Matador Resources Company (MTDR) Cash Flow Statement
Where MTDR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.43B +7.9% vs 2024
- Capital expenditures
- $2.18B 59.7% of revenue
- Free cash flow
- $241.6M 6.6% margin
- Returned to shareholders
- $218.9M 91% of free cash flow
- Change in cash
- −$15.3M cash at year-end $79.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
MTDR operating cash flow, capex and free cash flow
MTDR cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $134.1M2016 | $2.43B2025 | +37.9%/yr | |
| Capital expenditures | $453.9M2016 | $2.18B2025 | +19.1%/yr | |
| Free cash flow | −$319.8M2016 | $241.6M2025 | — | |
| Free cash flow margin | −121.0%2016 | 6.6%2025 | +127.6 pts | |
| Operating cash flow / net income | 2.172017 | 2.822025 | +0.65 | |
| Stock-based compensation | $12.4M2016 | $18.3M2025 | +4.5%/yr | |
| Dividends paid | $02016 | $163.1M2025 | — | |
| Share buybacks (net) | $1.9M2016 | $55.8M2025 | +45.2%/yr | |
| Capex / revenue | 171.7%2016 | 59.7%2025 | −112.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MTDR cash flow by activity
MTDR 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).
MTDR cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $860.8M | $971.3M | $910.4M | $1.29B | $640.6M | −$553.6M | $123.0M | $299.8M | $138.0M | −$97.1M |
| Depreciation & amortization | $1.20B | $974.3M | $716.7M | $466.3M | $324.2M | $363.8M | $352.4M | $266.7M | $178.8M | $122.0M |
| Stock-based compensation | $18.3M | $15.0M | $13.7M | $15.1M | $9.0M | $13.6M | $18.5M | $17.2M | $16.7M | $12.4M |
| Change in working capital | $176.2M | $13.1M | $50.0M | −$117.9M | −$982,000 | −$23.1M | −$34.5M | $64.4M | −$25.1M | $1.8M |
| Other non-cash items | $174.4M | $273.2M | $177.1M | $328.9M | $80.4M | $676.8M | $92.7M | −$39.5M | −$9.3M | $94.9M |
| Cash from operating activities | $2.43B | $2.25B | $1.87B | $1.98B | $1.05B | $477.6M | $552.0M | $608.5M | $299.1M | $134.1M |
| Investing activities | ||||||||||
| Capital expenditures | −$2.18B | −$1.97B | −$1.55B | −$1.08B | −$733.5M | −$780.5M | −$925.9M | −$1.52B | −$820.3M | −$453.9M |
| Investments (net) | — | −$3.67B | −$2.94B | −$1.04B | −$729.3M | −$775.7M | −$904.0M | −$1.52B | −$824.0M | −$405.6M |
| Acquisitions & other investing | $25.7M | $1.97B | $1.28B | $1.08B | $733.5M | $780.5M | $925.9M | $1.52B | $825.0M | $410.8M |
| Cash from investing activities | −$2.16B | −$3.67B | −$3.21B | −$1.04B | −$729.3M | −$775.7M | −$904.0M | −$1.52B | −$819.3M | −$448.7M |
| Financing activities | ||||||||||
| Dividends paid | −$163.1M | −$104.9M | −$77.2M | −$35.2M | −$14.6M | −$1.5M | −$391,000 | −$121.5M | −$10.0M | $0 |
| Share repurchases & issuance (net) | −$55.8M | −$17.0M | −$22.9M | −$19.2M | $1.3M | −$1.6M | −$3.7M | −$6.5M | −$5.8M | −$1.9M |
| Net borrowing (repayment) | $70.5M | $1.14B | $1.05B | −$218.0M | −$289.0M | $230.3M | $281.6M | −$363.0M | $705.7M | −$2.7M |
| Shares issued | $0 | $344.7M | $0 | $0 | $0 | $0 | $0 | $226.6M | $0 | $0 |
| Other financing | −$134.2M | $51.5M | −$49.4M | −$208.3M | −$26.3M | $97.1M | $55.6M | $1.15B | −$281.4M | $472.4M |
| Cash from financing activities | −$282.6M | $1.41B | $902.3M | −$480.9M | −$328.6M | $324.3M | $333.1M | $888.2M | $408.5M | $467.7M |
| Summary | ||||||||||
| Net change in cash | −$15.3M | −$11.6M | −$441.0M | $460.4M | −$4.5M | $26.3M | −$18.9M | −$18.5M | −$116.4M | $196.2M |
| Cash at end of period | $79.5M | $94.7M | $106.3M | $547.3M | $86.9M | $91.4M | $65.1M | $84.0M | $96.5M | $212.9M |
| Free cash flow | $241.6M | $280.0M | $318.0M | $894.8M | $319.9M | −$302.9M | −$373.9M | −$915.1M | −$521.1M | −$319.8M |
| Free cash flow margin | 6.6% | 8.0% | 11.3% | 29.3% | 19.2% | −35.4% | −36.4% | −101.7% | −95.7% | −121.0% |
| Capex / revenue | 59.7% | 56.5% | 55.0% | 35.4% | 44.1% | 91.3% | 90.1% | 169.4% | 150.7% | 171.7% |
| Operating cash flow / net income | 2.82 | 2.31 | 2.05 | 1.54 | 1.64 | — | 4.49 | 2.03 | 2.17 | — |
| 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 | $413.7M | −$15.8M | $192.5M | $200.6M | $182.4M | $262.2M | $237.9M | $272.7M | $247.5M | $213.2M | $275.9M | $278.4M |
| Depreciation & amortization | $315.1M | $292.7M | $305.5M | $305.4M | $302.6M | $281.9M | $293.2M | $242.8M | $225.9M | $212.3M | $221.3M | $192.8M |
| Stock-based compensation | $6.1M | $4.5M | $3.7M | $6.2M | $4.6M | $3.9M | $4.9M | $4.3M | $3.0M | $2.8M | $2.9M | $4.6M |
| Change in working capital | $174.5M | −$93.7M | −$938,000 | $123.3M | −$65.5M | $119.4M | −$40.3M | $15.4M | $50.8M | −$12.8M | $77.9M | −$31.9M |
| Other non-cash items | $27.7M | $282.8M | −$26.4M | $86.2M | $77.0M | $60.5M | $79.2M | $75.3M | $65.7M | $53.0M | $40.3M | $17.2M |
| Cash from operating activities | $937.1M | $470.5M | $474.4M | $721.7M | $501.0M | $727.9M | $575.0M | $610.4M | $592.9M | $468.6M | $618.3M | $461.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$368.0M | −$458.8M | −$588.0M | −$563.1M | −$498.3M | −$533.9M | −$516.4M | −$424.6M | −$481.6M | −$544.2M | −$495.2M | −$423.9M |
| Investments (net) | — | — | — | −$563.0M | −$495.0M | −$511.7M | −$391.4M | −$2.16B | −$576.8M | −$543.3M | −$548.9M | −$423.6M |
| Acquisitions & other investing | −$1.23B | $858,000 | $0 | $563.1M | $498.3M | $533.9M | $516.4M | $424.6M | $481.6M | $544.2M | $495.2M | $423.9M |
| Cash from investing activities | −$1.60B | −$457.9M | −$588.0M | −$563.0M | −$495.0M | −$511.7M | −$391.4M | −$2.16B | −$576.8M | −$543.3M | −$548.9M | −$423.6M |
| Financing activities | ||||||||||||
| Dividends paid | −$46.4M | −$46.8M | −$46.3M | −$38.7M | −$39.0M | −$39.2M | −$31.3M | −$24.9M | −$24.9M | −$23.9M | −$23.7M | −$17.8M |
| Share repurchases & issuance (net) | −$11.4M | −$707,000 | −$5.1M | −$6.5M | −$44.8M | −$10.5M | −$2.4M | −$79,000 | −$925,000 | −$13.5M | −$77,000 | −$43,000 |
| Net borrowing (repayment) | $746.7M | $86.3M | $181.0M | −$68.0M | $108.0M | −$150.5M | −$270.5M | $1.62B | — | — | — | −$15.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $344.7M | $0 | $0 |
| Other financing | −$27.5M | −$38.4M | −$32.9M | −$36.0M | −$21.0M | −$33.2M | $138.4M | −$35.8M | −$704,000 | −$264.5M | −$1.6M | −$8.2M |
| Cash from financing activities | $661.3M | $387,000 | $96.7M | −$149.1M | $3.3M | −$233.4M | −$165.8M | $1.56B | −$26.5M | $42.8M | −$25.4M | −$41.0M |
| Summary | ||||||||||||
| Net change in cash | −$1.6M | $13.0M | −$16.9M | $9.6M | $9.3M | −$17.2M | $17.7M | $13.1M | −$10.4M | −$32.0M | $44.1M | −$3.7M |
| Cash at end of period | $90.9M | $92.5M | $79.5M | $96.4M | $86.8M | $77.5M | $94.7M | $77.0M | $63.9M | $74.3M | $106.3M | $62.2M |
| Free cash flow | $569.2M | $11.8M | −$113.6M | $158.5M | $2.7M | $194.0M | $58.5M | $185.8M | $111.3M | −$75.7M | $123.2M | $37.1M |
| Free cash flow margin | 48.5% | 1.2% | −14.0% | 17.3% | 0.3% | 19.3% | 6.0% | 21.6% | 13.0% | −9.6% | 14.8% | 4.8% |
| Capex / revenue | 31.4% | 48.7% | 72.6% | 61.5% | 53.8% | 53.1% | 52.8% | 49.4% | 56.3% | 69.3% | 59.5% | 54.9% |
| Operating cash flow / net income | 2.27 | — | 2.46 | 3.60 | 2.75 | 2.78 | 2.42 | 2.24 | 2.40 | 2.20 | 2.24 | 1.66 |
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.
MTDR cash generation
In fiscal 2025 (ended December 31, 2025), Matador Resources generated $2.4 billion of cash from operations (up 7.9%) and spent $2.2 billion on capital expenditures, leaving free cash flow of $241.6 million, 6.6% of revenue. It returned $218.9 million to shareholders through dividends ($163.1 million) and net share buybacks ($55.8 million). Cash and equivalents fell by $15.3 million over the year.
Related: MTDR income statement, MTDR balance sheet, MTDR dividend history. See the MTDR stock overview for the latest quote and news.
MTDR cash flow FAQ
What is Matador Resources's free cash flow?
Matador Resources's free cash flow was $241.6 million in fiscal 2025: $2.4 billion of operating cash flow minus $2.2 billion of capital expenditures It was $280.0 million a year earlier..
How much cash does Matador Resources generate from operations?
Matador Resources generated $2.4 billion of cash from operating activities in fiscal 2025, 2.82 times its net income of $860.8 million.
How much does Matador Resources spend on capital expenditures?
Matador Resources spent $2.2 billion on capital expenditures in fiscal 2025, 59.7% of revenue, compared with $2.0 billion the year before.
How much stock does Matador Resources buy back?
Matador Resources spent $55.8 million on net share repurchases in fiscal 2025.
How much does Matador Resources pay in dividends?
Matador Resources paid $163.1 million in dividends in fiscal 2025, 67.5% of free cash flow.