EOG Resources, Inc. (EOG) Cash Flow Statement
Where EOG’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $10.04B −17.3% vs 2024
- Capital expenditures
- $6.59B 29.1% of revenue
- Free cash flow
- $3.45B 15.2% margin
- Returned to shareholders
- $4.72B 137% of free cash flow
- Change in cash
- −$3.70B cash at year-end $3.40B
Drawn to scale: where the cash came from and how it was used. Hover for values.
EOG operating cash flow, capex and free cash flow
EOG cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.36B2016 | $10.04B2025 | +17.5%/yr | |
| Capital expenditures | $2.58B2016 | $6.59B2025 | +11.0%/yr | |
| Free cash flow | −$223.7M2016 | $3.45B2025 | — | |
| Free cash flow margin | −3.0%2016 | 15.2%2025 | +18.2 pts | |
| Operating cash flow / net income | 1.652017 | 2.022025 | +0.37 | |
| Stock-based compensation | $128.1M2016 | $216.0M2025 | +6.0%/yr | |
| Dividends paid | $372.8M2016 | $2.16B2025 | +21.6%/yr | |
| Share buybacks (net) | $82.1M2016 | $2.56B2025 | +46.6%/yr | |
| Capex / revenue | 34.6%2016 | 29.1%2025 | −5.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
EOG cash flow by activity
EOG 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).
EOG cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $4.98B | $6.40B | $7.59B | $1.99B | $4.66B | −$604.6M | $2.73B | $3.42B | $2.58B | −$1.10B |
| Depreciation & amortization | $4.46B | $4.11B | $3.49B | $910.0M | $5.16B | $4.40B | $3.96B | $3.77B | $3.97B | $4.04B |
| Stock-based compensation | $216.0M | $199.0M | $177.0M | $35.0M | $152.0M | $146.4M | $174.7M | $155.3M | $133.8M | $128.1M |
| Change in working capital | −$840.0M | $550.0M | $191.0M | $97.0M | −$518.0M | $152.2M | $393.5M | −$230.1M | −$964.9M | −$256.3M |
| Other non-cash items | $1.23B | $883.0M | −$114.0M | $139.0M | −$669.0M | $911.5M | $896.3M | $650.8M | −$1.45B | −$454.1M |
| Cash from operating activities | $10.04B | $12.14B | $11.34B | $3.17B | $8.79B | $5.01B | $8.16B | $7.77B | $4.27B | $2.36B |
| Investing activities | ||||||||||
| Capital expenditures | −$6.59B | −$6.37B | −$6.18B | −$1.01B | −$3.85B | −$3.46B | −$6.42B | −$6.08B | −$4.12B | −$2.58B |
| Investments (net) | — | −$5.97B | −$6.24B | −$5.06B | −$3.42B | −$3.35B | −$6.18B | −$6.17B | −$3.99B | −$1.25B |
| Acquisitions & other investing | −$4.34B | $6.37B | $6.08B | $1.01B | $3.85B | $3.46B | $6.42B | $6.08B | $4.12B | $2.58B |
| Cash from investing activities | −$10.94B | −$5.97B | −$6.34B | −$5.06B | −$3.42B | −$3.35B | −$6.18B | −$6.17B | −$3.99B | −$1.25B |
| Financing activities | ||||||||||
| Dividends paid | −$2.16B | −$2.09B | −$3.39B | −$1.41B | −$2.68B | −$820.8M | −$588.2M | −$438.0M | −$386.5M | −$372.8M |
| Share repurchases & issuance (net) | −$2.56B | −$3.25B | −$1.04B | −$8.0M | −$41.0M | −$16.1M | −$25.2M | −$63.5M | −$63.4M | −$82.1M |
| Net borrowing (repayment) | $1.92B | $952.0M | −$1.28B | −$35.0M | −$750.0M | −$1.02B | −$917.9M | −$358.2M | −$606.6M | $159.6M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$2.0M | $20.0M | $12.0M | $35.0M | −$18.0M | $1.50B | $17.9M | $20.6M | $20.8M | $52.7M |
| Cash from financing activities | −$2.80B | −$4.36B | −$5.69B | −$1.41B | −$3.49B | −$359.0M | −$1.51B | −$839.1M | −$1.04B | −$242.7M |
| Summary | ||||||||||
| Net change in cash | −$3.70B | $1.81B | −$694.0M | $916.0M | $1.88B | $1.30B | $472.3M | $721.4M | −$765.7M | $881.4M |
| Cash at end of period | $3.40B | $7.09B | $5.28B | $5.21B | $5.21B | $3.33B | $2.03B | $1.56B | $834.2M | $1.60B |
| Free cash flow | $3.45B | $5.77B | $5.16B | $2.15B | $4.94B | $1.54B | $1.74B | $1.69B | $141.1M | −$223.7M |
| Free cash flow margin | 15.2% | 24.7% | 22.2% | 7.3% | 25.1% | 15.6% | 10.3% | 9.9% | 1.3% | −3.0% |
| Capex / revenue | 29.1% | 27.3% | 26.7% | 3.4% | 19.6% | 35.1% | 37.9% | 35.4% | 36.8% | 34.6% |
| Operating cash flow / net income | 2.02 | 1.90 | 1.49 | 1.59 | 1.88 | — | 2.98 | 2.27 | 1.65 | — |
| 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 | $2.72B | $1.98B | $701.0M | $1.47B | $1.34B | $1.46B | $1.25B | $1.67B | $1.69B | $1.79B | $1.99B | $2.03B |
| Depreciation & amortization | $1.26B | $1.19B | $1.23B | $1.17B | $1.05B | $1.01B | $1.02B | $1.03B | $984.0M | $1.07B | $930.0M | $874.0M |
| Stock-based compensation | $60.0M | $58.0M | $60.0M | $53.0M | $53.0M | $50.0M | $51.0M | $58.0M | $45.0M | $45.0M | $51.0M | $57.0M |
| Change in working capital | $283.0M | −$163.0M | $143.0M | $138.0M | −$454.0M | −$524.0M | $128.0M | $600.0M | −$153.0M | −$25.0M | $115.0M | −$334.0M |
| Other non-cash items | $343.0M | −$102.0M | $482.0M | $280.0M | $35.0M | $287.0M | $314.0M | $226.0M | $323.0M | $20.0M | $20.0M | $77.0M |
| Cash from operating activities | $4.67B | $2.97B | $2.61B | $3.11B | $2.03B | $2.29B | $2.76B | $3.59B | $2.89B | $2.90B | $3.10B | $2.70B |
| Investing activities | ||||||||||||
| Capital expenditures | −$1.78B | −$1.64B | −$1.66B | −$1.66B | −$1.79B | −$1.48B | −$1.36B | −$1.50B | −$1.67B | −$1.83B | −$1.52B | −$1.52B |
| Investments (net) | — | — | — | −$5.96B | −$1.78B | −$1.43B | −$1.28B | −$1.56B | −$1.53B | −$1.60B | −$1.50B | −$1.53B |
| Acquisitions & other investing | $1.0M | $99.0M | −$107.0M | $1.66B | $1.79B | $1.48B | $1.36B | $1.50B | $1.67B | $1.83B | $1.52B | −$1.79B |
| Cash from investing activities | −$1.78B | −$1.54B | −$1.76B | −$5.96B | −$1.78B | −$1.43B | −$1.28B | −$1.56B | −$1.53B | −$1.60B | −$1.50B | −$4.84B |
| Financing activities | ||||||||||||
| Dividends paid | −$540.0M | −$544.0M | −$550.0M | −$545.0M | −$528.0M | −$538.0M | −$509.0M | −$533.0M | −$520.0M | −$525.0M | −$1.34B | −$494.0M |
| Share repurchases & issuance (net) | −$1.30B | −$418.0M | −$677.0M | −$479.0M | −$602.0M | −$806.0M | −$993.0M | −$795.0M | −$699.0M | −$759.0M | −$310.0M | −$109.0M |
| Net borrowing (repayment) | −$6.0M | −$7.0M | $242.0M | $2.20B | −$509.0M | −$8.0M | $977.0M | −$8.0M | — | — | — | −$8.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $15.0M | $1.0M | $1.0M | −$7.0M | $4.0M | $0 | $9.0M | $0 | $2.0M | −$8.0M | $2.0M | $1.0M |
| Cash from financing activities | −$1.83B | −$968.0M | −$984.0M | $1.17B | −$1.64B | −$1.35B | −$516.0M | −$1.34B | −$1.22B | −$1.29B | −$1.65B | −$610.0M |
| Summary | ||||||||||||
| Net change in cash | $1.06B | $453.0M | −$134.0M | −$1.69B | −$1.38B | −$493.0M | $970.0M | $691.0M | $139.0M | $14.0M | −$48.0M | $562.0M |
| Cash at end of period | $4.91B | $3.85B | $3.40B | $3.53B | $5.22B | $6.60B | $7.09B | $6.12B | $5.43B | $5.29B | $5.28B | $5.33B |
| Free cash flow | $2.89B | $1.32B | $957.0M | $1.45B | $239.0M | $806.0M | $1.40B | $2.09B | $1.22B | $1.07B | $1.58B | $1.19B |
| Free cash flow margin | 33.5% | 19.6% | 17.0% | 25.3% | 4.5% | 13.8% | 24.7% | 35.6% | 20.2% | 18.3% | 26.2% | 19.4% |
| Capex / revenue | 20.7% | 24.3% | 29.4% | 29.0% | 33.5% | 25.4% | 24.2% | 25.6% | 27.7% | 31.5% | 25.2% | 24.8% |
| Operating cash flow / net income | 1.71 | 1.50 | 3.73 | 2.11 | 1.51 | 1.56 | 2.21 | 2.14 | 1.71 | 1.62 | 1.56 | 1.33 |
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.
EOG cash generation
In fiscal 2025 (ended December 31, 2025), EOG Resources generated $10.0 billion of cash from operations (down 17.3%) and spent $6.6 billion on capital expenditures, leaving free cash flow of $3.5 billion, 15.2% of revenue. It returned $4.7 billion to shareholders through dividends ($2.2 billion) and net share buybacks ($2.6 billion). Cash and equivalents fell by $3.7 billion over the year.
Related: EOG income statement, EOG balance sheet, EOG dividend history. See the EOG stock overview for the latest quote and news.
EOG cash flow FAQ
What is EOG Resources's free cash flow?
EOG Resources's free cash flow was $3.5 billion in fiscal 2025: $10.0 billion of operating cash flow minus $6.6 billion of capital expenditures It was $5.8 billion a year earlier..
How much cash does EOG Resources generate from operations?
EOG Resources generated $10.0 billion of cash from operating activities in fiscal 2025, 2.02 times its net income of $5.0 billion.
How much does EOG Resources spend on capital expenditures?
EOG Resources spent $6.6 billion on capital expenditures in fiscal 2025, 29.1% of revenue, compared with $6.4 billion the year before.
How much stock does EOG Resources buy back?
EOG Resources spent $2.6 billion on net share repurchases in fiscal 2025.
How much does EOG Resources pay in dividends?
EOG Resources paid $2.2 billion in dividends in fiscal 2025, 62.6% of free cash flow.