Viper Energy Partners LP (VNOM) Cash Flow Statement
Where VNOM’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.05B +69.9% vs 2024
- Capital expenditures
- $2.42B 180.1% of revenue
- Free cash flow
- −$1.37B −101.9% margin
- Returned to shareholders
- $522.0M
- Change in cash
- −$13.9M cash at year-end $13.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
VNOM operating cash flow, capex and free cash flow
VNOM cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $68.6M2016 | $1.05B2025 | +35.4%/yr | |
| Capital expenditures | $205.7M2016 | $2.42B2025 | +31.5%/yr | |
| Free cash flow | −$137.1M2016 | −$1.37B2025 | — | |
| Free cash flow margin | −173.2%2016 | −101.9%2025 | +71.4 pts | |
| Operating cash flow / net income | 1.252017 | 1.032024 | −0.22 | |
| Stock-based compensation | $3.8M2016 | −$146.1M2023 | — | |
| Dividends paid | $64.8M2016 | $328.0M2025 | +19.7%/yr | |
| Share buybacks (net) | $02016 | $194.0M2025 | — | |
| Capex / revenue | 259.9%2016 | 180.1%2025 | −79.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VNOM cash flow by activity
VNOM 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).
VNOM cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$206.0M | $603.6M | $501.3M | $655.0M | $256.7M | −$193.4M | $221.2M | $262.9M | $111.5M | −$10.9M |
| Depreciation & amortization | $607.0M | $214.0M | $146.1M | $121.1M | $103.0M | $100.5M | $73.3M | $58.8M | $40.5M | $29.8M |
| Stock-based compensation | — | — | −$146.1M | −$121.1M | $1.2M | $1.4M | $1.8M | $2.8M | $2.4M | $3.8M |
| Change in working capital | −$64.0M | −$41.2M | −$18.2M | −$18.5M | −$34.1M | $39.1M | −$19.1M | −$8.7M | −$15.8M | −$2.0M |
| Other non-cash items | $716.0M | −$156.8M | $155.0M | $63.3M | −$19.6M | $249.0M | −$40.6M | −$71.2M | $589,000 | $47.9M |
| Cash from operating activities | $1.05B | $619.6M | $638.2M | $699.8M | $307.1M | $196.6M | $236.7M | $244.5M | $139.2M | $68.6M |
| Investing activities | ||||||||||
| Capital expenditures | −$2.42B | −$696.2M | −$908.4M | −$62.9M | −$281.2M | −$65.7M | −$530.6M | −$614.8M | −$344.1M | −$205.7M |
| Investments (net) | — | −$608.6M | −$148.8M | $47.6M | −$281.2M | −$65.7M | −$530.6M | −$610.1M | −$344.1M | −$205.7M |
| Acquisitions & other investing | $0 | $696.2M | $148.8M | $62.9M | $281.2M | $115.1M | $530.6M | $610.7M | $344.1M | $205.7M |
| Cash from investing activities | −$2.42B | −$608.6M | −$908.4M | $47.6M | −$281.2M | −$16.3M | −$530.6M | −$614.3M | −$344.1M | −$205.7M |
| Financing activities | ||||||||||
| Dividends paid | −$328.0M | −$473.7M | −$324.8M | −$416.9M | −$176.6M | −$108.0M | −$240.4M | −$253.5M | −$130.9M | −$64.8M |
| Share repurchases & issuance (net) | −$194.0M | $0 | −$95.2M | −$150.6M | −$46.0M | −$24.0M | −$353,000 | $691.6M | $278.5M | $164.0M |
| Net borrowing (repayment) | $1.09B | −$2.0M | $511.0M | −$201.0M | $220.0M | −$32.3M | $174.6M | $316.5M | −$29.3M | $85.6M |
| Shares issued | $1.23B | $475.9M | $200.0M | $0 | $0 | $0 | $340.9M | $305.8M | $0 | $0 |
| Other financing | −$440.0M | −$10.3M | −$13.2M | −$142,000 | −$3.0M | −$464,000 | $29,000 | −$692.2M | $101.5M | −$39.0M |
| Cash from financing activities | $1.36B | −$10.1M | $277.9M | −$768.6M | −$5.6M | −$164.8M | $274.8M | $368.2M | $219.8M | $145.8M |
| Summary | ||||||||||
| Net change in cash | −$13.9M | $982,000 | $7.7M | −$21.3M | $20.3M | $15.5M | −$19.1M | −$1.5M | $15.0M | $8.7M |
| Cash at end of period | $13.0M | $26.9M | $25.9M | $18.2M | $39.4M | $19.1M | $3.6M | $22.7M | $24.2M | $9.2M |
| Free cash flow | −$1.37B | −$76.6M | −$270.2M | $636.9M | $25.9M | $130.9M | −$293.9M | −$370.3M | −$204.9M | −$137.1M |
| Free cash flow margin | −101.9% | −8.9% | −32.7% | 73.6% | 5.1% | 52.4% | −98.6% | −128.3% | −119.1% | −173.2% |
| Capex / revenue | 180.1% | 81.0% | 109.9% | 7.3% | 55.8% | 26.3% | 178.1% | 213.0% | 200.0% | 259.9% |
| Operating cash flow / net income | — | 1.03 | 1.27 | 1.07 | 1.20 | — | 1.07 | 0.93 | 1.25 | — |
| 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 | $331.0M | $215.0M | −$246.0M | −$77.0M | −$197.0M | $153.0M | $210.1M | $109.0M | $123.0M | $99.0M | $125.9M | $207.2M |
| Depreciation & amortization | $195.0M | $206.0M | $234.0M | — | $182.0M | $67.0M | $64.6M | $55.0M | $48.0M | $47.0M | $44.8M | $36.3M |
| Stock-based compensation | — | — | — | — | — | — | — | −$485,000 | — | $485,000 | −$44.8M | −$36.3M |
| Change in working capital | −$67.0M | −$84.0M | $57.0M | −$59.0M | −$59.0M | $4.0M | −$25.6M | $43.5M | −$23.0M | −$36.0M | −$10.2M | −$4.1M |
| Other non-cash items | $28.0M | −$9.0M | $354.0M | $417.0M | $355.0M | −$23.0M | −$91.2M | −$4.0M | −$4.0M | $4.5M | $30.1M | $36.6M |
| Cash from operating activities | $487.0M | $328.0M | $399.0M | $281.0M | $281.0M | $201.0M | $157.9M | $203.0M | $144.0M | $115.0M | $145.8M | $239.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$103.0M | −$30.0M | −$67.0M | −$1.10B | −$1.10B | −$486.0M | −$425.2M | −$241.9M | −$8.0M | −$21.0M | −$731.6M | −$52.3M |
| Investments (net) | — | — | — | −$1.10B | −$774.0M | −$486.0M | −$425.2M | −$244.8M | $81.8M | −$20.3M | −$731.6M | −$52.3M |
| Acquisitions & other investing | $0 | $611.0M | $0 | — | $774.0M | $486.0M | $425.2M | $241.9M | $7.2M | $21.3M | $731.6M | $52.3M |
| Cash from investing activities | −$103.0M | $581.0M | −$67.0M | — | −$1.10B | −$486.0M | −$425.2M | −$244.8M | $81.0M | −$20.0M | −$731.6M | −$52.3M |
| Financing activities | ||||||||||||
| Dividends paid | −$255.0M | −$193.0M | −$99.0M | −$159.0M | −$69.0M | −$85.0M | −$317.1M | −$58.6M | −$54.0M | −$111.0M | −$112.6M | −$65.5M |
| Share repurchases & issuance (net) | −$132.0M | −$96.0M | −$94.0M | −$90.0M | −$90.0M | $0 | $0 | $0 | $0 | $0 | −$28.0M | −$9.7M |
| Net borrowing (repayment) | $75.0M | −$585.0M | −$435.0M | $1.51B | $275.0M | −$261.0M | $261.0M | −$177.0M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $1.23B | $2,000 | $475.9M | $0 | $0 | $0 | $0 |
| Other financing | −$23.0M | −$20.0M | −$134.0M | −$28.0M | $1.11B | −$68.0M | $181.6M | −$64.9M | −$156.0M | $10.0M | $605.6M | $21.4M |
| Cash from financing activities | −$335.0M | −$894.0M | −$762.0M | $1.23B | $1.23B | $818.0M | $125.5M | $175.3M | −$210.0M | −$101.0M | $464.9M | −$53.7M |
| Summary | ||||||||||||
| Net change in cash | $49.0M | $15.0M | −$430.0M | $415.0M | $415.0M | $533.0M | −$141.8M | $133.4M | $15.0M | −$6.0M | −$120.9M | $133.7M |
| Cash at end of period | $77.0M | $28.0M | $13.0M | $443.0M | $443.0M | $560.0M | $26.9M | $168.6M | $35.0M | $20.0M | $25.9M | $146.8M |
| Free cash flow | $384.0M | $298.0M | $332.0M | −$816.0M | −$816.0M | −$285.0M | −$267.3M | −$38.9M | $136.0M | $94.0M | −$585.8M | $187.4M |
| Free cash flow margin | 58.4% | 60.1% | 78.7% | −195.2% | −207.6% | −116.3% | −117.0% | −18.6% | 63.0% | 45.9% | −286.4% | 64.0% |
| Capex / revenue | 15.7% | 6.0% | 15.9% | 262.4% | 279.1% | 198.4% | 186.1% | 115.5% | 3.7% | 10.2% | 357.6% | 17.8% |
| Operating cash flow / net income | 1.47 | 1.53 | — | — | — | 1.31 | 0.75 | 1.86 | 1.17 | 1.16 | 1.16 | 1.16 |
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.
VNOM cash generation
In fiscal 2025 (ended December 31, 2025), Viper Energy Partners generated $1.1 billion of cash from operations (up 69.9%) and spent $2.4 billion on capital expenditures, leaving free cash flow of -$1.4 billion, −101.9% of revenue. It returned $522.0 million to shareholders through dividends ($328.0 million) and net share buybacks ($194.0 million). Cash and equivalents fell by $13.9 million over the year.
Related: VNOM income statement, VNOM balance sheet, VNOM dividend history. See the VNOM stock overview for the latest quote and news.
VNOM cash flow FAQ
What is Viper Energy Partners's free cash flow?
Viper Energy Partners's free cash flow was -$1.4 billion in fiscal 2025: $1.1 billion of operating cash flow minus $2.4 billion of capital expenditures It was -$76.6 million a year earlier..
How much cash does Viper Energy Partners generate from operations?
Viper Energy Partners generated $1.1 billion of cash from operating activities in fiscal 2025.
How much does Viper Energy Partners spend on capital expenditures?
Viper Energy Partners spent $2.4 billion on capital expenditures in fiscal 2025, 180.1% of revenue, compared with $696.2 million the year before.
How much stock does Viper Energy Partners buy back?
Viper Energy Partners spent $194.0 million on net share repurchases in fiscal 2025.
How much does Viper Energy Partners pay in dividends?
Viper Energy Partners paid $328.0 million in dividends in fiscal 2025.