Vista Energy, S.A.B. de C.V. (VIST) Cash Flow Statement
Where VIST’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $638.5M −33.4% vs 2024
- Capital expenditures
- $1.46B 59.0% of revenue
- Free cash flow
- −$821.6M −33.2% margin
- Returned to shareholders
- $50.2M
- Change in cash
- −$229.4M cash at year-end $526.2M
Drawn to scale: where the cash came from and how it was used. Hover for values.
VIST operating cash flow, capex and free cash flow
VIST cash flow trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $45.9M2017 | $638.5M2025 | +39.0%/yr | |
| Capital expenditures | $31.7M2017 | $1.46B2025 | +61.4%/yr | |
| Free cash flow | $14.2M2017 | −$821.6M2025 | — | |
| Free cash flow margin | 7.2%2017 | −33.2%2025 | −40.4 pts | |
| Operating cash flow / net income | 3.302017 | 0.892025 | −2.41 | |
| Stock-based compensation | −$22.7M2017 | $56.0M2025 | — | |
| Dividends paid | $6.7M2017 | $02025 | −100.0% | |
| Share buybacks (net) | $02017 | $50.2M2025 | — | |
| Capex / revenue | 16.0%2017 | 59.0%2025 | +43.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VIST cash flow by activity
VIST 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).
VIST cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||
| Net income | $721.4M | $477.5M | $397.0M | $269.5M | $50.6M | −$102.7M | −$32.7M | −$29.9M | $13.9M |
| Depreciation & amortization | $738.9M | $437.7M | $276.4M | $234.9M | $191.3M | $147.7M | $153.0M | $74.8M | $63.3M |
| Stock-based compensation | $56.0M | $34.9M | $23.1M | $16.6M | $10.6M | $10.5M | $10.7M | $4.0M | −$22.7M |
| Change in working capital | −$399.2M | −$140.4M | −$89.3M | −$13.0M | $19.3M | −$2.9M | −$19.1M | $5.7M | −$15.6M |
| Other non-cash items | −$478.6M | $149.2M | $104.8M | $181.8M | $129.5M | $41.2M | $22.4M | $68.2M | $7.0M |
| Cash from operating activities | $638.5M | $959.0M | $712.0M | $689.8M | $401.4M | $93.8M | $134.3M | $122.8M | $45.9M |
| Investing activities | |||||||||
| Capital expenditures | −$1.46B | −$1.06B | −$695.7M | −$485.4M | −$322.9M | −$156.9M | −$244.5M | −$149.3M | −$31.7M |
| Investments (net) | — | −$1.05B | −$617.4M | −$582.7M | −$3.0M | −$156.1M | −$235.0M | $16.7M | −$16.8M |
| Acquisitions & other investing | −$907.2M | $1.06B | $613.8M | $485.4M | $30.4M | $156.9M | $244.5M | −$705.6M | $1.9M |
| Cash from investing activities | −$2.37B | −$1.05B | −$699.3M | −$582.7M | −$295.5M | −$156.1M | −$235.0M | −$838.2M | −$46.6M |
| Financing activities | |||||||||
| Dividends paid | $0 | $0 | $0 | $0 | $0 | $0 | −$90.2M | −$555.0M | −$6.7M |
| Share repurchases & issuance (net) | −$50.2M | −$99.8M | −$5.5M | −$29.3M | $0 | $0 | −$90.2M | −$204.6M | $0 |
| Net borrowing (repayment) | $1.57B | $793.9M | $69.9M | −$77.8M | $64.5M | $76.9M | $153.9M | $300.0M | $300.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $146.1M | $95.0M | $0 |
| Other financing | −$20.9M | −$52.8M | −$44.8M | −$36.1M | −$58.0M | −$46.0M | $146.8M | $506.1M | −$300.0M |
| Cash from financing activities | $1.50B | $641.2M | $19.6M | −$143.2M | $6.5M | $30.9M | $266.3M | $141.6M | −$6.7M |
| Summary | |||||||||
| Net change in cash | −$229.4M | $546.1M | −$32.4M | −$69.3M | $109.9M | −$32.9M | $168.2M | −$589.2M | −$5.2M |
| Cash at end of period | $526.2M | $755.6M | $209.5M | $242.0M | $311.2M | $201.3M | $234.2M | $66.0M | $2.4M |
| Free cash flow | −$821.6M | −$104.8M | $16.3M | $204.4M | $78.5M | −$63.1M | −$110.3M | −$26.5M | $14.2M |
| Free cash flow margin | −33.2% | −6.4% | 1.4% | 17.9% | 12.0% | −23.0% | −26.5% | −8.0% | 7.2% |
| Capex / revenue | 59.0% | 64.6% | 59.5% | 42.4% | 49.5% | 57.3% | 58.8% | 45.1% | 16.0% |
| Operating cash flow / net income | 0.89 | 2.01 | 1.79 | 2.56 | 7.92 | — | — | — | 3.30 |
| 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 | $333.0M | $107.7M | $88.0M | $315.3M | $235.3M | $82.8M | $93.8M | $165.5M | $139.6M | $78.7M | $78.7M | $83.1M |
| Depreciation & amortization | $273.2M | $229.7M | $230.1M | $210.9M | $176.9M | $126.0M | $140.1M | $115.2M | $101.0M | $82.4M | $82.8M | $70.6M |
| Stock-based compensation | $19.1M | $18.8M | −$37.9M | $18.4M | $9.3M | $10.2M | $6.3M | $12.2M | $9.8M | $6.6M | $6.6M | $4.0M |
| Change in working capital | $205.2M | −$323.0M | $4.1M | −$3.1M | −$184.8M | −$215.5M | $17.3M | −$61.3M | −$9.8M | −$165.3M | −$165.4M | −$72.0M |
| Other non-cash items | $156.7M | $52.5M | −$6.7M | −$237.6M | −$246.1M | $62.9M | $112.0M | $23.3M | $40.8M | $50.9M | $45.4M | $31.6M |
| Cash from operating activities | $987.2M | $85.7M | $277.6M | $303.9M | −$9.4M | $66.4M | $369.5M | $254.9M | $281.4M | $53.2M | $48.0M | $117.3M |
| Investing activities | ||||||||||||
| Capital expenditures | −$502.4M | −$338.2M | −$340.1M | −$335.5M | −$496.5M | −$288.0M | −$306.5M | −$328.9M | −$273.9M | −$148.4M | −$148.4M | −$163.9M |
| Investments (net) | — | — | — | −$332.7M | −$1.35B | −$309.9M | −$312.4M | −$329.3M | −$273.2M | −$137.1M | −$240.2M | −$160.8M |
| Acquisitions & other investing | −$385.5M | −$88.8M | −$37.8M | $335.5M | $496.5M | $288.0M | — | $328.9M | $273.9M | $148.4M | — | $163.9M |
| Cash from investing activities | −$887.9M | −$427.1M | −$377.8M | −$332.7M | −$1.35B | −$309.9M | — | −$329.3M | −$273.2M | −$137.1M | — | −$160.8M |
| Financing activities | ||||||||||||
| Dividends paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Share repurchases & issuance (net) | — | −$160,979 | −$160,979 | −$50.0M | $0 | — | $0 | −$49.9M | −$50.0M | — | $0 | $0 |
| Net borrowing (repayment) | $20.1M | $441.2M | $217.9M | $295.5M | $840.7M | $219.7M | $472.4M | $57.7M | — | — | — | $37.2M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$103.5M | −$32.0M | $99.2M | −$40.5M | −$71.7M | −$7.9M | −$24.7M | −$9.7M | $212.5M | $32.9M | $38.6M | −$9.8M |
| Cash from financing activities | −$83.4M | $409.1M | $316.9M | $205.0M | $769.0M | $211.8M | $447.7M | −$1.9M | $162.5M | $32.9M | $38.6M | $27.4M |
| Summary | ||||||||||||
| Net change in cash | $10.7M | $60.1M | $211.5M | $167.7M | −$586.4M | −$22.2M | $506.5M | −$72.5M | $176.8M | −$64.8M | −$64.8M | −$48.8M |
| Cash at end of period | $597.0M | $586.3M | $526.2M | $314.7M | $147.0M | $733.4M | $755.6M | $249.1M | $321.6M | $144.8M | $144.8M | $170.8M |
| Free cash flow | $484.8M | −$252.6M | −$62.5M | −$31.6M | −$505.9M | −$221.6M | $63.0M | −$74.0M | $7.5M | −$95.2M | −$100.4M | −$46.7M |
| Free cash flow margin | 39.3% | −29.2% | −8.6% | −4.5% | −82.9% | −50.5% | 13.4% | −16.0% | 1.9% | −30.0% | −31.6% | −15.4% |
| Capex / revenue | 40.7% | 39.1% | 46.8% | 47.5% | 81.3% | 65.7% | 65.0% | 71.1% | 69.0% | 46.8% | 46.8% | 54.1% |
| Operating cash flow / net income | 2.96 | 0.80 | 3.15 | 0.96 | −0.04 | 0.80 | 3.94 | 1.54 | 2.02 | 0.68 | 0.61 | 1.41 |
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.
VIST cash generation
In fiscal 2025 (ended December 31, 2025), Vista Energy, S.A.B. de C.V. generated $638.5 million of cash from operations (down 33.4%) and spent $1.5 billion on capital expenditures, leaving free cash flow of -$821.6 million, −33.2% of revenue. It returned $50.2 million to shareholders through dividends ($0) and net share buybacks ($50.2 million). Cash and equivalents fell by $229.4 million over the year.
Related: VIST income statement, VIST balance sheet. See the VIST stock overview for the latest quote and news.
VIST cash flow FAQ
What is Vista Energy, S.A.B. de C.V.'s free cash flow?
Vista Energy, S.A.B. de C.V.'s free cash flow was -$821.6 million in fiscal 2025: $638.5 million of operating cash flow minus $1.5 billion of capital expenditures It was -$104.8 million a year earlier..
How much cash does Vista Energy, S.A.B. de C.V. generate from operations?
Vista Energy, S.A.B. de C.V. generated $638.5 million of cash from operating activities in fiscal 2025, 0.89 times its net income of $721.4 million.
How much does Vista Energy, S.A.B. de C.V. spend on capital expenditures?
Vista Energy, S.A.B. de C.V. spent $1.5 billion on capital expenditures in fiscal 2025, 59.0% of revenue, compared with $1.1 billion the year before.
How much stock does Vista Energy, S.A.B. de C.V. buy back?
Vista Energy, S.A.B. de C.V. spent $50.2 million on net share repurchases in fiscal 2025.