Enlight Renewable Energy Ltd (ENLT) Cash Flow Statement
Where ENLT’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $226.9M +321.4% vs 2024
- Capital expenditures
- $1.95B 337.0% of revenue
- Free cash flow
- −$1.73B −297.8% margin
- Returned to shareholders
- —
- Change in cash
- $460.9M cash at year-end $933.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ENLT operating cash flow, capex and free cash flow
ENLT cash flow trends, 2024–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $53.8M2024 | $226.9M2025 | +321.4%/yr | |
| Capital expenditures | $250.7M2024 | $1.95B2025 | +678.8%/yr | |
| Free cash flow | −$196.9M2024 | −$1.73B2025 | — | |
| Free cash flow margin | −49.5%2024 | −297.8%2025 | −248.3 pts | |
| Operating cash flow / net income | 4.372024 | 1.592025 | −2.77 | |
| Stock-based compensation | $30.4M2024 | $10.5M2025 | −65.6%/yr | |
| Dividends paid | $02024 | $02025 | — | |
| Capex / revenue | 63.0%2024 | 337.0%2025 | +274.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ENLT cash flow by activity
ENLT 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).
ENLT cash flow statement
| 2025 | 2024 | |
|---|---|---|
| Operating activities | ||
| Net income | $142.3M | $12.3M |
| Depreciation & amortization | $149.9M | $108.9M |
| Stock-based compensation | $10.5M | $30.4M |
| Change in working capital | −$10.2M | $950,499 |
| Other non-cash items | −$65.6M | −$98.7M |
| Cash from operating activities | $226.9M | $53.8M |
| Investing activities | ||
| Capital expenditures | −$1.95B | −$250.7M |
| Investments (net) | −$6.5M | −$941.4M |
| Acquisitions & other investing | −$392.5M | $921.3M |
| Cash from investing activities | −$2.35B | −$270.8M |
| Financing activities | ||
| Dividends paid | $0 | $0 |
| Share repurchases & issuance (net) | — | $0 |
| Net borrowing (repayment) | $1.46B | $383.1M |
| Shares issued | $290.7M | $0 |
| Other financing | $487.6M | −$175.1M |
| Cash from financing activities | $2.24B | $208.0M |
| Summary | ||
| Net change in cash | $460.9M | −$18.4M |
| Cash at end of period | $933.6M | $130.4M |
| Free cash flow | −$1.73B | −$196.9M |
| Free cash flow margin | −297.8% | −49.5% |
| Capex / revenue | 337.0% | 63.0% |
| Operating cash flow / net income | 1.59 | 4.37 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | $29.2M | $37.8M | $14.5M | $32.3M | $5.6M | $101.8M | $5.2M |
| Depreciation & amortization | $47.1M | $50.7M | $39.8M | $39.1M | $37.2M | $33.8M | $33.5M |
| Stock-based compensation | $4.9M | $5.1M | $5.4M | $2.1M | $1.3M | $1.7M | $2.3M |
| Change in working capital | −$18.1M | $3.3M | −$2.4M | −$520,000 | −$1.8M | −$4.8M | $7.5M |
| Other non-cash items | $3.3M | $3.5M | $3.9M | −$1.6M | $5.3M | −$88.9M | −$12.4M |
| Cash from operating activities | $66.5M | $100.3M | $61.2M | $71.3M | $47.5M | $43.6M | $36.2M |
| Investing activities | |||||||
| Capital expenditures | −$720.7M | $0 | −$674.9M | −$505.6M | −$402.2M | $0 | −$224.4M |
| Investments (net) | −$22.7M | −$2.3M | −$1.2M | −$726.4M | −$424.5M | −$198.6M | −$173.2M |
| Acquisitions & other investing | −$36.2M | −$381.0M | −$425.4M | $505.6M | $402.2M | $0 | $147.4M |
| Cash from investing activities | −$779.6M | −$383.3M | −$1.10B | −$726.4M | −$424.5M | −$198.6M | −$250.2M |
| Financing activities | |||||||
| Dividends paid | $0 | $0 | — | — | $0 | $0 | — |
| Net borrowing (repayment) | $883.2M | $244.9M | $361.4M | $437.4M | $415.1M | $249.1M | $6.0M |
| Shares issued | $0 | $419.3M | $0 | $290.7M | $0 | $0 | $0 |
| Other financing | −$48.5M | $71.8M | $283.1M | $118.0M | −$26.0M | −$28.8M | $354.4M |
| Cash from financing activities | $834.7M | $736.0M | $644.6M | $846.0M | $389.1M | $220.3M | $360.4M |
| Summary | |||||||
| Net change in cash | −$1.16B | $450.3M | −$40.3M | $199.4M | $30.9M | $62.1M | $108.4M |
| Cash at end of period | $1.16B | $978.8M | $933.6M | $679.8M | $480.5M | $449.5M | $475.0M |
| Free cash flow | −$654.2M | $100.3M | −$613.7M | −$434.3M | −$354.6M | $43.6M | −$188.2M |
| Free cash flow margin | −396.4% | 64.1% | −283.1% | −313.5% | −91.2% | 39.7% | −164.7% |
| Capex / revenue | 436.7% | 0.0% | 311.3% | 365.0% | 103.5% | 0.0% | 196.5% |
| Operating cash flow / net income | 2.28 | 2.65 | 4.22 | 2.21 | 8.54 | 0.43 | 6.92 |
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.
ENLT cash generation
In fiscal 2025 (ended December 31, 2025), Enlight Renewable Energy generated $226.9 million of cash from operations (up 321.4%) and spent $2.0 billion on capital expenditures, leaving free cash flow of -$1.7 billion, −297.8% of revenue. Cash and equivalents rose by $460.9 million over the year.
Related: ENLT income statement, ENLT balance sheet. See the ENLT stock overview for the latest quote and news.
ENLT cash flow FAQ
What is Enlight Renewable Energy's free cash flow?
Enlight Renewable Energy's free cash flow was -$1.7 billion in fiscal 2025: $226.9 million of operating cash flow minus $2.0 billion of capital expenditures It was -$196.9 million a year earlier..
How much cash does Enlight Renewable Energy generate from operations?
Enlight Renewable Energy generated $226.9 million of cash from operating activities in fiscal 2025, 1.59 times its net income of $142.3 million.
How much does Enlight Renewable Energy spend on capital expenditures?
Enlight Renewable Energy spent $2.0 billion on capital expenditures in fiscal 2025, 337.0% of revenue, compared with $250.7 million the year before.