Imperial Oil Limited (IMO) Cash Flow Statement

NYSE American: IMOOperating cash, capex, free cash flow and buybacks.

Where IMO’s cash came from and went, 2025

December 31, 2025 · U.S. dollars

Cash from operations: $6.71B
Capital expenditures: $2.00B
Free cash flow: $4.70B
Returned to shareholders: $4.63B
Change in cash: $163.0M

Cash from operations

$6.71B

Capital expenditures

−$2.00B

Acquisitions & other

+$117.0M

Dividends

−$1.40B

Share buybacks (net)

−$3.23B

Change in cash

$163.0M

Drawn to scale: where the cash came from and how it was used. Hover for values.

IMO operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

IMO cash flow trends, 2015–2025

Imperial Oil Limited cash flow trends
Metric	Then	Latest	Change
Operating cash flow	$2.17B2015	$6.71B2025	+17.5%/yr
Capital expenditures	$2.99B2015	$2.00B2025	−5.6%/yr
Free cash flow	−$827.0M2015	$4.70B2025	—
Free cash flow margin	−3.3%2015	10.0%2025	+13.3 pts
Operating cash flow / net income	1.932015	2.052025	+0.12
Stock-based compensation	$48.0M2015	−$1.98B2021	—
Dividends paid	$449.0M2015	$1.40B2025	+17.7%/yr
Share buybacks (net)	$02015	$3.23B2025	—
Capex / revenue	11.9%2015	4.3%2025	−7.6 pts

Change is the average annual growth (CAGR) or the difference between the first and latest year.

IMO cash flow by activity

OperatingInvestingFinancingChange in cash

IMO 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).

IMO cash flow statement

Imperial Oil Limited annual cash flow statement
	2025	2021	2020	2019	2018	2017	2016	2015
Operating activities
Net income	$3.27B	$2.48B	−$1.86B	$2.20B	$2.31B	$490.0M	$2.17B	$1.12B
Depreciation & amortization	$2.58B	$1.98B	$3.27B	$1.60B	$1.51B	$2.17B	$1.63B	$1.45B
Stock-based compensation	—	−$1.98B	−$2.0M	$34.0M	$32.0M	$14.0M	$83.0M	$48.0M
Change in working capital	$1.01B	$363.0M	−$335.0M	$807.0M	−$699.0M	−$525.0M	$352.0M	−$734.0M
Other non-cash items	−$151.0M	$2.63B	−$281.0M	−$210.0M	$766.0M	$612.0M	−$2.21B	$281.0M
Cash from operating activities	$6.71B	$5.48B	$798.0M	$4.43B	$3.92B	$2.76B	$2.02B	$2.17B
Investing activities
Capital expenditures	−$2.00B	−$1.11B	−$868.0M	−$1.64B	−$1.49B	−$993.0M	−$1.07B	−$2.99B
Investments (net)	−$4.0M	−$1.01B	−$802.0M	−$1.70B	−$1.56B	−$781.0M	$1.95B	−$12.1M
Acquisitions & other investing	$117.0M	$1.11B	$868.0M	$1.64B	$1.49B	$993.0M	$1.07B	$122.1M
Cash from investing activities	−$1.89B	−$1.01B	−$802.0M	−$1.70B	−$1.56B	−$781.0M	$1.95B	−$2.88B
Financing activities
Dividends paid	−$1.40B	−$706.0M	−$649.0M	−$631.0M	−$572.0M	−$524.0M	−$492.0M	−$449.0M
Share repurchases & issuance (net)	−$3.23B	−$2.25B	−$274.0M	−$1.37B	−$1.97B	−$627.0M	$0	$0
Net borrowing (repayment)	−$18.0M	−$131.0M	−$20.0M	$9.0M	−$27.0M	−$27.0M	−$3.28B	$435.2M
Shares issued	$0	$0	$0	$0	$0	$0	$0	$0
Other financing	$0	$0	$0	$0	$0	$0	$0	$718.8M
Cash from financing activities	−$4.65B	−$3.08B	−$943.0M	−$2.00B	−$2.57B	−$1.18B	−$3.77B	$705.0M
Summary
Net change in cash	$163.0M	$1.38B	−$947.0M	$730.0M	−$207.0M	$804.0M	$188.0M	−$12.0M
Cash at end of period	$1.14B	$2.15B	$771.0M	$1.72B	$988.0M	$1.20B	$391.0M	$203.0M
Free cash flow	$4.70B	$4.37B	−$70.0M	$2.79B	$2.43B	$1.77B	$942.0M	−$827.0M
Free cash flow margin	10.0%	11.6%	−0.3%	8.2%	7.0%	6.1%	4.0%	−3.3%
Capex / revenue	4.3%	3.0%	3.9%	4.8%	4.3%	3.4%	4.6%	11.9%
Operating cash flow / net income	2.05	2.21	—	2.01	1.69	5.64	0.93	1.93

Imperial Oil Limited quarterly cash flow statement
	Dec '25	Sep '23
Operating activities
Net income	$492.0M	$1.60B
Depreciation & amortization	$659.0M	$1.42B
Stock-based compensation	—	−$475.0M
Change in working capital	$698.0M	$413.0M
Other non-cash items	$69.0M	−$598.0M
Cash from operating activities	$1.92B	$2.36B
Investing activities
Capital expenditures	−$632.0M	−$387.0M
Investments (net)	$0	−$380.0M
Acquisitions & other investing	$71.0M	−$516.0M
Cash from investing activities	−$561.0M	−$1.28B
Financing activities
Dividends paid	−$361.0M	−$292.0M
Share repurchases & issuance (net)	−$1.71B	−$1.34B
Net borrowing (repayment)	−$4.0M	—
Shares issued	$0	$0
Other financing	$0	−$5.0M
Cash from financing activities	−$2.08B	−$1.64B
Summary
Net change in cash	−$719.0M	$340.0M
Cash at end of period	$1.14B	$2.72B
Free cash flow	$1.29B	$1.97B
Free cash flow margin	11.4%	14.2%
Capex / revenue	5.6%	2.8%
Operating cash flow / net income	3.90	1.47

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.

IMO cash generation

In fiscal 2025 (ended December 31, 2025), Imperial Oil generated $6.7 billion of cash from operations (up 22.5%) and spent $2.0 billion on capital expenditures, leaving free cash flow of $4.7 billion, 10.0% of revenue. It returned $4.6 billion to shareholders through dividends ($1.4 billion) and net share buybacks ($3.2 billion). Cash and equivalents rose by $163.0 million over the year.

Related: IMO income statement, IMO balance sheet, IMO dividend history. See the IMO stock overview for the latest quote and news.

IMO cash flow FAQ

What is Imperial Oil's free cash flow?

Imperial Oil's free cash flow was $4.7 billion in fiscal 2025: $6.7 billion of operating cash flow minus $2.0 billion of capital expenditures It was $4.4 billion a year earlier..

How much cash does Imperial Oil generate from operations?

Imperial Oil generated $6.7 billion of cash from operating activities in fiscal 2025, 2.05 times its net income of $3.3 billion.

How much does Imperial Oil spend on capital expenditures?

Imperial Oil spent $2.0 billion on capital expenditures in fiscal 2025, 4.3% of revenue, compared with $1.1 billion the year before.

How much stock does Imperial Oil buy back?

Imperial Oil spent $3.2 billion on net share repurchases in fiscal 2025.

How much does Imperial Oil pay in dividends?

Imperial Oil paid $1.4 billion in dividends in fiscal 2025, 29.8% of free cash flow.