NexGen Energy Ltd. (NXE) Cash Flow Statement
Where NXE’s cash came from and went, 2025
December 31, 2025 · Canadian dollars- Cash from operations
- −C$77.2M
- Capital expenditures
- C$504,588
- Free cash flow
- −C$77.7M
- Returned to shareholders
- —
- Change in cash
- C$347.5M cash at year-end C$801.9M
Cash from operations
−C$77.2M
Capital expenditures
−C$504,588
Investments (net)
−C$320.0M
Acquisitions & other
−C$202.9M
Net borrowing (repayment)
−C$1.0M
Other financing
+C$929.5M
Currency & other
+C$19.7M
Change in cash
C$347.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
NXE operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
NXE cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −C$8.0M2016 | −C$77.2M2025 | — | |
| Capital expenditures | C$44.0M2016 | C$504,5882025 | −39.1%/yr | |
| Free cash flow | −C$52.1M2016 | −C$77.7M2025 | — | |
| Operating cash flow / net income | −5.672018 | −0.752023 | +4.92 | |
| Stock-based compensation | C$8.1M2016 | C$38.2M2025 | +18.8%/yr | |
| Dividends paid | C$02016 | C$02025 | — | |
| Share buybacks (net) | C$02016 | C$02021 | — |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NXE cash flow by activity
OperatingInvestingFinancingChange in cash
NXE 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).
NXE cash flow statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −C$309.4M | −C$77.6M | C$70.2M | −C$60.3M | −C$126.9M | −C$114.5M | −C$16.5M | C$1.5M | −C$56.8M | −C$17.5M |
| Depreciation & amortization | C$2.2M | C$2.3M | C$1.8M | C$1.8M | C$2.1M | C$2.3M | C$2.4M | C$1.5M | C$758,063 | C$626,964 |
| Stock-based compensation | C$38.2M | C$29.5M | C$37.1M | C$35.1M | C$31.4M | C$9.7M | C$10.9M | C$13.7M | C$9.2M | C$8.1M |
| Change in working capital | −C$12.8M | −C$6.1M | −C$12.7M | −C$143,000 | −C$51,000 | C$195,000 | −C$1.7M | −C$340,538 | −C$253,296 | C$265,919 |
| Other non-cash items | C$204.6M | C$27.8M | −C$149.0M | C$3.3M | C$76.7M | C$91.6M | −C$7.8M | −C$24.9M | C$36.0M | C$513,617 |
| Cash from operating activities | −C$77.2M | −C$24.1M | −C$52.6M | −C$20.2M | −C$16.8M | −C$10.6M | −C$12.8M | −C$8.5M | −C$11.1M | −C$8.0M |
| Investing activities | ||||||||||
| Capital expenditures | −C$504,588 | −C$130.7M | −C$115.8M | −C$354,000 | −C$46.9M | −C$18.2M | −C$57.7M | −C$37.8M | −C$37.8M | −C$44.0M |
| Investments (net) | −C$320.0M | −C$130.7M | −C$95.3M | −C$68.1M | −C$46.7M | −C$18.2M | −C$57.7M | −C$37.8M | C$9.6M | −C$91.3M |
| Acquisitions & other investing | −C$202.9M | C$130.7M | C$51.0M | C$354,000 | C$46.9M | C$18.3M | C$57.7M | C$37.8M | C$37.8M | C$44.0M |
| Cash from investing activities | −C$523.4M | −C$130.7M | −C$160.1M | −C$68.1M | −C$46.7M | −C$18.2M | −C$57.7M | −C$37.8M | C$9.6M | −C$91.3M |
| Financing activities | ||||||||||
| Dividends paid | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Share repurchases & issuance (net) | — | — | — | — | C$195.3M | C$7.4M | C$4.0M | C$5.1M | C$66.5M | C$12.9M |
| Net borrowing (repayment) | −C$1.0M | −C$1.0M | C$147.0M | C$4.4M | −C$1.0M | C$27.8M | −C$784,399 | −C$784,399 | C$73.0M | C$74.1M |
| Shares issued | C$0 | C$346.0M | C$183.5M | C$6.2M | C$164.3M | C$24.6M | C$0 | C$0 | C$0 | C$0 |
| Other financing | C$929.5M | −C$342,000 | C$38.4M | C$9.2M | −C$167.3M | −C$8.6M | −C$4.6M | −C$1.9M | −C$4.4M | C$8.1M |
| Cash from financing activities | C$928.4M | C$344.6M | C$368.9M | C$19.9M | C$191.4M | C$51.2M | −C$1.4M | C$2.4M | C$135.1M | C$95.1M |
| Summary | ||||||||||
| Net change in cash | C$347.5M | C$185.8M | C$156.3M | −C$67.4M | C$127.8M | C$21.9M | −C$72.9M | −C$39.9M | C$133.9M | −C$3.2M |
| Cash at end of period | C$801.9M | C$476.6M | C$290.7M | C$134.4M | C$201.8M | C$74.0M | C$52.1M | C$125.1M | C$164.9M | C$31.1M |
| Free cash flow | −C$77.7M | −C$154.8M | −C$168.4M | −C$20.5M | −C$63.7M | −C$28.9M | −C$70.5M | −C$46.2M | −C$49.0M | −C$52.1M |
| Operating cash flow / net income | — | — | −0.75 | — | — | — | — | −5.67 | — | — |
| 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 | C$74.5M | −C$156.4M | −C$42.8M | −C$129.2M | −C$86.7M | −C$50.9M | −C$66.4M | C$10.3M | C$13.2M | −C$34.6M | C$160.0M | −C$63.2M |
| Depreciation & amortization | C$417,000 | C$429,105 | C$563,539 | C$558,000 | C$530,000 | C$549,000 | C$592,000 | C$580,000 | C$564,000 | C$516,000 | C$496,000 | C$483,000 |
| Stock-based compensation | C$8.3M | C$8.1M | C$19.7M | C$11.1M | C$3.8M | C$3.7M | C$9.2M | C$8.2M | C$6.0M | C$6.1M | C$14.1M | C$10.9M |
| Change in working capital | C$3.1M | −C$192,495 | −C$13.0M | −C$3.1M | −C$3.5M | C$6.8M | −C$7.5M | C$603,000 | C$2.7M | −C$1.9M | −C$8.7M | C$4.5M |
| Other non-cash items | −C$96.4M | C$137.6M | −C$4.4M | C$110.3M | C$75.0M | C$38.7M | C$54.5M | −C$22.5M | −C$24.9M | C$20.6M | −C$188.5M | C$40.0M |
| Cash from operating activities | −C$10.0M | −C$10.5M | −C$39.9M | −C$10.4M | −C$10.9M | −C$1.1M | −C$9.5M | −C$2.8M | −C$2.4M | −C$9.3M | −C$22.6M | −C$7.3M |
| Investing activities | ||||||||||||
| Capital expenditures | −C$74.1M | −C$29.4M | −C$164,865 | −C$66.1M | −C$25.9M | −C$28.1M | −C$128.4M | −C$529,000 | −C$687,000 | −C$34.0M | −C$411,000 | −C$1.2M |
| Investments (net) | C$150.0M | −C$40.0M | — | −C$66.1M | −C$37.9M | −C$34.3M | −C$38.0M | −C$32.0M | −C$26.7M | −C$34.0M | −C$84.2M | −C$28.3M |
| Acquisitions & other investing | −C$867,000 | −C$77.1M | −C$385.0M | C$66.1M | C$25.9M | C$28.1M | C$128.4M | C$529,000 | C$687,000 | C$34.0M | C$411,000 | C$1.2M |
| Cash from investing activities | C$75.1M | −C$146.4M | −C$385.2M | −C$66.1M | −C$37.9M | −C$34.3M | −C$38.0M | −C$32.0M | −C$26.7M | −C$34.0M | −C$84.2M | −C$28.3M |
| Financing activities | ||||||||||||
| Dividends paid | C$0 | — | C$0 | C$0 | C$0 | — | C$0 | C$0 | C$0 | — | C$0 | C$0 |
| Share repurchases & issuance (net) | — | — | — | C$0 | — | — | — | −C$541,000 | — | — | — | — |
| Net borrowing (repayment) | −C$247,000 | −C$247,000 | −C$250,000 | −C$265,000 | −C$262,000 | −C$260,000 | −C$260,000 | −C$260,000 | — | — | — | C$147.7M |
| Shares issued | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$216.3M | C$130.2M | C$20.2M | C$150.2M |
| Other financing | C$35.7M | C$9.5M | C$921.9M | C$10.5M | −C$11.5M | −C$6.3M | −C$9.4M | C$1.9M | C$2.0M | C$4.7M | C$6.6M | C$7.4M |
| Cash from financing activities | C$35.4M | C$9.2M | C$921.7M | C$10.3M | −C$11.8M | −C$6.5M | −C$9.7M | C$1.1M | C$218.3M | C$135.0M | C$26.8M | C$305.3M |
| Summary | ||||||||||||
| Net change in cash | C$100.7M | −C$157.9M | C$500.5M | −C$65.6M | −C$63.1M | −C$41.9M | −C$61.2M | −C$34.6M | C$189.2M | C$92.4M | −C$79.7M | C$269.9M |
| Cash at end of period | C$756.2M | C$657.1M | C$801.9M | C$306.0M | C$371.6M | C$434.6M | C$476.6M | C$537.8M | C$572.4M | C$383.2M | C$290.7M | C$370.4M |
| Free cash flow | −C$84.1M | −C$39.9M | −C$40.1M | −C$76.5M | −C$36.8M | −C$29.2M | −C$137.9M | −C$3.4M | −C$3.1M | −C$43.3M | −C$23.0M | −C$8.5M |
| Operating cash flow / net income | −0.13 | — | — | — | — | — | — | −0.28 | −0.18 | — | −0.14 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported; data from EODHD.
NXE cash generation
In fiscal 2025 (ended December 31, 2025), NexGen Energy generated -C$77.2 million of cash from operations and spent C$0.5 million on capital expenditures, leaving free cash flow of -C$77.7 million. Cash and equivalents rose by C$347.5 million over the year.
Related: NXE income statement, NXE balance sheet. See the NXE stock overview for the latest quote and news.
NXE cash flow FAQ
What is NexGen Energy's free cash flow?
NexGen Energy's free cash flow was -C$77.7 million in fiscal 2025: -C$77.2 million of operating cash flow minus C$0.5 million of capital expenditures It was -C$154.8 million a year earlier..
How much cash does NexGen Energy generate from operations?
NexGen Energy generated -C$77.2 million of cash from operating activities in fiscal 2025.
How much does NexGen Energy spend on capital expenditures?
NexGen Energy spent C$0.5 million on capital expenditures in fiscal 2025, compared with C$130.7 million the year before.