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Energy Vault Holdings, Inc. cash flow statement

In fiscal 2025, Energy Vault Holdings, Inc.'s operations generated −$5.6m of cash; it spent $41.1m on capital projects, leaving free cash flow of −$46.7m.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash from operations−22−23−93−56−6−103
Depreciation and amortisation281137
Stock-based pay14143393730
Capital spending0230594142
Free cash flow−22−26−123−115−47−145
Free cash flow after stock pay−23−67−166−153−83−175
Shares issued0236007—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Energy Vault Holdings, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Energy Vault Holdings, Inc.