Natural Resource Partners L.P. (NRP) Cash Flow Statement
Where NRP’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $165.9M −33.3% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $165.9M 82.0% margin
- Returned to shareholders
- $56.4M 34% of free cash flow
- Change in cash
- −$303,000 cash at year-end $30.1M
Cash from operations
$165.9M
Acquisitions & other
+$4.8M
Dividends
−$56.4M
Net borrowing (repayment)
−$109.1M
Other financing
−$5.4M
Change in cash
−$303,000
Drawn to scale: where the cash came from and how it was used. Hover for values.
NRP operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
NRP cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $108.0M2016 | $165.9M2025 | +4.9%/yr | |
| Capital expenditures | $5.4M2016 | $02025 | −100.0% | |
| Free cash flow | $102.6M2016 | $165.9M2025 | +5.5%/yr | |
| Free cash flow margin | 31.0%2016 | 82.0%2025 | +51.0 pts | |
| Operating cash flow / net income | 1.132016 | 1.222025 | +0.08 | |
| Stock-based compensation | $1.2M2016 | $11.1M2025 | +27.9%/yr | |
| Dividends paid | $22.5M2016 | $56.4M2025 | +10.8%/yr | |
| Share buybacks (net) | $02016 | $02025 | — | |
| Capex / revenue | 1.6%2016 | 0.0%2025 | −1.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NRP cash flow by activity
OperatingInvestingFinancingChange in cash
NRP 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).
NRP cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $136.4M | $183.6M | $278.4M | $268.5M | $108.9M | −$84.8M | −$25.4M | $122.4M | $89.2M | $95.2M |
| Depreciation & amortization | $15.0M | $15.5M | $18.5M | $22.5M | $19.1M | $9.2M | $14.9M | $21.7M | $23.4M | $46.3M |
| Stock-based compensation | $11.1M | $11.3M | $10.9M | $5.8M | $4.0M | $3.6M | $2.4M | $1.4M | $18,000 | $1.2M |
| Change in working capital | $3.1M | $19.4M | −$6.1M | −$32.3M | −$9.3M | $15.5M | −$21.5M | $13.7M | −$20.7M | −$44.5M |
| Other non-cash items | $327,000 | $18.6M | $9.2M | $2.4M | −$907,000 | $145.8M | $166.9M | $29.8M | $35.2M | $9.7M |
| Cash from operating activities | $165.9M | $248.5M | $311.0M | $266.8M | $121.8M | $89.3M | $137.3M | $188.9M | $127.1M | $108.0M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | −$10,000 | −$10,000 | −$118,000 | −$118,000 | −$970,000 | −$22,000 | −$2.4M | −$7.3M | −$5.4M |
| Investments (net) | — | $7.5M | $3.7M | $1.7M | $2.2M | $1.7M | $1.7M | $5.2M | $7.9M | $166.8M |
| Acquisitions & other investing | $4.8M | $10,000 | $1.7M | $1.1M | $367,000 | $970,000 | $5.9M | $187.9M | $3.0M | $5.4M |
| Cash from investing activities | $4.8M | $7.5M | $5.4M | $2.7M | $2.4M | $1.7M | $7.6M | $190.6M | $3.5M | $166.8M |
| Financing activities | ||||||||||
| Dividends paid | −$56.4M | −$78.5M | −$92.0M | −$64.4M | −$38.2M | −$43.3M | −$63.1M | −$52.3M | −$30.9M | −$22.5M |
| Share repurchases & issuance (net) | $0 | −$71.7M | −$178.3M | −$19.6M | −$9.2M | −$3.9M | $0 | −$8.8M | $180.7M | $0 |
| Net borrowing (repayment) | −$109.1M | −$13.2M | −$13.6M | −$269.4M | −$39.4M | −$46.2M | −$463.1M | −$140.9M | −$352.0M | −$178.4M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$5.4M | −$74.2M | −$59.6M | −$12.6M | −$1.7M | $3.9M | $273.6M | −$1.3M | $61.0M | −$85.3M |
| Cash from financing activities | −$170.9M | −$237.5M | −$343.5M | −$366.0M | −$88.5M | −$89.4M | −$252.7M | −$203.3M | −$141.2M | −$286.2M |
| Summary | ||||||||||
| Net change in cash | −$303,000 | $18.5M | −$27.1M | −$96.4M | $35.7M | $1.5M | −$107.8M | $176.2M | −$10.5M | −$11.4M |
| Cash at end of period | $30.1M | $30.4M | $12.0M | $39.1M | $135.5M | $99.8M | $98.3M | $206.0M | $29.8M | $40.4M |
| Free cash flow | $165.9M | $248.5M | $311.0M | $266.7M | $121.8M | $89.3M | $137.3M | $188.9M | $119.8M | $102.6M |
| Free cash flow margin | 82.0% | 101.4% | 105.9% | 81.3% | 62.7% | 69.2% | 65.3% | 93.2% | 35.9% | 31.0% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.8% | 0.0% | 1.2% | 2.2% | 1.6% |
| Operating cash flow / net income | 1.22 | 1.35 | 1.12 | 0.99 | 1.12 | — | — | 1.54 | 1.43 | 1.13 |
| 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 | $25.2M | $19.6M | $65.2M | $30.9M | $34.2M | $40.3M | $42.8M | $38.1M | $46.1M | $56.2M | $65.0M | $63.8M |
| Depreciation & amortization | $11.1M | $7.6M | $3.3M | $3.9M | $3.8M | $4.0M | $2.8M | $4.7M | $3.3M | $4.7M | $6.0M | $4.6M |
| Stock-based compensation | $1.7M | $1.2M | $5.7M | $2.7M | $2.7M | $2.7M | $2.4M | $3.0M | $2.9M | $3.0M | $3.0M | $2.8M |
| Change in working capital | −$2.4M | −$2.9M | $9.1M | $15,000 | $4.9M | −$10.9M | $3.7M | $10.1M | $4.9M | $635,000 | $3.1M | −$4.2M |
| Other non-cash items | $5.3M | $7.5M | −$38.6M | $3.6M | $44,000 | −$1.6M | $14.4M | −$1.8M | −$610,000 | $7.0M | $688,000 | $11.9M |
| Cash from operating activities | $41.0M | $33.0M | $44.8M | $41.1M | $45.6M | $34.4M | $66.2M | $54.1M | $56.6M | $71.5M | $77.8M | $78.9M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | −$41.1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$10,000 |
| Investments (net) | — | — | — | $1.6M | $1.4M | $947,000 | $723,000 | $674,000 | $5.3M | $812,000 | $2.6M | $1.5M |
| Acquisitions & other investing | $819,000 | −$38.4M | $743,000 | $41.1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.3M |
| Cash from investing activities | $819,000 | −$38.4M | $743,000 | $1.6M | $1.4M | $947,000 | $723,000 | $674,000 | $5.3M | $812,000 | $2.6M | $2.8M |
| Financing activities | ||||||||||||
| Dividends paid | −$10.1M | −$11.8M | −$10.1M | −$10.1M | −$10.6M | −$26.3M | −$10.0M | −$11.6M | −$12.6M | −$44.3M | −$11.8M | −$14.1M |
| Share repurchases & issuance (net) | — | — | $0 | $0 | $0 | $0 | −$137.4M | −$31.7M | −$40.0M | $0 | $178.9M | −$50.0M |
| Net borrowing (repayment) | −$33.0M | $27.2M | −$36.3M | −$32.0M | −$37.5M | −$3.3M | −$55.3M | −$13.0M | — | — | — | $25.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | −$8.6M | −$1,000 | $1,000 | $526,000 | −$5.4M | $135.3M | −$2,000 | $12.0M | −$29.0M | −$253.9M | −$33.6M |
| Cash from financing activities | −$43.1M | $6.8M | −$46.4M | −$42.1M | −$47.6M | −$34.9M | −$67.4M | −$56.3M | −$40.6M | −$73.3M | −$86.8M | −$72.7M |
| Summary | ||||||||||||
| Net change in cash | −$1.4M | $1.4M | −$878,000 | $675,000 | −$532,000 | $432,000 | −$456,000 | −$1.4M | $21.4M | −$999,000 | −$6.4M | $7.7M |
| Cash at end of period | $30.1M | $31.5M | $30.1M | $31.0M | $30.3M | $30.9M | $30.4M | $30.9M | $32.3M | $11.0M | $12.0M | $18.4M |
| Free cash flow | $41.0M | $33.0M | $44.8M | $41.1M | $45.6M | $34.4M | $66.2M | $54.1M | $56.6M | $71.5M | $77.8M | $78.9M |
| Free cash flow margin | 85.1% | 70.0% | 92.5% | 82.3% | 97.3% | 61.8% | 102.3% | 103.7% | 98.9% | 101.0% | 101.8% | 108.0% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 82.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | 1.63 | 1.68 | 0.69 | 1.33 | 1.33 | 0.86 | 1.55 | 1.42 | 1.23 | 1.27 | 1.20 | 1.24 |
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.
NRP cash generation
In fiscal 2025 (ended December 31, 2025), Natural Resource Partners generated $165.9 million of cash from operations (down 33.3%) and spent $0 on capital expenditures, leaving free cash flow of $165.9 million, 82.0% of revenue. It returned $56.4 million to shareholders through dividends ($56.4 million) and net share buybacks ($0). Cash and equivalents fell by $0.3 million over the year.
Related: NRP income statement, NRP balance sheet, NRP dividend history. See the NRP stock overview for the latest quote and news.
NRP cash flow FAQ
What is Natural Resource Partners's free cash flow?
Natural Resource Partners's free cash flow was $165.9 million in fiscal 2025: $165.9 million of operating cash flow minus $0 of capital expenditures It was $248.5 million a year earlier..
How much cash does Natural Resource Partners generate from operations?
Natural Resource Partners generated $165.9 million of cash from operating activities in fiscal 2025, 1.22 times its net income of $136.4 million.
How much does Natural Resource Partners pay in dividends?
Natural Resource Partners paid $56.4 million in dividends in fiscal 2025, 34.0% of free cash flow.