VirnetX Holding Corp (VHC) Cash Flow Statement
Where VHC’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$15.6M
- Capital expenditures
- $17,000 10.5% of revenue
- Free cash flow
- −$15.7M −9,667.3% margin
- Returned to shareholders
- —
- Change in cash
- −$7.7M cash at year-end $15.5M
Cash from operations
−$15.6M
Investments (net)
+$8.8M
Other financing
−$873,000
Change in cash
−$7.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
VHC operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
VHC cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$22.0M2016 | −$15.6M2025 | — | |
| Capital expenditures | $13,0002016 | $17,0002025 | +3.0%/yr | |
| Free cash flow | −$22.0M2016 | −$15.7M2025 | — | |
| Free cash flow margin | −1,421.2%2016 | −9,667.3%2025 | −8,246.1 pts | |
| Stock-based compensation | $5.4M2016 | $2.0M2025 | −10.6%/yr | |
| Dividends paid | $02016 | $02024 | — | |
| Share buybacks (net) | $93,0002016 | $129,0002024 | +4.2%/yr | |
| Capex / revenue | 0.8%2016 | 10.5%2025 | +9.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VHC cash flow by activity
OperatingInvestingFinancingChange in cash
VHC 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).
VHC cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$18.2M | −$18.2M | −$27.9M | −$36.3M | −$42.9M | $280.4M | −$19.2M | −$25.4M | −$17.3M | −$28.6M |
| Depreciation & amortization | $23,000 | $21,000 | $9,000 | $7,000 | $4,000 | $5,000 | $7,000 | $18,000 | $26,000 | $28,000 |
| Stock-based compensation | $2.0M | $1.9M | $2.8M | $3.3M | $4.2M | $3.9M | $3.7M | $4.1M | $4.0M | $5.4M |
| Change in working capital | $88,000 | $924,000 | $296,000 | −$2,000 | −$6.1M | $6.0M | $382,000 | −$965,000 | −$1.7M | $1.1M |
| Other non-cash items | $500,000 | $1,000 | $15,000 | $16.0M | −$6.9M | −$9.0M | $0 | $0 | $0 | $30,000 |
| Cash from operating activities | −$15.6M | −$15.3M | −$24.8M | −$16.9M | −$51.7M | $281.4M | −$15.1M | −$22.3M | −$14.9M | −$22.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$17,000 | −$22,000 | −$65,000 | −$11,000 | −$11,000 | −$11,000 | −$14,000 | −$14,000 | −$14,000 | −$13,000 |
| Investments (net) | $8.8M | $12.5M | $18.3M | −$38.5M | $1.0M | −$26.0M | −$592,000 | −$370,000 | $7.8M | $713,000 |
| Acquisitions & other investing | $0 | $22,000 | $17.7M | $11,000 | $0 | $11,000 | $0 | $14,000 | $14,000 | $0 |
| Cash from investing activities | $8.8M | $12.5M | $35.9M | −$38.5M | $1.0M | −$26.0M | −$606,000 | −$370,000 | $7.8M | $700,000 |
| Financing activities | ||||||||||
| Dividends paid | — | $0 | −$71.4M | −$71.4M | $0 | −$70.8M | — | — | $0 | $0 |
| Share repurchases & issuance (net) | — | −$129,000 | −$11,000 | −$29,000 | −$196,000 | $5.5M | −$145,000 | −$43,000 | −$42,000 | −$93,000 |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $4.5M | $10.5M | $27.1M | $0 | $0 |
| Other financing | −$873,000 | $0 | $0 | $71.4M | $0 | −$4.8M | $816,000 | $136,000 | $3.7M | $19.3M |
| Cash from financing activities | −$873,000 | −$129,000 | −$71.4M | −$29,000 | −$196,000 | −$65.7M | $11.2M | $27.1M | $3.7M | $19.2M |
| Summary | ||||||||||
| Net change in cash | −$7.7M | −$3.0M | −$60.3M | −$55.5M | −$50.9M | $189.8M | −$4.5M | $4.5M | −$3.5M | −$2.1M |
| Cash at end of period | $15.5M | $23.3M | $26.3M | $86.6M | $142.0M | $192.9M | $3.1M | $7.6M | $3.1M | $6.6M |
| Free cash flow | −$15.7M | −$15.3M | −$24.8M | −$16.9M | −$51.7M | $281.4M | −$15.1M | −$22.3M | −$14.9M | −$22.0M |
| Free cash flow margin | −9,667.3% | −306,980.0% | −354,828.6% | −35,216.7% | −147,808.6% | 93.0% | −17,757.6% | −35,393.7% | −966.0% | −1,421.2% |
| Capex / revenue | 10.5% | 440.0% | 928.6% | 22.9% | 31.4% | 0.0% | 16.5% | 22.2% | 0.9% | 0.8% |
| Operating cash flow / net income | — | — | — | — | — | 1.00 | — | — | — | — |
| 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 | −$4.5M | −$4.4M | −$6.6M | −$4.3M | −$3.6M | −$3.7M | −$6.2M | −$3.8M | −$3.8M | −$4.3M | −$7.1M | −$4.9M |
| Depreciation & amortization | $7,000 | $6,000 | $7,000 | $6,000 | $5,000 | $5,000 | $5,000 | $6,000 | $5,000 | $5,000 | $4,000 | $2,000 |
| Stock-based compensation | $743,000 | $739,000 | $618,000 | $480,000 | $441,000 | $431,000 | $497,000 | $458,000 | $460,000 | $488,000 | $708,000 | $706,000 |
| Change in working capital | $457,000 | −$688,000 | $144,000 | $651,000 | $237,000 | −$651,000 | $202,000 | $200,000 | $285,000 | $282,000 | $122,000 | $915,000 |
| Other non-cash items | $0 | $0 | $0 | $207,000 | $0 | $0 | $1,000 | −$46,000 | $0 | $0 | −$743,000 | $4,000 |
| Cash from operating activities | −$3.3M | −$4.3M | −$5.8M | −$3.0M | −$2.9M | −$3.9M | −$5.5M | −$3.2M | −$3.1M | −$3.5M | −$7.0M | −$3.3M |
| Investing activities | ||||||||||||
| Capital expenditures | −$8,000 | $0 | $0 | −$17,000 | $0 | $0 | −$11,000 | −$11,000 | −$11,000 | $0 | −$65,000 | $0 |
| Investments (net) | — | $3.5M | $5.1M | $2.9M | −$3.0M | $3.8M | $3.8M | $2.1M | $1.8M | $4.8M | $5.5M | $5.2M |
| Acquisitions & other investing | $1.6M | $0 | $0 | $17,000 | $0 | $0 | $11,000 | $11,000 | $11,000 | $0 | $65,000 | $0 |
| Cash from investing activities | $1.6M | $3.5M | $5.1M | $2.9M | −$3.0M | $3.8M | $3.8M | $2.1M | $1.8M | $4.8M | $5.5M | $5.2M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | $0 | $0 | — | — | −$71.4M | −$71.4M |
| Share repurchases & issuance (net) | — | — | — | — | −$7,000 | — | −$120,000 | −$6,000 | — | −$3,000 | $5,000 | −$6,000 |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$5,000 | −$1,000 | −$854,000 | −$12,000 | $0 | $0 | $0 | $0 | $0 | $0 | $142.9M | $71.4M |
| Cash from financing activities | −$5,000 | −$1,000 | −$854,000 | −$12,000 | −$7,000 | $0 | −$120,000 | −$6,000 | $0 | −$3,000 | $71.4M | −$6,000 |
| Summary | ||||||||||||
| Net change in cash | −$1.7M | −$774,000 | −$1.6M | −$164,000 | −$5.9M | −$74,000 | −$1.8M | −$1.2M | −$1.3M | $1.3M | −$1.6M | $1.9M |
| Cash at end of period | $13.1M | $14.8M | $15.5M | $17.1M | $17.3M | $23.2M | $23.3M | $25.1M | $26.3M | $27.6M | $26.3M | $27.8M |
| Free cash flow | −$3.3M | −$4.3M | −$5.8M | −$3.0M | −$2.9M | −$3.9M | −$5.5M | −$3.2M | −$3.1M | −$3.5M | −$7.1M | −$3.3M |
| Free cash flow margin | — | — | −10,371.4% | −5,208.6% | −6,120.8% | — | — | −161,050.0% | −309,100.0% | −175,800.0% | −236,033.3% | −109,700.0% |
| Capex / revenue | — | — | 0.0% | 29.3% | 0.0% | — | — | 550.0% | 1,100.0% | 0.0% | 2,166.7% | 0.0% |
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.
VHC cash generation
In fiscal 2025 (ended December 31, 2025), VirnetX generated -$15.6 million of cash from operations and spent $0.0 million on capital expenditures, leaving free cash flow of -$15.7 million, −9,667.3% of revenue. Cash and equivalents fell by $7.7 million over the year.
Related: VHC income statement, VHC balance sheet. See the VHC stock overview for the latest quote and news.
VHC cash flow FAQ
What is VirnetX's free cash flow?
VirnetX's free cash flow was -$15.7 million in fiscal 2025: -$15.6 million of operating cash flow minus $0.0 million of capital expenditures It was -$15.3 million a year earlier..
How much cash does VirnetX generate from operations?
VirnetX generated -$15.6 million of cash from operating activities in fiscal 2025.
How much does VirnetX spend on capital expenditures?
VirnetX spent $0.0 million on capital expenditures in fiscal 2025, 10.5% of revenue, compared with $0.0 million the year before.