Mammoth Energy Services, Inc. (TUSK) Cash Flow Statement
Where TUSK’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$18.6M −110.3% vs 2024
- Capital expenditures
- $70.6M 159.3% of revenue
- Free cash flow
- −$89.1M −201.2% margin
- Returned to shareholders
- —
- Change in cash
- $31.8M cash at year-end $114.1M
Cash from operations
−$18.6M
Capital expenditures
−$70.6M
Investments (net)
−$19.5M
Acquisitions & other
+$144.6M
Net borrowing (repayment)
−$433,000
Other financing
−$3.9M
Currency & other
+$109,000
Change in cash
$31.8M
Drawn to scale: where the cash came from and how it was used. Hover for values.
TUSK operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
TUSK cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $28.1M2016 | −$18.6M2025 | — | |
| Capital expenditures | $11.3M2016 | $70.6M2025 | +22.5%/yr | |
| Free cash flow | $16.8M2016 | −$89.1M2025 | — | |
| Free cash flow margin | 7.3%2016 | −201.2%2025 | −208.5 pts | |
| Operating cash flow / net income | 0.982017 | 1.642018 | +0.66 | |
| Stock-based compensation | $501,1472016 | $412,0002025 | −2.2%/yr | |
| Dividends paid | $5.0M2016 | $02021 | −100.0% | |
| Share buybacks (net) | $5.0M2016 | $02017 | −100.0% | |
| Capex / revenue | 4.9%2016 | 159.3%2025 | +154.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TUSK cash flow by activity
OperatingInvestingFinancingChange in cash
TUSK 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).
TUSK cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$63.8M | −$207.3M | −$3.2M | −$619,000 | −$101.4M | −$107.6M | −$79.0M | $236.0M | $59.0M | −$88.4M |
| Depreciation & amortization | $10.3M | $25.1M | $45.1M | $64.3M | $77.1M | $95.3M | $117.0M | $119.9M | $92.1M | $72.3M |
| Stock-based compensation | $412,000 | $875,000 | $1.3M | $923,000 | $1.2M | $2.0M | $4.2M | $22.9M | $3.7M | $501,147 |
| Change in working capital | $3.1M | $187.2M | −$3.6M | −$56.5M | −$4.4M | −$60.0M | −$139.7M | −$42.1M | −$91.5M | −$7.3M |
| Other non-cash items | $31.4M | $174.9M | −$8.3M | $7.2M | $8.7M | $77.3M | $2.2M | $50.0M | −$5.7M | $51.0M |
| Cash from operating activities | −$18.6M | $180.7M | $31.4M | $15.3M | −$18.9M | $7.0M | −$95.3M | $386.7M | $57.6M | $28.1M |
| Investing activities | ||||||||||
| Capital expenditures | −$70.6M | −$17.1M | −$19.4M | −$12.7M | −$5.8M | −$6.8M | −$35.8M | −$191.9M | −$133.9M | −$11.3M |
| Investments (net) | −$19.5M | −$10.4M | −$9.4M | −$2.1M | $5.5M | −$2.2M | −$680,000 | −$702,000 | −$172.3M | −$7.3M |
| Acquisitions & other investing | $144.6M | $17.1M | $20.0M | $12.7M | $5.8M | $6.8M | $3.2M | −$19.3M | $133.9M | $11.3M |
| Cash from investing activities | $54.5M | −$10.4M | −$8.8M | −$2.1M | $5.5M | −$2.3M | −$33.2M | −$212.0M | −$172.3M | −$7.3M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | $0 | $0 | −$11.2M | −$11.2M | −$11.2M | −$5.0M |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | $0 | −$5.0M |
| Net borrowing (repayment) | −$433,000 | −$65.2M | −$56.8M | −$1.5M | $8.4M | −$466,000 | $77.9M | −$101.4M | $91.0M | −$95.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$3.9M | −$46.9M | $41.2M | −$4.1M | $0 | $4.7M | $0 | $0 | $11.2M | $109.7M |
| Cash from financing activities | −$4.3M | −$112.1M | −$15.6M | −$5.6M | $8.4M | $4.3M | $66.7M | −$112.6M | $91.0M | $4.7M |
| Summary | ||||||||||
| Net change in cash | $31.8M | $58.0M | $7.0M | $7.4M | −$4.9M | $8.9M | −$61.8M | $62.0M | −$23.6M | $25.6M |
| Cash at end of period | $114.1M | $82.3M | $24.3M | $17.3M | $9.9M | $14.8M | $5.9M | $67.6M | $5.6M | $28.7M |
| Free cash flow | −$89.1M | $163.7M | $12.0M | $2.5M | −$24.7M | $130,000 | −$131.1M | $194.7M | −$76.2M | $16.8M |
| Free cash flow margin | −201.2% | 87.1% | 3.9% | 0.7% | −10.8% | 0.0% | −21.0% | 11.5% | −11.0% | 7.3% |
| Capex / revenue | 159.3% | 9.1% | 6.3% | 3.5% | 2.6% | 2.2% | 5.7% | 11.4% | 19.4% | 4.9% |
| Operating cash flow / net income | — | — | — | — | — | — | — | 1.64 | 0.98 | — |
| 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 | −$760,000 | $5.2M | $2.0M | −$12.6M | −$36.7M | −$537,000 | −$15.5M | −$8.9M | −$156.0M | −$11.8M | −$6.0M | −$1.1M |
| Depreciation & amortization | $4.6M | $3.5M | $2.6M | $2.8M | $2.8M | $6.0M | $5.6M | $3.2M | $2.9M | $7.0M | $8.3M | $11.2M |
| Stock-based compensation | $0 | $0 | $0 | $201,000 | $201,000 | $211,000 | $218,000 | $266,000 | $219,000 | $219,000 | $218,000 | $219,000 |
| Change in working capital | −$9.4M | −$3.4M | $2.2M | $1.0M | −$1.2M | $977,000 | $149.7M | $7.9M | −$31.4M | $51.8M | $8.2M | −$14.5M |
| Other non-cash items | −$1.7M | −$8.3M | −$16.4M | $9.3M | $22.4M | −$4.0M | $1.4M | −$3.7M | $177.4M | $195,000 | −$4.2M | −$3.5M |
| Cash from operating activities | −$7.2M | −$3.0M | −$9.5M | $730,000 | −$12.5M | $2.7M | $141.4M | −$1.2M | −$6.8M | $47.3M | $6.4M | −$7.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$44.0M | −$11.7M | −$25.9M | −$17.3M | −$20.1M | −$7.2M | −$6.1M | −$159,000 | −$4.9M | −$4.2M | −$4.1M | −$4.7M |
| Investments (net) | $4.5M | −$5.7M | −$6.9M | −$30.3M | $91.9M | −$3.0M | −$4.5M | −$1.4M | −$3.4M | −$1.1M | −$1.1M | $2.0M |
| Acquisitions & other investing | $4.7M | $11.7M | $28.8M | $17.3M | $20.1M | $7.2M | $6.1M | $159,000 | $4.9M | $4.2M | $4.1M | $4.7M |
| Cash from investing activities | −$34.7M | −$5.8M | −$4.0M | −$30.3M | $91.9M | −$3.0M | −$4.5M | −$1.4M | −$3.4M | −$1.1M | −$1.1M | $2.0M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$130,000 | −$404,000 | — | — | $0 | $0 | — | — | — | — | — | — |
| Net borrowing (repayment) | −$75,000 | −$61,000 | −$49,000 | −$121,000 | $3.5M | −$3.8M | −$60.6M | −$124,000 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $0 | −$16,000 | $0 | −$3.8M | $0 | $0 | −$1.4M | −$1.5M | −$48.5M | $8.4M | $7.3M |
| Cash from financing activities | −$205,000 | −$465,000 | −$65,000 | −$121,000 | −$303,000 | −$3.8M | −$60.6M | −$1.5M | −$1.5M | −$48.5M | $8.4M | $7.3M |
| Summary | ||||||||||||
| Net change in cash | −$42.0M | −$9.3M | −$13.6M | −$29.6M | $79.1M | −$4.1M | $76.2M | −$4.1M | −$11.8M | −$2.3M | $13.8M | $1.7M |
| Cash at end of period | $62.8M | $104.9M | $114.1M | $127.7M | $157.3M | $78.3M | $82.3M | $6.2M | $10.3M | $22.0M | $24.3M | $10.5M |
| Free cash flow | −$51.2M | −$14.7M | −$35.4M | −$16.6M | −$32.6M | −$4.5M | $135.3M | −$1.4M | −$11.7M | $43.2M | $2.3M | −$12.4M |
| Free cash flow margin | −196.3% | −66.9% | — | −111.9% | −198.8% | −7.2% | 254.4% | −8.1% | −73.3% | 100.0% | 4.4% | −19.1% |
| Capex / revenue | 168.7% | 53.1% | — | 116.9% | 122.5% | 11.6% | 11.5% | 0.9% | 30.7% | 9.6% | 7.8% | 7.3% |
| Operating cash flow / net income | — | −0.58 | −4.68 | — | — | — | — | — | — | — | — | — |
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.
TUSK cash generation
In fiscal 2025 (ended December 31, 2025), Mammoth Energy Services generated -$18.6 million of cash from operations (down 110.3%) and spent $70.6 million on capital expenditures, leaving free cash flow of -$89.1 million, −201.2% of revenue. Cash and equivalents rose by $31.8 million over the year.
Related: TUSK income statement, TUSK balance sheet. See the TUSK stock overview for the latest quote and news.
TUSK cash flow FAQ
What is Mammoth Energy Services's free cash flow?
Mammoth Energy Services's free cash flow was -$89.1 million in fiscal 2025: -$18.6 million of operating cash flow minus $70.6 million of capital expenditures It was $163.7 million a year earlier..
How much cash does Mammoth Energy Services generate from operations?
Mammoth Energy Services generated -$18.6 million of cash from operating activities in fiscal 2025.
How much does Mammoth Energy Services spend on capital expenditures?
Mammoth Energy Services spent $70.6 million on capital expenditures in fiscal 2025, 159.3% of revenue, compared with $17.1 million the year before.