Baytex Energy Corp. (BTE) Cash Flow Statement
Where BTE’s cash came from and went, 2025
December 31, 2025 · Canadian dollars- Cash from operations
- C$1.49B −22.1% vs 2024
- Capital expenditures
- C$1.28B 86.4% of revenue
- Free cash flow
- C$207.5M 14.0% margin
- Returned to shareholders
- C$98.6M 48% of free cash flow
- Change in cash
- C$936.5M cash at year-end C$953.1M
Cash from operations
C$1.49B
Capital expenditures
−C$1.28B
Acquisitions & other
+C$3.06B
Dividends
−C$69.2M
Share buybacks (net)
−C$29.4M
Net borrowing (repayment)
−C$2.23B
Change in cash
C$936.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
BTE operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
BTE cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | C$247.4M2016 | C$1.49B2025 | +22.0%/yr | |
| Capital expenditures | C$224.9M2016 | C$1.28B2025 | +21.3%/yr | |
| Free cash flow | C$22.5M2016 | C$207.5M2025 | +28.0%/yr | |
| Free cash flow margin | 3.7%2016 | 14.0%2025 | +10.3 pts | |
| Operating cash flow / net income | 3.732017 | 8.072024 | +4.33 | |
| Stock-based compensation | C$13.9M2016 | C$02024 | −100.0% | |
| Dividends paid | C$02016 | C$69.2M2025 | — | |
| Share buybacks (net) | C$02016 | C$29.4M2025 | — | |
| Capex / revenue | 37.1%2016 | 86.4%2025 | +49.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BTE cash flow by activity
OperatingInvestingFinancingChange in cash
BTE net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BTE cash flow statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −C$603.8M | C$236.6M | −C$233.4M | C$855.6M | C$1.61B | −C$2.44B | −C$12.5M | −C$325.3M | C$87.2M | −C$485.2M |
| Depreciation & amortization | C$1.26B | C$474.2M | C$1.05B | C$587.0M | C$464.6M | C$486.4M | C$731.7M | C$558.7M | C$481.9M | C$508.3M |
| Stock-based compensation | — | C$0 | C$16.2M | C$3.2M | C$6.4M | C$7.2M | C$15.9M | C$19.5M | C$15.5M | C$13.9M |
| Change in working capital | C$18.1M | −C$17.9M | −C$220.9M | C$26.1M | −C$26.6M | C$48.8M | −C$52.1M | C$39.4M | −C$9.0M | −C$23.3M |
| Other non-cash items | C$806.9M | C$1.22B | C$685.8M | −C$299.0M | −C$1.35B | C$2.25B | C$151.9M | C$193.0M | −C$250.4M | C$233.6M |
| Cash from operating activities | C$1.49B | C$1.91B | C$1.30B | C$1.17B | C$712.4M | C$353.1M | C$834.9M | C$485.3M | C$325.2M | C$247.4M |
| Investing activities | ||||||||||
| Capital expenditures | −C$1.28B | −C$1.31B | −C$1.06B | −C$524.0M | −C$315.8M | −C$282.6M | −C$556.5M | −C$498.2M | −C$398.1M | −C$224.9M |
| Investments (net) | — | −C$1.28B | −C$1.51B | −C$489.0M | −C$310.8M | −C$314.5M | −C$617.5M | −C$463.3M | −C$352.7M | −C$292.3M |
| Acquisitions & other investing | C$3.06B | C$1.31B | C$1.05B | C$524.0M | C$315.8M | C$282.6M | C$556.5M | C$498.2M | C$398.1M | C$224.9M |
| Cash from investing activities | C$1.78B | −C$1.28B | −C$1.51B | −C$489.0M | −C$310.8M | −C$314.5M | −C$617.5M | −C$463.3M | −C$352.7M | −C$292.3M |
| Financing activities | ||||||||||
| Dividends paid | −C$69.2M | −C$72.0M | −C$37.5M | C$0 | — | — | C$0 | C$0 | C$0 | C$0 |
| Share repurchases & issuance (net) | −C$29.4M | −C$222.2M | −C$221.9M | −C$159.0M | C$0 | — | C$0 | C$0 | C$0 | C$109.9M |
| Net borrowing (repayment) | −C$2.23B | −C$355.2M | C$569.2M | −C$517.3M | −C$401.6M | −C$44.2M | −C$211.9M | −C$21.3M | C$24.8M | −C$62.6M |
| Shares issued | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Other financing | −C$4.6M | −C$18.8M | −C$43.5M | −C$2.1M | C$0 | C$0 | C$0 | −C$755,000 | C$0 | C$1.7M |
| Cash from financing activities | −C$2.33B | −C$668.2M | C$266.2M | −C$678.4M | −C$401.6M | −C$44.2M | −C$211.9M | −C$22.1M | C$24.8M | C$49.0M |
| Summary | ||||||||||
| Net change in cash | C$936.5M | −C$39.2M | C$50.4M | C$5.5M | C$5.5M | −C$5.6M | C$5.6M | C$106.1M | −C$2.7M | C$2.5M |
| Cash at end of period | C$953.1M | C$16.6M | C$55.8M | C$5.5M | C$1.4M | C$1.4M | C$5.6M | C$106.1M | −C$86.6M | C$2.7M |
| Free cash flow | C$207.5M | C$593.8M | C$239.6M | C$648.8M | C$396.6M | C$70.5M | C$278.4M | −C$12.9M | −C$72.9M | C$22.5M |
| Free cash flow margin | 14.0% | 36.8% | 8.8% | 28.1% | 25.7% | 8.7% | 18.2% | −1.2% | −8.4% | 3.7% |
| Capex / revenue | 86.4% | 81.6% | 38.9% | 22.7% | 20.5% | 34.7% | 36.5% | 44.8% | 45.7% | 37.1% |
| Operating cash flow / net income | — | 8.07 | — | 1.37 | 0.44 | — | — | — | 3.73 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | C$168.7M | −C$67.3M | −C$856.9M | C$32.0M | C$151.5M | C$69.6M | −C$38.5M | C$185.2M | C$103.9M | −C$14.0M | −C$625.8M | C$127.4M |
| Depreciation & amortization | C$134.2M | C$123.7M | C$293.5M | C$329.1M | C$322.2M | C$319.9M | C$332.3M | C$356.4M | C$353.1M | C$349.1M | C$386.0M | C$325.2M |
| Stock-based compensation | C$0 | C$4.9M | — | — | C$0 | C$0 | C$9.5M | C$0 | C$9.5M | C$9.5M | −C$3.7M | C$14.7M |
| Change in working capital | −C$21.7M | −C$26.3M | C$226,000 | C$56.0M | −C$9.0M | −C$29.0M | C$13.4M | C$20.8M | −C$20.1M | −C$32.0M | −C$15.0M | −C$126.1M |
| Other non-cash items | −C$50.2M | C$87.3M | C$790.8M | C$55.7M | −C$110.4M | C$70.8M | C$152.1M | −C$12.4M | C$59.2M | C$71.3M | C$733.0M | C$102.8M |
| Cash from operating activities | C$231.0M | C$122.2M | C$227.7M | C$472.7M | C$354.3M | C$431.3M | C$468.9M | C$550.0M | C$505.6M | C$383.8M | C$474.5M | C$444.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −C$122.9M | −C$153.5M | −C$183.0M | −C$330.7M | −C$358.0M | −C$406.9M | −C$211.9M | −C$308.1M | −C$344.2M | −C$450.2M | −C$235.6M | −C$414.7M |
| Investments (net) | — | — | — | −C$292.7M | −C$359.8M | −C$320.1M | −C$266.5M | −C$309.0M | −C$339.2M | −C$364.5M | −C$138.2M | −C$347.3M |
| Acquisitions & other investing | C$8.0M | C$38.2M | C$2.94B | C$330.7M | C$358.0M | C$406.9M | C$211.9M | C$308.1M | C$344.2M | C$450.2M | C$235.6M | C$414.7M |
| Cash from investing activities | −C$114.9M | −C$115.3M | C$2.75B | −C$292.7M | −C$359.8M | −C$320.1M | −C$266.5M | −C$309.0M | −C$339.2M | −C$364.5M | −C$138.2M | −C$347.3M |
| Financing activities | ||||||||||||
| Dividends paid | −C$16.2M | −C$16.6M | −C$17.3M | −C$17.3M | −C$17.3M | −C$17.3M | −C$17.6M | −C$17.7M | −C$18.2M | −C$18.5M | −C$18.4M | −C$19.1M |
| Share repurchases & issuance (net) | −C$138.7M | −C$177.7M | −C$12.3M | C$0 | −C$4.1M | −C$13.0M | −C$53.7M | −C$84.6M | −C$80.9M | −C$3.0M | −C$132.7M | −C$89.3M |
| Net borrowing (repayment) | −C$2.2M | −C$11.5M | −C$2.01B | −C$159.4M | C$34.5M | −C$92.4M | −C$137.5M | −C$159.8M | — | — | — | C$41.9M |
| Shares issued | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Other financing | C$3.4M | C$1.8M | C$900,000 | C$0 | −C$6.4M | C$854,000 | C$1.7M | C$6.6M | −C$60.5M | −C$24.4M | −C$153.3M | −C$25.9M |
| Cash from financing activities | −C$153.6M | −C$204.0M | −C$2.04B | −C$176.7M | C$6.7M | −C$121.9M | −C$207.1M | −C$255.6M | −C$159.6M | −C$45.9M | −C$304.3M | −C$92.5M |
| Summary | ||||||||||||
| Net change in cash | −C$53.6M | −C$197.0M | C$942.7M | C$3.3M | C$1.2M | −C$10.6M | −C$4.7M | −C$14.6M | C$6.7M | −C$26.7M | C$31.9M | C$4.3M |
| Cash at end of period | C$720.6M | C$757.9M | C$953.1M | C$10.4M | C$7.2M | C$6.0M | C$16.6M | C$21.3M | C$35.9M | C$29.1M | C$55.8M | C$23.9M |
| Free cash flow | C$108.1M | −C$31.3M | C$44.7M | C$142.0M | −C$3.6M | C$24.4M | C$257.0M | C$241.9M | C$161.4M | −C$66.4M | C$238.9M | C$29.3M |
| Free cash flow margin | 19.7% | −7.8% | — | 19.0% | −0.5% | 3.1% | 31.7% | 28.5% | 18.1% | −8.6% | 28.5% | 3.2% |
| Capex / revenue | 22.3% | 38.1% | — | 44.2% | 50.2% | 51.7% | 26.2% | 36.3% | 38.6% | 58.1% | 28.1% | 45.1% |
| Operating cash flow / net income | 1.37 | — | — | 14.79 | 2.34 | 6.20 | — | 2.97 | 4.87 | — | — | 3.48 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported; data from EODHD.
BTE cash generation
In fiscal 2025 (ended December 31, 2025), Baytex Energy generated C$1.5 billion of cash from operations (down 22.1%) and spent C$1.3 billion on capital expenditures, leaving free cash flow of C$207.5 million, 14.0% of revenue. It returned C$98.6 million to shareholders through dividends (C$69.2 million) and net share buybacks (C$29.4 million). Cash and equivalents rose by C$936.5 million over the year.
Related: BTE income statement, BTE balance sheet, BTE dividend history. See the BTE stock overview for the latest quote and news.
BTE cash flow FAQ
What is Baytex Energy's free cash flow?
Baytex Energy's free cash flow was C$207.5 million in fiscal 2025: C$1.5 billion of operating cash flow minus C$1.3 billion of capital expenditures It was C$593.8 million a year earlier..
How much cash does Baytex Energy generate from operations?
Baytex Energy generated C$1.5 billion of cash from operating activities in fiscal 2025.
How much does Baytex Energy spend on capital expenditures?
Baytex Energy spent C$1.3 billion on capital expenditures in fiscal 2025, 86.4% of revenue, compared with C$1.3 billion the year before.
How much stock does Baytex Energy buy back?
Baytex Energy spent C$29.4 million on net share repurchases in fiscal 2025.
How much does Baytex Energy pay in dividends?
Baytex Energy paid C$69.2 million in dividends in fiscal 2025, 33.3% of free cash flow.