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V2X cash flow, quarter by quarter

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

Free cash flow$64.0M in Q3 2026 · $159M over twelve months

Operating cash flow$67.3M
Capital spending−$3.4M
Free cash flow+$64.0M
Cash / net income2.1×
Cash conversion cycle24 days

Analysis

In Q3 2026, V2X generated $67.3M of operating cash flow and spent $3.4M on capital projects, leaving free cash flow of $64.0M.

Over the twelve months to Oct 2, 2026, operating cash flow was $168M; the largest uses were net borrowing (+) / repaid (−) ($58.5M), buybacks ($20.0M), capital spending ($9.0M); besides operations, cash came from asset & business sales ($7.6M); the cash balance rose by $82.8M.

Operating cash flow was $67.3M against net income of $32.0M — 2.1× profit, cash ran ahead of reported earnings. The largest differences: payables −$79.0M, other liabilities +$42.7M, employee-related liabilities +$27.7M.

Its cash conversion cycle was 24 days (receivables 59 + inventory 5 − payables 40).

Free cash flow

V2X: free cash flow by quarterV2X: free cash flow by quarter$222MQ4 2024−$98.2MQ1 2025$26.1MQ2 2025$35.0MQ3 2025$207MQ4 2025−$132MQ1 2026$20.5MQ2 2026$64.0MQ3 2026
Operating cash flow less capital spending.
V2X: operating cash flow against capital spendingV2X: operating cash flow against capital spendingOperating cash flowCapital spending$223M$1.1MQ4 2024−$95.5M$2.7MQ1 2025$28.5M$2.5MQ2 2025$39.4M$4.5MQ3 2025$209M$2.3MQ4 2025−$130M$2.3MQ1 2026$21.6M$1.1MQ2 2026$67.3M$3.4MQ3 2026
Latest (Q3 2026): Operating cash flow $67.3M, Capital spending $3.4M.

Capital allocation, year by year

V2X: where the cash came from (up) and went (down), by fiscal yearV2X: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $61.3MFY2021: Net borrowing −$73.6MFY2021: Shares issued $379KFY2021: Asset sales $16KFY2021: Capital spending −$9.8MFY2021: Acquisitions $262K$62.0MFY2021FY2022: Operating cash flow $93.5MFY2022: Net borrowing −$189MFY2022: Shares issued $408KFY2022: Asset sales −$5.3MFY2022: Capital spending −$12.4MFY2022: Acquisitions $194M$288MFY2022FY2023: Operating cash flow $188MFY2023: Net borrowing −$183MFY2023: Shares issued $34KFY2023: Asset sales $1.4MFY2023: Capital spending −$25.0M$189MFY2023FY2024: Operating cash flow $254MFY2024: Net borrowing −$15.3MFY2024: Shares issued $154KFY2024: Asset sales $76KFY2024: Capital spending −$11.8MFY2024: Acquisitions −$16.9M$254MFY2024FY2025: Operating cash flow $182MFY2025: Net borrowing −$15.0MFY2025: Shares issued $557KFY2025: Asset sales $9.8MFY2025: Capital spending −$11.9MFY2025: Acquisitions −$27.5MFY2025: Buybacks −$30.0M$192MFY2025
Over these 5 years operating cash flow totalled $779M; the largest uses were net borrowing ($476M) and capital spending ($70.9M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$265M
Debt$1.1B
Net debt$787M
Due within a year$17.6M

V2X funds itself: free cash flow was $159M over the last twelve months, and $265M of cash and investments stands against $1.1B of debt ($17.6M due within a year, 15.1× covered by cash).

Where the cash came from and went

V2X: sources (+) and uses (−) of cash, Q3 2026V2X: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$67.3MCash drawn (+) / kept (−)−$50.8MNet borrowing (+) / repaid (−)−$13.7MCapital spending−$3.4MExchange rates$521KTaxes on employees’ shares−$82KAsset & business sales$18KShares issued−$1K
V2X: sources (+) and uses (−) of cash, TTM to Q3 2026V2X: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$168MCash drawn (+) / kept (−)−$82.8MNet borrowing (+) / repaid (−)−$58.5MBuybacks−$20.0MCapital spending−$9.0MAsset & business sales$7.6MTaxes on employees’ shares−$5.5MOther financing−$1.1MExchange rates$861K

From profit to cash

V2X: net income to operating cash flow, Q3 2026V2X: net income to operating cash flow, Q3 2026Net income$32.0MDepreciation & amortization$26.6MStock-based pay$3.4MDeferred taxes$4.1MGains on disposals$1KReceivables$16.9MPayables−$79.0MEmployee-related liabilities$27.7MPrepaid and other assets−$10.0MOther liabilities$42.7MOperating cash flow$67.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20265954024
Q2 20266044024
Q1 20265844120
Q4 20255944518
Q3 20255943924
Q2 20256154125
Q1 20256154619
Q4 20246154916

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$67.3M−$3.4M——−$13.7M−$1K−$50.8M$64.0M
Q2 2026$21.6M−$1.1M——−$13.7M$82K−$5.6M$20.5M
Q1 2026−$130M−$2.3M——−$23.7M$60K$160M−$132M
Q4 2025$209M−$2.3M—−$20.0M−$7.5M—−$187M$207M
Q3 2025$39.4M−$4.5M−$27.5M—−$3.7M$481K$8.1M$35.0M
Q2 2025$28.5M−$2.5M——−$3.8M—−$21.4M$26.1M
Q1 2025−$95.5M−$2.7M———$77K$99.3M−$98.2M
Q4 2024$223M−$1.1M——−$7.7M—−$208M$222M

V2X: income statement and cash flow

V2X, Q3 2026: revenue $1.3B (+9% year over year), operating margin 4.7%. The chart follows the revenue to costs, profit and cash.

V2X: 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.