Free cash flow was a strong $27.6 million in Q2 2026, but this result appears driven by a volatile $13.5 million working capital release rather than sustainable operational cash conversion, as operating cash flow of $28.3 million against a near-zero net loss implies erratic conversion.
Viant Technology Inc. (DSP) cash flow statement — 8-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Cash from Operations | 67.39M | 52.61M | 51.77M | 37.75M | -3.53M | 28.66M | 18.88M | 13.03M | 3.46M |
| Operating CF Margin % | - | 15.28% | 17.9% | 16.93% | -1.79% | 12.79% | 11.42% | 7.9% | 3.2% |
| Operating CF Growth % | 219.51% | 1.62% | 37.12% | 1169.46% | -112.31% | 51.87% | 44.82% | 276.35% | - |
| Net Income | 8.69M | 24.1M | 2.36M | -3.44M | -11.91M | -37.61M | 11.26M | 9.92M | -25.54M |
| Depreciation & Amortization | 20.86M | 18.7M | 16.46M | 14.73M | 13.13M | 11.14M | 10.11M | 10.15M | 10.63M |
| Stock-Based Compensation | 29.39M | 24.84M | 21.03M | 32.29M | 28.9M | 68.82M | 0 | 1.09M | 647K |
| Deferred Taxes | -16.12M | -14.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 15.19M | 15.81M | 15.55M | -2.33M | -31.47M | -6.03M | 8.86M | 626K | 923K |
| Working Capital Changes | -5.25M | -16.16M | -3.64M | -3.49M | -2.18M | -7.66M | -11.35M | -8.76M | 16.8M |
| Change in Receivables | -10.06M | -30.81M | -30.23M | -16.12M | 7.82M | -20.86M | -21.1M | -20.2M | 14.87M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -3.35M | 12.16M | 23.79M | 10.04M | 4.21M | 3.4M | 8.99M | 2.75M | -4.81M |
| Cash from Investing | -35.09M | -22.34M | -27.74M | -13.48M | -8.83M | -7.37M | -7.84M | -7.81M | -8.77M |
| Capital Expenditures | -1.36M | -926K | -2.5M | -1.2M | -758K | -441K | -7.84M | -423K | -8.77M |
| CapEx % of Revenue | 0.35% | 0.27% | 0.86% | 0.54% | 0.38% | 0.2% | 4.74% | 0.26% | 8.1% |
| Acquisitions | -15.76M | -549K | -10M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -17.98M | -17.37M | -15.25M | -12.28M | -8.07M | -6.93M | 0 | -7.39M | 0 |
| Cash from Financing | -12.06M | -44.16M | -35.43M | -14.39M | -19.55M | 207.56M | -6.22M | -3.06M | 2.57M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | -17.5M | 0 | 6.04M | -7M | 2.57M |
| Equity Issued (Net) | -11.02M | -34.32M | -32.23M | -4.25M | -2.04M | 232.5M | -1.71M | 7.5M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -5M | 0 | 0 |
| Share Repurchases | -13.97M | -38.09M | -32.23M | -4.25M | -2.04M | 0 | 0 | 0 | 0 |
| Other Financing | -1.04M | -9.84M | -3.21M | -10.14M | -15K | -24.94M | -5.55M | -3.56M | 0 |
| Net Change in Cash | 20.24M | -13.9M | -11.41M | 9.88M | -31.91M | 228.85M | 4.81M | 2.16M | -2.75M |
| Free Cash Flow | 54.18M | 51.68M | 49.27M | 36.56M | -4.29M | 21.29M | 18.44M | 12.61M | -5.31M |
| FCF Margin % | 13.95% | 15.01% | 17.03% | 16.4% | -2.17% | 9.5% | 11.16% | 7.65% | -4.9% |
| FCF Growth % | 47.87% | 4.9% | 34.77% | 952.54% | -120.14% | 15.47% | 46.24% | 337.48% | - |
| FCF per Share | 0.83 | 0.77 | 2.41 | 2.40 | -0.30 | 1.72 | 1.84 | 0.21 | -0.09 |
| FCF Conversion (FCF/Net Income) | 6.24x | 6.30x | 21.92x | -10.96x | 0.30x | -3.70x | 1.68x | 1.31x | -0.14x |
| Interest Paid | 214K | 282K | 282K | 215K | 238K | 660K | 0 | 12K | 0 |
| Taxes Paid | 174K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying DSP stock.
Viant Technology Inc. (DSP) generated $52.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Viant Technology Inc. (DSP) generated $51.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Viant Technology Inc. (DSP) spent $0.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Viant Technology Inc. (DSP) spent $38.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Margin volatility from TAC and SBC
Metrics are mathematically derived from official filings.
Cash Conversion Weak Despite NI Break-Even
Viant's Q2 2026 operating cash flow of $28.3 million, as reported in the financial statements, converted at an implausible -255x multiple of the near-zero net loss, indicating severe disconnect between accrual accounting and actual cash generation.
The extreme OCF/NI ratio stems from the tiny net income figure, not robust conversion. The quality of earnings appears low, with large non-cash charges like SBC ($9.9M) and D&A ($5.6M) inflating cash flow, while significant working capital swings ($13.5M) further obscure the underlying operational cash generation.
FCF Surges on Volatile Working Capital
Free cash flow swung to $27.6 million in Q2 2026, representing a 26.5% margin, but this surge appears driven by a $13.5 million working capital release rather than sustainable operational improvement.
The FCF margin is highly volatile, ranging from -11.6% to 26.7% over the past ten quarters, which suggests the business lacks a stable, predictable cash conversion cycle. The trajectory is not linear but instead episodic, tied to large collections or payment timing rather than consistent profit growth.
Erratic WC Swings Mask Underlying Trend
Working capital changes have been highly erratic, from a $13.9 million drain in Q3 2025 to a $13.5 million boost in Q2 2026, indicating an unstable operating cycle that creates significant cash flow noise.
The large positive swings in Q2 2026 and Q4 2025 suggest aggressive collections or deferred payments, while the negative quarters imply inventory or receivables build-up. This volatility makes it difficult to assess the true underlying trend in operational efficiency and cash conversion.
SBC and WC Volatility Obscure True Cash Flow
A significant portion of operating cash flow is non-cash SBC ($9.9M in Q2 2026), and large working capital swings make the headline OCF figure an unreliable indicator of sustainable cash generation.
Investors must adjust for SBC to understand the true cash cost of operations. Furthermore, the erratic working capital movements, as reported in the cash flow statement, obscure the core business performance, making it challenging to project future free cash flow from historical trends.