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DoubleVerify Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$45.7M in Q3 2026 · $167M over twelve months

Operating cash flow$56.0M
Capital spending−$10.3M
Free cash flow+$45.7M
Cash / net income3.5×
Cash conversion cycle66 days

Analysis

In Q3 2026, DoubleVerify Holdings generated $56.0M of operating cash flow and spent $10.3M on capital projects, leaving free cash flow of $45.7M. That is $6.6M more than in Q3 2025 ($39.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $209M; the largest uses were buybacks ($100M), capital spending ($41.9M), taxes on employees’ shares ($10.6M); besides operations, cash came from shares issued ($1.7M), other financing ($1.0M); the cash balance rose by $50.1M.

Operating cash flow was $56.0M against net income of $15.9M — 3.5× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$25.1M, depreciation & amortization +$18.3M, receivables −$13.3M.

Its cash conversion cycle was 66 days (receivables 99 + inventory 0 − payables 33).

Free cash flow

DoubleVerify Holdings: free cash flow by quarterDoubleVerify Holdings: free cash flow by quarter$30.0MQ4 2024$31.4MQ1 2025$40.1MQ2 2025$39.0MQ3 2025$62.1MQ4 2025−$6.4MQ1 2026$65.7MQ2 2026$45.7MQ3 2026
Operating cash flow less capital spending.
DoubleVerify Holdings: operating cash flow against capital spendingDoubleVerify Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$37.4M$7.4MQ4 2024$37.7M$6.3MQ1 2025$49.6M$9.5MQ2 2025$51.2M$12.1MQ3 2025$72.7M$10.6MQ4 2025$4.2M$10.5MQ1 2026$76.2M$10.5MQ2 2026$56.0M$10.3MQ3 2026
Latest (Q3 2026): Operating cash flow $56.0M, Capital spending $10.3M.

Capital allocation, year by year

DoubleVerify Holdings: where the cash came from (up) and went (down), by fiscal yearDoubleVerify Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $82.7MFY2021: Net borrowing −$23.9MFY2021: Shares issued $282MFY2021: Capital spending −$9.4MFY2021: Acquisitions −$149MFY2021: Buybacks −$1.8M$365MFY2021FY2022: Operating cash flow $94.9MFY2022: Net borrowing −$1.9MFY2022: Shares issued $5.8MFY2022: Capital spending −$40.0MFY2022: Buybacks −$10.2M$101MFY2022FY2023: Operating cash flow $120MFY2023: Shares issued $10.7MFY2023: Capital spending −$17.0MFY2023: Acquisitions −$67.2MFY2023: Buybacks −$4.6M$130MFY2023FY2024: Operating cash flow $160MFY2024: Net borrowing −$2.5MFY2024: Shares issued $3.3MFY2024: Capital spending −$27.1MFY2024: Buybacks −$128M$163MFY2024FY2025: Operating cash flow $211MFY2025: Net borrowing −$4.6MFY2025: Shares issued $886KFY2025: Capital spending −$38.5MFY2025: Acquisitions −$82.6MFY2025: Buybacks −$132M$212MFY2025
Over these 5 years operating cash flow totalled $668M; the largest uses were acquisitions ($299M) and buybacks ($277M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$251M
Debtnone
Net cash$251M

DoubleVerify Holdings funds itself: free cash flow was $167M over the last twelve months, with $251M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

DoubleVerify Holdings: sources (+) and uses (−) of cash, Q3 2026DoubleVerify Holdings: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$56.0MCash drawn (+) / kept (−)−$40.7MCapital spending−$10.3MNet borrowing (+) / repaid (−)−$2.7MTaxes on employees’ shares−$2.5MShares issued$138KExchange rates−$28K
DoubleVerify Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026DoubleVerify Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$209MBuybacks−$100MCash drawn (+) / kept (−)−$50.1MCapital spending−$41.9MTaxes on employees’ shares−$10.6MNet borrowing (+) / repaid (−)−$7.4MShares issued$1.7MOther investing−$1.0MOther financing$1.0MExchange rates−$520K

From profit to cash

DoubleVerify Holdings: net income to operating cash flow, Q3 2026DoubleVerify Holdings: net income to operating cash flow, Q3 2026Net income$15.9MDepreciation & amortization$18.3MStock-based pay$25.1MReceivables−$13.3MPayables$1.9MAccrued liabilities$1.9MPrepaid and other assets$5.3MOperating cash flow$56.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202699—3366
Q2 2026103—3667
Q1 2026110—3774
Q4 202598—3662
Q3 202599—3663
Q2 202597—3561
Q1 2025120—3585
Q4 2024101—3368

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$56.0M−$10.3M——−$2.7M$138K−$40.7M$45.7M
Q2 2026$76.2M−$10.5M—−$25.1M−$1.6M$1.2M−$36.4M$65.7M
Q1 2026$4.2M−$10.5M—−$75.1M−$1.6M$43K$85.3M−$6.4M
Q4 2025$72.7M−$10.6M——−$1.6M$256K−$58.3M$62.1M
Q3 2025$51.2M−$12.1M—−$50.1M−$1.6M$260K$11.1M$39.0M
Q2 2025$49.6M−$9.5M——−$854K$148K−$55.5M$40.1M
Q1 2025$37.7M−$6.3M−$82.6M−$82.2M−$525K$222K$136M$31.4M
Q4 2024$37.4M−$7.4M—−$77.9M−$535K$426K$19.1M$30.0M

DoubleVerify Holdings: income statement and cash flow

DoubleVerify Holdings, Q3 2026: revenue $206M (+9% year over year), operating margin 13.8%. The chart follows the revenue to costs, profit and cash.

DoubleVerify Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.