DoubleVerify Holdings, Inc.

For the period ended Dec 31, 2025. Filed Feb 26, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 26, 2026

DV$13.57+0.1%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS


· · Year Ended December 31,
(in thousands) · · 2025 · · 2024 · · 2023
Operating activities:
Net income	$50,650	$56,231	$71,466
Adjustments to reconcile net income to net cash provided by operating activities
Bad debt expense	3,189	4,993	10,075
Depreciation and amortization expense	56,579	45,215	40,885
Amortization of debt issuance costs	434	442	294
Non-cash lease expense	7,928	7,164	6,727
Deferred taxes	3,827	(21,653)	(25,046)
Stock-based compensation expense	104,226	90,658	59,244
Interest expense, net	293	60	68
Loss on disposal of fixed assets	101	—	5
Change in fair value of contingent consideration	—	—	(1,193)
Other	992	3,338	492
Changes in operating assets and liabilities, net of effects of business combinations
Trade receivables	6,453	(26,702)	(43,691)
Prepaid expenses and other assets	(19,297)	(11,352)	(5,591)
Trade payables	2,312	(1,067)	5,476
Accrued expenses and other liabilities	(6,504)	12,337	530
Net cash provided by operating activities	211,183	159,664	119,741
Investing activities:
Purchase of property, plant and equipment	(38,529)	(27,149)	(17,009)
Acquisition of businesses, net of cash acquired	(82,578)	—	(67,240)
Purchase of short-term investments	—	(99,629)	—
Proceeds from maturity of short-term investments	17,753	81,937	—
Other investing activities	(2,025)	—	—
Net cash used in investing activities	(105,379)	(44,841)	(84,249)
Financing activities:
Proceeds from revolving credit facility	—	—	50,000
Payments to revolving credit facility	—	—	(50,000)
Proceeds from common stock issued upon exercise of stock options	886	3,315	10,666
Proceeds from common stock issued under employee purchase plan	2,450	3,531	2,723
Finance lease payments	(4,552)	(2,475)	(2,314)
Shares repurchased under the Repurchase Program and New Repurchase Program	(132,305)	(127,999)	—
Payment of excise tax on shares repurchased	(668)	—	—
Shares repurchased for settlement of employee tax withholdings	(9,760)	(5,822)	(4,586)
Net cash (used in) provided by financing activities	(143,949)	(129,450)	6,489
Effect of exchange rate changes on cash and cash equivalents and restricted cash	4,438	(1,889)	338
Net (decrease) increase in cash, cash equivalents, and restricted cash	(33,707)	(16,516)	42,319
Cash, cash equivalents, and restricted cash—Beginning of period	293,741	310,257	267,938
Cash, cash equivalents, and restricted cash—End of period	$260,034	$293,741	$310,257

Cash and cash equivalents	$259,038	$292,820	$310,131
Restricted cash - current (included in Prepaid expenses and other current assets on the Consolidated Balance Sheets)	—	33	126
Restricted cash - non-current (included in Other non-current assets on the Consolidated Balance Sheets)	996	888	—
Total cash and cash equivalents and restricted cash	$260,034	$293,741	$310,257
Supplemental cash flow information:
Cash paid for interest	$1,201	$479	$714
Non‑cash investing and financing transactions:
Right-of-use assets obtained in exchange for new operating lease liabilities, net of impairments and tenant improvement allowances	$5,460	$14,091	$2,547
Acquisition of equipment under finance lease	$13,805	$—	$5,479
Capital assets financed by accounts payable and accrued expenses	$99	$6	$261
Stock-based compensation included in capitalized software development costs	$4,582	$2,140	$1,103
Accrued excise tax on net share repurchases	$884	$668	$—
Common stock issued in connection with acquisition	$—	$—	$52,937
Liabilities for contingent consideration	$—	$—	$1,193

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