Evolution Petroleum Corporation (EPM) Cash Flow Statement
Where EPM’s cash came from and went, FY2026
June 30, 2026 · U.S. dollars- Cash from operations
- $23.5M −28.8% vs FY2025
- Capital expenditures
- $30.3M 35.1% of revenue
- Free cash flow
- −$6.8M −7.8% margin
- Returned to shareholders
- $17.2M
- Change in cash
- $3.6M cash at year-end $6.1M
Drawn to scale: where the cash came from and how it was used. Hover for values.
EPM operating cash flow, capex and free cash flow
EPM cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $16.5MFY2017 | $23.5MFY2026 | +4.0%/yr | |
| Capital expenditures | $10.2MFY2017 | $30.3MFY2026 | +12.9%/yr | |
| Free cash flow | $6.3MFY2017 | −$6.8MFY2026 | — | |
| Free cash flow margin | 18.3%FY2017 | −7.8%FY2026 | −26.1 pts | |
| Operating cash flow / net income | 2.05FY2017 | 22.44FY2025 | +20.39 | |
| Stock-based compensation | $1.2MFY2017 | $2.3MFY2026 | +7.9%/yr | |
| Dividends paid | $8.7MFY2017 | $16.9MFY2026 | +7.7%/yr | |
| Share buybacks (net) | $8.4MFY2017 | $225,000FY2026 | −33.1%/yr | |
| Capex / revenue | 29.6%FY2017 | 35.1%FY2026 | +5.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
EPM cash flow by activity
EPM 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).
EPM cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$2.4M | $1.5M | $4.1M | $35.2M | $32.6M | −$16.4M | $5.9M | $15.4M | $19.6M | $8.0M |
| Depreciation & amortization | $22.8M | $22.0M | $20.1M | $11.4M | $8.1M | $30.7M | $7.1M | $6.3M | $6.2M | $5.8M |
| Stock-based compensation | $2.3M | $2.5M | $2.1M | $1.6M | $125,000 | $1.3M | $1.3M | $888,162 | $1.4M | $1.2M |
| Change in working capital | $2.1M | $7.7M | −$4.4M | $3.5M | $7.6M | −$2.8M | −$2.5M | $757,177 | −$1.3M | −$2.5M |
| Other non-cash items | −$1.3M | −$620,000 | $839,000 | −$474,000 | $4.0M | −$8.0M | $494,610 | $782,412 | −$5.3M | $4.0M |
| Cash from operating activities | $23.5M | $33.1M | $22.7M | $51.3M | $52.5M | $4.7M | $12.4M | $24.1M | $20.5M | $16.5M |
| Investing activities | ||||||||||
| Capital expenditures | −$30.3M | −$21.6M | −$49.6M | −$7.0M | −$54.9M | −$18.8M | −$11.1M | −$6.8M | −$3.7M | −$10.2M |
| Investments (net) | — | −$21.6M | −$49.6M | −$7.0M | −$54.9M | −$18.8M | −$11.1M | −$6.8M | −$3.7M | −$272,318 |
| Acquisitions & other investing | $3.1M | $21.6M | $49.6M | $7.0M | $54.9M | $18.8M | $11.1M | $6.8M | $3.7M | $0 |
| Cash from investing activities | −$27.2M | −$21.6M | −$49.6M | −$7.0M | −$54.9M | −$18.8M | −$11.1M | −$6.8M | −$3.7M | −$10.5M |
| Financing activities | ||||||||||
| Dividends paid | −$16.9M | −$16.3M | −$16.0M | −$16.1M | −$11.8M | −$4.3M | −$10.7M | −$13.3M | −$11.6M | −$8.7M |
| Share repurchases & issuance (net) | −$225,000 | −$442,000 | −$1.1M | −$4.2M | −$38,000 | −$7,347 | −$2.5M | −$156,791 | −$571,083 | −$8.4M |
| Net borrowing (repayment) | $19.0M | −$2.0M | $39.5M | −$21.2M | $17.2M | $4.0M | $4.0M | $4.0M | $4.0M | — |
| Shares issued | $6.1M | $3.8M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$615,000 | −$400,000 | $0 | $0 | $0 | $0 | −$4.0M | −$4.0M | −$4.0M | $32 |
| Cash from financing activities | $7.3M | −$15.3M | $22.3M | −$41.5M | $5.4M | −$349,429 | −$13.2M | −$13.4M | −$12.2M | −$17.1M |
| Summary | ||||||||||
| Net change in cash | $3.6M | −$3.9M | −$4.6M | $2.8M | $3.0M | −$14.4M | −$11.9M | $3.9M | $4.7M | −$11.0M |
| Cash at end of period | $6.1M | $2.5M | $6.4M | $11.0M | $8.3M | $5.3M | $19.7M | $31.6M | $27.7M | $23.0M |
| Free cash flow | −$6.8M | $11.4M | −$26.9M | $44.3M | −$2.4M | −$14.0M | $1.3M | $17.3M | $16.8M | $6.3M |
| Free cash flow margin | −7.8% | 13.3% | −31.3% | 34.5% | −2.2% | −42.9% | 4.5% | 40.0% | 40.8% | 18.3% |
| Capex / revenue | 35.1% | 25.2% | 57.8% | 5.4% | 50.4% | 57.4% | 37.4% | 15.6% | 9.0% | 29.6% |
| Operating cash flow / net income | — | 22.44 | 5.57 | 1.46 | 1.61 | — | 2.09 | 1.56 | 1.05 | 2.05 |
| 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 | $4.7M | −$9.0M | $1.1M | $824,000 | $3.4M | −$2.3M | −$1.8M | $2.1M | $1.2M | $283,000 | $1.1M | $1.5M |
| Depreciation & amortization | $5.6M | $5.3M | $5.9M | $6.0M | $5.8M | $5.0M | $5.4M | $5.7M | $5.3M | $5.9M | $4.6M | $4.3M |
| Stock-based compensation | $599,000 | $595,000 | $613,000 | $537,000 | $622,000 | $642,000 | $659,000 | $559,000 | $552,000 | $549,000 | $564,000 | $472,000 |
| Change in working capital | $313,000 | −$666,000 | −$64,000 | $2.5M | $2.0M | $2.1M | $2.0M | $1.6M | $1.3M | −$5.3M | $1.4M | −$1.8M |
| Other non-cash items | −$4.4M | $7.3M | −$2.1M | −$2.1M | −$1.4M | $1.8M | $1.4M | −$2.3M | −$398,000 | $1.9M | −$564,000 | −$75,000 |
| Cash from operating activities | $6.8M | $3.5M | $5.4M | $7.8M | $10.5M | $7.3M | $7.7M | $7.6M | $8.0M | $3.4M | $7.1M | $4.3M |
| Investing activities | ||||||||||||
| Capital expenditures | −$3.0M | −$5.9M | −$20.7M | −$20.7M | −$13.4M | −$4.4M | −$827,000 | −$3.0M | −$2.5M | −$46.4M | −$3.9M | −$1.8M |
| Investments (net) | — | — | — | −$20.7M | −$11.6M | −$6.2M | −$827,000 | −$3.0M | $2.5M | −$46.4M | −$3.9M | −$1.8M |
| Acquisitions & other investing | $3.1M | $0 | $20.1M | $20.7M | $13.4M | $4.4M | $827,000 | $3.0M | $2.5M | $46.4M | $3.9M | $1.8M |
| Cash from investing activities | $53,000 | −$5.9M | −$617,000 | −$20.7M | −$11.6M | −$6.2M | −$827,000 | −$3.0M | $2.5M | −$46.4M | −$3.9M | −$1.8M |
| Financing activities | ||||||||||||
| Dividends paid | −$4.3M | −$4.3M | −$4.2M | −$4.2M | −$4.1M | −$4.1M | −$4.1M | −$4.0M | −$4.0M | −$4.0M | −$4.0M | −$4.0M |
| Share repurchases & issuance (net) | $0 | −$43,000 | −$50,000 | −$132,000 | −$180,000 | −$71,000 | −$103,000 | −$88,000 | −$113,000 | −$818,000 | −$108,000 | −$105,000 |
| Net borrowing (repayment) | $0 | $2.0M | $1.5M | $15.5M | $2.0M | −$4.0M | $0 | $0 | — | — | — | — |
| Shares issued | $1.1M | $3.7M | $1.0M | $266,000 | $436,000 | $1.1M | $2.3M | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$127,000 | −$78,000 | −$21,000 | −$389,000 | −$94,000 | −$70,000 | −$236,000 | $0 | −$3.0M | $42.5M | $0 | $0 |
| Cash from financing activities | −$3.3M | $1.3M | −$1.8M | $11.1M | −$2.0M | −$7.1M | −$2.2M | −$4.1M | −$7.1M | $37.7M | −$4.1M | −$4.1M |
| Summary | ||||||||||||
| Net change in cash | $3.5M | −$1.1M | $3.0M | −$1.8M | −$3.1M | −$6.1M | $4.7M | $491,000 | $3.4M | −$5.4M | −$953,000 | −$1.6M |
| Cash at end of period | $6.1M | $2.6M | $3.8M | $714,000 | $2.5M | $5.6M | $11.7M | $6.9M | $6.4M | $3.1M | $8.5M | $9.4M |
| Free cash flow | $3.8M | −$2.4M | $26.1M | −$12.9M | −$2.9M | $2.8M | $6.9M | $4.6M | $10.5M | −$43.1M | $3.2M | $2.5M |
| Free cash flow margin | 15.5% | −12.1% | 126.3% | −60.5% | −13.9% | 12.6% | 34.0% | 21.1% | 49.4% | −187.1% | 15.1% | 12.1% |
| Capex / revenue | 12.6% | 29.4% | 100.0% | 97.2% | 63.4% | 19.6% | 4.1% | 13.7% | 11.8% | 201.7% | 18.4% | 8.9% |
| Operating cash flow / net income | 1.44 | — | 5.09 | 9.47 | 3.06 | — | — | 3.69 | 6.60 | 11.89 | 6.52 | 2.93 |
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.
EPM cash generation
In fiscal 2026 (ended June 30, 2026), Evolution Petroleum generated $23.5 million of cash from operations (down 28.8%) and spent $30.3 million on capital expenditures, leaving free cash flow of -$6.8 million, −7.8% of revenue. It returned $17.2 million to shareholders through dividends ($16.9 million) and net share buybacks ($0.2 million). Cash and equivalents rose by $3.6 million over the year.
Related: EPM income statement, EPM balance sheet, EPM dividend history. See the EPM stock overview for the latest quote and news.
EPM cash flow FAQ
What is Evolution Petroleum's free cash flow?
Evolution Petroleum's free cash flow was -$6.8 million in fiscal 2026: $23.5 million of operating cash flow minus $30.3 million of capital expenditures It was $11.4 million a year earlier..
How much cash does Evolution Petroleum generate from operations?
Evolution Petroleum generated $23.5 million of cash from operating activities in fiscal 2026.
How much does Evolution Petroleum spend on capital expenditures?
Evolution Petroleum spent $30.3 million on capital expenditures in fiscal 2026, 35.1% of revenue, compared with $21.6 million the year before.
How much stock does Evolution Petroleum buy back?
Evolution Petroleum spent $0.2 million on net share repurchases in fiscal 2026.
How much does Evolution Petroleum pay in dividends?
Evolution Petroleum paid $16.9 million in dividends in fiscal 2026.