$89.7M | −$74.5M | −$53.7M | −$69.2M |
| Investing activities | |||||||
| Capital expenditures | −$3.8M | −$8.1M | −$13.5M | −$14.1M | −$10.0M | −$3.2M | −$7.2M |
| Investments (net) | — | −$8.1M | −$16.1M | −$14.1M | −$10.0M | −$3.2M | — |
| Acquisitions & other investing | $0 | $8.1M | $16.1M | $14.1M | $10.0M | $3.2M | −$7.0M |
| Cash from investing activities | −$3.8M | −$8.1M | −$13.5M | −$14.1M | −$10.0M | −$3.2M | −$14.2M |
| Financing activities | |||||||
| Share repurchases & issuance (net) | −$1.0M | −$1.4M | −$2.0M | $352.8M | $0 | — | — |
| Net borrowing (repayment) | $75.0M | $0 | $0 | $15.3M | $1.1M | $4.0M | $300,000 |
| Shares issued | $2.2M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$454,000 | $0 | $1.6M | −$1.8M | $83.7M | $54.3M | $84.1M |
| Cash from financing activities | $75.7M | −$1.4M | −$412,000 | $366.3M | $84.8M | $58.3M | $84.4M |
| Summary | |||||||
| Net change in cash | $18.3M | −$103.5M | −$97.3M | $262.6M | $267,000 | $1.3M | $1.1M |
| Cash at end of period | $82.8M | $64.4M | $167.9M | $265.2M | $2.7M | $2.4M | $1.1M |
| Free cash flow | −$57.4M | −$101.9M | −$96.9M | −$103.8M | −$84.5M | −$57.0M | −$76.4M |
| Free cash flow margin | −223.4% | −382.7% | −254.9% | −221.6% | −236.0% | −184.5% | −378.4% |
| Capex / revenue | 14.8% | 30.3% | 35.4% | 30.1% | 27.8% | 10.5% | 35.6% |
| 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 | −$18.2M | −$18.1M | −$17.6M | −$19.4M | −$18.8M | −$19.3M | −$22.8M | −$22.7M | −$24.8M | −$23.6M | −$33.1M | −$14.6M |
| Depreciation & amortization | $2.5M | $2.4M | $2.1M | $2.4M | $2.6M | $3.1M | $2.3M | $2.7M | $2.7M | $2.3M | $3.0M | $1.4M |
| Stock-based compensation | $1.3M | $1.2M | $1.2M | $250,000 | $1.8M | $1.6M | $743,000 | $1.3M | $281,000 | $2.3M | $2.4M | $2.4M |
| Change in working capital | −$798,000 | $140,000 | $5.1M | $1.5M | −$1.1M | −$2.6M | −$2.3M | −$3.0M | −$2.5M | −$1.7M | −$2.4M | $4.0M |
| Other non-cash items | $1.8M | $1.4M | $1.3M | $2.0M | $677,000 | −$270,000 | $215,000 | −$1.4M | −$1.6M | −$2.2M | $2.5M | −$7.9M |
| Cash from operating activities | −$13.4M | −$13.0M | −$7.9M | −$13.3M | −$14.9M | −$17.5M | −$21.9M | −$23.1M | −$26.0M | −$22.9M | −$27.6M | −$14.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$846,000 | −$688,000 | −$1.0M | −$735,000 | −$1.4M | −$613,000 | −$1.4M | −$1.6M | −$1.8M | −$3.2M | −$2.5M | −$2.8M |
| Investments (net) | — | — | — | −$735,000 | −$1.4M | −$613,000 | −$1.4M | −$1.6M | −$1.8M | −$3.2M | −$2.5M | −$2.8M |
| Acquisitions & other investing | −$375,000 | $0 | $0 | $735,000 | $1.4M | $613,000 | $1.4M | $1.6M | $1.8M | $3.2M | — | $2.8M |
| Cash from investing activities | −$1.2M | −$688,000 | −$1.0M | −$735,000 | −$1.4M | −$613,000 | −$1.4M | −$1.6M | −$1.8M | −$3.2M | — | −$2.8M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$54,000 | −$807,000 | −$265,000 | $0 | −$509,000 | −$250,000 | −$517,000 | $0 | −$221,000 | −$706,000 | −$2.0M | $0 |
| Net borrowing (repayment) | $0 | −$800,000 | — | — | $0 | $0 | — | — | — | — | — | — |
| Shares issued | $0 | $0 | $908,000 | $1.3M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $97,000 | $0 | $74.8M | −$267,000 | $0 | $0 | $0 | $0 | $0 | $0 | $3,000 | $1.6M |
| Cash from financing activities | $43,000 | −$1.6M | $75.5M | $1.0M | −$509,000 | −$250,000 | −$517,000 | $0 | −$221,000 | −$706,000 | −$2.0M | $1.6M |
| Summary | ||||||||||||
| Net change in cash | −$14.6M | −$15.3M | $66.5M | −$13.0M | −$16.9M | −$18.2M | −$24.0M | −$24.6M | −$28.0M | −$26.9M | −$32.0M | −$15.9M |
| Cash at end of period | $52.9M | $67.5M | $82.8M | $16.3M | $29.3M | $46.2M | $64.4M | $88.4M | $113.0M | $141.0M | $167.9M | $199.9M |
| Free cash flow | −$14.3M | −$13.7M | −$8.9M | −$14.0M | −$16.3M | −$18.1M | −$23.3M | −$24.7M | −$27.8M | −$26.2M | −$30.1M | −$17.5M |
| Free cash flow margin | −156.4% | −267.5% | −78.7% | −245.9% | −277.7% | −660.0% | −216.3% | −555.3% | −431.1% | −525.6% | −199.3% | −214.6% |
| Capex / revenue | 9.3% | 13.5% | 9.1% | 12.9% | 24.3% | 22.3% | 13.1% | 35.6% | 28.5% | 65.1% | 16.5% | 34.3% |
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.
LVWR cash generation
In fiscal 2025 (ended December 31, 2025), LiveWire generated -$53.5 million of cash from operations and spent $3.8 million on capital expenditures, leaving free cash flow of -$57.4 million, −223.4% of revenue. It returned $1.0 million to shareholders through dividends ($0) and net share buybacks ($1.0 million). Cash and equivalents rose by $18.3 million over the year.
Related: LVWR income statement, LVWR balance sheet. See the LVWR stock overview for the latest quote and news.
LVWR cash flow FAQ
What is LiveWire's free cash flow?
LiveWire's free cash flow was -$57.4 million in fiscal 2025: -$53.5 million of operating cash flow minus $3.8 million of capital expenditures It was -$101.9 million a year earlier..
How much cash does LiveWire generate from operations?
LiveWire generated -$53.5 million of cash from operating activities in fiscal 2025.
How much does LiveWire spend on capital expenditures?
LiveWire spent $3.8 million on capital expenditures in fiscal 2025, 14.8% of revenue, compared with $8.1 million the year before.
How much stock does LiveWire buy back?
LiveWire spent $1.0 million on net share repurchases in fiscal 2025.