Chesapeake Utilities Corporation (CPK) Cash Flow Statement
Where CPK’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $233.7M −2.4% vs 2024
- Capital expenditures
- $448.6M 48.2% of revenue
- Free cash flow
- −$214.9M −23.1% margin
- Returned to shareholders
- $60.7M
- Change in cash
- −$6.1M cash at year-end $1.8M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CPK operating cash flow, capex and free cash flow
CPK cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $103.4M2016 | $233.7M2025 | +9.5%/yr | |
| Capital expenditures | $169.9M2016 | $448.6M2025 | +11.4%/yr | |
| Free cash flow | −$66.5M2016 | −$214.9M2025 | — | |
| Free cash flow margin | −13.3%2016 | −23.1%2025 | −9.8 pts | |
| Operating cash flow / net income | 2.312016 | 1.672025 | −0.65 | |
| Stock-based compensation | $2.4M2016 | $8.5M2025 | +15.3%/yr | |
| Dividends paid | $17.5M2016 | $60.7M2025 | +14.8%/yr | |
| Share buybacks (net) | $770,0002016 | $02025 | −100.0% | |
| Capex / revenue | 34.0%2016 | 48.2%2025 | +14.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CPK cash flow by activity
CPK net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CPK cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $140.3M | $118.6M | $87.2M | $89.8M | $83.5M | $71.5M | $65.2M | $56.6M | $58.1M | $44.7M |
| Depreciation & amortization | $107.6M | $81.5M | $77.4M | $80.0M | $72.9M | $67.7M | $54.7M | $49.3M | $44.7M | $39.5M |
| Stock-based compensation | $8.5M | $8.4M | $7.6M | $6.4M | $5.9M | $4.8M | $4.3M | $2.8M | $2.5M | $2.4M |
| Change in working capital | −$39.5M | $900,000 | $30.0M | −$34.2M | −$27.9M | −$2.1M | −$34.5M | $10.0M | −$9.3M | −$16.5M |
| Other non-cash items | $16.8M | $30.0M | $1.2M | $16.9M | $16.1M | $17.0M | $13.4M | $28.0M | $14.1M | $33.4M |
| Cash from operating activities | $233.7M | $239.4M | $203.5M | $158.9M | $150.5M | $158.9M | $103.0M | $146.8M | $110.1M | $103.4M |
| Investing activities | ||||||||||
| Capital expenditures | −$448.6M | −$355.3M | −$188.6M | −$128.3M | −$186.9M | −$165.5M | −$184.7M | −$269.8M | −$175.3M | −$169.9M |
| Investments (net) | — | −$349.9M | −$1.11B | −$136.4M | −$223.0M | −$181.6M | −$186.6M | −$286.3M | −$186.9M | −$170.0M |
| Acquisitions & other investing | $12.9M | $355.3M | $1.16B | $128.3M | $186.9M | $165.5M | $184.7M | $269.8M | $175.3M | $169.9M |
| Cash from investing activities | −$435.7M | −$349.9M | −$136.4M | −$136.4M | −$223.0M | −$181.6M | −$186.6M | −$286.3M | −$186.9M | −$170.0M |
| Financing activities | ||||||||||
| Dividends paid | −$60.7M | −$54.2M | −$40.0M | −$35.1M | −$31.5M | −$27.2M | −$24.7M | −$22.0M | −$19.9M | −$17.5M |
| Share repurchases & issuance (net) | $123.0M | $72.6M | −$2.5M | $4.5M | $105.0M | $89.8M | −$721,000 | −$1.2M | $110.9M | −$770,000 |
| Net borrowing (repayment) | $134.6M | $96.6M | $582.7M | $12.2M | $91.2M | −$36.2M | $110.6M | $163.9M | $98.8M | $27.3M |
| Shares issued | $123.0M | $72.6M | $366.4M | $4.5M | $15.9M | $83.6M | $0 | $0 | $0 | $0 |
| Other financing | −$124.0M | −$74.1M | −$44,000 | −$7.4M | −$106.4M | −$90.8M | −$692,000 | −$706,000 | −$111.5M | $58.2M |
| Cash from financing activities | $195.9M | $113.5M | $906.6M | −$21.2M | $74.0M | $19.2M | $84.5M | $140.0M | $78.2M | $67.2M |
| Summary | ||||||||||
| Net change in cash | −$6.1M | $3.0M | −$1.3M | $1.2M | $1.5M | −$3.5M | $896,000 | $475,000 | $1.4M | $1.3M |
| Cash at end of period | $1.8M | $7.9M | $4.9M | $6.2M | $5.0M | $3.5M | $7.0M | $6.1M | $5.6M | $4.2M |
| Free cash flow | −$214.9M | −$115.9M | $14.9M | $30.6M | −$36.4M | −$6.6M | −$81.8M | −$123.0M | −$65.2M | −$66.5M |
| Free cash flow margin | −23.1% | −14.7% | 2.2% | 4.5% | −6.4% | −1.4% | −17.0% | −17.1% | −10.6% | −13.3% |
| Capex / revenue | 48.2% | 45.1% | 28.1% | 18.8% | 32.8% | 33.9% | 38.5% | 37.6% | 28.4% | 34.0% |
| Operating cash flow / net income | 1.67 | 2.02 | 2.33 | 1.77 | 1.80 | 2.22 | 1.58 | 2.59 | 1.89 | 2.31 |
| 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 | $25.4M | $59.3M | $46.1M | $19.4M | $23.9M | $50.9M | $36.7M | $17.5M | $18.3M | $46.2M | $25.3M | $9.4M |
| Depreciation & amortization | $27.2M | $25.8M | $28.2M | $27.0M | $25.9M | $26.5M | $18.2M | $20.3M | $22.1M | $21.0M | $16.8M | $20.5M |
| Stock-based compensation | $700,000 | $3.5M | $2.5M | $1.4M | $2.3M | $2.3M | $2.0M | $1.9M | $2.4M | $2.1M | $2.8M | $1.9M |
| Change in working capital | $33.1M | $8.9M | −$18.9M | −$10.5M | $400,000 | −$10.5M | −$40.2M | $5.2M | $17.1M | $18.8M | −$19.0M | −$597,000 |
| Other non-cash items | $9.2M | $20.5M | −$22.5M | $21.8M | $1.7M | $15.8M | $5.2M | $5.4M | $10.2M | $9.1M | −$5.7M | $3.2M |
| Cash from operating activities | $95.6M | $118.0M | $35.4M | $59.1M | $54.2M | $85.0M | $21.7M | $50.3M | $70.1M | $97.3M | $20.1M | $34.4M |
| Investing activities | ||||||||||||
| Capital expenditures | −$125.0M | −$141.9M | −$213.9M | −$108.3M | −$100.1M | −$113.8M | −$95.7M | −$158.0M | −$82.4M | −$75.5M | −$50.9M | −$47.4M |
| Investments (net) | — | — | — | −$105.5M | −$99.6M | −$113.1M | −$93.9M | −$100.2M | −$81.1M | −$74.7M | −$975.6M | −$46.8M |
| Acquisitions & other investing | $1.8M | $200,000 | $96.4M | $108.3M | $100.1M | $113.8M | $95.7M | $158.0M | $82.4M | $75.5M | $50.9M | −$41.6M |
| Cash from investing activities | −$123.2M | −$141.7M | −$117.5M | −$105.5M | −$99.6M | −$113.1M | −$93.9M | −$100.2M | −$81.1M | −$74.7M | −$975.6M | −$135.7M |
| Financing activities | ||||||||||||
| Dividends paid | −$16.2M | −$16.2M | −$15.9M | −$15.8M | −$14.5M | −$14.5M | −$14.3M | −$14.1M | −$12.9M | −$12.9M | −$10.5M | −$10.5M |
| Share repurchases & issuance (net) | — | — | $123.0M | $76.1M | $61.2M | $19.8M | $72.6M | $1.5M | — | −$1.5M | $28,000 | −$14,000 |
| Net borrowing (repayment) | $27.9M | $39.6M | $51.1M | $47.6M | $19.3M | $16.6M | $78.4M | $5.0M | — | — | — | $20.5M |
| Shares issued | $11.6M | $5.2M | $46.9M | $14.9M | $41.4M | $19.8M | $15.9M | $54.3M | $2.4M | $41,000 | $0 | $0 |
| Other financing | $0 | −$2.0M | −$123.0M | −$76.1M | −$61.2M | −$20.8M | −$74.0M | −$1.6M | $26.2M | −$11.5M | $969.1M | $0 |
| Cash from financing activities | $23.3M | $26.6M | $82.1M | $46.7M | $46.2M | $20.9M | $78.5M | $45.1M | $15.7M | −$25.8M | $958.6M | $10.0M |
| Summary | ||||||||||||
| Net change in cash | −$4.3M | $2.9M | −$6.1M | $300,000 | $800,000 | −$7.2M | $6.3M | −$4.8M | $4.7M | −$3.2M | $3.1M | −$2.4M |
| Cash at end of period | $400,000 | $4.7M | $1.8M | $1.8M | $1.5M | $700,000 | $7.9M | $1.6M | $6.4M | $1.7M | $4.9M | $1.8M |
| Free cash flow | −$29.4M | −$23.9M | −$178.5M | −$49.2M | −$45.9M | −$28.8M | −$74.0M | $208.2M | −$12.4M | $21.8M | −$30.8M | −$13.1M |
| Free cash flow margin | −14.6% | −6.8% | −68.9% | −27.4% | −23.8% | −9.6% | −34.4% | 130.0% | −7.4% | 8.9% | −16.6% | −9.9% |
| Capex / revenue | 61.9% | 40.2% | 82.6% | 60.3% | 51.9% | 38.1% | 44.5% | 98.6% | 49.6% | 30.7% | 27.5% | 36.0% |
| Operating cash flow / net income | 3.76 | 1.99 | 0.77 | 3.05 | 2.27 | 1.67 | 0.59 | 2.87 | 3.84 | 2.11 | 0.79 | 3.65 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
CPK cash generation
In fiscal 2025 (ended December 31, 2025), Chesapeake Utilities generated $233.7 million of cash from operations (down 2.4%) and spent $448.6 million on capital expenditures, leaving free cash flow of -$214.9 million, −23.1% of revenue. It returned $60.7 million to shareholders through dividends ($60.7 million) and net share buybacks ($0). Cash and equivalents fell by $6.1 million over the year.
Related: CPK income statement, CPK balance sheet, CPK dividend history. See the CPK stock overview for the latest quote and news.
CPK cash flow FAQ
What is Chesapeake Utilities's free cash flow?
Chesapeake Utilities's free cash flow was -$214.9 million in fiscal 2025: $233.7 million of operating cash flow minus $448.6 million of capital expenditures It was -$115.9 million a year earlier..
How much cash does Chesapeake Utilities generate from operations?
Chesapeake Utilities generated $233.7 million of cash from operating activities in fiscal 2025, 1.67 times its net income of $140.3 million.
How much does Chesapeake Utilities spend on capital expenditures?
Chesapeake Utilities spent $448.6 million on capital expenditures in fiscal 2025, 48.2% of revenue, compared with $355.3 million the year before.
How much does Chesapeake Utilities pay in dividends?
Chesapeake Utilities paid $60.7 million in dividends in fiscal 2025.