Veeco Instruments Inc. (VECO) Cash Flow Statement
Where VECO’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $63.8M 0.0% vs 2024
- Capital expenditures
- $18.1M 2.7% of revenue
- Free cash flow
- $45.7M 6.9% margin
- Returned to shareholders
- —
- Change in cash
- −$13.3M cash at year-end $145.8M
Cash from operations
$63.8M
Capital expenditures
−$18.1M
Investments (net)
−$25.3M
Acquisitions & other
−$21.2M
Net borrowing (repayment)
−$5.2M
Other financing
−$7.3M
Change in cash
−$13.3M
Drawn to scale: where the cash came from and how it was used. Hover for values.
VECO operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
VECO cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$23.8M2016 | $63.8M2025 | — | |
| Capital expenditures | $11.5M2016 | $18.1M2025 | +5.2%/yr | |
| Free cash flow | −$35.3M2016 | $45.7M2025 | — | |
| Free cash flow margin | −10.6%2016 | 6.9%2025 | +17.5 pts | |
| Operating cash flow / net income | 2.602021 | 1.802025 | −0.80 | |
| Stock-based compensation | $15.7M2016 | $35.9M2025 | +9.6%/yr | |
| Dividends paid | $02016 | $5.6M2021 | — | |
| Share buybacks (net) | $13.3M2016 | $16.1M2024 | +2.3%/yr | |
| Capex / revenue | 3.5%2016 | 2.7%2025 | −0.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VECO cash flow by activity
OperatingInvestingFinancingChange in cash
VECO net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
VECO cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $35.4M | $73.7M | −$30.4M | $166.9M | $26.0M | −$8.4M | −$78.7M | −$407.1M | −$44.8M | −$122.2M |
| Depreciation & amortization | $20.0M | $25.1M | $25.0M | $25.6M | $26.1M | $30.7M | $34.4M | $50.0M | $50.1M | $32.6M |
| Stock-based compensation | $35.9M | $35.9M | $28.6M | $23.0M | $15.2M | $12.7M | $15.3M | $16.1M | $24.4M | $15.7M |
| Change in working capital | −$20.2M | −$70.7M | −$58.5M | $10.0M | −$17.8M | −$13.7M | −$16.8M | −$56.0M | $26.6M | −$20.2M |
| Other non-cash items | −$7.3M | −$179,000 | $97.0M | −$117.1M | $18.2M | $21.8M | $38.4M | $359.3M | −$22.2M | $70.2M |
| Cash from operating activities | $63.8M | $63.8M | $61.7M | $108.5M | $67.7M | $43.0M | −$7.4M | −$37.7M | $34.1M | −$23.8M |
| Investing activities | ||||||||||
| Capital expenditures | −$18.1M | −$18.1M | −$27.9M | −$24.6M | −$40.6M | −$6.8M | −$10.9M | −$12.7M | −$24.3M | −$11.5M |
| Investments (net) | −$25.3M | −$64.5M | −$74.9M | −$44.3M | $83.4M | −$74.5M | −$65.6M | −$3.0M | $66.0M | $48.9M |
| Acquisitions & other investing | −$21.2M | $18.1M | $49.5M | $0 | $1.7M | $9.5M | $645,000 | −$2.7M | −$399.5M | $9.3M |
| Cash from investing activities | −$64.5M | −$64.5M | −$53.3M | −$68.9M | $44.5M | −$71.8M | −$75.9M | −$18.3M | −$357.8M | $46.7M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | −$5.6M | −$556,000 | — | — | $0 | $0 |
| Share repurchases & issuance (net) | — | −$16.1M | −$11.0M | −$8.2M | −$9.0M | −$2.3M | −$3.0M | −$11.5M | −$2.9M | −$13.3M |
| Net borrowing (repayment) | −$5.2M | $0 | $4.2M | $0 | −$116.4M | $28.5M | $38.9M | $38.9M | $334.6M | −$340,000 |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$7.3M | $3.5M | $2.1M | $3.7M | $9.0M | $3.4M | −$35.7M | −$38.9M | −$5.7M | −$945,000 |
| Cash from financing activities | −$12.6M | −$12.6M | −$4.7M | −$4.5M | −$122.0M | $29.1M | $126,000 | −$11.5M | $325.9M | −$14.6M |
| Summary | ||||||||||
| Net change in cash | −$13.3M | −$13.3M | $3.6M | $35.0M | −$9.8M | $332,000 | −$83.1M | −$67.5M | $2.3M | $8.2M |
| Cash at end of period | $145.8M | $145.8M | $159.1M | $155.5M | $120.5M | $130.3M | $130.0M | $213.1M | $279.7M | $277.4M |
| Free cash flow | $45.7M | $45.7M | $33.7M | $83.9M | $27.1M | $36.2M | −$18.3M | −$50.4M | $9.9M | −$35.3M |
| Free cash flow margin | 6.9% | 6.4% | 5.1% | 13.0% | 4.6% | 8.0% | −4.4% | −9.3% | 2.0% | −10.6% |
| Capex / revenue | 2.7% | 2.5% | 4.2% | 3.8% | 7.0% | 1.5% | 2.6% | 2.3% | 5.0% | 3.5% |
| Operating cash flow / net income | 1.80 | 0.87 | — | 0.65 | 2.60 | — | — | — | — | — |
| 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 | $11.9M | −$324,000 | $1.1M | $10.6M | $11.7M | $11.9M | $15.0M | $21.4M | $14.9M | $21.9M | $21.6M | $24.6M |
| Depreciation & amortization | $4.9M | $5.0M | $5.0M | $4.9M | $5.1M | $5.0M | $6.0M | $6.2M | $6.6M | $6.4M | $6.3M | $6.2M |
| Stock-based compensation | $9.2M | $8.5M | $7.9M | $9.1M | $9.7M | $9.2M | $9.1M | $9.5M | $9.2M | $8.1M | $6.2M | $7.4M |
| Change in working capital | $25.0M | −$4.4M | $13.8M | −$9.2M | −$16.8M | −$8.0M | −$3.4M | $49.7M | −$23.9M | −$25.8M | −$4.2M | −$29.8M |
| Other non-cash items | $411,000 | −$844,000 | −$2.9M | $43,000 | −$607,000 | $1.8M | $1.8M | −$69.2M | $1.6M | −$1.2M | −$529,000 | −$1.3M |
| Cash from operating activities | $51.4M | $7.9M | $24.9M | $15.5M | $9.0M | $20.0M | $28.4M | $17.6M | $8.5M | $9.4M | $29.5M | $7.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$3.7M | −$5.1M | −$3.3M | −$2.6M | −$3.6M | −$6.8M | −$5.2M | −$4.0M | −$3.0M | −$6.0M | −$10.7M | −$6.4M |
| Investments (net) | — | $22.8M | −$50.1M | −$12.1M | $9.5M | $14.5M | −$45.7M | −$29.6M | −$9.9M | $20.7M | −$26.1M | −$29.5M |
| Acquisitions & other investing | −$10.9M | $0 | $0 | $2.6M | $3.6M | $6.8M | $5.2M | $4.0M | $3.0M | $6.0M | $10.7M | $6.4M |
| Cash from investing activities | −$14.6M | $17.7M | −$53.4M | −$12.1M | $9.5M | $14.5M | −$45.7M | −$29.6M | −$9.9M | $20.7M | −$26.1M | −$29.5M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | $14.6M | −$248,000 | −$14.3M | −$2.0M | −$246,000 |
| Net borrowing (repayment) | — | — | $0 | $0 | — | — | $0 | $0 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$1.8M | −$9.6M | −$1.3M | $820,000 | −$4.7M | −$5.3M | −$254,000 | −$13.7M | $1.9M | −$500,000 | $912,000 | −$1.4M |
| Cash from financing activities | −$1.8M | −$9.6M | −$1.3M | $820,000 | −$4.7M | −$5.3M | −$254,000 | $895,000 | $1.6M | −$14.8M | −$1.1M | −$1.7M |
| Summary | ||||||||||||
| Net change in cash | $34.9M | $16.1M | −$29.8M | $4.2M | $13.9M | $29.2M | −$17.7M | −$11.0M | $129,000 | $15.2M | $2.3M | −$24.2M |
| Cash at end of period | $214.5M | $179.5M | $163.5M | $193.2M | $189.0M | $175.1M | $145.8M | $163.5M | $174.5M | $174.3M | $159.1M | $156.8M |
| Free cash flow | $47.7M | $2.8M | $21.7M | $13.0M | $5.4M | $13.2M | $23.2M | $13.6M | $5.5M | $3.4M | $18.8M | $659,000 |
| Free cash flow margin | 24.7% | 1.8% | 13.1% | 7.8% | 3.3% | 7.9% | 12.7% | 7.4% | 3.1% | 1.9% | 10.8% | 0.4% |
| Capex / revenue | 1.9% | 3.2% | 2.0% | 1.6% | 2.2% | 4.0% | 2.8% | 2.2% | 1.7% | 3.4% | 6.2% | 3.6% |
| Operating cash flow / net income | 4.34 | — | 22.38 | 1.47 | 0.77 | 1.67 | 1.90 | 0.82 | 0.57 | 0.43 | 1.36 | 0.29 |
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.
VECO cash generation
In fiscal 2025 (ended December 31, 2025), Veeco Instruments generated $63.8 million of cash from operations (up 0.0%) and spent $18.1 million on capital expenditures, leaving free cash flow of $45.7 million, 6.9% of revenue. Cash and equivalents fell by $13.3 million over the year.
Related: VECO income statement, VECO balance sheet. See the VECO stock overview for the latest quote and news.
VECO cash flow FAQ
What is Veeco Instruments's free cash flow?
Veeco Instruments's free cash flow was $45.7 million in fiscal 2025: $63.8 million of operating cash flow minus $18.1 million of capital expenditures It was $45.7 million a year earlier..
How much cash does Veeco Instruments generate from operations?
Veeco Instruments generated $63.8 million of cash from operating activities in fiscal 2025, 1.80 times its net income of $35.4 million.
How much does Veeco Instruments spend on capital expenditures?
Veeco Instruments spent $18.1 million on capital expenditures in fiscal 2025, 2.7% of revenue, compared with $18.1 million the year before.