Kenon Holdings Ltd. (KEN) Cash Flow Statement
Where KEN’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $283.8M +7.1% vs 2024
- Capital expenditures
- $116.4M 13.4% of revenue
- Free cash flow
- $167.4M 19.2% margin
- Returned to shareholders
- $277.5M 166% of free cash flow
- Change in cash
- $462.5M cash at year-end $1.48B
Drawn to scale: where the cash came from and how it was used. Hover for values.
KEN operating cash flow, capex and free cash flow
KEN cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $162.0M2016 | $283.8M2025 | +6.4%/yr | |
| Capital expenditures | $290.0M2016 | $116.4M2025 | −9.6%/yr | |
| Free cash flow | −$128.0M2016 | $167.4M2025 | — | |
| Free cash flow margin | −39.5%2016 | 19.2%2025 | +58.7 pts | |
| Operating cash flow / net income | 1.462017 | 1.912025 | +0.46 | |
| Stock-based compensation | $1.0M2016 | $43.3M2025 | +52.0%/yr | |
| Dividends paid | $743,0002016 | $267.9M2025 | +92.4%/yr | |
| Share buybacks (net) | $02016 | $9.6M2025 | — | |
| Capex / revenue | 89.4%2016 | 13.4%2025 | −76.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
KEN cash flow by activity
KEN 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).
KEN cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $148.3M | $634.1M | −$236.0M | $350.0M | $875.3M | $504.0M | $2.4M | $444.8M | $269.0M | −$394.0M |
| Depreciation & amortization | $72.4M | $93.4M | $90.9M | $63.0M | $57.6M | $34.0M | $32.1M | $30.4M | $178.5M | $172.4M |
| Stock-based compensation | $43.3M | $9.7M | −$1.5M | $20.0M | $18.4M | $1.0M | $1.5M | $1.8M | $1.0M | $1.0M |
| Change in working capital | $6.6M | −$12.3M | −$12.4M | −$40.0M | −$1.6M | $35.0M | −$1.6M | −$26.1M | −$628.0M | −$128.0M |
| Other non-cash items | $13.2M | −$459.9M | $435.8M | $378.0M | −$709.2M | −$482.0M | $50.9M | −$398.6M | $571.5M | $510.6M |
| Cash from operating activities | $283.8M | $265.1M | $276.8M | $771.0M | $240.5M | $92.0M | $85.4M | $52.4M | $392.0M | $162.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$116.4M | −$340.7M | −$332.1M | −$270.0M | −$232.7M | −$74.0M | −$34.4M | −$69.4M | −$238.0M | −$290.0M |
| Investments (net) | −$99.9M | $135.9M | −$384.4M | −$203.4M | −$205.5M | −$281.9M | −$5.0M | −$113.4M | $584.5M | −$399.6M |
| Acquisitions & other investing | −$145.6M | $340.7M | $284.3M | $270.0M | $232.7M | $134.3M | $34.4M | $69.4M | $238.5M | $289.6M |
| Cash from investing activities | −$361.9M | $135.9M | −$432.2M | −$203.4M | −$205.5M | −$221.6M | −$5.0M | −$113.4M | $585.0M | −$400.0M |
| Financing activities | ||||||||||
| Dividends paid | −$267.9M | −$200.6M | −$150.4M | −$741.0M | −$100.2M | −$120.0M | −$65.2M | −$764.8M | −$382,000 | −$743,000 |
| Share repurchases & issuance (net) | −$9.6M | −$10.7M | −$28.1M | −$193.1M | −$75.8M | $329.0M | −$21.3M | −$664.7M | $1.63B | $643.7M |
| Net borrowing (repayment) | $306.3M | −$2.0M | $266.4M | $46.6M | $43.9M | $223.8M | −$30.0M | −$419.7M | $306.0M | $349.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $217.0M | $76.4M | $0 | $0 | $0 |
| Other financing | $477.0M | $129.1M | $236.7M | $393.6M | $278.7M | −$393.8M | −$33.6M | $631.6M | −$1.84B | −$817.5M |
| Cash from financing activities | $505.8M | −$84.1M | $324.6M | −$494.0M | $146.6M | $256.0M | −$73.6M | −$1.22B | $97.1M | $174.6M |
| Summary | ||||||||||
| Net change in cash | $462.5M | $319.0M | $161.7M | $60.0M | $188.4M | $139.0M | $16.0M | −$1.29B | $1.09B | −$57.0M |
| Cash at end of period | $1.48B | $1.02B | $696.8M | $535.0M | $474.5M | $286.0M | $147.2M | $131.1M | $1.42B | $327.0M |
| Free cash flow | $167.4M | −$75.6M | −$55.3M | $501.0M | $7.8M | $18.0M | $51.0M | −$17.1M | $154.0M | −$128.0M |
| Free cash flow margin | 19.2% | −10.1% | −8.0% | 87.3% | 1.6% | 4.7% | 13.7% | −4.7% | 42.1% | −39.5% |
| Capex / revenue | 13.4% | 45.3% | 48.0% | 47.0% | 47.7% | 19.1% | 9.2% | 19.1% | 65.1% | 89.4% |
| Operating cash flow / net income | 1.91 | 0.42 | — | 2.20 | 0.27 | 0.18 | 34.97 | 0.12 | 1.46 | — |
| 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 | $44.0M | $34.0M | $48.3M | $67.0M | $6.0M | $27.0M | $634.1M | $54.0M | $107.0M | $8.0M | $7.0M | −$191.0M |
| Depreciation & amortization | $31.0M | $26.0M | $17.4M | $19.0M | $17.0M | $19.0M | $93.4M | $25.0M | $22.0M | $22.0M | $24.9M | $28.0M |
| Stock-based compensation | −$65.0M | $5.0M | $8.3M | $24.0M | $11.0M | $2.7M | $2.7M | $4.0M | $1.0M | $2.0M | −$8.5M | $2.0M |
| Change in working capital | $35.0M | −$94.0M | $10.6M | $2.0M | −$21.0M | $15.0M | $139.9M | −$3.0M | −$24.0M | $20.0M | −$24.4M | $19.0M |
| Other non-cash items | $8.0M | $11.0M | $18.2M | −$12.0M | $6.0M | −$1.7M | −$605.1M | $46.0M | −$89.0M | $7.0M | $4.7M | $218.0M |
| Cash from operating activities | $53.0M | −$18.0M | $102.8M | $100.0M | $19.0M | $62.0M | $265.1M | $126.0M | $17.0M | $59.0M | $3.6M | $76.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$292.0M | −$126.0M | −$49.4M | −$29.0M | −$25.0M | −$13.0M | −$340.7M | −$188.0M | −$68.0M | −$69.0M | −$126.1M | −$62.0M |
| Investments (net) | $21.0M | $45.0M | −$140.9M | $3.0M | −$26.0M | −$65.0M | $240.9M | −$142.0M | $72.0M | −$35.0M | −$118.2M | −$42.0M |
| Acquisitions & other investing | −$284.0M | $41.0M | −$41.6M | −$13.0M | $25.0M | $13.0M | $235.7M | $188.0M | $68.0M | $62.0M | $101.2M | $62.0M |
| Cash from investing activities | −$555.0M | −$40.0M | −$231.9M | −$39.0M | −$26.0M | −$65.0M | $135.9M | −$142.0M | $72.0M | −$42.0M | −$143.2M | −$42.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$201.0M | $0 | −$6.9M | −$8.0M | −$253.0M | −$449,000 | −$200.6M | −$201.0M | −$201.0M | $0 | −$362,000 | $0 |
| Share repurchases & issuance (net) | $0 | $0 | $394,000 | $397.0M | $133.0M | −$10.0M | $88.3M | $106.0M | $0 | $0 | −$3.1M | −$11.0M |
| Net borrowing (repayment) | $341.0M | $67.0M | $349.3M | −$74.0M | $32.0M | −$1.0M | $84.0M | −$33.0M | −$15.0M | — | — | $42.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $247.0M | $280.0M | $98.0M | −$151.0M | $11.0M | −$10.6M | −$55.9M | $172.0M | $38.0M | −$37.0M | $183.3M | −$15.0M |
| Cash from financing activities | $387.0M | $347.0M | $440.8M | $164.0M | −$77.0M | −$22.0M | −$84.1M | $44.0M | −$178.0M | −$37.0M | $179.8M | $16.0M |
| Summary | ||||||||||||
| Net change in cash | −$77.0M | $294.0M | $329.3M | $234.0M | −$72.0M | −$29.0M | $319.0M | $29.0M | −$91.0M | −$19.4M | $48.4M | $43.0M |
| Cash at end of period | $1.70B | $1.77B | $1.48B | $1.15B | $915.0M | $987.0M | $1.02B | $615.0M | $586.0M | $678.0M | $697.4M | $633.0M |
| Free cash flow | −$239.0M | −$144.0M | $53.4M | $71.0M | −$6.0M | $49.0M | $36.4M | −$62.0M | −$51.0M | −$10.0M | −$122.5M | $14.0M |
| Free cash flow margin | −63.1% | −45.4% | 23.4% | 26.8% | −3.1% | 26.8% | 22.9% | −26.2% | −28.2% | −5.7% | −81.2% | 6.1% |
| Capex / revenue | 77.0% | 39.7% | 21.7% | 10.9% | 12.8% | 7.1% | 213.8% | 79.3% | 37.6% | 39.7% | 83.6% | 27.1% |
| Operating cash flow / net income | 1.20 | −0.53 | 2.13 | 1.49 | 3.17 | 2.30 | 0.42 | 2.33 | 0.16 | 7.38 | 0.52 | — |
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.
KEN cash generation
In fiscal 2025 (ended December 31, 2025), Kenon generated $283.8 million of cash from operations (up 7.1%) and spent $116.4 million on capital expenditures, leaving free cash flow of $167.4 million, 19.2% of revenue. It returned $277.5 million to shareholders through dividends ($267.9 million) and net share buybacks ($9.6 million). Cash and equivalents rose by $462.5 million over the year.
Related: KEN income statement, KEN balance sheet, KEN dividend history. See the KEN stock overview for the latest quote and news.
KEN cash flow FAQ
What is Kenon's free cash flow?
Kenon's free cash flow was $167.4 million in fiscal 2025: $283.8 million of operating cash flow minus $116.4 million of capital expenditures It was -$75.6 million a year earlier..
How much cash does Kenon generate from operations?
Kenon generated $283.8 million of cash from operating activities in fiscal 2025, 1.91 times its net income of $148.3 million.
How much does Kenon spend on capital expenditures?
Kenon spent $116.4 million on capital expenditures in fiscal 2025, 13.4% of revenue, compared with $340.7 million the year before.
How much stock does Kenon buy back?
Kenon spent $9.6 million on net share repurchases in fiscal 2025.
How much does Kenon pay in dividends?
Kenon paid $267.9 million in dividends in fiscal 2025, 160.1% of free cash flow.