Infinity Natural Resources, Inc. (INR) Cash Flow Statement
Where INR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $261.8M +47.3% vs 2024
- Capital expenditures
- $430.2M 120.7% of revenue
- Free cash flow
- −$168.4M −47.2% margin
- Returned to shareholders
- $6.59B
- Change in cash
- $646,000 cash at year-end $2.8M
Drawn to scale: where the cash came from and how it was used. Hover for values.
INR operating cash flow, capex and free cash flow
INR cash flow trends, 2022–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $65.0M2022 | $261.8M2025 | +59.1%/yr | |
| Capital expenditures | $95.7M2022 | $430.2M2025 | +65.1%/yr | |
| Free cash flow | −$30.7M2022 | −$168.4M2025 | — | |
| Free cash flow margin | −21.4%2022 | −47.2%2025 | −25.8 pts | |
| Operating cash flow / net income | 0.952022 | 4.092025 | +3.14 | |
| Stock-based compensation | $02023 | $133.4M2025 | — | |
| Dividends paid | $6.14B2024 | $6.59B2025 | +7.4%/yr | |
| Share buybacks (net) | $02022 | $1.2M2025 | — | |
| Capex / revenue | 66.8%2022 | 120.7%2025 | +53.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
INR cash flow by activity
INR 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).
INR cash flow statement
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Operating activities | ||||
| Net income | $64.0M | $49.3M | $86.7M | $68.1M |
| Depreciation & amortization | $103.8M | $73.7M | $53.8M | $18.3M |
| Stock-based compensation | $133.4M | $1.62B | $0 | — |
| Change in working capital | $9.8M | $2.1M | −$9.0M | −$8.7M |
| Other non-cash items | −$49.1M | −$1.57B | −$25.0M | −$12.8M |
| Cash from operating activities | $261.8M | $177.7M | $106.5M | $65.0M |
| Investing activities | ||||
| Capital expenditures | −$430.2M | −$256.1M | −$436.7M | −$95.7M |
| Investments (net) | — | −$256.1M | −$436.7M | −$95.7M |
| Acquisitions & other investing | $0 | $256.1M | $436.7M | $95.7M |
| Cash from investing activities | −$430.2M | −$256.1M | −$436.7M | −$95.7M |
| Financing activities | ||||
| Dividends paid | −$6.59B | −$6.14B | — | — |
| Share repurchases & issuance (net) | −$1.2M | −$4.20B | $222.3M | $0 |
| Net borrowing (repayment) | −$108.6M | $88.3M | $113.0M | $29.9M |
| Shares issued | $286.5M | $500,000 | $222.3M | $0 |
| Other financing | $6.59B | $10.33B | −$226.5M | −$908,000 |
| Cash from financing activities | $169.0M | $79.2M | $331.0M | $29.0M |
| Summary | ||||
| Net change in cash | $646,000 | $699,000 | $765,000 | −$1.7M |
| Cash at end of period | $2.8M | $2.2M | $1.5M | $739,000 |
| Free cash flow | −$168.4M | −$78.5M | −$330.2M | −$30.7M |
| Free cash flow margin | −47.2% | −30.3% | −204.2% | −21.4% |
| Capex / revenue | 120.7% | 98.9% | 270.0% | 66.8% |
| Operating cash flow / net income | 4.09 | 3.60 | 1.23 | 0.95 |
| 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 | $108.0M | −$6.3M | $80.4M | $40.0M | $72.0M | −$128.4M | −$5.5M | $44.8M | $24.1M | −$14.1M | $60.2M | −$15.7M |
| Depreciation & amortization | $44.4M | $35.7M | $31.3M | $27.6M | $23.6M | $21.3M | $17.4M | $21.1M | $19.7M | $15.6M | $24.5M | $11.9M |
| Stock-based compensation | $3.2M | $2.3M | $2.0M | $2.3M | $2.3M | $126.9M | $1.25B | $372.0M | $0 | $0 | — | — |
| Change in working capital | $38.7M | −$21.8M | −$16.3M | −$16.0M | $21.8M | $20.2M | −$11.4M | $1.4M | $20.6M | −$8.5M | −$17.9M | −$3.4M |
| Other non-cash items | −$56.4M | $48.7M | −$22.2M | −$11.8M | −$49.3M | $34.3M | −$1.22B | −$388.5M | $2.2M | $37.2M | −$33.6M | $23.1M |
| Cash from operating activities | $137.8M | $58.4M | $75.1M | $42.1M | $70.4M | $74.2M | $30.1M | $50.8M | $66.6M | $30.2M | $33.2M | $15.8M |
| Investing activities | ||||||||||||
| Capital expenditures | −$179.3M | −$698.9M | −$150.9M | −$84.8M | −$86.1M | −$108.4M | −$61.4M | −$86.4M | −$70.2M | −$38.2M | −$293.9M | −$46.8M |
| Investments (net) | — | — | — | −$84.8M | −$86.1M | −$108.4M | −$61.4M | −$86.4M | −$70.2M | −$38.2M | −$293.9M | −$46.8M |
| Acquisitions & other investing | $645,000 | $0 | $0 | $84.8M | $86.1M | $108.4M | $61.4M | $86.4M | $70.2M | $38.2M | $293.9M | $46.8M |
| Cash from investing activities | −$178.7M | −$698.9M | −$150.9M | −$84.8M | −$86.1M | −$108.4M | −$61.4M | −$86.4M | −$70.2M | −$38.2M | −$293.9M | −$46.8M |
| Financing activities | ||||||||||||
| Dividends paid | −$1.68B | −$1.71B | −$4.98B | −$4.91B | −$3.20B | −$1.62B | −$4.55B | −$1.59B | — | — | — | — |
| Share repurchases & issuance (net) | −$1.5M | −$14.4M | −$5.83B | −$8,000 | −$3.16B | −$2.03B | −$3.39B | −$806.0M | — | — | — | — |
| Net borrowing (repayment) | $0 | $399.1M | $75.5M | $41.0M | $23.0M | −$248.0M | $34.6M | $37.3M | — | — | — | — |
| Shares issued | $0 | $350.0M | $0 | $0 | $0 | $286.5M | $0 | $0 | $0 | $500,000 | $199.3M | $23.0M |
| Other financing | $1.67B | $1.68B | $10.81B | $4.91B | $6.35B | $3.64B | $7.94B | $2.39B | $7.0M | $9.5M | $39.1M | $30.5M |
| Cash from financing activities | −$6.3M | $710.6M | $74.1M | $41.0M | $17.1M | $36.9M | $31.9M | $30.3M | $7.0M | $10.0M | $238.4M | $53.4M |
| Summary | ||||||||||||
| Net change in cash | −$47.1M | $70.1M | −$1.7M | −$1.7M | $1.4M | $2.7M | $638,000 | −$5.3M | $3.4M | $1.9M | −$22.4M | $22.5M |
| Cash at end of period | $25.9M | $73.0M | $2.8M | $4.6M | $6.3M | $4.9M | $2.2M | $1.6M | $6.9M | $3.4M | $1.5M | $23.9M |
| Free cash flow | −$41.5M | −$640.5M | −$75.8M | −$42.7M | −$15.7M | −$34.2M | −$31.3M | −$35.6M | −$3.6M | −$8.0M | −$260.7M | −$31.0M |
| Free cash flow margin | −24.3% | −413.6% | −64.7% | −53.5% | −21.1% | −222.3% | −116.1% | −270.0% | −27.4% | −16.0% | −363.4% | −108.4% |
| Capex / revenue | 104.9% | 451.3% | 128.9% | 106.3% | 115.6% | 704.7% | 227.8% | 655.1% | 541.9% | 76.0% | 409.6% | 163.8% |
| Operating cash flow / net income | 1.28 | — | 0.93 | 1.05 | 0.98 | — | — | 1.13 | 2.77 | — | 0.55 | — |
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.
INR cash generation
In fiscal 2025 (ended December 31, 2025), Infinity Natural Resources generated $261.8 million of cash from operations (up 47.3%) and spent $430.2 million on capital expenditures, leaving free cash flow of -$168.4 million, −47.2% of revenue. It returned $6.6 billion to shareholders through dividends ($6.6 billion) and net share buybacks ($1.2 million). Cash and equivalents rose by $0.6 million over the year.
Related: INR income statement, INR balance sheet. See the INR stock overview for the latest quote and news.
INR cash flow FAQ
What is Infinity Natural Resources's free cash flow?
Infinity Natural Resources's free cash flow was -$168.4 million in fiscal 2025: $261.8 million of operating cash flow minus $430.2 million of capital expenditures It was -$78.5 million a year earlier..
How much cash does Infinity Natural Resources generate from operations?
Infinity Natural Resources generated $261.8 million of cash from operating activities in fiscal 2025, 4.09 times its net income of $64.0 million.
How much does Infinity Natural Resources spend on capital expenditures?
Infinity Natural Resources spent $430.2 million on capital expenditures in fiscal 2025, 120.7% of revenue, compared with $256.1 million the year before.
How much stock does Infinity Natural Resources buy back?
Infinity Natural Resources spent $1.2 million on net share repurchases in fiscal 2025.
How much does Infinity Natural Resources pay in dividends?
Infinity Natural Resources paid $6.6 billion in dividends in fiscal 2025.