Versant Media Group, Inc. (VSNT) Cash Flow Statement
Where VSNT’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.02B −8.5% vs 2024
- Capital expenditures
- $167.0M 2.5% of revenue
- Free cash flow
- $1.85B 27.7% margin
- Returned to shareholders
- —
- Change in cash
- $1.08B cash at year-end $1.09B
Drawn to scale: where the cash came from and how it was used. Hover for values.
VSNT operating cash flow, capex and free cash flow
VSNT cash flow trends, 2022–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.51B2022 | $2.02B2025 | −6.9%/yr | |
| Capital expenditures | $65.0M2022 | $167.0M2025 | +37.0%/yr | |
| Free cash flow | $2.44B2022 | $1.85B2025 | −8.8%/yr | |
| Free cash flow margin | 31.2%2022 | 27.7%2025 | −3.5 pts | |
| Operating cash flow / net income | 1.432022 | 2.172025 | +0.74 | |
| Stock-based compensation | $17.0M2022 | $29.0M2025 | +19.5%/yr | |
| Capex / revenue | 0.8%2022 | 2.5%2025 | +1.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VSNT cash flow by activity
VSNT 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).
VSNT cash flow statement
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Operating activities | ||||
| Net income | $931.0M | $1.36B | $1.54B | $1.76B |
| Depreciation & amortization | $1.01B | $989.0M | $991.0M | $992.0M |
| Stock-based compensation | $29.0M | $16.0M | $15.0M | $17.0M |
| Change in working capital | $150.0M | −$14.0M | $17.0M | −$167.0M |
| Other non-cash items | −$98.0M | −$145.0M | −$135.0M | −$91.0M |
| Cash from operating activities | $2.02B | $2.21B | $2.43B | $2.51B |
| Investing activities | ||||
| Capital expenditures | −$167.0M | −$54.0M | −$56.0M | −$65.0M |
| Acquisitions & other investing | $12.0M | −$17.0M | −$4.0M | $26.0M |
| Cash from investing activities | −$155.0M | −$71.0M | −$60.0M | −$39.0M |
| Financing activities | ||||
| Net borrowing (repayment) | $986.0M | $0 | $0 | — |
| Shares issued | $0 | $0 | $0 | $0 |
| Other financing | −$1.77B | −$2.15B | −$2.35B | −$2.49B |
| Cash from financing activities | −$782.0M | −$2.15B | −$2.35B | −$2.49B |
| Summary | ||||
| Net change in cash | $1.08B | −$15.0M | $12.0M | −$15.0M |
| Cash at end of period | $1.09B | $8.0M | $23.0M | $11.0M |
| Free cash flow | $1.85B | $2.16B | $2.37B | $2.44B |
| Free cash flow margin | 27.7% | 30.5% | 31.9% | 31.2% |
| Capex / revenue | 2.5% | 0.8% | 0.8% | 0.8% |
| Operating cash flow / net income | 2.17 | 1.62 | 1.58 | 1.43 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | $497.0M | $286.0M | $181.0M | $80.0M | $303.0M | $367.0M |
| Depreciation & amortization | $258.0M | $256.0M | $266.0M | $255.0M | $244.0M | $245.0M |
| Stock-based compensation | $33.0M | $17.0M | — | — | $11.0M | $3.0M |
| Change in working capital | $26.0M | $126.0M | $66.0M | $79.0M | $107.0M | −$102.0M |
| Other non-cash items | $153.0M | −$100.0M | −$37.0M | $19.0M | −$30.0M | −$35.0M |
| Cash from operating activities | $967.0M | $585.0M | $476.0M | $433.0M | $635.0M | $478.0M |
| Investing activities | ||||||
| Capital expenditures | −$59.0M | −$27.0M | −$46.0M | −$58.0M | −$42.0M | −$21.0M |
| Acquisitions & other investing | −$60.0M | −$145.0M | −$23.0M | $49.0M | −$12.0M | — |
| Cash from investing activities | −$119.0M | −$172.0M | −$69.0M | −$9.0M | −$54.0M | — |
| Financing activities | ||||||
| Dividends paid | −$53.0M | — | — | — | — | — |
| Share repurchases & issuance (net) | −$200.0M | −$100.0M | — | — | $0 | $0 |
| Net borrowing (repayment) | $0 | $1.97B | — | — | $0 | $0 |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$209.0M | −$2.18B | $631.0M | −$373.0M | −$582.0M | −$457.0M |
| Cash from financing activities | −$462.0M | −$309.0M | $631.0M | −$373.0M | −$582.0M | −$457.0M |
| Summary | ||||||
| Net change in cash | $386.0M | $104.0M | $1.03B | $52.0M | −$1.0M | −$3.0M |
| Cash at end of period | $1.48B | $1.19B | $1.09B | $56.0M | $4.0M | $5.0M |
| Free cash flow | $908.0M | $558.0M | $430.0M | $375.0M | $593.0M | $457.0M |
| Free cash flow margin | 55.2% | 33.1% | 26.7% | 22.5% | 34.7% | 26.8% |
| Capex / revenue | 3.6% | 1.6% | 2.9% | 3.5% | 2.5% | 1.2% |
| Operating cash flow / net income | 1.95 | 2.05 | 2.63 | 5.41 | 2.10 | 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.
VSNT cash generation
In fiscal 2025 (ended December 31, 2025), Versant Media generated $2.0 billion of cash from operations (down 8.5%) and spent $167.0 million on capital expenditures, leaving free cash flow of $1.9 billion, 27.7% of revenue. Cash and equivalents rose by $1.1 billion over the year.
Related: VSNT income statement, VSNT balance sheet. See the VSNT stock overview for the latest quote and news.
VSNT cash flow FAQ
What is Versant Media's free cash flow?
Versant Media's free cash flow was $1.9 billion in fiscal 2025: $2.0 billion of operating cash flow minus $167.0 million of capital expenditures It was $2.2 billion a year earlier..
How much cash does Versant Media generate from operations?
Versant Media generated $2.0 billion of cash from operating activities in fiscal 2025, 2.17 times its net income of $931.0 million.
How much does Versant Media spend on capital expenditures?
Versant Media spent $167.0 million on capital expenditures in fiscal 2025, 2.5% of revenue, compared with $54.0 million the year before.