Vulcan Infrastructure and Power Inc. (VIP) Cash Flow Statement
Where VIP’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$15.0M
- Capital expenditures
- $2.5M 4.2% of revenue
- Free cash flow
- −$17.5M −29.7% margin
- Returned to shareholders
- —
- Change in cash
- $11.0M cash at year-end $19.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
VIP operating cash flow, capex and free cash flow
VIP cash flow trends, 2022–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$14.5M2022 | −$15.0M2025 | — | |
| Capital expenditures | $132.9M2022 | $2.5M2025 | −73.6%/yr | |
| Free cash flow | −$147.4M2022 | −$17.5M2025 | — | |
| Free cash flow margin | −163.9%2022 | −29.7%2025 | +134.2 pts | |
| Stock-based compensation | $2.6M2022 | $760,0002025 | −33.9%/yr | |
| Capex / revenue | 147.8%2022 | 4.2%2025 | −143.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VIP cash flow by activity
VIP 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).
VIP cash flow statement
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Operating activities | ||||
| Net income | $5.3M | −$19.8M | −$29.5M | −$271.1M |
| Depreciation & amortization | $11.8M | $13.5M | $13.6M | $35.1M |
| Stock-based compensation | $760,000 | $2.2M | $2.3M | $2.6M |
| Change in working capital | $6.8M | −$1.4M | $980,000 | $5.2M |
| Other non-cash items | −$39.6M | −$6.5M | $429,000 | $213.6M |
| Cash from operating activities | −$15.0M | −$12.0M | −$12.2M | −$14.5M |
| Investing activities | ||||
| Capital expenditures | −$2.5M | −$10.4M | −$13.0M | −$132.9M |
| Investments (net) | $15.7M | $3.5M | $0 | $496,000 |
| Acquisitions & other investing | $23.3M | — | — | — |
| Cash from investing activities | $36.6M | — | — | — |
| Financing activities | ||||
| Net borrowing (repayment) | −$10.6M | $0 | −$6.8M | $52.8M |
| Shares issued | $0 | $11.2M | $20.6M | $9.5M |
| Other financing | $0 | $0 | $0 | −$213,000 |
| Cash from financing activities | −$10.6M | $11.2M | $13.8M | $62.1M |
| Summary | ||||
| Net change in cash | $11.0M | — | — | — |
| Cash at end of period | $19.6M | $8.6M | $13.3M | $15.2M |
| Free cash flow | −$17.5M | −$22.5M | −$25.2M | −$147.4M |
| Free cash flow margin | −29.7% | −37.7% | −35.8% | −163.9% |
| Capex / revenue | 4.2% | 17.5% | 18.5% | 147.8% |
| Operating cash flow / net income | −2.84 | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | −$9.9M | −$4.6M | $3.0M | $12.0M | −$4.1M | −$5.6M |
| Depreciation & amortization | $1.1M | $2.7M | $2.5M | $3.0M | $3.2M | $3.1M |
| Stock-based compensation | $403,000 | $709,000 | $151,000 | −$312,000 | $378,000 | $543,000 |
| Change in working capital | $4.8M | −$10.0M | $1.5M | $3.3M | $2.5M | −$601,000 |
| Other non-cash items | −$749,999 | −$156,000 | −$11.7M | −$17.9M | −$6.8M | −$3.2M |
| Cash from operating activities | −$4.3M | −$11.4M | −$4.6M | $120,000 | −$4.8M | −$5.7M |
| Investing activities | ||||||
| Capital expenditures | $0 | −$168,000 | −$18,000 | −$17,000 | −$1.6M | −$902,000 |
| Investments (net) | $1.3M | $0 | $630,000 | $5.8M | $7.4M | $1.8M |
| Acquisitions & other investing | $40,000 | $25,000 | $18.0M | $4.3M | — | — |
| Cash from investing activities | $1.3M | −$143,000 | $18.6M | $10.1M | — | — |
| Financing activities | ||||||
| Net borrowing (repayment) | −$806,000 | −$836,000 | −$2.0M | −$6.0M | −$2.6M | $0 |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | −$139,000 | $0 | $0 | $0 | $0 |
| Cash from financing activities | −$806,000 | −$975,000 | −$2.0M | −$6.0M | −$2.6M | $0 |
| Summary | ||||||
| Net change in cash | −$3.9M | −$12.5M | $12.0M | $4.2M | — | — |
| Cash at end of period | $3.2M | $7.1M | $19.6M | $7.6M | $3.4M | $4.9M |
| Free cash flow | −$4.3M | −$11.6M | −$4.6M | $103,000 | −$6.4M | −$6.6M |
| Free cash flow margin | −128.2% | −55.5% | −39.9% | 0.7% | −49.4% | −34.4% |
| Capex / revenue | 0.0% | 0.8% | 0.2% | 0.1% | 12.1% | 4.7% |
| Operating cash flow / net income | — | — | −1.53 | 0.01 | — | — |
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.
VIP cash generation
In fiscal 2025 (ended December 31, 2025), Vulcan Infrastructure and Power generated -$15.0 million of cash from operations and spent $2.5 million on capital expenditures, leaving free cash flow of -$17.5 million, −29.7% of revenue. Cash and equivalents rose by $11.0 million over the year.
Related: VIP income statement, VIP balance sheet. See the VIP stock overview for the latest quote and news.
VIP cash flow FAQ
What is Vulcan Infrastructure and Power's free cash flow?
Vulcan Infrastructure and Power's free cash flow was -$17.5 million in fiscal 2025: -$15.0 million of operating cash flow minus $2.5 million of capital expenditures It was -$22.5 million a year earlier..
How much cash does Vulcan Infrastructure and Power generate from operations?
Vulcan Infrastructure and Power generated -$15.0 million of cash from operating activities in fiscal 2025, −2.84 times its net income of $5.3 million.
How much does Vulcan Infrastructure and Power spend on capital expenditures?
Vulcan Infrastructure and Power spent $2.5 million on capital expenditures in fiscal 2025, 4.2% of revenue, compared with $10.4 million the year before.