Occidental Petroleum Corporation (OXY) Cash Flow Statement
Where OXY’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $10.53B −7.9% vs 2024
- Capital expenditures
- $6.43B 29.8% of revenue
- Free cash flow
- $4.11B 19.0% margin
- Returned to shareholders
- $1.59B 39% of free cash flow
- Change in cash
- −$111.0M cash at year-end $2.05B
Cash from operations
$10.53B
Capital expenditures
−$6.43B
Acquisitions & other
+$628.0M
Dividends
−$1.59B
Share buybacks (net)
+$966.0M
Net borrowing (repayment)
−$3.75B
Shares issued
+$966.0M
Other financing
−$1.43B
Change in cash
−$111.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
OXY operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
OXY cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $3.38B2016 | $10.53B2025 | +13.4%/yr | |
| Capital expenditures | $2.83B2016 | $6.43B2025 | +9.5%/yr | |
| Free cash flow | $553.0M2016 | $4.11B2025 | +24.9%/yr | |
| Free cash flow margin | 5.5%2016 | 19.0%2025 | +13.5 pts | |
| Operating cash flow / net income | 3.712017 | 4.452025 | +0.74 | |
| Stock-based compensation | $192.0M2016 | $228.0M2024 | +2.2%/yr | |
| Dividends paid | $2.31B2016 | $1.59B2025 | −4.0%/yr | |
| Share buybacks (net) | $22.0M2016 | $02025 | −100.0% | |
| Capex / revenue | 28.0%2016 | 29.8%2025 | +1.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
OXY cash flow by activity
OperatingInvestingFinancingChange in cash
OXY 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).
OXY cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $2.37B | $3.10B | $4.70B | $13.30B | $2.32B | −$14.83B | −$522.0M | $4.13B | $1.31B | −$574.0M |
| Depreciation & amortization | $7.53B | $6.95B | $6.87B | $6.93B | $8.45B | $8.10B | $5.98B | $3.98B | $4.05B | $4.30B |
| Stock-based compensation | — | $228.0M | $217.0M | $258.0M | −$8.45B | −$8.10B | −$5.98B | $180.0M | $150.0M | $192.0M |
| Change in working capital | −$1.07B | $22.0M | $660.0M | −$1.32B | −$1.43B | −$1.28B | $1.07B | −$521.0M | −$493.0M | −$383.0M |
| Other non-cash items | $1.70B | $1.14B | −$130.0M | −$2.35B | $9.36B | $19.95B | $6.65B | −$98.0M | −$160.0M | −$152.0M |
| Cash from operating activities | $10.53B | $11.44B | $12.31B | $16.81B | $10.25B | $3.84B | $7.20B | $7.67B | $4.86B | $3.38B |
| Investing activities | ||||||||||
| Capital expenditures | −$6.43B | −$7.02B | −$6.25B | −$4.35B | −$2.77B | −$3.05B | −$6.64B | −$4.97B | −$3.60B | −$2.83B |
| Investments (net) | — | −$14.59B | −$6.98B | −$4.87B | $406.0M | −$778.0M | −$29.03B | −$3.21B | −$3.21B | −$2.04B |
| Acquisitions & other investing | $628.0M | $7.02B | $6.25B | $4.35B | $1.11B | $3.01B | $6.64B | $4.97B | $3.73B | $132.0M |
| Cash from investing activities | −$5.80B | −$14.59B | −$6.98B | −$4.87B | −$1.25B | −$819.0M | −$29.03B | −$3.21B | −$3.08B | −$4.74B |
| Financing activities | ||||||||||
| Dividends paid | −$1.59B | −$1.45B | −$1.36B | −$1.18B | −$839.0M | −$1.84B | −$2.62B | −$2.37B | −$2.35B | −$2.31B |
| Share repurchases & issuance (net) | $966.0M | −$27.0M | −$3.46B | −$3.10B | −$8.0M | −$12.0M | −$237.0M | −$1.25B | −$25.0M | −$22.0M |
| Net borrowing (repayment) | −$3.75B | $5.10B | −$68.0M | −$9.48B | −$6.83B | −$1.98B | $13.60B | $478.0M | $478.0M | $1.49B |
| Shares issued | $966.0M | $584.0M | $135.0M | $293.0M | $31.0M | $134.0M | $10.03B | $33.0M | $0 | $0 |
| Other financing | −$1.43B | −$365.0M | −$133.0M | −$241.0M | −$914.0M | −$805.0M | $1.43B | $9.0M | −$450.0M | $36.0M |
| Cash from financing activities | −$4.84B | $3.84B | −$4.89B | −$13.71B | −$8.56B | −$4.51B | $22.20B | −$3.10B | −$2.34B | −$802.0M |
| Summary | ||||||||||
| Net change in cash | −$111.0M | $693.0M | $438.0M | −$1.78B | $609.0M | −$1.38B | $541.0M | $1.36B | −$561.0M | −$2.16B |
| Cash at end of period | $2.05B | $2.16B | $1.46B | $1.03B | $2.80B | $2.19B | $3.57B | $3.03B | $1.67B | $2.23B |
| Free cash flow | $4.11B | $4.42B | $6.06B | $12.46B | $7.48B | $788.0M | $566.0M | $2.69B | $1.26B | $553.0M |
| Free cash flow margin | 19.0% | 20.1% | 21.4% | 34.4% | 28.8% | 4.6% | 2.9% | 17.3% | 10.1% | 5.5% |
| Capex / revenue | 29.8% | 31.9% | 22.0% | 12.0% | 10.7% | 17.8% | 34.5% | 32.0% | 28.9% | 28.0% |
| Operating cash flow / net income | 4.45 | 3.69 | 2.62 | 1.26 | 4.42 | — | — | 1.86 | 3.71 | — |
| 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 | $3.00B | $3.36B | $221.0M | $661.0M | $468.0M | $945.0M | −$125.0M | $1.14B | $1.16B | $888.0M | $1.20B | $1.38B |
| Depreciation & amortization | $1.85B | $1.79B | $1.97B | $2.06B | $3.85B | $1.92B | $7.37B | $1.93B | $1.77B | $1.69B | $1.72B | $5.14B |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | $217.0M | −$1.71B |
| Change in working capital | $476.0M | −$1.86B | −$123.0M | −$164.0M | $317.0M | −$852.0M | $479.0M | $632.0M | −$650.0M | −$439.0M | $734.0M | −$210.0M |
| Other non-cash items | −$1.05B | −$2.01B | $567.0M | $232.0M | −$1.68B | $138.0M | −$4.37B | −$16.0M | $114.0M | −$135.0M | −$633.0M | −$1.47B |
| Cash from operating activities | $4.27B | $1.28B | $2.63B | $2.79B | $2.96B | $2.15B | $3.36B | $3.68B | $2.39B | $2.01B | $3.24B | $3.13B |
| Investing activities | ||||||||||||
| Capital expenditures | −$1.56B | −$1.58B | −$753.0M | −$1.77B | −$2.00B | −$1.68B | −$1.78B | −$1.66B | −$1.77B | −$1.73B | −$1.52B | −$1.62B |
| Investments (net) | — | — | — | −$1.26B | −$2.00B | −$731.0M | −$1.79B | −$9.12B | −$1.87B | −$1.81B | −$1.97B | −$1.47B |
| Acquisitions & other investing | −$218.0M | $9.43B | −$1.06B | $1.77B | $2.00B | $1.68B | $1.78B | $1.66B | $1.77B | $1.73B | $1.52B | −$1.91B |
| Cash from investing activities | −$1.78B | $7.85B | −$1.81B | −$1.26B | −$2.00B | −$731.0M | −$1.79B | −$9.12B | −$1.87B | −$1.81B | −$1.97B | −$5.01B |
| Financing activities | ||||||||||||
| Dividends paid | −$430.0M | −$409.0M | −$408.0M | −$408.0M | −$398.0M | −$380.0M | −$377.0M | −$371.0M | −$366.0M | −$332.0M | −$330.0M | −$347.0M |
| Share repurchases & issuance (net) | −$61.0M | −$56.0M | $966.0M | $948.0M | $931.0M | $25.0M | −$18.0M | $562.0M | −$9.0M | $0 | −$187.0M | −$1.11B |
| Net borrowing (repayment) | −$1.79B | −$6.90B | −$170.0M | −$1.30B | −$1.76B | −$518.0M | −$507.0M | $5.61B | — | — | — | — |
| Shares issued | $200.0M | $95.0M | $18.0M | $17.0M | $906.0M | $25.0M | $13.0M | $67.0M | $416.0M | $88.0M | $43.0M | $55.0M |
| Other financing | −$65.0M | −$55.0M | −$1.38B | −$948.0M | −$920.0M | −$84.0M | −$313.0M | −$528.0M | −$2.0M | −$84.0M | $19.0M | −$134.0M |
| Cash from financing activities | −$2.15B | −$7.33B | −$974.0M | −$1.70B | −$1.24B | −$932.0M | −$1.20B | $5.33B | $39.0M | −$328.0M | −$455.0M | −$1.54B |
| Summary | ||||||||||||
| Net change in cash | $341.0M | $1.80B | −$209.0M | −$164.0M | −$282.0M | $485.0M | $364.0M | −$103.0M | $562.0M | −$131.0M | $815.0M | $116.0M |
| Cash at end of period | $4.19B | $3.85B | $1.97B | $2.20B | $2.36B | $2.64B | $2.16B | $1.79B | $1.90B | $1.33B | $1.46B | $649.0M |
| Free cash flow | $2.71B | −$298.0M | $1.88B | $1.02B | $962.0M | $466.0M | $1.57B | $2.02B | $623.0M | $275.0M | $1.72B | $1.50B |
| Free cash flow margin | 32.5% | −5.7% | 37.5% | 15.4% | 15.2% | 6.8% | 22.7% | 28.5% | 9.1% | 4.4% | 23.4% | 20.7% |
| Capex / revenue | 18.8% | 30.2% | 15.0% | 26.7% | 31.6% | 24.7% | 25.7% | 23.4% | 25.8% | 27.9% | 20.7% | 22.3% |
| Operating cash flow / net income | 1.43 | 0.38 | 11.92 | 4.22 | 6.32 | 2.27 | — | 3.23 | 2.07 | 2.26 | 2.70 | 2.28 |
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.
OXY cash generation
In fiscal 2025 (ended December 31, 2025), Occidental generated $10.5 billion of cash from operations (down 7.9%) and spent $6.4 billion on capital expenditures, leaving free cash flow of $4.1 billion, 19.0% of revenue. It returned $1.6 billion to shareholders through dividends ($1.6 billion) and net share buybacks ($0). Cash and equivalents fell by $111.0 million over the year.
Related: OXY income statement, OXY balance sheet, OXY dividend history. See the OXY stock overview for the latest quote and news.
OXY cash flow FAQ
What is Occidental's free cash flow?
Occidental's free cash flow was $4.1 billion in fiscal 2025: $10.5 billion of operating cash flow minus $6.4 billion of capital expenditures It was $4.4 billion a year earlier..
How much cash does Occidental generate from operations?
Occidental generated $10.5 billion of cash from operating activities in fiscal 2025, 4.45 times its net income of $2.4 billion.
How much does Occidental spend on capital expenditures?
Occidental spent $6.4 billion on capital expenditures in fiscal 2025, 29.8% of revenue, compared with $7.0 billion the year before.
How much does Occidental pay in dividends?
Occidental paid $1.6 billion in dividends in fiscal 2025, 38.8% of free cash flow.