New Fortress Energy Inc. (NFE) Cash Flow Statement
Where NFE’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$583.4M −199.4% vs 2024
- Capital expenditures
- $650.8M 43.3% of revenue
- Free cash flow
- −$1.23B −82.1% margin
- Returned to shareholders
- $3.5M
- Change in cash
- −$608.6M cash at year-end $356.9M
Cash from operations
−$583.4M
Capital expenditures
−$650.8M
Acquisitions & other
+$1.12B
Dividends
−$3.5M
Net borrowing (repayment)
−$231.3M
Other financing
−$308.8M
Currency & other
+$52.6M
Change in cash
−$608.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
NFE operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
NFE cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$43.5M2016 | −$583.4M2025 | — | |
| Capital expenditures | $96.3M2016 | $650.8M2025 | +23.6%/yr | |
| Free cash flow | −$139.8M2016 | −$1.23B2025 | — | |
| Free cash flow margin | −653.5%2016 | −82.1%2025 | +571.4 pts | |
| Operating cash flow / net income | 0.912021 | 1.512023 | +0.59 | |
| Stock-based compensation | $1.2M2016 | $14.5M2025 | +32.2%/yr | |
| Dividends paid | $33.7M2017 | $3.5M2025 | −24.7%/yr | |
| Share buybacks (net) | $1.1M2016 | $9.5M2023 | +36.5%/yr | |
| Capex / revenue | 450.2%2016 | 43.3%2025 | −407.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NFE cash flow by activity
OperatingInvestingFinancingChange in cash
NFE 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).
NFE cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$789.7M | −$270.1M | $547.9M | $184.8M | $92.7M | −$264.0M | −$33.8M | −$78.1M | −$31.7M | −$32.9M |
| Depreciation & amortization | $242.3M | $162.5M | $187.3M | $143.6M | $99.5M | $33.3M | $8.6M | $4.0M | $3.2M | $2.4M |
| Stock-based compensation | $14.5M | $50.6M | $1.6M | $30.4M | $37.0M | $8.7M | $41.4M | $3.2M | — | $1.2M |
| Change in working capital | $152.1M | −$37.1M | $111.3M | −$104.8M | −$147.8M | $22.5M | −$93.0M | −$38.6M | −$28.9M | −$24.4M |
| Other non-cash items | −$202.6M | $680.8M | −$23.3M | $101.2M | $3.3M | $73.8M | −$157.6M | $16.2M | $2.4M | $10.2M |
| Cash from operating activities | −$583.4M | $586.7M | $824.8M | $355.1M | $84.8M | −$125.6M | −$234.3M | −$93.2M | −$54.9M | −$43.5M |
| Investing activities | ||||||||||
| Capital expenditures | −$650.8M | −$2.62B | −$3.03B | −$1.17B | −$669.3M | −$157.0M | −$377.1M | −$181.2M | −$28.7M | −$96.3M |
| Investments (net) | — | −$2.07B | −$1.95B | −$82.7M | −$2.27B | −$157.6M | $887,000 | −$177.5M | −$1.7M | −$104.0M |
| Acquisitions & other investing | $1.12B | $2.62B | $2.08B | $1.17B | $669.3M | $157.0M | $0 | $174.2M | $536,000 | $96.3M |
| Cash from investing activities | $465.8M | −$2.07B | −$2.90B | −$82.7M | −$2.27B | −$157.6M | −$376.2M | −$184.5M | −$29.9M | −$104.0M |
| Financing activities | ||||||||||
| Dividends paid | −$3.5M | −$65.3M | −$724.0M | −$99.0M | −$88.8M | −$33.7M | −$33.7M | −$33.7M | −$33.7M | — |
| Share repurchases & issuance (net) | — | — | −$9.5M | −$72.6M | −$30.1M | $2.10B | $268.0M | — | −$192,000 | −$1.1M |
| Net borrowing (repayment) | −$231.3M | $2.06B | $2.32B | $493.6M | $1.97B | $605.3M | $334.6M | $204.1M | −$5.9M | −$21.7M |
| Shares issued | $0 | $386.6M | $0 | $0 | $0 | $292.0M | $274.9M | $0 | $0 | $0 |
| Other financing | −$308.8M | −$161.0M | −$56.4M | $0 | −$37.8M | −$2.14B | −$241.2M | $89.9M | $53.8M | $300.5M |
| Cash from financing activities | −$543.6M | $2.22B | $1.53B | $322.0M | $1.82B | $819.5M | $602.6M | $260.2M | $14.0M | $277.7M |
| Summary | ||||||||||
| Net change in cash | −$608.6M | $654.8M | −$544.3M | $591.1M | −$365.3M | $536.3M | −$7.8M | −$17.5M | −$62.3M | $180.7M |
| Cash at end of period | $356.9M | $965.6M | $310.8M | $855.1M | $264.0M | $629.3M | $93.0M | $100.9M | $118.3M | $180.7M |
| Free cash flow | −$1.23B | −$2.03B | −$2.21B | −$818.9M | −$584.6M | −$282.6M | −$611.3M | −$274.4M | −$83.6M | −$139.8M |
| Free cash flow margin | −82.1% | −86.0% | −91.4% | −34.6% | −44.2% | −62.6% | −323.2% | −244.3% | −86.0% | −653.5% |
| Capex / revenue | 43.3% | 110.8% | 125.5% | 49.6% | 50.6% | 34.8% | 199.4% | 161.3% | 29.5% | 450.2% |
| Operating cash flow / net income | — | — | 1.51 | 1.92 | 0.91 | — | — | — | — | — |
| 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 | −$373.6M | −$399.9M | −$789.7M | −$290.6M | −$555.1M | −$200.1M | −$244.6M | $9.3M | −$90.0M | $53.9M | $217.2M | $62.3M |
| Depreciation & amortization | $56.4M | $51.4M | $59.0M | $58.8M | $61.2M | $66.6M | $38.5M | $35.6M | $37.9M | $50.5M | $61.5M | $48.9M |
| Stock-based compensation | $5.0M | $3.8M | $4.0M | $10.6M | $5.2M | −$229,000 | $2.8M | $22.5M | $20.1M | $5.2M | $167,000 | −$3.7M |
| Change in working capital | $127.6M | $167.1M | $140.0M | $10.1M | −$105.2M | −$3.7M | $74.6M | $126.5M | −$45.1M | −$193.2M | $25.8M | −$24.1M |
| Other non-cash items | $26.7M | $57.2M | $578.6M | $20.0M | $241.4M | $105.7M | $569.2M | −$210.7M | $170.1M | $153.6M | −$17.1M | −$50.1M |
| Cash from operating activities | −$157.9M | −$120.4M | −$8.2M | −$191.0M | −$352.5M | −$31.7M | $440.5M | −$16.8M | $92.9M | $70.0M | $287.6M | $33.3M |
| Investing activities | ||||||||||||
| Capital expenditures | −$40.3M | −$43.6M | $0 | −$105.7M | −$312.3M | −$340.5M | −$840.0M | −$434.9M | −$662.9M | −$683.4M | −$838.2M | −$726.0M |
| Investments (net) | — | — | — | −$105.8M | $637.4M | −$335.9M | −$766.1M | −$425.8M | −$662.9M | −$219.8M | −$838.6M | −$698.5M |
| Acquisitions & other investing | $0 | $0 | — | $105.7M | $312.3M | $340.5M | $840.0M | $434.9M | $662.9M | $683.4M | $838.2M | $726.0M |
| Cash from investing activities | −$40.3M | −$43.6M | — | −$105.8M | $637.4M | −$335.9M | −$766.1M | −$425.8M | −$662.9M | −$219.8M | −$838.6M | −$698.5M |
| Financing activities | ||||||||||||
| Dividends paid | $0 | −$453,000 | −$453,000 | −$5,000 | −$2.6M | −$441,000 | −$4.0M | −$5.6M | −$35.1M | −$20.6M | −$23.5M | −$23.5M |
| Net borrowing (repayment) | $528.0M | −$906,000 | −$14.5M | −$143.5M | −$311.0M | $237.7M | $812.9M | $417.0M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$21.1M | −$8.2M | −$274.4M | −$334,000 | −$1.3M | −$32.8M | $314.8M | −$46.2M | $613.1M | $178.3M | $628.4M | $725.0M |
| Cash from financing activities | $506.9M | −$9.5M | −$289.4M | −$143.8M | −$314.9M | $204.5M | $1.12B | $365.2M | $578.1M | $157.6M | $604.9M | $701.5M |
| Summary | ||||||||||||
| Net change in cash | $310.3M | −$167.1M | −$32.4M | −$432.1M | −$15.3M | −$128.8M | $728.9M | −$61.1M | −$17.1M | $4.1M | $59.1M | $35.6M |
| Cash at end of period | $500.1M | $189.9M | $356.9M | $389.3M | $821.4M | $836.7M | $965.6M | $236.7M | $297.8M | $314.9M | $310.8M | $251.7M |
| Free cash flow | −$198.2M | −$163.9M | $99.5M | −$296.7M | −$664.8M | −$372.2M | −$399.4M | −$451.7M | −$570.0M | −$613.4M | −$550.7M | −$692.7M |
| Free cash flow margin | −63.4% | −72.2% | 24.6% | −90.6% | −220.4% | −78.8% | −58.8% | −79.6% | −133.2% | −88.9% | −72.6% | −134.6% |
| Capex / revenue | 12.9% | 19.2% | 0.0% | 32.3% | 103.5% | 72.1% | 123.7% | 76.6% | 154.9% | 99.0% | 110.5% | 141.1% |
| Operating cash flow / net income | — | — | — | — | — | — | — | −1.80 | — | 1.30 | 1.32 | 0.53 |
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.
NFE cash generation
In fiscal 2025 (ended December 31, 2025), New Fortress Energy generated -$583.4 million of cash from operations (down 199.4%) and spent $650.8 million on capital expenditures, leaving free cash flow of -$1.2 billion, −82.1% of revenue. It returned $3.5 million to shareholders through dividends ($3.5 million) and net share buybacks ($0). Cash and equivalents fell by $608.6 million over the year.
Related: NFE income statement, NFE balance sheet. See the NFE stock overview for the latest quote and news.
NFE cash flow FAQ
What is New Fortress Energy's free cash flow?
New Fortress Energy's free cash flow was -$1.2 billion in fiscal 2025: -$583.4 million of operating cash flow minus $650.8 million of capital expenditures It was -$2.0 billion a year earlier..
How much cash does New Fortress Energy generate from operations?
New Fortress Energy generated -$583.4 million of cash from operating activities in fiscal 2025.
How much does New Fortress Energy spend on capital expenditures?
New Fortress Energy spent $650.8 million on capital expenditures in fiscal 2025, 43.3% of revenue, compared with $2.6 billion the year before.
How much does New Fortress Energy pay in dividends?
New Fortress Energy paid $3.5 million in dividends in fiscal 2025.