Otter Tail Corporation (OTTR) Cash Flow Statement
Where OTTR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $386.0M −14.7% vs 2024
- Capital expenditures
- $288.1M 22.1% of revenue
- Free cash flow
- $97.9M 7.5% margin
- Returned to shareholders
- $91.2M 93% of free cash flow
- Change in cash
- $91.5M cash at year-end $386.2M
Drawn to scale: where the cash came from and how it was used. Hover for values.
OTTR operating cash flow, capex and free cash flow
OTTR cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $163.4M2016 | $386.0M2025 | +10.0%/yr | |
| Capital expenditures | $161.3M2016 | $288.1M2025 | +6.7%/yr | |
| Free cash flow | $2.1M2016 | $97.9M2025 | +53.0%/yr | |
| Free cash flow margin | 0.3%2016 | 7.5%2025 | +7.2 pts | |
| Operating cash flow / net income | 2.632016 | 1.402025 | −1.23 | |
| Stock-based compensation | $3.2M2016 | $9.1M2025 | +12.4%/yr | |
| Dividends paid | $48.2M2016 | $88.1M2025 | +6.9%/yr | |
| Share buybacks (net) | $104,0002016 | $3.1M2025 | +46.0%/yr | |
| Capex / revenue | 20.1%2016 | 22.1%2025 | +2.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
OTTR cash flow by activity
OTTR 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).
OTTR cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $275.9M | $301.7M | $294.2M | $284.2M | $176.8M | $95.9M | $86.8M | $82.3M | $72.1M | $62.0M |
| Depreciation & amortization | $118.1M | $107.1M | $98.0M | $92.6M | $91.4M | $82.0M | $78.1M | $74.7M | $72.5M | $73.4M |
| Stock-based compensation | $9.1M | $9.5M | $7.8M | $6.8M | $6.9M | $6.3M | $6.0M | $4.4M | $3.6M | $3.2M |
| Change in working capital | −$38.9M | $20.1M | −$518,000 | −$7.8M | −$58.1M | $21.2M | $10.9M | −$12.2M | −$13.3M | $13.7M |
| Other non-cash items | $21.8M | $14.3M | $5.1M | $13.5M | $14.3M | $6.5M | $3.2M | −$5.8M | $38.6M | $11.1M |
| Cash from operating activities | $386.0M | $452.7M | $404.5M | $389.3M | $231.2M | $211.9M | $185.0M | $143.4M | $173.6M | $163.4M |
| Investing activities | ||||||||||
| Capital expenditures | −$288.1M | −$358.6M | −$287.1M | −$171.1M | −$171.8M | −$371.6M | −$207.4M | −$105.4M | −$132.9M | −$161.3M |
| Investments (net) | −$9.6M | −$411.4M | −$279.5M | −$175.1M | −$9.4M | −$9.1M | −$10.6M | −$4.4M | −$4.2M | −$4.4M |
| Acquisitions & other investing | $6.9M | $358.6M | $277.4M | $171.1M | $9.7M | $5.0M | $8.5M | $2.4M | $4.5M | $6.3M |
| Cash from investing activities | −$290.7M | −$411.4M | −$289.3M | −$175.1M | −$171.5M | −$375.7M | −$209.5M | −$107.4M | −$132.6M | −$159.3M |
| Financing activities | ||||||||||
| Dividends paid | −$88.1M | −$78.3M | −$73.1M | −$68.8M | −$64.9M | −$60.3M | −$55.7M | −$53.2M | −$50.6M | −$48.2M |
| Share repurchases & issuance (net) | −$3.1M | −$6.5M | −$3.1M | −$2.9M | −$1.5M | −$2.1M | −$2.7M | −$3.0M | −$1.8M | −$104,000 |
| Net borrowing (repayment) | $90.6M | $108.2M | $73.2M | −$23.0M | $10.0M | $149.4M | $86.3M | $5.3M | $20.9M | $3.8M |
| Shares issued | $0 | $0 | $0 | $0 | $696,000 | $52.4M | $20.3M | $0 | $0 | $0 |
| Other financing | −$3.1M | −$549,000 | −$904,000 | −$2.1M | −$3.7M | $4.2M | −$3.4M | −$453,000 | $6.8M | $40.5M |
| Cash from financing activities | −$3.7M | $22.9M | −$3.8M | −$96.8M | −$59.4M | $143.7M | $44.8M | −$51.4M | −$24.8M | −$4.1M |
| Summary | ||||||||||
| Net change in cash | $91.5M | $64.3M | $111.4M | $117.5M | $374,000 | −$20.0M | $20.3M | −$15.4M | −$24.8M | −$4.1M |
| Cash at end of period | $386.2M | $294.7M | $230.4M | $119.0M | $1.5M | $1.2M | $21.2M | $861,000 | $16.2M | $41.0M |
| Free cash flow | $97.9M | $94.1M | $117.4M | $218.2M | $59.4M | −$159.6M | −$22.3M | $38.0M | $40.7M | $2.1M |
| Free cash flow margin | 7.5% | 7.1% | 8.7% | 14.9% | 5.0% | −17.9% | −2.4% | 4.1% | 4.8% | 0.3% |
| Capex / revenue | 22.1% | 27.0% | 21.3% | 11.7% | 14.4% | 41.7% | 22.6% | 11.5% | 15.6% | 20.1% |
| Operating cash flow / net income | 1.40 | 1.50 | 1.37 | 1.37 | 1.31 | 2.21 | 2.13 | 1.74 | 2.41 | 2.63 |
| 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 | −$7.6M | $72.6M | $72.6M | $78.3M | $77.7M | $68.1M | $54.9M | $85.5M | $87.0M | $74.3M | $57.8M | $92.0M |
| Depreciation & amortization | $30.8M | $30.0M | $30.0M | $29.6M | $29.4M | $29.4M | $27.5M | $27.1M | $26.6M | $25.9M | $25.3M | $24.5M |
| Stock-based compensation | $2.1M | $6.4M | $6.4M | $710,000 | $1.6M | $5.8M | $1.4M | $1.3M | $1.3M | $5.5M | $778,000 | $491,000 |
| Change in working capital | $38.4M | −$39.4M | −$39.4M | $17.5M | $10.4M | −$64.4M | $32.7M | −$10.6M | $36.3M | −$38.2M | $3.4M | $14.8M |
| Other non-cash items | $48.3M | $1.0M | $1.0M | $3.5M | $705,000 | $673,000 | $13.4M | −$3.9M | $345,000 | $4.4M | −$1.2M | $2.1M |
| Cash from operating activities | $112.1M | $70.6M | $70.6M | $129.6M | $119.9M | $39.5M | $130.0M | $99.3M | $151.5M | $71.9M | $86.0M | $134.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$139.5M | −$185.3M | −$185.3M | −$89.1M | −$66.2M | −$58.0M | −$98.9M | −$26.6M | −$101.5M | −$74.0M | −$57.3M | −$78.3M |
| Investments (net) | −$2.3M | −$4.7M | −$1.9M | −$89.0M | −$66.1M | −$60.9M | −$99.2M | −$84.1M | −$152.2M | −$75.9M | −$57.3M | −$78.4M |
| Acquisitions & other investing | $2.2M | — | $212,000 | $89.1M | $66.2M | $58.0M | $98.9M | $26.6M | $101.5M | $74.0M | $57.3M | $78.3M |
| Cash from investing activities | −$139.6M | — | −$187.0M | −$89.0M | −$66.1M | −$60.9M | −$99.2M | −$84.1M | −$152.2M | −$75.9M | −$57.3M | −$78.4M |
| Financing activities | ||||||||||||
| Dividends paid | −$24.3M | −$24.3M | −$24.3M | −$22.0M | −$22.0M | −$22.0M | −$19.6M | −$19.6M | −$19.6M | −$19.6M | −$18.3M | −$18.3M |
| Share repurchases & issuance (net) | $4.0M | −$4.0M | −$4.0M | $0 | $3.1M | −$3.1M | $0 | −$704,000 | $1,000 | −$5.8M | $3.1M | $0 |
| Net borrowing (repayment) | $55.9M | $107.7M | $60.2M | $0 | −$8.9M | $39.2M | $2.2M | $54.6M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$4.5M | −$947,000 | $46.5M | −$16,000 | −$3.6M | −$2.5M | $1.2M | −$181,000 | $12.7M | $37.1M | $27.6M | $1.3M |
| Cash from financing activities | $31.0M | $78.6M | $78.6M | −$22.0M | −$31.4M | $11.6M | −$16.1M | $34.1M | −$6.8M | $11.7M | $12.4M | −$17.0M |
| Summary | ||||||||||||
| Net change in cash | $3.5M | −$37.8M | −$37.8M | $18.5M | $22.4M | −$9.8M | $14.6M | $49.3M | −$7.5M | $7.8M | $41.2M | $38.6M |
| Cash at end of period | $351.9M | $348.4M | $348.4M | $325.8M | $307.2M | $284.8M | $294.7M | $280.0M | $230.7M | $238.2M | $230.4M | $189.2M |
| Free cash flow | −$27.4M | −$114.7M | −$114.7M | $40.5M | $53.7M | −$18.5M | $31.1M | $72.8M | $50.1M | −$2.1M | $28.7M | $55.7M |
| Free cash flow margin | −8.2% | −33.0% | −33.0% | 12.4% | 16.1% | −5.5% | 10.2% | 21.5% | 14.6% | −0.6% | 9.1% | 15.5% |
| Capex / revenue | 41.7% | 53.4% | 53.4% | 27.4% | 19.9% | 17.2% | 32.6% | 7.9% | 29.6% | 21.3% | 18.2% | 21.9% |
| Operating cash flow / net income | — | 0.97 | 0.97 | 1.65 | 1.54 | 0.58 | 2.37 | 1.16 | 1.74 | 0.97 | 1.49 | 1.46 |
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.
OTTR cash generation
In fiscal 2025 (ended December 31, 2025), Otter Tail generated $386.0 million of cash from operations (down 14.7%) and spent $288.1 million on capital expenditures, leaving free cash flow of $97.9 million, 7.5% of revenue. It returned $91.2 million to shareholders through dividends ($88.1 million) and net share buybacks ($3.1 million). Cash and equivalents rose by $91.5 million over the year.
Related: OTTR income statement, OTTR balance sheet, OTTR dividend history. See the OTTR stock overview for the latest quote and news.
OTTR cash flow FAQ
What is Otter Tail's free cash flow?
Otter Tail's free cash flow was $97.9 million in fiscal 2025: $386.0 million of operating cash flow minus $288.1 million of capital expenditures It was $94.1 million a year earlier..
How much cash does Otter Tail generate from operations?
Otter Tail generated $386.0 million of cash from operating activities in fiscal 2025, 1.40 times its net income of $275.9 million.
How much does Otter Tail spend on capital expenditures?
Otter Tail spent $288.1 million on capital expenditures in fiscal 2025, 22.1% of revenue, compared with $358.6 million the year before.
How much stock does Otter Tail buy back?
Otter Tail spent $3.1 million on net share repurchases in fiscal 2025.
How much does Otter Tail pay in dividends?
Otter Tail paid $88.1 million in dividends in fiscal 2025, 89.9% of free cash flow.