Amplify Energy Corp. (AMPY) Cash Flow Statement

The 2025Q4 net income of $64.4M alongside negative operating cash flow of -$13.4M suggests the reported profit was driven by non-cash or non-operating items rather than cash generation. Quarters where operating cash flow runs far above net income, such as 2025Q2, appear to reflect timing effects instead of durable earnings power. Investors should monitor whether accrual-driven gains reverse in future periods.

Operating cash flow has been volatile, peaking near $25.5M in 2025Q1 before turning negative in 2025Q4 and only modestly positive again in 2026Q2. Capital spending has consistently absorbed most or all operating cash, leaving little residual cash for the business. This pattern points to a structural reliance on external funding or balance sheet reserves rather than self-funded growth.

Capex of -$23.2M in 2026Q2 and -$19.1M in 2026Q1 exceeded operating cash flow in both quarters, indicating reinvestment is outpacing internally generated cash. Depreciation and amortization of roughly $5 to $10M per quarter is well below recent capex levels, which suggests spending is weighted toward expansion or asset replacement beyond maintenance. Whether this investment translates into future cash returns remains to be demonstrated in reported results.

The cumulative free cash flow deficit over the period suggests that reported earnings have not converted into distributable cash. Net income figures, which include large swings such as the $64.4M in 2025Q4, do not reconcile with the persistent cash shortfall. This divergence warrants further investigation into the composition of reported earnings and the funding sources that have bridged the gap.