Vox Royalty Corp. (VOXR) Cash Flow Statement
Where VOXR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $10.7M +96.7% vs 2024
- Capital expenditures
- $17.7M 106.7% of revenue
- Free cash flow
- −$7.0M −42.1% margin
- Returned to shareholders
- $2.7M
- Change in cash
- −$669,391 cash at year-end $8.1M
Drawn to scale: where the cash came from and how it was used. Hover for values.
VOXR operating cash flow, capex and free cash flow
VOXR cash flow trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$29,2282018 | $10.7M2025 | — | |
| Capital expenditures | $1.2M2018 | $17.7M2025 | +47.3%/yr | |
| Free cash flow | −$29,2282018 | −$7.0M2025 | — | |
| Free cash flow margin | −4,718.8%2020 | −42.1%2025 | +4,676.7 pts | |
| Operating cash flow / net income | 6.242022 | 1.822025 | −4.41 | |
| Stock-based compensation | $282,3182018 | $2.0M2025 | +32.2%/yr | |
| Dividends paid | $445,9402019 | $2.7M2025 | +35.1%/yr | |
| Share buybacks (net) | $02019 | $02023 | — | |
| Capex / revenue | 3,257.6%2020 | 106.7%2025 | −3,150.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VOXR cash flow by activity
VOXR 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).
VOXR cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | $5.9M | −$1.6M | −$101,112 | $328,179 | −$4.1M | −$10.2M | −$1.2M | −$125,200 |
| Depreciation & amortization | $6.7M | $3.3M | $2.5M | $183,539 | $1.2M | $135,548 | $1.2M | $1.1M |
| Stock-based compensation | $2.0M | $2.1M | $1.7M | $1.1M | $1.4M | $4.2M | $81,204 | $282,318 |
| Change in working capital | $565,000 | $744,706 | −$1.7M | −$917,475 | $1.8M | −$441,785 | $874,104 | $32,625 |
| Other non-cash items | −$4.4M | $907,149 | $2.9M | $1.4M | $526,138 | $4.5M | −$942,632 | −$1.3M |
| Cash from operating activities | $10.7M | $5.5M | $5.3M | $2.0M | $768,346 | −$1.8M | −$38,536 | −$29,228 |
| Investing activities | ||||||||
| Capital expenditures | −$17.7M | −$3.7M | −$5.5M | −$4.7M | −$9.4M | −$4.1M | −$1.2M | −$1.2M |
| Investments (net) | — | −$3.2M | −$5.3M | −$2.6M | −$9.4M | $411,547 | $316,075 | $316,075 |
| Acquisitions & other investing | −$56.1M | $3.7M | $5.5M | $4.7M | $9.4M | −$15,218 | $0 | $0 |
| Cash from investing activities | −$73.8M | −$3.2M | −$5.3M | −$2.6M | −$9.4M | −$3.7M | −$864,925 | −$864,925 |
| Financing activities | ||||||||
| Dividends paid | −$2.7M | −$2.3M | −$2.0M | −$445,940 | −$445,940 | −$445,940 | −$445,940 | — |
| Share repurchases & issuance (net) | — | — | $0 | −$454,214 | −$1.8M | −$144,510 | $0 | — |
| Net borrowing (repayment) | $6.7M | $0 | — | — | — | −$594,980 | $519,980 | $110,148 |
| Shares issued | $63.3M | $0 | $8.3M | $7.3M | $13.4M | $9.7M | $100,000 | $0 |
| Other financing | −$4.8M | −$594,620 | −$1.1M | −$6.8M | −$489,388 | $275,279 | $450,083 | $560,241 |
| Cash from financing activities | $62.4M | −$2.9M | $5.3M | −$395,280 | $10.6M | $8.8M | $624,123 | $670,389 |
| Summary | ||||||||
| Net change in cash | −$669,391 | −$588,489 | $5.2M | −$890,148 | $1.9M | $3.1M | −$279,338 | $606,973 |
| Cash at end of period | $8.1M | $8.8M | $9.3M | $4.2M | $5.1M | $3.2M | $30,315 | $606,973 |
| Free cash flow | −$7.0M | $1.8M | −$224,131 | −$2.6M | −$8.6M | −$6.0M | −$1.2M | −$29,228 |
| Free cash flow margin | −42.1% | 16.2% | −1.8% | −31.1% | −235.5% | −4,718.8% | — | — |
| Capex / revenue | 106.7% | 33.3% | 44.6% | 55.2% | 256.5% | 3,257.6% | — | — |
| Operating cash flow / net income | 1.82 | — | — | 6.24 | — | — | — | — |
| 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 | $17.0M | $24.5M | $6.5M | $161,673 | −$387,957 | −$359,140 | −$966,494 | −$107,613 | −$333,588 | −$241,387 | −$417,962 | $1.0M |
| Depreciation & amortization | $2.1M | $4.5M | $3.3M | $1.5M | $1.1M | $831,007 | $1.5M | $587,193 | $778,014 | $514,258 | $970,813 | $45,885 |
| Stock-based compensation | $2.0M | $2.1M | $401,400 | $335,684 | $670,582 | $584,334 | $381,116 | $367,125 | $736,388 | $655,271 | $447,452 | $396,055 |
| Change in working capital | $999,416 | $395,569 | $1.1M | −$593,039 | $170,345 | −$66,614 | −$1.3M | $1.2M | $721,112 | $50,097 | $186,233 | −$671,053 |
| Other non-cash items | −$17.4M | −$16.4M | −$5.1M | $361,833 | $239,642 | $49,227 | $521,546 | $24,750 | $107,505 | $233,915 | $1.2M | $542,082 |
| Cash from operating activities | $4.7M | $15.1M | $6.2M | $1.8M | $1.8M | $1.0M | $125,398 | $2.1M | $2.0M | $1.2M | $2.3M | $1.4M |
| Investing activities | ||||||||||||
| Capital expenditures | −$83,762 | −$340,909 | −$59.4M | −$2.6M | −$11.8M | −$4 | −$504,601 | −$5,500 | −$3.1M | −$31,142 | −$1.0M | −$4.5M |
| Investments (net) | $4.9M | — | — | −$58.6M | −$11.7M | $0 | −$502 | −$18,440 | −$3.1M | $3,113 | −$921,686 | −$4.4M |
| Acquisitions & other investing | $5.6M | $2 | $55.9M | $2.6M | $11.8M | — | $504,601 | $5,500 | $3.1M | $31,142 | $1.0M | $4.5M |
| Cash from investing activities | $10.5M | −$340,907 | −$3.5M | −$58.6M | −$11.7M | — | −$502 | −$18,440 | −$3.1M | $3,113 | −$921,686 | −$4.4M |
| Financing activities | ||||||||||||
| Dividends paid | −$1.0M | −$848,838 | −$845,065 | −$628,756 | −$628,657 | −$604,522 | −$596,219 | −$573,034 | −$553,128 | −$549,836 | −$536,761 | −$529,672 |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | — | — | $0 | $0 |
| Net borrowing (repayment) | $0 | −$6.7M | −$5.0M | $0 | $11.7M | $0 | — | $0 | — | — | — | — |
| Shares issued | $0 | $0 | $425 | $63.3M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.1M |
| Other financing | $1.1M | $602,082 | −$885,766 | −$3.8M | −$89,016 | −$26,017 | −$64,502 | −$21,233 | −$75,063 | −$433,823 | −$15,096 | −$371,240 |
| Cash from financing activities | $63,471 | −$6.9M | −$6.7M | $58.8M | $11.0M | −$630,539 | −$660,721 | −$594,267 | −$628,191 | −$983,659 | −$551,857 | $188,088 |
| Summary | ||||||||||||
| Net change in cash | $15.2M | $7.8M | −$4.1M | $2.0M | $1.0M | $391,476 | −$546,898 | $1.5M | −$1.8M | $222,349 | $883,354 | −$2.8M |
| Cash at end of period | $31.1M | $15.9M | $8.1M | $12.1M | $10.2M | $9.1M | $8.8M | $9.3M | $7.8M | $9.6M | $9.3M | $8.5M |
| Free cash flow | $4.6M | $14.8M | −$53.2M | −$886,295 | −$10.0M | $1.0M | −$377,857 | $2.1M | $2.0M | $1.2M | $1.3M | −$3.1M |
| Free cash flow margin | 75.0% | 92.1% | −722.5% | −23.2% | −363.0% | 38.8% | −13.0% | 86.7% | 70.8% | 41.2% | 44.5% | −89.0% |
| Capex / revenue | 1.4% | 2.1% | 806.5% | 69.3% | 426.5% | 0.0% | 17.4% | 0.2% | 109.9% | 1.1% | 33.6% | 127.7% |
| Operating cash flow / net income | 0.28 | 0.62 | 0.96 | 10.88 | — | — | — | — | — | — | — | 1.30 |
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.
VOXR cash generation
In fiscal 2025 (ended December 31, 2025), Vox Royalty generated $10.7 million of cash from operations (up 96.7%) and spent $17.7 million on capital expenditures, leaving free cash flow of -$7.0 million, −42.1% of revenue. It returned $2.7 million to shareholders through dividends ($2.7 million) and net share buybacks ($0). Cash and equivalents fell by $0.7 million over the year.
Related: VOXR income statement, VOXR balance sheet, VOXR dividend history. See the VOXR stock overview for the latest quote and news.
VOXR cash flow FAQ
What is Vox Royalty's free cash flow?
Vox Royalty's free cash flow was -$7.0 million in fiscal 2025: $10.7 million of operating cash flow minus $17.7 million of capital expenditures It was $1.8 million a year earlier..
How much cash does Vox Royalty generate from operations?
Vox Royalty generated $10.7 million of cash from operating activities in fiscal 2025, 1.82 times its net income of $5.9 million.
How much does Vox Royalty spend on capital expenditures?
Vox Royalty spent $17.7 million on capital expenditures in fiscal 2025, 106.7% of revenue, compared with $3.7 million the year before.
How much does Vox Royalty pay in dividends?
Vox Royalty paid $2.7 million in dividends in fiscal 2025.