Franco-Nevada Corporation (FNV) Cash Flow Statement
Where FNV’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.49B +80.1% vs 2024
- Capital expenditures
- $2.20B 120.5% of revenue
- Free cash flow
- −$703.0M −38.6% margin
- Returned to shareholders
- $275.1M
- Change in cash
- −$780.4M cash at year-end $670.9M
Drawn to scale: where the cash came from and how it was used. Hover for values.
FNV operating cash flow, capex and free cash flow
FNV cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $471.0M2016 | $1.49B2025 | +13.7%/yr | |
| Capital expenditures | $747.1M2016 | $2.20B2025 | +12.7%/yr | |
| Free cash flow | −$276.1M2016 | −$703.0M2025 | — | |
| Free cash flow margin | −45.2%2016 | −38.6%2025 | +6.7 pts | |
| Operating cash flow / net income | 3.852016 | 1.342025 | −2.51 | |
| Stock-based compensation | $5.0M2016 | $6.3M2025 | +2.6%/yr | |
| Dividends paid | $118.1M2016 | $275.1M2025 | +9.9%/yr | |
| Share buybacks (net) | $02016 | $02021 | — | |
| Capex / revenue | 122.4%2016 | 120.5%2025 | −1.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FNV cash flow by activity
FNV 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).
FNV cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.11B | $552.1M | −$466.4M | $700.6M | $733.7M | $326.2M | $344.1M | $139.0M | $194.7M | $122.2M |
| Depreciation & amortization | $306.7M | $225.3M | $273.1M | $286.2M | $233.1M | $503.5M | $263.2M | $247.7M | $273.0M | $273.8M |
| Stock-based compensation | $6.3M | $5.4M | $5.5M | $8.2M | $8.0M | $5.6M | $4.9M | $5.2M | $4.6M | $5.0M |
| Change in working capital | −$31.0M | $21.4M | $6.1M | −$10.9M | −$41.0M | $1.0M | −$13.8M | $4.4M | −$7.0M | $6.3M |
| Other non-cash items | $99.6M | $25.3M | $1.17B | $15.4M | $21.6M | −$32.4M | $19.3M | $78.5M | $23.3M | $63.7M |
| Cash from operating activities | $1.49B | $829.5M | $991.2M | $999.5M | $955.4M | $803.9M | $617.7M | $474.8M | $488.6M | $471.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$2.20B | −$408.0M | −$521.6M | −$141.5M | −$760.5M | −$312.6M | −$445.2M | −$989.6M | −$501.2M | −$747.1M |
| Investments (net) | $49.6M | −$537.3M | −$535.1M | −$145.5M | −$4.5M | −$309.0M | $9.1M | $900,000 | $300,000 | −$689.8M |
| Acquisitions & other investing | $114.1M | $408.0M | $515.6M | $141.5M | $0 | $312.6M | $0 | $0 | $0 | $747.1M |
| Cash from investing activities | −$2.03B | −$537.3M | −$541.1M | −$145.5M | −$765.0M | −$309.0M | −$436.1M | −$988.7M | −$500.9M | −$689.8M |
| Financing activities | ||||||||||
| Dividends paid | −$275.1M | −$242.4M | −$233.0M | −$197.6M | −$179.6M | −$154.9M | −$138.2M | −$136.1M | −$125.8M | −$118.1M |
| Share repurchases & issuance (net) | — | — | — | — | $400,000 | $143.1M | $448.2M | $4.2M | $366.5M | $899.8M |
| Net borrowing (repayment) | $0 | $0 | — | $0 | $0 | −$80.0M | −$130.0M | $210.0M | $210.0M | −$460.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $135.7M | $136.0M | $0 | $0 | $0 |
| Other financing | $7.7M | $2.0M | $2.9M | $8.6M | −$1.0M | −$135.7M | −$435.8M | −$500,000 | −$211.0M | $0 |
| Cash from financing activities | −$267.4M | −$240.4M | −$230.1M | −$189.0M | −$180.2M | −$91.8M | −$119.8M | $77.6M | $239.7M | $321.7M |
| Summary | ||||||||||
| Net change in cash | −$780.4M | $29.4M | $225.4M | $657.2M | $5.1M | $402.1M | $62.4M | −$441.4M | $258.1M | $103.8M |
| Cash at end of period | $670.9M | $1.45B | $1.42B | $1.20B | $539.3M | $534.2M | $132.1M | $69.7M | $511.1M | $253.0M |
| Free cash flow | −$703.0M | $421.5M | $469.6M | $858.0M | $194.9M | $491.3M | $172.5M | −$514.8M | −$12.6M | −$276.1M |
| Free cash flow margin | −38.6% | 37.9% | 38.5% | 65.2% | 15.0% | 48.2% | 20.4% | −78.8% | −1.9% | −45.2% |
| Capex / revenue | 120.5% | 36.6% | 42.8% | 10.8% | 58.5% | 30.6% | 52.7% | 151.5% | 74.3% | 122.4% |
| Operating cash flow / net income | 1.34 | 1.50 | — | 1.43 | 1.30 | 2.46 | 1.80 | 3.42 | 2.51 | 3.85 |
| 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 | $354.0M | $468.6M | $367.7M | $287.5M | $247.1M | $209.8M | $175.4M | $152.7M | $79.5M | $144.5M | −$982.5M | $175.1M |
| Depreciation & amortization | $84.0M | $77.9M | $87.3M | $87.0M | $64.0M | $68.4M | $60.0M | $54.2M | $52.9M | $58.2M | $68.9M | $69.9M |
| Stock-based compensation | $1.0M | $1.1M | $1.5M | $1.7M | $1.0M | $2.1M | $1.2M | $1.3M | $1.5M | $1.4M | $800,000 | $1.5M |
| Change in working capital | −$5.8M | $1.3M | $10.2M | −$44.7M | $15.1M | $1.9M | $6.5M | $6.6M | $15.4M | −$7.1M | $25.7M | −$11.7M |
| Other non-cash items | $49.3M | −$28.5M | −$40.2M | $16.5M | $103.1M | $6.7M | −$100,000 | −$1.2M | $45.0M | −$18.4M | $1.17B | $1.2M |
| Cash from operating activities | $482.5M | $520.4M | $426.5M | $348.0M | $430.3M | $288.9M | $243.0M | $213.6M | $194.3M | $178.6M | $283.5M | $236.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$98.5M | −$460.1M | −$35.0M | −$292.4M | −$1.36B | −$508.4M | −$4.8M | −$239.3M | −$16.6M | −$147.3M | −$84.6M | −$165.4M |
| Investments (net) | −$2.9M | −$35.3M | −$5.0M | $84.4M | −$1.34B | −$551.0M | −$31.1M | −$279.0M | −$36.7M | −$190.5M | −$104.2M | −$173.7M |
| Acquisitions & other investing | $0 | $97.5M | $104.1M | $0 | $1.36B | $508.4M | $4.8M | $239.3M | $16.6M | $147.3M | $84.6M | $165.4M |
| Cash from investing activities | −$101.4M | −$397.9M | $64.1M | −$208.0M | −$1.34B | −$551.0M | −$31.1M | −$279.0M | −$36.7M | −$190.5M | −$104.2M | −$173.7M |
| Financing activities | ||||||||||||
| Dividends paid | −$80.6M | −$80.5M | −$70.6M | −$67.3M | −$67.0M | −$70.2M | −$62.1M | −$61.1M | −$60.3M | −$58.9M | −$59.8M | −$56.8M |
| Net borrowing (repayment) | — | — | $0 | $0 | — | — | — | $0 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$600,000 | −$300,000 | $300,000 | $3.1M | $900,000 | $3.4M | $100,000 | $0 | $1.1M | $800,000 | $0 | $0 |
| Cash from financing activities | −$81.2M | −$80.8M | −$70.3M | −$64.2M | −$66.1M | −$66.8M | −$62.0M | −$61.1M | −$59.2M | −$58.1M | −$59.8M | −$56.8M |
| Summary | ||||||||||||
| Net change in cash | $299.5M | $43.8M | $434.2M | $76.4M | −$967.8M | −$323.2M | $134.0M | −$121.7M | $87.0M | −$69.9M | $124.8M | $2.0M |
| Cash at end of period | $1.01B | $714.7M | $670.9M | $236.7M | $160.3M | $1.13B | $1.45B | $1.32B | $1.44B | $1.35B | $1.42B | $1.30B |
| Free cash flow | $384.0M | $60.3M | $391.5M | $55.6M | −$930.6M | −$219.5M | $238.2M | −$25.7M | $177.7M | $31.3M | $198.9M | $70.6M |
| Free cash flow margin | 66.1% | 9.3% | 65.5% | 11.4% | −251.9% | −59.6% | 74.2% | −9.3% | 68.3% | 12.2% | 65.6% | 22.8% |
| Capex / revenue | 17.0% | 70.7% | 5.9% | 60.0% | 368.4% | 138.0% | 1.5% | 86.8% | 6.4% | 57.4% | 27.9% | 53.4% |
| Operating cash flow / net income | 1.36 | 1.11 | 1.16 | 1.21 | 1.74 | 1.38 | 1.39 | 1.40 | 2.44 | 1.24 | — | 1.35 |
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.
FNV cash generation
In fiscal 2025 (ended December 31, 2025), Franco-Nevada generated $1.5 billion of cash from operations (up 80.1%) and spent $2.2 billion on capital expenditures, leaving free cash flow of -$703.0 million, −38.6% of revenue. It returned $275.1 million to shareholders through dividends ($275.1 million) and net share buybacks ($0). Cash and equivalents fell by $780.4 million over the year.
Related: FNV income statement, FNV balance sheet, FNV dividend history. See the FNV stock overview for the latest quote and news.
FNV cash flow FAQ
What is Franco-Nevada's free cash flow?
Franco-Nevada's free cash flow was -$703.0 million in fiscal 2025: $1.5 billion of operating cash flow minus $2.2 billion of capital expenditures It was $421.5 million a year earlier..
How much cash does Franco-Nevada generate from operations?
Franco-Nevada generated $1.5 billion of cash from operating activities in fiscal 2025, 1.34 times its net income of $1.1 billion.
How much does Franco-Nevada spend on capital expenditures?
Franco-Nevada spent $2.2 billion on capital expenditures in fiscal 2025, 120.5% of revenue, compared with $408.0 million the year before.
How much does Franco-Nevada pay in dividends?
Franco-Nevada paid $275.1 million in dividends in fiscal 2025.