Free cash flow has improved significantly to a $359.7 million surplus in 2026Q1, marking a successful recovery from the $230.1 million deficit recorded in 2024Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Cash from Operations | 1.23B | 892.75M | 877.6M | 714.45M | 567.91M | 711.56M | 987.76M | 480.52M | 450.87M | 155M | 411.81M | 175.4M | 117.24M | 147.83M | 105.08M | 102.35M | 34.33M | -12.75M | -16.59M | -2.04M |
| Operating CF Margin % | - | 29.16% | 46.14% | 36.94% | 32.78% | 40.38% | 55.21% | 41.58% | 36.8% | 24.27% | 60.27% | 31.68% | 24.09% | 27.16% | 40.56% | 45.42% | 26.92% | -61.76% | - | - |
| Operating CF Growth % | 1724.73% | 1.73% | 22.84% | 25.8% | -20.19% | -27.96% | 105.56% | 6.58% | 190.88% | -62.36% | 134.78% | 49.61% | -20.69% | 40.68% | 2.67% | 198.16% | 369.29% | 23.15% | -713.04% | - |
| Net Income | 541.49M | 408.94M | -626.65M | 41.59M | 242.85M | 416.37M | 661.24M | 293.06M | 45.12M | 61.57M | 38.6M | -115.08M | -666.38M | 67.3M | 51.91M | 56.3M | 29.49M | -27.79M | -29.99M | -4.2M |
| Depreciation & Amortization | 511.33M | 448.55M | 0 | 402.37M | 368.64M | 375.56M | 317.42M | 257.15M | -61.73M | -137K | 172.32M | 233.6M | 571.21M | 85.86M | 40.75M | 27.44M | 14.3M | 2.28M | 88.82K | 46.74K |
| Stock-Based Compensation | 8.02M | 0 | 24.68M | 18.17M | 0 | 0 | 0 | 0 | 21.69M | 18.13M | 13.65M | 15.21M | 16.11M | 18.33M | 16.64M | 6.19M | 1.94M | 3.22M | 0 | 0 |
| Deferred Taxes | -43.95M | -147.08M | 7.39M | -9.14M | -3.76M | -5.22M | 54.85M | 60.45M | 40.04M | -17.99M | 7.63M | -6.84M | -93.05M | -3.1M | 7.51M | 17.92M | 4.45M | -782K | -307.79K | -481.74K |
| Other Non-Cash Items | 28.87M | 227.74M | 1.75B | 388.87M | 71.65M | 29.85M | -130.61M | -82.03M | 395.22M | 139.5M | 53.21M | 40.68M | 298.38M | -14.68M | -2.4M | 1.08M | -14.34M | 19.53M | 13.58M | 3.02M |
| Working Capital Changes | 173.98M | -45.4M | -282.78M | -127.42M | -111.48M | -104.99M | 84.86M | -48.11M | 10.52M | -46.06M | 126.39M | 7.83M | -9.02M | -5.88M | -9.32M | -6.58M | -1.52M | -9.21M | 50.51K | -427.73K |
| Change in Receivables | -65.04M | -15.31M | -74.61M | -105.21M | -492.67K | -47.83M | 3.42M | -19.52M | 3.35M | -6.77M | 3.73M | 3.05M | 10.09M | 1.41M | -5.91M | -1.18M | -680K | -4.33M | 479.59K | -1.18M |
| Change in Inventory | -92.44M | -85.1M | -185.75M | -50.48M | -48.28M | -23.83M | -26.13M | -18.87M | -41.19M | -58.06M | -17.86M | 7.64M | -7.5M | 11.48M | -13.91M | -6.79M | -7.33M | -2.46M | 0 | 0 |
| Change in Payables | 75.85M | 70.25M | -1.18M | -21.38M | 1.14M | 11.97M | 7.41M | 5.43M | 1.36M | 20.39M | 11.93M | 7.17M | -3.56M | -7.81M | 2.95M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -871.69M | -908.37M | -763.3M | -845.34M | -373.38M | -283.76M | -355.81M | -268.9M | -273.47M | -346.84M | -391.85M | -294.92M | -290.14M | -252.58M | -147.84M | -77.69M | -10.26M | -36.24M | -69.16M | -16.88M |
| Capital Expenditures | -609.47M | -877.93M | -874.29M | -20.39M | -328.52M | -299.66M | -371.2M | -267.23M | -271.59M | -340.72M | -387.98M | -291.96M | -244.22M | -323.9M | -63.74M | -94.04M | -14.05M | -55.56M | -26.27M | -7.09M |
| CapEx % of Revenue | 16.6% | 28.68% | 45.97% | 1.05% | 18.96% | 17% | 20.75% | 23.12% | 22.17% | 53.35% | 56.78% | 52.73% | 50.19% | 59.51% | 24.61% | 41.73% | 11.02% | 269.22% | - | - |
| Acquisitions | -4.8M | 0 | 7.14M | 31.41M | -3.2M | 31.41M | 25.82M | 52.73M | -2.5M | -1.5M | -6M | -6.14M | 17.3M | 85.14M | 0 | 17.82M | 0 | -15.26M | -9M | 282K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -246.93M | 1.78M | 51.43M | -823.08M | -30.38M | -1.67M | 1.76M | -54.4M | 626K | -4.63M | 2.14M | 3.18M | -67.01M | 1.17M | -79.03M | -1.47M | 2.29M | 4.14M | -849.7K | -2.37M |
| Cash from Financing | -177.18M | 78.44M | -69.07M | -191.37M | -198.63M | -225.99M | -280.49M | -173.64M | -220.51M | 193.02M | 40.47M | 75.39M | 56.27M | 289.54M | 8.41M | 7.62M | 42.66M | 38.68M | 0 | 117.91M |
| Debt Issued (Net) | 63.38M | 202.73M | 240.21M | 135.85M | -21.32M | -31.88M | -196.91M | -234.73M | -193.88M | 196.78M | -24.1M | 89.15M | 71.07M | 277.15M | -10.04K | -21K | -14.46M | 14.44M | 0 | 980.52K |
| Equity Issued (Net) | 16.93M | 71.38M | 10.07M | 13.09M | 13.71M | 6.38M | 48.59M | 74.63M | 21.64M | 27.46M | 44.47M | 518.53K | 2.82M | 7.46M | 8.62M | 7.94M | 57.12M | 25.26M | 0 | 116.93M |
| Dividends Paid | -103.94M | -105.25M | -184.63M | -190.15M | -163.87M | -166.89M | -121.36M | -10.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -88.34M | -10.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -153.56M | -90.41M | -134.72M | -150.17M | -27.15M | -33.6M | -10.81M | -3.03M | -48.27M | -31.22M | 20.1M | -14.28M | -17.62M | 4.93M | -191.96K | -301K | 0 | -1.02M | 0 | 0 |
| Net Change in Cash | 150.16M | 42.96M | 30.08M | -345.05M | -20.44M | 192.4M | 339.09M | 37.84M | -44.72M | 2.8M | 59.53M | -47.42M | -120.17M | 184.79M | -34.34M | 32.28M | 67.09M | -10.31M | -85.75M | 98.98M |
| Free Cash Flow | 423.94M | 66.38M | -23.66M | 638.09M | 300.5M | 467.53M | 667.28M | 213.29M | 179.27M | -217.4M | 60.86M | -35M | -130.52M | -128.09M | 41.34M | 8.3M | 20.28M | -17.77M | -42.85M | -9.13M |
| FCF Margin % | 11.55% | 2.17% | -1.24% | 32.99% | 17.34% | 26.53% | 37.3% | 18.46% | 14.63% | -34.04% | 8.91% | -6.32% | -26.82% | -23.53% | 15.96% | 3.69% | 15.9% | -86.1% | - | - |
| FCF Growth % | 185.82% | 380.59% | -103.71% | 112.34% | -35.73% | -29.94% | 212.86% | 18.97% | 182.46% | -457.19% | 273.88% | 73.18% | -1.9% | -409.87% | 397.74% | -59.04% | 214.11% | 58.53% | -369.27% | - |
| FCF per Share | 0.28 | 0.04 | -0.02 | 0.52 | 0.28 | 0.44 | 0.63 | 0.21 | 0.17 | -0.22 | 0.06 | -0.04 | -0.18 | -0.19 | 0.11 | 0.02 | 0.06 | -0.07 | -0.29 | -0.28 |
| FCF Conversion (FCF/Net Income) | 0.78x | 2.22x | -1.39x | 70.76x | 2.25x | 1.69x | 1.57x | 1.64x | 15.58x | 2.73x | 10.52x | -1.17x | -0.18x | 2.20x | 2.02x | 1.82x | 1.71x | 0.46x | 0.55x | 0.49x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Geopolitical concentration in Mali
Based on reported financial statements, B2Gold's operating cash flow to net income ratio has exhibited extreme variance, ranging from a negative 10.15 in 2024Q4 to a positive 8.33 in 2025Q3, highlighting a significant disconnect between accounting profits and the actual cash generated by core mining operations.
The wide divergence between net income and operating cash flow suggests that non-cash charges and accounting adjustments frequently distort the company's true earnings power. Investors should monitor whether this volatility stems from recurring asset impairments or timing differences in gold sales, as the current lack of alignment complicates the assessment of sustainable cash generation.
As indicated by recent quarterly data, B2Gold's free cash flow has transitioned from a significant deficit of $230.1 million in 2024Q3 to a robust $359.7 million surplus in 2026Q1, signaling a successful pivot toward positive cash generation despite ongoing capital-intensive development projects across its global asset portfolio.
The recent surge in free cash flow appears to be driven by both higher realized gold prices and the stabilization of production costs. However, the sustainability of this trajectory remains sensitive to the company's ability to maintain high-grade output at Fekola while simultaneously funding the capital requirements of the Goose Project.
According to quarterly filings, B2Gold's capital expenditure as a percentage of revenue has remained substantial, peaking at 53.6% in 2023Q4 and settling at 15.3% in 2026Q1, reflecting the heavy investment required to sustain existing operations and advance new growth initiatives like the Goose Project in Nunavut.
The high capital intensity suggests that a significant portion of operating cash flow is being reinvested to replace depleting reserves and expand production capacity. This ongoing commitment to capital expenditure warrants close scrutiny, as any delays in project execution could lead to prolonged periods of negative free cash flow.
Based on the provided cash flow statements, working capital changes have been highly erratic, swinging from a $151.2 million inflow in 2026Q1 to a $134.2 million outflow in 2024Q3, which indicates significant variability in the timing of inventory liquidation and the settlement of trade payables across mining sites.
These swings suggest that the company's cash position is susceptible to operational bottlenecks or shifts in the timing of gold shipments. Analysts should investigate whether these working capital movements are indicative of structural inefficiencies in supply chain management or merely reflect the cyclical nature of large-scale gold mining operations.
Quick answers to the most common questions about buying BTG stock.
B2Gold Corp. (BTG) generated $892.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
B2Gold Corp. (BTG) generated $66.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
B2Gold Corp. (BTG) spent $877.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, B2Gold Corp. (BTG) returned $105.3M to shareholders via cash dividends and spent $10.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.