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Virtus Investment Partners cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$56.1M in Q2 2026 · −$51.9M over twelve months

Operating cash flow$57.4M
Capital spending−$1.3M
Free cash flow+$56.1M
Cash / net income1.3×

Analysis

In Q2 2026, Virtus Investment Partners generated $57.4M of operating cash flow and spent $1.3M on capital projects, leaving free cash flow of $56.1M. That is $18.1M less than in Q2 2025 ($74.2M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$45.8M; the largest uses were acquisitions ($196M), dividends ($65.8M), operating cash flow ($45.8M); besides operations, cash came from other financing ($251M), net borrowing (+) / repaid (−) ($190M); the cash balance rose by $43.6M.

Operating cash flow was $57.4M against net income of $44.6M — 1.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$22.5M, stock-based pay +$10.9M, deferred taxes +$931K.

Free cash flow

Virtus Investment Partners: free cash flow by quarterVirtus Investment Partners: free cash flow by quarter$68.7MQ3 2024−$105MQ4 2024−$6.8MQ1 2025$74.2MQ2 2025$107MQ3 2025−$248MQ4 2025$33.5MQ1 2026$56.1MQ2 2026
Operating cash flow less capital spending.
Virtus Investment Partners: operating cash flow against capital spendingVirtus Investment Partners: operating cash flow against capital spendingOperating cash flowCapital spending$69.1M$407KQ3 2024−$103M$1.9MQ4 2024−$3.8M$3.0MQ1 2025$75.8M$1.6MQ2 2025$108M$1.4MQ3 2025−$247M$944KQ4 2025$35.9M$2.4MQ1 2026$57.4M$1.3MQ2 2026
Latest (Q2 2026): Operating cash flow $57.4M, Capital spending $1.3M.

Capital allocation, year by year

Virtus Investment Partners: where the cash came from (up) and went (down), by fiscal yearVirtus Investment Partners: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $666MFY2021: Net borrowing −$25.0MFY2021: Shares issued $66KFY2021: Capital spending −$5.8MFY2021: Acquisitions −$156MFY2021: Buybacks −$57.5MFY2021: Dividends −$31.4M$666MFY2021FY2022: Operating cash flow $133MFY2022: Net borrowing −$25.5MFY2022: Capital spending −$6.6MFY2022: Acquisitions −$20.6MFY2022: Buybacks −$90.0MFY2022: Dividends −$47.3M$133MFY2022FY2023: Operating cash flow $237MFY2023: Net borrowing −$2.8MFY2023: Capital spending −$8.8MFY2023: Acquisitions −$109MFY2023: Buybacks −$45.0MFY2023: Dividends −$52.0M$237MFY2023FY2024: Operating cash flow $1.8MFY2024: Net borrowing −$22.8MFY2024: Capital spending −$5.6MFY2024: Buybacks −$44.9MFY2024: Dividends −$58.1M$1.8MFY2024FY2025: Operating cash flow −$67.2MFY2025: Net borrowing $161MFY2025: Capital spending −$6.9MFY2025: Buybacks −$60.0MFY2025: Dividends −$64.6M$161MFY2025
Over these 5 years operating cash flow totalled $970M; the largest uses were buybacks ($297M) and acquisitions ($285M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$287M
Debt$419M
Net debt$132M
Due within a year$4.0M
Cash runway5.5 years

Virtus Investment Partners is burning cash: its operations consume cash, a free cash flow of −$51.9M a year at the current rate against $287M of cash and investments: a runway of about 5.5 years; $4.0M of debt also comes due within a year, which the cash covers before any new financing.

Virtus Investment Partners: debt maturities by year (FY2025)Virtus Investment Partners: debt maturities by year (FY2025)$4.0MYear 1$4.0MYear 2$4.0MYear 3$4.0MYear 4$4.0MYear 5$379MAfter year 5
Principal due in each year as disclosed in the annual report, against $287M of cash and investments now.

Where the cash came from and went

Virtus Investment Partners: sources (+) and uses (−) of cash, Q2 2026Virtus Investment Partners: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$57.4MNet borrowing (+) / repaid (−)−$21.0MDividends−$16.3MPartners$13.0MCash drawn (+) / kept (−)−$12.5MBuybacks−$10.5MOther financing−$8.4MCapital spending−$1.3MTaxes on employees’ shares−$385KExchange rates−$62K
Virtus Investment Partners: sources (+) and uses (−) of cash, TTM to Q2 2026Virtus Investment Partners: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$251MAcquisitions−$196MNet borrowing (+) / repaid (−)$190MDividends−$65.8MOperating cash flow−$45.8MCash drawn (+) / kept (−)−$43.6MOther investing−$41.0MBuybacks−$30.5MTaxes on employees’ shares−$6.4MCapital spending−$6.1MPartners−$5.1MExchange rates−$544K

From profit to cash

Virtus Investment Partners: net income to operating cash flow, Q2 2026Virtus Investment Partners: net income to operating cash flow, Q2 2026Net income$44.6MDepreciation & amortization$22.5MStock-based pay$10.9MDeferred taxes$931KOperating cash flow$57.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026$57.4M−$1.3M—−$10.5M−$16.3M−$21.0M−$12.5M$56.1M
Q1 2026$35.9M−$2.4M−$196M−$10.0M−$17.9M—$204M$33.5M
Q4 2025−$247M−$944K—−$10.0M−$16.3M−$1.0M−$15.9M−$248M
Q3 2025$108M−$1.4M——−$15.4M−$37.9M−$219M$107M
Q2 2025$75.8M−$1.6M—−$30.0M−$15.8M−$688K−$23.8M$74.2M
Q1 2025−$3.8M−$3.0M—−$20.0M−$17.1M−$687K$181M−$6.8M
Q4 2024−$103M−$1.9M—−$12.5M−$15.9M−$5.7M−$88.4M−$105M
Q3 2024$69.1M−$407K—−$14.9M−$13.7M−$10.7M$38.8M$68.7M

Virtus Investment Partners: income statement and cash flow

Virtus Investment Partners, Q2 2026: revenue $201M (-4% year over year), operating margin 13.6%. The chart follows the revenue to costs, profit and cash.

Virtus Investment Partners: 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.