Obsidian Energy Ltd. (OBE) Cash Flow Statement
Where OBE’s cash came from and went, 2025
December 31, 2025 · Canadian dollars- Cash from operations
- C$239.8M −33.7% vs 2024
- Capital expenditures
- C$299.2M 76.0% of revenue
- Free cash flow
- −C$59.4M −15.1% margin
- Returned to shareholders
- C$54.9M
- Change in cash
- C$100,000 cash at year-end −C$400,000
Cash from operations
C$239.8M
Capital expenditures
−C$299.2M
Acquisitions & other
+C$282.0M
Share buybacks (net)
−C$54.9M
Net borrowing (repayment)
−C$160.8M
Other financing
−C$6.8M
Change in cash
C$100,000
Drawn to scale: where the cash came from and how it was used. Hover for values.
OBE operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
OBE cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −C$137.0M2016 | C$239.8M2025 | — | |
| Capital expenditures | C$82.0M2016 | C$299.2M2025 | +15.5%/yr | |
| Free cash flow | −C$219.0M2016 | −C$59.4M2025 | — | |
| Free cash flow margin | −50.1%2016 | −15.1%2025 | +35.0 pts | |
| Operating cash flow / net income | 0.482021 | 6.812025 | +6.33 | |
| Stock-based compensation | C$7.0M2016 | C$8.3M2025 | +1.9%/yr | |
| Dividends paid | C$02016 | C$02025 | — | |
| Share buybacks (net) | C$02016 | C$54.9M2025 | — | |
| Capex / revenue | 18.8%2016 | 76.0%2025 | +57.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
OBE cash flow by activity
OperatingInvestingFinancingChange in cash
OBE 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).
OBE cash flow statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | C$35.2M | −C$202.6M | C$108.0M | C$810.1M | C$414.0M | −C$771.7M | −C$788.3M | −C$305.0M | −C$84.0M | −C$696.0M |
| Depreciation & amortization | C$203.2M | C$249.7M | C$225.7M | −C$111.5M | −C$198.6M | C$134.2M | C$254.2M | C$298.0M | C$237.0M | C$452.0M |
| Stock-based compensation | C$8.3M | C$8.2M | C$8.0M | C$4.7M | C$2.3M | C$2.1M | C$4.5M | C$7.0M | C$8.0M | C$7.0M |
| Change in working capital | C$30.6M | −C$35.7M | C$13.6M | C$34.8M | −C$5.1M | −C$6.6M | −C$39.6M | C$68.0M | C$5.0M | −C$97.0M |
| Other non-cash items | −C$37.5M | C$342.3M | −C$2.6M | −C$281.3M | −C$13.9M | C$721.4M | C$646.0M | C$31.0M | −C$41.0M | C$197.0M |
| Cash from operating activities | C$239.8M | C$361.9M | C$352.7M | C$456.8M | C$198.7M | C$79.4M | C$76.8M | C$99.0M | C$125.0M | −C$137.0M |
| Investing activities | ||||||||||
| Capital expenditures | −C$299.2M | −C$426.5M | −C$293.1M | −C$319.4M | −C$141.0M | −C$57.2M | −C$103.2M | −C$168.0M | −C$141.0M | −C$82.0M |
| Investments (net) | — | −C$430.5M | −C$305.5M | −C$290.8M | −C$156.6M | −C$66.2M | −C$101.0M | −C$161.0M | — | — |
| Acquisitions & other investing | C$282.0M | C$426.5M | C$305.0M | C$319.4M | C$141.0M | C$57.2M | C$103.1M | C$168.0M | C$107.0M | C$1.39B |
| Cash from investing activities | −C$17.2M | −C$430.5M | −C$293.6M | −C$290.8M | −C$156.6M | −C$66.2M | −C$101.1M | −C$161.0M | −C$34.0M | C$1.31B |
| Financing activities | ||||||||||
| Dividends paid | C$0 | C$0 | C$0 | C$0 | C$0 | — | — | — | — | C$0 |
| Share repurchases & issuance (net) | −C$54.9M | −C$41.7M | −C$47.4M | C$1.4M | C$24.1M | — | — | — | — | C$1.0M |
| Net borrowing (repayment) | −C$160.8M | C$112.3M | −C$11.5M | −C$167.4M | −C$67.0M | −C$10.3M | C$15.2M | C$52.0M | — | — |
| Shares issued | C$0 | C$0 | C$0 | C$0 | C$24.2M | C$0 | C$0 | C$0 | C$0 | C$0 |
| Other financing | −C$6.8M | −C$3.0M | −C$500,000 | −C$6.5M | −C$24.2M | C$2.2M | C$11.7M | C$8.0M | −C$100.0M | −C$1.17B |
| Cash from financing activities | −C$222.5M | C$67.6M | −C$59.4M | −C$172.5M | −C$42.9M | −C$8.1M | C$26.9M | C$60.0M | −C$100.0M | −C$1.16B |
| Summary | ||||||||||
| Net change in cash | C$100,000 | −C$1.0M | −C$300,000 | −C$6.5M | −C$800,000 | C$5.1M | C$2.6M | −C$2.0M | −C$9.0M | C$9.0M |
| Cash at end of period | −C$400,000 | −C$500,000 | C$500,000 | C$800,000 | C$7.3M | C$8.1M | C$3.0M | C$62.0M | C$2.0M | C$11.0M |
| Free cash flow | −C$59.4M | −C$64.6M | C$59.6M | C$137.4M | C$57.7M | C$22.2M | −C$26.4M | −C$69.0M | −C$16.0M | −C$219.0M |
| Free cash flow margin | −15.1% | −12.7% | 12.1% | 24.1% | 16.3% | 10.4% | −8.8% | −23.1% | −4.8% | −50.1% |
| Capex / revenue | 76.0% | 83.9% | 59.5% | 56.1% | 39.7% | 26.7% | 34.4% | 56.2% | 42.1% | 18.8% |
| Operating cash flow / net income | 6.81 | — | 3.27 | 0.56 | 0.48 | — | — | — | — | — |
| 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$42.0M | −C$18.7M | −C$12.3M | C$16.8M | C$15.3M | C$15.4M | −C$284.8M | C$33.2M | C$37.1M | C$11.9M | C$34.3M | C$24.8M |
| Depreciation & amortization | C$46.6M | C$46.9M | C$56.6M | C$44.6M | C$46.7M | C$55.3M | C$400,000 | C$69.1M | C$60.9M | C$55.9M | C$55.5M | C$58.6M |
| Stock-based compensation | C$3.0M | C$2.2M | C$2.1M | C$1.7M | C$2.4M | C$2.1M | C$1.3M | C$2.5M | C$2.3M | C$2.1M | C$2.0M | C$1.9M |
| Change in working capital | −C$25.9M | C$12.1M | C$17.5M | C$11.6M | −C$4.3M | C$5.8M | C$13.5M | −C$6.1M | −C$29.7M | −C$13.4M | C$30.3M | C$3.6M |
| Other non-cash items | −C$27.5M | −C$2.5M | −C$21.4M | −C$29.3M | −C$4.9M | C$18.1M | C$384.6M | C$11.6M | C$7.3M | C$2.2M | −C$4.4M | C$6.4M |
| Cash from operating activities | C$38.2M | C$40.0M | C$42.5M | C$45.4M | C$55.2M | C$96.7M | C$115.0M | C$110.3M | C$77.9M | C$58.7M | C$117.7M | C$95.3M |
| Investing activities | ||||||||||||
| Capital expenditures | −C$136.9M | −C$80.3M | −C$65.0M | −C$65.6M | −C$40.2M | −C$128.4M | −C$82.6M | −C$85.5M | −C$144.1M | −C$114.3M | −C$100.0M | −C$46.4M |
| Investments (net) | — | — | — | C$41.7M | C$111.4M | −C$97.7M | −C$95.3M | −C$64.4M | −C$167.7M | −C$103.1M | −C$83.7M | −C$33.6M |
| Acquisitions & other investing | −C$9.7M | −C$1.6M | −C$7.6M | C$65.6M | C$40.2M | C$128.4M | C$82.6M | C$85.5M | C$144.1M | C$114.3M | C$100.0M | C$46.4M |
| Cash from investing activities | −C$146.6M | −C$81.9M | −C$72.6M | C$41.7M | C$111.4M | −C$97.7M | −C$95.3M | −C$64.4M | −C$167.7M | −C$103.1M | −C$83.7M | −C$33.6M |
| Financing activities | ||||||||||||
| Dividends paid | C$0 | — | C$0 | C$0 | C$0 | — | C$0 | C$0 | C$0 | — | — | — |
| Share repurchases & issuance (net) | −C$2.1M | −C$18.1M | −C$699,429 | −C$8.7M | −C$36.6M | −C$9.6M | −C$13.2M | −C$9.3M | −C$8.7M | −C$10.5M | −C$22.5M | −C$14.4M |
| Net borrowing (repayment) | C$109.0M | C$64.1M | C$33.2M | −C$79.9M | −C$128.0M | C$13.9M | −C$7.5M | −C$36.0M | — | — | — | — |
| Shares issued | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Other financing | C$200,000 | −C$2.2M | −C$3.8M | C$900,000 | −C$700,000 | −C$2.5M | −C$400,000 | C$0 | C$98.5M | C$54.7M | −C$11.9M | −C$46.5M |
| Cash from financing activities | C$107.1M | C$43.8M | C$28.7M | −C$87.7M | −C$165.3M | C$1.8M | −C$21.1M | −C$45.3M | C$89.8M | C$44.2M | −C$34.4M | −C$60.9M |
| Summary | ||||||||||||
| Net change in cash | −C$1.3M | C$1.9M | −C$1.4M | −C$600,000 | C$1.3M | C$800,000 | −C$1.4M | C$600,000 | C$0 | −C$200,000 | −C$400,000 | C$800,000 |
| Cash at end of period | C$200,000 | C$1.5M | −C$400,000 | C$1.0M | C$1.6M | C$300,000 | −C$500,000 | C$900,000 | C$300,000 | C$300,000 | C$500,000 | C$900,000 |
| Free cash flow | −C$98.7M | −C$40.3M | −C$22.5M | −C$20.2M | C$15.0M | −C$31.7M | C$32.4M | C$24.8M | −C$66.2M | −C$55.6M | C$17.7M | C$48.9M |
| Free cash flow margin | −79.6% | −40.5% | −26.9% | −24.6% | 16.4% | −24.3% | 24.7% | 17.3% | −48.7% | −46.2% | 15.2% | 36.9% |
| Capex / revenue | 110.4% | 80.6% | 77.8% | 79.9% | 44.0% | 98.6% | 63.0% | 59.8% | 106.1% | 95.0% | 85.6% | 35.0% |
| Operating cash flow / net income | 0.91 | — | — | 2.70 | 3.61 | 6.28 | — | 3.32 | 2.10 | 4.93 | 3.43 | 3.84 |
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.
OBE cash generation
In fiscal 2025 (ended December 31, 2025), Obsidian Energy generated C$239.8 million of cash from operations (down 33.7%) and spent C$299.2 million on capital expenditures, leaving free cash flow of -C$59.4 million, −15.1% of revenue. It returned C$54.9 million to shareholders through dividends (C$0) and net share buybacks (C$54.9 million). Cash and equivalents rose by C$0.1 million over the year.
Related: OBE income statement, OBE balance sheet. See the OBE stock overview for the latest quote and news.
OBE cash flow FAQ
What is Obsidian Energy's free cash flow?
Obsidian Energy's free cash flow was -C$59.4 million in fiscal 2025: C$239.8 million of operating cash flow minus C$299.2 million of capital expenditures It was -C$64.6 million a year earlier..
How much cash does Obsidian Energy generate from operations?
Obsidian Energy generated C$239.8 million of cash from operating activities in fiscal 2025, 6.81 times its net income of C$35.2 million.
How much does Obsidian Energy spend on capital expenditures?
Obsidian Energy spent C$299.2 million on capital expenditures in fiscal 2025, 76.0% of revenue, compared with C$426.5 million the year before.
How much stock does Obsidian Energy buy back?
Obsidian Energy spent C$54.9 million on net share repurchases in fiscal 2025.