KVH Industries (KVHI) financial statements
KVH Industries reported revenue of $111M in fiscal 2025, down 5.0% a year over 9 years.
Net income was -$7M and the operating margin -10.1%, against -0.8% in 2016.
Free cash flow was $10M, and the company returned $2M in net buybacks.
The diluted share count rose 23% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from KVH Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $176M | $160M | $153M | $158M | $159M | $134M | $139M | $132M | $114M | $111M |
| Cost of revenue | $46M | $37M | — | — | — | — | — | — | — | — |
| Gross profit | $130M | $123M | — | — | — | — | — | — | — | — |
| Research and development | $16M | $16M | $15M | $16M | $16M | $11M | $10M | $9M | $8M | $3M |
| Selling, general and admin | $62M | $63M | $54M | $59M | $54M | $54M | $48M | $40M | $38M | $36M |
| Operating income | -$1M | -$9M | -$11M | -$21M | -$23M | -$20M | -$6M | -$17M | -$12M | -$11M |
| Interest expense | $1M | $1M | $2M | $1M | $18,000 | $56,000 | $3,000 | $1,000 | $2,000 | $0 |
| Pre-tax income | -$2M | -$10M | -$11M | -$20M | -$22M | -$12M | -$3M | -$15M | -$11M | -$8M |
| Income tax | $6M | $1M | $346,000 | -$4M | $174,000 | -$108,000 | $546,000 | $318,000 | $421,000 | -$131,000 |
| Net income | -$8M | -$11M | -$8M | $33M | -$22M | -$10M | $24M | -$15M | -$11M | -$7M |
| EPS (diluted) | -$0.47 | -$0.67 | -$0.48 | $1.90 | -$1.24 | -$0.54 | $1.29 | -$0.81 | -$0.57 | -$0.38 |
| Diluted shares | 16M | 16M | 17M | 17M | 18M | 18M | 19M | 19M | 19M | 19M |
| Gross margin | 73.7% | 76.6% | — | — | — | — | — | — | — | — |
| Operating margin | -0.8% | -5.5% | -7.0% | -13.4% | -14.5% | -14.6% | -4.1% | -13.1% | -10.4% | -10.1% |
| Net margin | -4.3% | -6.9% | -5.4% | 21.1% | -13.8% | -7.3% | 17.3% | -11.6% | -9.7% | -6.7% |
Balance sheet
Fiscal years, from KVH Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $52M | $43M | $15M | $48M | $38M | $25M | $77M | $70M | $51M | $70M |
| Receivables | $31M | $28M | $29M | $33M | $34M | $28M | $27M | $26M | $22M | $25M |
| Inventory | $21M | $23M | $23M | $23M | $25M | $16M | $23M | $19M | $23M | $15M |
| Total current assets | $109M | $98M | $78M | $109M | $101M | $88M | $130M | $119M | $123M | $118M |
| Property, plant and equipment | $37M | $44M | $51M | $54M | $56M | $53M | $53M | $48M | $27M | $22M |
| Goodwill | $31M | $34M | $15M | $15M | $7M | $7M | $5M | $0 | $0 | $732,000 |
| Total assets | $200M | $196M | $188M | $199M | $184M | $169M | $196M | $173M | $155M | $152M |
| Total current liabilities | $40M | $43M | $56M | $38M | $41M | $34M | $37M | $25M | $16M | $17M |
| Long-term debt | $50M | $45M | $19M | $0 | $2M | $0 | — | — | — | — |
| Total liabilities | $93M | $91M | $88M | $49M | $52M | $40M | $38M | $25M | $16M | $21M |
| Shareholders' equity | $107M | $106M | $100M | $150M | $132M | $131M | $158M | $147M | $139M | $131M |
| Net debt | $32M | $12M | $14M | -$18M | -$6M | -$11M | -$21M | -$11M | -$51M | -$70M |
Cash flow
Fiscal years, from KVH Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $19M | $12M | $5M | -$14M | -$3M | $3M | $9M | $3M | -$13M | $17M |
| Capital spending | $6M | $13M | $16M | $13M | $14M | $19M | $14M | $11M | $7M | $7M |
| Free cash flow | $13M | -$1M | -$11M | -$27M | -$17M | -$16M | -$5M | -$8M | -$21M | $10M |
| Stock-based compensation | $4M | $4M | $3M | $4M | $3M | $4M | $3M | $2M | $2M | $2M |
| Share buybacks (net) | — | — | — | -$1M | -$390,000 | $0 | $0 | -$239,000 | $0 | -$2M |
| Net borrowing | -$1M | -$2M | -$182,000 | -$3M | — | — | — | — | — | — |
| Free cash flow margin | 7.4% | -0.8% | -7.0% | -16.9% | -10.8% | -11.8% | -4.0% | -6.1% | -18.1% | 8.8% |
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Open KVHI in InvestinglyQuestions
What was KVH Industries's revenue in 2025?
$111M in fiscal 2025, from its 10-K filing.
How much free cash flow does KVH Industries generate?
$10M in fiscal 2025 (operating cash flow minus capital spending).
From KVH Industries's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.