Equinox Gold Corp. (EQX) Cash Flow Statement
Where EQX’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $697.8M +87.5% vs 2024
- Capital expenditures
- $704.5M 38.1% of revenue
- Free cash flow
- −$6.7M −0.4% margin
- Returned to shareholders
- —
- Change in cash
- $167.4M cash at year-end $406.6M
Cash from operations
$697.8M
Capital expenditures
−$704.5M
Investments (net)
−$37.0M
Acquisitions & other
+$274.7M
Net borrowing (repayment)
−$61.2M
Other financing
+$21.2M
Currency & other
−$23.6M
Change in cash
$167.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
EQX operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
EQX cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$7.0M2016 | $697.8M2025 | — | |
| Capital expenditures | $53,0002016 | $704.5M2025 | +187.2%/yr | |
| Free cash flow | −$7.0M2016 | −$6.7M2025 | — | |
| Free cash flow margin | −659.1%2016 | −0.4%2025 | +658.8 pts | |
| Operating cash flow / net income | 11.482020 | 1.102024 | −10.38 | |
| Stock-based compensation | $182,0002016 | $11.6M2023 | +81.0%/yr | |
| Dividends paid | $02016 | $02025 | — | |
| Share buybacks (net) | $02016 | $02025 | — | |
| Capex / revenue | 5.0%2016 | 38.1%2025 | +33.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
EQX cash flow by activity
OperatingInvestingFinancingChange in cash
EQX 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).
EQX cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$19.2M | $339.3M | $28.9M | −$106.0M | $554.9M | $22.3M | −$20.3M | −$26.5M | −$17.4M | −$2.7M |
| Depreciation & amortization | $526.6M | $222.6M | $216.1M | $188.8M | $198.1M | $139.6M | $40.0M | $4.1M | $324,256 | $146,000 |
| Stock-based compensation | — | — | $11.6M | $3.6M | $7.3M | $8.1M | $5.6M | $5.6M | $1.6M | $182,000 |
| Change in working capital | −$98.5M | −$58.0M | −$172.1M | −$87.8M | $56.7M | −$15.2M | −$16.4M | −$5.6M | $2.0M | −$2.2M |
| Other non-cash items | $288.8M | −$131.7M | $274.0M | $57.9M | −$496.2M | $100.9M | $50.8M | −$618,834 | −$12.2M | −$2.4M |
| Cash from operating activities | $697.8M | $372.2M | $358.5M | $56.5M | $320.8M | $255.8M | $59.7M | −$23.0M | −$25.6M | −$7.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$704.5M | −$412.1M | −$523.3M | −$557.1M | −$344.2M | −$174.8M | −$97.6M | −$5.1M | −$21.5M | −$53,000 |
| Investments (net) | −$37.0M | −$1.11B | −$404.1M | −$419.0M | −$40.9M | −$12.5M | −$111.3M | −$240.7M | −$12.5M | $2.1M |
| Acquisitions & other investing | $274.7M | $412.1M | $464.8M | $557.1M | $37.5M | $56.1M | $97.6M | $5.1M | $33.4M | $53,000 |
| Cash from investing activities | −$466.7M | −$1.11B | −$462.7M | −$419.0M | −$347.6M | −$131.2M | −$111.3M | −$240.7M | −$530,000 | $2.1M |
| Financing activities | ||||||||||
| Dividends paid | $0 | $0 | $0 | $0 | $0 | $0 | — | $0 | $0 | $0 |
| Share repurchases & issuance (net) | $0 | $338.0M | $44.2M | $18.7M | $77.2M | $211.5M | $0 | $87.0M | $61.4M | $47.2M |
| Net borrowing (repayment) | −$61.2M | $523.2M | $96.7M | $262.6M | −$55.3M | −$34.0M | $52.3M | $191.2M | −$5.8M | −$3.0M |
| Shares issued | $0 | $335.6M | $23.6M | $7.2M | $59.5M | $39.9M | $39.9M | $87.0M | $0 | $0 |
| Other financing | $21.2M | −$404.3M | −$72.0M | −$34.2M | −$83.0M | −$64.8M | −$35.3M | −$96.9M | −$2.2M | $0 |
| Cash from financing activities | −$40.0M | $792.5M | $92.5M | $254.3M | −$1.6M | $152.7M | $57.0M | $268.3M | $53.5M | $44.2M |
| Summary | ||||||||||
| Net change in cash | $167.4M | $47.3M | −$8.8M | −$109.3M | −$34.9M | $277.2M | $6.9M | −$2.1M | $27.3M | $39.7M |
| Cash at end of period | $406.6M | $239.3M | $192.0M | $200.8M | $310.1M | $344.9M | $67.7M | $60.8M | $68.0M | $40.6M |
| Free cash flow | −$6.7M | −$39.9M | −$164.8M | −$500.6M | −$23.4M | $81.0M | −$37.9M | −$28.1M | −$47.1M | −$7.0M |
| Free cash flow margin | −0.4% | −2.6% | −15.1% | −52.6% | −2.2% | 9.6% | −13.4% | −93.3% | −304.6% | −659.1% |
| Capex / revenue | 38.1% | 27.2% | 48.1% | 58.5% | 31.8% | 20.7% | 34.6% | 17.0% | 138.8% | 5.0% |
| Operating cash flow / net income | — | 1.10 | 12.41 | — | 0.58 | 11.48 | — | — | — | — |
| 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 | $230.6M | $184.6M | −$52.6M | $84.6M | $24.2M | −$75.5M | $27.5M | $303,000 | $353.5M | −$42.8M | $4.0M | $2.2M |
| Depreciation & amortization | $130.3M | $116.1M | $151.8M | $165.3M | $95.6M | $97.6M | $72.6M | $59.3M | $44.4M | $46.4M | $63.0M | $58.1M |
| Stock-based compensation | — | — | — | — | — | — | −$9.2M | — | — | $3.4M | $4.7M | $2.8M |
| Change in working capital | −$68.6M | −$102.7M | −$5.7M | −$81.5M | $7.5M | −$18.8M | $38.0M | $9.4M | −$72.8M | −$29.8M | −$43.4M | −$13.2M |
| Other non-cash items | −$88.9M | $19.1M | $241.6M | $37.1M | −$24.8M | $51.2M | $65.4M | $70.5M | −$358.1M | $40.7M | $83.9M | $387,930 |
| Cash from operating activities | $203.4M | $217.1M | $335.1M | $205.6M | $102.7M | $54.5M | $194.3M | $139.5M | −$33.0M | $17.9M | $112.3M | $50.2M |
| Investing activities | ||||||||||||
| Capital expenditures | −$204.8M | −$182.3M | −$278.2M | −$234.9M | −$97.6M | −$93.8M | −$92.0M | −$124.4M | −$88.4M | −$104.8M | −$140.3M | −$146.2M |
| Investments (net) | $0 | $41.1M | $0 | −$234.6M | $96.9M | −$133.5M | −$131.7M | −$125.9M | −$745.4M | −$108.8M | −$143.5M | −$150.8M |
| Acquisitions & other investing | −$1.7M | $840.3M | $77.3M | $234.3M | $103.5M | $93.8M | $91.8M | $124.4M | $88.4M | $104.8M | $137.0M | $147.6M |
| Cash from investing activities | −$206.5M | $699.2M | −$200.9M | −$235.2M | $102.9M | −$133.5M | −$131.8M | −$125.9M | −$745.4M | −$108.8M | −$146.8M | −$149.4M |
| Financing activities | ||||||||||||
| Dividends paid | −$11.8M | −$11.7M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Share repurchases & issuance (net) | $0 | −$4.6M | $0 | $0 | $0 | $929,000 | −$13.6M | $338.0M | — | — | — | $19.6M |
| Net borrowing (repayment) | −$17.0M | −$970.2M | −$104.5M | −$17.8M | $31.9M | $33.3M | −$14.1M | −$7.9M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $286.4M | $49.2M | $24.4M | $0 |
| Other financing | −$15.7M | $6.6M | $36.2M | −$736,424 | $4.5M | −$23.8M | $36.5M | −$343.9M | $536.2M | −$24.3M | −$158.7M | $261.1M |
| Cash from financing activities | −$44.5M | −$979.9M | −$68.3M | −$18.5M | $36.4M | $10.4M | $8.7M | −$13.7M | $822.6M | $24.9M | −$134.3M | $280.7M |
| Summary | ||||||||||||
| Net change in cash | −$45.2M | −$42.5M | $58.5M | −$59.4M | $234.7M | −$66.4M | $71.7M | $299,000 | $42.2M | −$66.7M | −$164.0M | $180.9M |
| Cash at end of period | $317.8M | $364.2M | $406.6M | $348.1M | $407.6M | $172.9M | $239.2M | $167.8M | $167.5M | $125.3M | $191.0M | $355.0M |
| Free cash flow | −$1.3M | $34.8M | $56.9M | −$29.4M | $5.1M | −$39.3M | $102.3M | $15.0M | −$121.5M | −$86.9M | −$28.0M | −$95.9M |
| Free cash flow margin | −0.2% | 4.0% | 41.6% | −3.6% | 1.1% | −9.3% | 17.8% | 3.5% | −45.1% | −36.0% | −9.4% | −33.7% |
| Capex / revenue | 26.6% | 21.2% | 203.5% | 29.0% | 20.4% | 22.1% | 16.0% | 29.0% | 32.8% | 43.4% | 47.1% | 51.3% |
| Operating cash flow / net income | 0.88 | 1.18 | — | 2.43 | 4.24 | — | 7.06 | 460.33 | −0.09 | — | 28.02 | 22.87 |
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.
EQX cash generation
In fiscal 2025 (ended December 31, 2025), Equinox Gold generated $697.8 million of cash from operations (up 87.5%) and spent $704.5 million on capital expenditures, leaving free cash flow of -$6.7 million, −0.4% of revenue. Cash and equivalents rose by $167.4 million over the year.
Related: EQX income statement, EQX balance sheet. See the EQX stock overview for the latest quote and news.
EQX cash flow FAQ
What is Equinox Gold's free cash flow?
Equinox Gold's free cash flow was -$6.7 million in fiscal 2025: $697.8 million of operating cash flow minus $704.5 million of capital expenditures It was -$39.9 million a year earlier..
How much cash does Equinox Gold generate from operations?
Equinox Gold generated $697.8 million of cash from operating activities in fiscal 2025.
How much does Equinox Gold spend on capital expenditures?
Equinox Gold spent $704.5 million on capital expenditures in fiscal 2025, 38.1% of revenue, compared with $412.1 million the year before.