Greenfire Resources Ltd (GFR) Cash Flow Statement
Where GFR’s cash came from and went, 2025
December 31, 2025 · Canadian dollars- Cash from operations
- C$134.0M −7.3% vs 2024
- Capital expenditures
- C$109.8M 18.2% of revenue
- Free cash flow
- C$24.3M 4.0% margin
- Returned to shareholders
- —
- Change in cash
- −C$22.3M cash at year-end C$42.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
GFR operating cash flow, capex and free cash flow
GFR cash flow trends, 2023–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | C$86.5M2023 | C$134.0M2025 | +24.4%/yr | |
| Capital expenditures | C$33.4M2023 | C$109.8M2025 | +81.2%/yr | |
| Free cash flow | C$53.1M2023 | C$24.3M2025 | −32.4%/yr | |
| Free cash flow margin | 7.9%2023 | 4.0%2025 | −3.8 pts | |
| Operating cash flow / net income | 1.192024 | 2.872025 | +1.68 | |
| Stock-based compensation | C$9.8M2023 | C$2.9M2025 | −45.4%/yr | |
| Dividends paid | C$59.4M2023 | C$02024 | −100.0% | |
| Share buybacks (net) | C$41.5M2023 | C$02024 | −100.0% | |
| Capex / revenue | 4.9%2023 | 18.2%2025 | +13.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GFR cash flow by activity
GFR 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).
GFR cash flow statement in Canadian dollars
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Operating activities | |||
| Net income | C$46.6M | C$121.4M | −C$135.7M |
| Depreciation & amortization | C$84.2M | C$80.7M | C$67.9M |
| Stock-based compensation | C$2.9M | C$6.3M | C$9.8M |
| Change in working capital | −C$5.1M | −C$19.6M | C$25.5M |
| Other non-cash items | C$5.3M | −C$44.3M | C$119.0M |
| Cash from operating activities | C$134.0M | C$144.5M | C$86.5M |
| Investing activities | |||
| Capital expenditures | −C$109.8M | −C$87.4M | −C$33.4M |
| Investments (net) | — | −C$94.4M | −C$12.1M |
| Acquisitions & other investing | C$11.3M | C$87.4M | C$33.4M |
| Cash from investing activities | −C$98.4M | −C$94.4M | −C$12.1M |
| Financing activities | |||
| Dividends paid | — | C$0 | −C$59.4M |
| Share repurchases & issuance (net) | — | C$0 | −C$41.5M |
| Net borrowing (repayment) | −C$333.6M | −C$91.2M | C$87.7M |
| Shares issued | C$298.7M | C$0 | C$67.1M |
| Other financing | −C$22.2M | −C$4.2M | −C$54.0M |
| Cash from financing activities | −C$57.1M | −C$95.4M | C$2,000 |
| Summary | |||
| Net change in cash | −C$22.3M | −C$42.1M | C$74.2M |
| Cash at end of period | C$42.0M | C$67.4M | C$109.5M |
| Free cash flow | C$24.3M | C$57.1M | C$53.1M |
| Free cash flow margin | 4.0% | 7.2% | 7.9% |
| Capex / revenue | 18.2% | 11.1% | 4.9% |
| Operating cash flow / net income | 2.87 | 1.19 | — |
| 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 | C$53.5M | −C$73.0M | −C$8.6M | C$58.9M | C$48.7M | C$16.2M | C$78.6M | C$58.9M | C$30.8M | −C$46.9M | −C$4.7M | −C$138.7M |
| Depreciation & amortization | C$19.4M | C$20.5M | C$22.0M | C$22.5M | C$20.2M | C$21.7M | C$30.1M | C$22.5M | C$22.4M | C$20.2M | C$15.8M | −C$4.6M |
| Stock-based compensation | C$80,000 | C$68,000 | C$87,000 | C$2.4M | C$398,000 | C$1.3M | C$559,000 | C$2.4M | C$2.6M | C$852,000 | −C$31.8M | C$9.2M |
| Change in working capital | C$13.7M | −C$23.2M | −C$4.9M | −C$61.0M | −C$16.1M | C$5.1M | C$13.9M | −C$61.0M | C$38.0M | −C$10.5M | C$18.9M | C$9.8M |
| Other non-cash items | −C$51.0M | C$77.0M | C$26.7M | −C$40.7M | −C$35.5M | −C$9.6M | −C$63.0M | −C$40.7M | −C$8.6M | C$53.4M | C$27.3M | C$166.3M |
| Cash from operating activities | C$35.6M | C$1.4M | C$35.3M | −C$17.9M | C$17.7M | C$34.7M | C$60.2M | −C$17.9M | C$85.2M | C$17.1M | C$25.5M | C$41.9M |
| Investing activities | ||||||||||||
| Capital expenditures | −C$56.7M | −C$49.6M | −C$56.7M | −C$21.2M | −C$10.8M | −C$27.8M | −C$12.5M | −C$21.2M | −C$21.8M | −C$31.9M | −C$19.4M | −C$9.6M |
| Investments (net) | — | — | — | −C$2.7M | −C$18.0M | −C$27.8M | −C$24.1M | −C$16.7M | −C$15.9M | −C$37.7M | C$18.8M | −C$13.3M |
| Acquisitions & other investing | C$1.6M | C$5.5M | C$5.0M | C$7.2M | C$10.8M | C$27.8M | C$12.5M | C$21.2M | C$21.8M | C$31.9M | C$19.4M | C$9.6M |
| Cash from investing activities | −C$55.0M | −C$44.1M | −C$51.7M | −C$16.7M | −C$18.0M | −C$27.8M | −C$24.1M | −C$16.7M | −C$15.9M | −C$37.7M | C$18.8M | −C$13.3M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | C$0 | C$0 | — | — | C$0 | −C$59.4M |
| Share repurchases & issuance (net) | — | — | — | — | — | — | C$0 | C$0 | — | — | C$84,236 | −C$41.5M |
| Net borrowing (repayment) | C$22.1M | C$3.3M | −C$329.4M | −C$2.1M | −C$118,000 | −C$1.9M | −C$6.7M | −C$84.4M | — | — | — | C$68.6M |
| Shares issued | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$67.1M |
| Other financing | −C$320,000 | −C$2.1M | C$275.5M | −C$86.5M | C$0 | C$0 | C$0 | −C$4.2M | −C$49,000 | −C$51,000 | −C$135,236 | −C$34.8M |
| Cash from financing activities | C$21.8M | C$1.3M | −C$53.9M | −C$88.6M | −C$118,000 | −C$1.9M | −C$6.7M | −C$88.6M | −C$49,000 | −C$51,000 | −C$51,000 | C$65,000 |
| Summary | ||||||||||||
| Net change in cash | C$2.4M | −C$41.4M | −C$72.7M | −C$122.3M | −C$2.3M | C$4.8M | C$29.7M | −C$122.3M | C$69.7M | −C$19.3M | C$43.5M | C$29.1M |
| Cash at end of period | C$3.0M | C$544,000 | C$42.0M | C$37.7M | C$70.0M | C$72.2M | C$67.4M | C$37.7M | C$160.0M | C$90.2M | C$109.5M | C$66.0M |
| Free cash flow | −C$21.1M | −C$48.2M | −C$21.4M | −C$39.0M | C$6.9M | C$6.9M | C$47.7M | −C$39.0M | C$63.3M | −C$14.9M | C$6.1M | C$32.3M |
| Free cash flow margin | −11.8% | −32.7% | −16.0% | −20.2% | 4.8% | 3.7% | 22.8% | −20.2% | 28.9% | −7.4% | 3.9% | 20.1% |
| Capex / revenue | 31.6% | 33.7% | 42.3% | 10.9% | 7.5% | 15.1% | 6.0% | 10.9% | 9.9% | 15.9% | 12.5% | 6.0% |
| Operating cash flow / net income | 0.67 | — | — | −0.30 | 0.36 | 2.15 | 0.77 | −0.30 | 2.76 | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported; data from EODHD.
GFR cash generation
In fiscal 2025 (ended December 31, 2025), Greenfire Resources generated C$134.0 million of cash from operations (down 7.3%) and spent C$109.8 million on capital expenditures, leaving free cash flow of C$24.3 million, 4.0% of revenue. Cash and equivalents fell by C$22.3 million over the year.
Related: GFR income statement, GFR balance sheet. See the GFR stock overview for the latest quote and news.
GFR cash flow FAQ
What is Greenfire Resources's free cash flow?
Greenfire Resources's free cash flow was C$24.3 million in fiscal 2025: C$134.0 million of operating cash flow minus C$109.8 million of capital expenditures It was C$57.1 million a year earlier..
How much cash does Greenfire Resources generate from operations?
Greenfire Resources generated C$134.0 million of cash from operating activities in fiscal 2025, 2.87 times its net income of C$46.6 million.
How much does Greenfire Resources spend on capital expenditures?
Greenfire Resources spent C$109.8 million on capital expenditures in fiscal 2025, 18.2% of revenue, compared with C$87.4 million the year before.