Acuren Corporation (TIC) Cash Flow Statement
Where TIC’s cash came from and went, FY2025
November 30, 2025 · U.S. dollars- Cash from operations
- $95.0M +311.9% vs FY2024
- Capital expenditures
- $33.8M 2.2% of revenue
- Free cash flow
- $61.3M 4.0% margin
- Returned to shareholders
- —
- Change in cash
- $300.4M cash at year-end $439.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
TIC operating cash flow, capex and free cash flow
TIC cash flow trends, FY2022–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $40.0MFY2022 | $95.0MFY2025 | +33.5%/yr | |
| Capital expenditures | $23.1MFY2022 | $33.8MFY2025 | +13.5%/yr | |
| Free cash flow | $16.9MFY2022 | $61.3MFY2025 | +53.6%/yr | |
| Free cash flow margin | 1.8%FY2022 | 4.0%FY2025 | +2.2 pts | |
| Stock-based compensation | $2.6MFY2022 | $17.2MFY2025 | +88.5%/yr | |
| Dividends paid | $0FY2022 | $0FY2025 | — | |
| Share buybacks (net) | $753,000FY2022 | $0FY2025 | −100.0% | |
| Capex / revenue | 2.5%FY2022 | 2.2%FY2025 | −0.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TIC cash flow by activity
TIC 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).
TIC cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Operating activities | ||||
| Net income | −$87.1M | −$121.2M | −$6.3M | $20.0M |
| Depreciation & amortization | $178.3M | $93.1M | $94.8M | $86.4M |
| Stock-based compensation | $17.2M | $64.6M | $5.0M | $2.6M |
| Change in working capital | −$5.3M | −$36.1M | $3.6M | −$39.9M |
| Other non-cash items | −$8.1M | $22.6M | −$1.3M | −$29.1M |
| Cash from operating activities | $95.0M | $23.1M | $95.8M | $40.0M |
| Investing activities | ||||
| Capital expenditures | −$33.8M | −$27.6M | −$22.1M | −$23.1M |
| Investments (net) | — | — | −$544.4M | −$67.7M |
| Acquisitions & other investing | −$840.3M | −$1.87B | $540.0M | $23.1M |
| Cash from investing activities | −$874.1M | −$1.89B | −$26.5M | −$67.7M |
| Financing activities | ||||
| Dividends paid | $0 | — | −$150.0M | $0 |
| Share repurchases & issuance (net) | $250.5M | $666.6M | $550.0M | −$753,000 |
| Net borrowing (repayment) | $849.6M | — | $103.7M | $36.8M |
| Shares issued | $250.5M | $0 | $550.0M | $0 |
| Other financing | −$274.8M | $755.5M | −$1.10B | −$91,000 |
| Cash from financing activities | $1.08B | $1.42B | −$49.2M | $36.0M |
| Summary | ||||
| Net change in cash | $300.4M | $136.5M | $24.5M | $2.6M |
| Cash at end of period | $439.5M | $139.1M | $87.1M | $62.6M |
| Free cash flow | $61.3M | −$4.5M | $73.7M | $16.9M |
| Free cash flow margin | 4.0% | −0.4% | 7.0% | 1.8% |
| Capex / revenue | 2.2% | 2.5% | 2.1% | 2.5% |
| Operating cash flow / net income | — | — | — | 1.99 |
| May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | Feb '24 | Nov '23 | Aug '23 | May '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$13.3M | −$41.4M | −$47.2M | −$18.6M | −$233,000 | −$25.8M | −$98.8M | −$92.6M | −$1.3M | −$14.5M | $1.0M | $3.6M |
| Depreciation & amortization | $60.4M | $58.9M | $178.3M | $68.9M | $29.5M | $28.6M | $28.3M | $66.2M | $20.1M | $25.0M | $23.9M | $24.8M |
| Stock-based compensation | $11.3M | $7.9M | $7.9M | $6.3M | $1.9M | $1.1M | $63.0M | — | $897,000 | $864,000 | $2.4M | $863,500 |
| Change in working capital | −$67.9M | −$12.1M | −$5.3M | −$28.5M | −$36.0M | $30.8M | $10.4M | −$50.4M | $4.9M | $53.4M | $11.3M | −$32.0M |
| Other non-cash items | −$224,000 | −$3.4M | −$38.7M | −$25.7M | −$1.7M | −$1.9M | $8.3M | $80.7M | −$3.7M | −$3.8M | −$2.0M | $1.9M |
| Cash from operating activities | −$9.8M | $9.9M | $95.0M | $2.4M | −$6.5M | $32.8M | $11.1M | $4.0M | $20.9M | $61.0M | $36.6M | −$868,500 |
| Investing activities | ||||||||||||
| Capital expenditures | −$19.7M | −$5.7M | −$33.8M | −$15.7M | −$8.0M | −$4.5M | −$6.4M | −$17.7M | −$5.5M | −$6.6M | −$6.1M | −$4.8M |
| Investments (net) | — | — | — | −$828.0M | −$16.2M | −$12.2M | — | — | — | — | — | — |
| Acquisitions & other investing | −$5.4M | −$2.6M | −$840.3M | −$281.8M | $8.0M | $4.5M | −$1.83B | −$1.87B | −$28.8M | $366,000 | −$5.4M | $342,000 |
| Cash from investing activities | −$25.1M | −$8.3M | −$874.1M | −$1.13B | −$16.2M | −$12.2M | −$1.83B | −$1.89B | −$34.4M | −$6.2M | −$11.5M | −$4.4M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | $0 | — | — | — | — | $0 | — | — | −$150.0M | — |
| Share repurchases & issuance (net) | −$15.7M | — | $250.5M | $0 | — | — | $666.6M | $666.6M | — | — | — | — |
| Net borrowing (repayment) | −$9.5M | −$12.9M | −$8.6M | $867.3M | −$4.7M | −$4.4M | — | — | — | — | — | — |
| Shares issued | $0 | $0 | $250.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$2.8M | $0 | $583.4M | $299.2M | $0 | −$1.2M | $751.1M | $759.8M | $15.7M | −$4.3M | $137.9M | −$16.4M |
| Cash from financing activities | −$27.9M | −$12.9M | $1.08B | $1.17B | −$4.7M | −$5.6M | $1.42B | $1.43B | $15.7M | −$4.3M | −$12.1M | −$16.4M |
| Summary | ||||||||||||
| Net change in cash | −$64.1M | −$13.0M | $300.4M | $91.3M | −$25.7M | $16.6M | $151.1M | −$462.1M | $2.8M | $52.9M | $8.7M | $25.4M |
| Cash at end of period | $362.4M | $426.6M | $439.5M | $221.4M | $130.1M | $155.7M | $181.9M | $30.8M | $89.9M | $87.1M | $34.2M | $25.4M |
| Free cash flow | −$29.5M | $4.2M | $37.1M | −$13.3M | −$14.5M | $28.3M | $4.7M | −$13.8M | $15.4M | $54.4M | $30.5M | −$5.6M |
| Free cash flow margin | −5.0% | 0.9% | 7.3% | −2.8% | −4.6% | 12.1% | 1.6% | −4.5% | — | — | — | — |
| Capex / revenue | 3.4% | 1.2% | 6.6% | 3.3% | 2.6% | 1.9% | 2.1% | 5.9% | — | — | — | — |
| Operating cash flow / net income | — | — | — | — | — | — | — | — | — | — | 35.92 | −0.24 |
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.
TIC cash generation
In fiscal 2025 (ended November 30, 2025), Acuren generated $95.0 million of cash from operations (up 311.9%) and spent $33.8 million on capital expenditures, leaving free cash flow of $61.3 million, 4.0% of revenue. Cash and equivalents rose by $300.4 million over the year.
Related: TIC income statement, TIC balance sheet. See the TIC stock overview for the latest quote and news.
TIC cash flow FAQ
What is Acuren's free cash flow?
Acuren's free cash flow was $61.3 million in fiscal 2025: $95.0 million of operating cash flow minus $33.8 million of capital expenditures It was -$4.5 million a year earlier..
How much cash does Acuren generate from operations?
Acuren generated $95.0 million of cash from operating activities in fiscal 2025.
How much does Acuren spend on capital expenditures?
Acuren spent $33.8 million on capital expenditures in fiscal 2025, 2.2% of revenue, compared with $27.6 million the year before.