Innovex International, Inc.
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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FY2025 · Filed Feb 24, 2026
INVX$24.91-1.6%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2025 | 2024 | 2023 |
| Cash flows from operating activities | |||
| Net income | $83,298 | $140,325 | $73,926 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization | 60,742 | 31,207 | 22,659 |
| Deferred debt issuance cost amortization | 317 | 409 | 332 |
| Amortization of operating lease ROU asset | 12,498 | 8,317 | 7,400 |
| Impairment of long-lived assets | 3,427 | 3,522 | 266 |
| Bargain purchase loss (gain) | 3,342 | (85,812) | — |
| Gain on consolidation of equity method investment | — | (8,037) | — |
| Stock-based compensation expense | 13,798 | 13,248 | 1,962 |
| (Gain) loss on sale of property, equipment and lease terminations | (40,082) | (939) | 533 |
| Deferred tax, net | 34,291 | (4,595) | (7,406) |
| Equity method earnings, net of dividends | — | 495 | (1,675) |
| Changes in operating assets and liabilities, net of amounts related to acquisitions: | |||
| Trade receivables, net | 17,631 | 13,221 | 5,271 |
| Inventories | 46,625 | 7,872 | (4,533) |
| Prepaid expenses and other current assets | 10,859 | (7,775) | (7,752) |
| Other long-term assets | (3,837) | (2,017) | 1,330 |
| Accounts payable | (12,698) | (22,344) | (9,615) |
| Accrued expenses and other current liabilities | (19,075) | 651 | 792 |
| Other operating assets and liabilities, net | (20,224) | 5,691 | (7,626) |
| Net cash provided by operating activities | 190,912 | 93,439 | 75,864 |
| Cash flows from investing activities | |||
| Payments on acquisitions, net of cash acquired | (83,668) | (65,521) | — |
| Capital expenditures | (35,132) | (13,594) | (15,487) |
| Proceeds from sale of property and equipment | 100,059 | 3,247 | 1,410 |
| Equity method investment | — | — | (18,350) |
| Cash acquired in stock based business combination | — | 154,312 | — |
| Net cash (used in) provided by investing activities | (18,741) | 78,444 | (32,427) |
| Cash flows from financing activities | |||
| Deferred debt issuance cost | (1,455) | — | 393 |
| Revolving credit facility borrowings | 144,200 | 187,300 | 254,500 |
| Revolving credit facility payments | (158,200) | (196,500) | (278,300) |
| Term loan payments | (11,429) | (6,282) | (5,400) |
| Subordinated note payments | — | — | (11,893) |
| Payments on finance leases | (7,535) | (5,698) | (3,865) |
| Common stock repurchased and retired | (9,280) | — | — |
| Dividend payment | — | (74,983) | — |
| Proceeds from exercise of options | — | 3,326 | — |
| Taxes paid related to net share settlement of equity awards | (1,220) | (10,235) | — |
| Net cash used in financing activities | (44,919) | (103,072) | (44,565) |
| Effect of exchange rate changes | 2,877 | (2,939) | 118 |
| Net change in cash and restricted cash | 130,129 | 65,872 | (1,010) |
| Cash and restricted cash beginning of period | 73,278 | 7,406 | 8,416 |
| Cash and restricted cash end of period | $203,407 | $73,278 | $7,406 |
| Supplemental cash flow information: | |||
| Cash paid for interest | $1,023 | $1,991 | $5,747 |
| Non-cash investing and financing activities: | |||
| Property and equipment purchases in accounts payable | $14 | $1,632 | $243 |
| Operating lease assets obtained in exchange for lease obligations | 11,441 | 31,563 | 13,138 |
| Finance lease assets obtained in exchange for lease obligations | 22,913 | 6,373 | 6,369 |
| Stock issuance related to business acquisition | — | 568,488 | — |
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