V2X, Inc.
For the period ended Dec 31, 2025. Filed Feb 23, 2026.
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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 23, 2026
VVX$82.71+1.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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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 |
| Operating activities | |||
| Net income (loss) | $77,882 | $34,684 | $(22,573) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation expense | 16,984 | 20,747 | 22,408 |
| Amortization of intangible assets | 90,621 | 90,821 | 90,423 |
| Amortization of cloud computing arrangements | 4,919 | 3,314 | 480 |
| Gain from acquisitions, net | — | (2,193) | — |
| Impairment of non-operating long-lived asset | — | 2,192 | — |
| (Gain) loss on disposal of property, plant, and equipment | (3,024) | 1,450 | 683 |
| Stock-based compensation | 11,924 | 15,969 | 32,843 |
| Deferred taxes | 9,334 | 7,730 | (7,509) |
| Amortization of debt issuance costs | 6,231 | 7,380 | 9,067 |
| Loss on extinguishment of debt | 2,527 | 1,998 | 22,298 |
| Gain on disposition of business | — | — | (450) |
| Changes in assets and liabilities: | |||
| Receivables | (23,485) | 25,181 | 19,064 |
| Other assets | 9,315 | (42,334) | 11,285 |
| Accounts payable | 5,460 | 75,335 | 43,153 |
| Compensation and other employee benefits | 9,122 | 9,128 | (9,901) |
| Other liabilities | (35,818) | 2,835 | (23,303) |
| Net cash provided by operating activities | 181,992 | 254,237 | 187,968 |
| Investing activities | |||
| Purchases of capital assets and intangibles | (11,923) | (11,787) | (25,021) |
| Proceeds from the disposition of assets | 9,839 | 76 | 16 |
| Acquisition of businesses, net of cash acquired | (27,500) | (16,939) | — |
| Disposition of business | — | — | 1,349 |
| Distributions from joint venture | — | — | 1,007 |
| Net cash used in investing activities | (29,584) | (28,650) | (22,649) |
| Financing activities | |||
| Proceeds from issuance of long-term debt | — | — | 250,000 |
| Repayments of long-term debt | (15,013) | (15,327) | (432,603) |
| Proceeds from revolver | 662,500 | 1,266,250 | 922,750 |
| Repayments of revolver | (662,500) | (1,266,250) | (922,750) |
| Proceeds from exercise of stock options | 557 | 154 | 34 |
| Purchase of treasury stock | (30,000) | — | — |
| Payment of debt issuance costs | (3,909) | (1,188) | (8,818) |
| Prepayment premium on early redemption of debt | — | — | (1,600) |
| Payments of employee withholding taxes on share-based compensation | (3,115) | (8,138) | (18,036) |
| Net cash used in financing activities | (51,480) | (24,499) | (211,023) |
| Exchange rate effect on cash | (255) | (5,418) | 2,288 |
| Net change in cash, cash equivalents and restricted cash | 100,673 | 195,670 | (43,416) |
| Cash, cash equivalents and restricted cash – beginning of year | 268,321 | 72,651 | 116,067 |
| Cash, cash equivalents and restricted cash – end of year | $368,994 | $268,321 | $72,651 |
| Supplemental Disclosure of Cash Flow Information: | |||
| Interest paid | $78,336 | $107,607 | $117,482 |
| Income taxes paid, net of amounts refunded | $9,632 | $8,819 | $8,356 |
| Non-cash investing activities: | |||
| Purchase of capital assets on account | $1,446 | $22 | $3,043 |
| Purchase of treasury stock on account | $274 | $— | $— |
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