Despite net losses, operating cash flow remained positive at $318M in Q2 2026, but free cash flow is volatile, swinging from -$104.7M in Q2 2024 to $258.1M in Q2 2026, with capital deployment focused on debt reduction.
Peabody Energy Corporation (BTU) cash flow statement — 27-year operating, investing & financing cash flows
| 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 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Cash from Operations | 849.7M | 949.7M | 606.5M | 1.04B | 1.17B | 420M | -9.7M | 677.4M | 1.49B | 1.01B | -52.8M | -14.4M | 336.6M | 722.4M | 1.52B | 1.63B | 1.09B | 1.05B | 1.29B | 316.37M | 595.73M | 702.76M | 283.76M | 188.86M | 231.2M | 262.91M | 270.51M | 181.68M |
| Operating CF Margin % | - | 24.59% | 14.32% | 20.93% | 23.56% | 12.66% | -0.34% | 14.65% | 26.69% | 18.13% | -1.12% | -0.26% | 4.96% | 10.3% | 18.76% | 20.48% | 15.85% | 17.43% | 19.5% | 6.92% | 11.33% | 15.13% | 7.81% | 6.67% | 8.51% | 9.7% | 12.92% | 8.09% |
| Operating CF Growth % | 1263.97% | 56.59% | -41.43% | -11.77% | 179.43% | 4429.9% | -101.43% | -54.53% | 47.32% | 2015.15% | -266.67% | -104.28% | -53.41% | -52.32% | -7.23% | 50.23% | 3.74% | -18.5% | 306.4% | -46.89% | -15.23% | 147.66% | 50.25% | -18.31% | -12.06% | -2.81% | 48.9% | - |
| Net Income | -182.7M | -52.7M | 407.3M | 759.6M | 1.32B | 347.4M | -1.86B | -188.3M | 645.7M | 461.6M | -674.3M | -1.81B | -749.1M | -286M | -470.9M | 1.01B | 805.1M | 457.9M | 953.5M | 264.29M | 600.7M | 422.65M | 175.39M | 31.35M | 105.52M | 118.57M | 10.21M | 160.34M |
| Depreciation & Amortization | 452.5M | 421M | 0 | 371.9M | 317.6M | 36.8M | 1.83B | 919.8M | 679M | 465.4M | 465.4M | 572.2M | 655.7M | 740.3M | 663.4M | 482.2M | 440.9M | 405.2M | 412.9M | 368.74M | 384.62M | 323.05M | 278.49M | 242.49M | 242.18M | 249.78M | 184.19M | 202.64M |
| Stock-Based Compensation | 0 | 0 | 7.3M | 6.9M | 8.4M | 10M | 13.5M | 38.3M | 34.9M | 23.7M | 12.8M | 28.2M | 46.8M | 50.9M | 45.4M | 43.9M | 41.1M | 38.8M | 34.9M | 2.74M | 391K | 11.39M | 0 | 472K | 0 | 0 | 0 | 0 |
| Deferred Taxes | -31.7M | 0 | 12.2M | 82.9M | -81.6M | -7.5M | 27.8M | 39.4M | 35.5M | -97M | -86.5M | -107.6M | 231.9M | -434.1M | -2.6M | 180.6M | 71.7M | 131.1M | -32.9M | -201.44M | -189.24M | -24.96M | -31.93M | -48.26M | -41.32M | -157.8M | -679K | 65.51M |
| Other Non-Cash Items | 546.7M | 555.8M | 389.6M | -75M | -242.5M | 33.4M | -5.3M | -7.6M | 63.4M | 302.1M | 380.7M | 1.28B | 92.6M | 621.1M | 1.06B | 5.8M | -95.4M | 38.6M | -200.6M | -66.8M | -128.34M | -106.98M | 16.42M | -11.94M | -2.24M | 49.58M | 103.37M | -218.2M |
| Working Capital Changes | 64.9M | 25.6M | -209.9M | -110.8M | -145.7M | -100K | -16.2M | -124.2M | 31.2M | -133.7M | -150.9M | 28.5M | 58.7M | 30.2M | 215.9M | -89.8M | -176.3M | -23.7M | 117.9M | -51.16M | -72.4M | 77.61M | -132.91M | -25.25M | -72.93M | 2.79M | -26.57M | -28.6M |
| Change in Receivables | -2.5M | 48.8M | 21.9M | 88.4M | -115M | -105.6M | 84.6M | 82.9M | 171.8M | -101.3M | -101.3M | 188M | 55.4M | 104.8M | 285.3M | -221M | -149.2M | 81.4M | -113.5M | 64.87M | -103.4M | -52.76M | 0 | -21.28M | 0 | 0 | 0 | 0 |
| Change in Inventory | 34.4M | 10.2M | -41.6M | -59.7M | -69.4M | 35M | 70.6M | -53.3M | 50.2M | 104M | 104M | 96.2M | 104.9M | 39.9M | -112.9M | -50.4M | -7.7M | -48.9M | -13M | -63.44M | -38.21M | -67.13M | -57.78M | -16.8M | -12.87M | 16M | 9.4M | -16.6M |
| Change in Payables | 70.5M | 10.3M | -184.9M | 120.2M | 68M | 128.1M | -192.4M | -118.2M | -160.2M | 156.5M | -27.9M | -381.7M | 0 | 0 | -106.6M | 228.3M | 223.3M | -123.8M | 225.5M | 56.87M | 88.01M | 173.92M | 0 | 34.42M | 0 | 0 | 0 | 0 |
| Cash from Investing | -994.8M | -964.4M | -598.1M | -342.6M | -28.7M | -131.5M | -206.7M | -261.3M | -517.3M | -78.3M | -244.1M | -290M | -314.5M | -515.7M | -1.09B | -3.81B | -703.6M | -406.5M | -505.5M | -575.33M | -2.14B | -584.2M | -705.03M | -192.28M | -144.08M | -185.38M | -2.24B | -129.86M |
| Capital Expenditures | -397.2M | -421.4M | -402.5M | -348.3M | -224.2M | -183.1M | -197.5M | -285.3M | -301.4M | -185.1M | -381.7M | -413.2M | -487.7M | -725.9M | -1.16B | -846.9M | -557M | -390.3M | -444.7M | -470.43M | -655.91M | -643.86M | -266.6M | -156.44M | -208.56M | -204.05M | -174.87M | -166.34M |
| CapEx % of Revenue | 9.9% | 10.91% | 9.5% | 7.04% | 4.5% | 5.52% | 6.86% | 6.17% | 5.4% | 3.32% | 8.09% | 7.37% | 7.18% | 10.35% | 14.33% | 10.62% | 8.12% | 6.49% | 6.74% | 10.28% | 12.48% | 13.86% | 7.34% | 5.53% | 7.68% | 7.53% | 8.35% | 7.41% |
| Acquisitions | -1.35B | -569.4M | -946.4M | -741.6M | -645.9M | -485.6M | -343M | -421.5M | -862.7M | -401.2M | -309.5M | -425.4M | -529.8M | -671.7M | -824M | -2.94B | -76M | -56.8M | 0 | 0 | -1.55B | 0 | -429.06M | -91.4M | -46.01M | -4.33M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 758.2M | 26.4M | 750.8M | 747.3M | 1.32B | 493M | 333.8M | 39.6M | 656.9M | 508M | 448.7M | 487.1M | 704.6M | 877M | 905.5M | 60.2M | 10.4M | 177.5M | -17.3M | -100.33M | -11.02M | 59.66M | -9.37M | -14.01M | 110.5M | 22.99M | -2.06B | 36.48M |
| Cash from Financing | -228M | -83.4M | -276M | -460.3M | -681.6M | -43.4M | 193.4M | -701.3M | -1.03B | -793.1M | 907.9M | 267.7M | -168.1M | -321.5M | -663.3M | 1.68B | -77.1M | -102.3M | -375.8M | -22.27M | 1.37B | -4.92M | 693.4M | 48.6M | -54.8M | -205.18M | 2.16B | -235.39M |
| Debt Issued (Net) | -155.6M | -21.5M | -1.1M | -9M | -862.4M | -285.3M | 205.5M | -71.1M | -85M | 410.7M | 944.7M | 304.4M | -19.9M | -202.2M | -415M | 3.84B | -17.3M | -37.1M | -130.4M | -20.12M | 1.52B | -8.46M | 204.21M | 89.06M | -31.29M | -568.6M | 0 | 0 |
| Equity Issued (Net) | -5M | -800K | -187.2M | -361.4M | 219.4M | 268.4M | -1.6M | -342.2M | -849.2M | -176M | -100K | 0 | 0 | 0 | -99.9M | -18.7M | -13.5M | -2.3M | -185.7M | 32.57M | -79.64M | 25.58M | 412.73M | 33.07M | 3.25M | -551K | 0 | 0 |
| Dividends Paid | -36.5M | -36.5M | -37.6M | -30.6M | 0 | 0 | 0 | -258.1M | -59.6M | 0 | -92.3M | -1.4M | -92.3M | -91.7M | -91.9M | -92.1M | -79.4M | -66.8M | -64.9M | -63.66M | -63.46M | -44.53M | -32.57M | -24.06M | -20.86M | 0 | 0 | 0 |
| Share Repurchases | -5M | -800K | -187.2M | -361.4M | -2.6M | -1.4M | -1.6M | -342.2M | -849.2M | -175.7M | -100K | 0 | 0 | -3.1M | -99.9M | -18.7M | -13.5M | -2.3M | -199.8M | 0 | -99.77M | 0 | 0 | 0 | 0 | -1.11M | 0 | 0 |
| Other Financing | -30.9M | -24.6M | -50.1M | -59.3M | -38.6M | -26.5M | -10.5M | -29.9M | -31.4M | -1.07B | -36.7M | -35.3M | -55.9M | -27.6M | -56.5M | -2.05B | 33.1M | 3.9M | -106M | 28.94M | 9.38M | 22.5M | 109.02M | -49.48M | -5.9M | 25.82M | 2.16B | -235.39M |
| Net Change in Cash | -59.6M | -125.1M | -267.6M | 232.6M | 463.3M | 245.1M | -23M | -285.2M | -52.8M | 139.8M | 611M | -36.7M | -146M | -114.8M | -240.3M | -496.1M | 306.4M | 539.1M | 404.4M | -281.23M | -176.77M | 113.64M | 272.13M | 46.29M | 32.59M | -128.46M | 194.08M | -184.29M |
| Free Cash Flow | 452.5M | 528.3M | 204M | 687.2M | 949.4M | 236.9M | -207.2M | 392.1M | 1.19B | 826.1M | -434.5M | -427.6M | -151.1M | -3.5M | 357.3M | 786.3M | 530.1M | 657.6M | 841M | -154.07M | -60.19M | 58.9M | 17.16M | 32.42M | 22.64M | 58.87M | 95.64M | 15.34M |
| FCF Margin % | 11.28% | 13.68% | 4.82% | 13.89% | 19.06% | 7.14% | -7.19% | 8.48% | 21.29% | 14.81% | -9.21% | -7.62% | -2.22% | -0.05% | 4.42% | 9.86% | 7.73% | 10.94% | 12.76% | -3.37% | -1.15% | 1.27% | 0.47% | 1.15% | 0.83% | 2.17% | 4.57% | 0.68% |
| FCF Growth % | 132.77% | 158.97% | -70.31% | -27.62% | 300.76% | 214.33% | -152.84% | -67% | 43.84% | 290.13% | -1.61% | -182.99% | -4217.14% | -100.98% | -54.56% | 48.33% | -19.39% | -21.81% | 645.86% | -155.98% | -202.19% | 243.16% | -47.06% | 43.18% | -61.54% | -38.45% | 523.39% | - |
| FCF per Share | 3.71 | 4.34 | 1.44 | 4.45 | 6.04 | 2.12 | -2.12 | 3.78 | 9.82 | 6.29 | -23.74 | -23.11 | -8.45 | -0.20 | 1.33 | 2.91 | 1.97 | 2.46 | 3.11 | -0.57 | -0.22 | 0.22 | 0.07 | 0.58 | 0.42 | 3.22 | 13.28 | 2.13 |
| FCF Conversion (FCF/Net Income) | -2.48x | -17.95x | 1.64x | 1.36x | 0.90x | 1.17x | 0.01x | -3.21x | 2.30x | 2.19x | 0.07x | 0.01x | -0.43x | -1.38x | -2.59x | 1.71x | 1.40x | 2.34x | 1.35x | 1.20x | 0.99x | 1.66x | 1.62x | 6.02x | 2.19x | 9.32x | 26.50x | 1.13x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying BTU stock.
Peabody Energy Corporation (BTU) generated $949.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Peabody Energy Corporation (BTU) generated $528.3M 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.
Peabody Energy Corporation (BTU) spent $421.4M 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, Peabody Energy Corporation (BTU) returned $36.5M to shareholders via cash dividends and spent $0.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Margin compression and operational disruptions
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Cash Generation
Despite persistent net losses, operating cash flow remained positive in most quarters, with Q2 2026 OCF of $318M against a net loss of $90.6M, per reported figures.
The gap between net income and operating cash flow is stark, with OCF/NI ratios swinging wildly from -3.51 to 22.25. This suggests that non-cash charges like depreciation and asset retirement obligations are inflating cash flow relative to earnings, but the underlying cash generation appears resilient. Investors should monitor whether this divergence persists as operational issues at Centurion are resolved.
Free Cash Flow Volatility Reflects Commodity Cycles
Free cash flow swung from -$104.7M in Q2 2024 to $258.1M in Q2 2026, with FCF margins ranging from -10% to 25.7%, based on quarterly data.
The trajectory is highly erratic, with no clear trend, but the latest quarter shows a strong rebound driven by lower capex and improved working capital. However, the negative FCF in Q1 2026 and Q2 2025 indicates that the company remains vulnerable to cost overruns and price weakness. The reported figures suggest that FCF is not yet stable enough to support a consistent capital return program.
Capital Intensity Pressures Cash Flow
Capex averaged around 10% of revenue over the past ten quarters, with Q2 2026 at 6.0%, but maintenance needs and growth projects like Centurion keep spending elevated.
Capital expenditures have been relatively consistent, ranging from $59.9M to $135.6M per quarter, indicating a high fixed-cost base. The elevated capex relative to revenue suggests that the company is investing in sustaining operations and potentially growth, but the low gross margins imply that these investments are not yet generating adequate returns. The reported figures indicate that capex is a significant cash outflow that limits FCF generation.
Working Capital Swings Drive Cash Flow Variability
Working capital changes have been volatile, with swings from -$179.8M to $93.9M, significantly impacting quarterly operating cash flow, as per financial statements.
The large working capital movements, particularly in receivables and inventory, appear to be a primary driver of the erratic OCF. For instance, Q2 2024 saw a massive negative working capital change of -$179.8M, while Q3 2025 had a positive $93.9M. This suggests that the company's cash conversion cycle is sensitive to shipment timing and coal price fluctuations, making cash flow forecasting challenging.
Capital Deployment Focused on Debt Reduction
Cash outflows for acquisitions totaled $337.7M in Q2 2026, while dividends remained modest at ~$9M per quarter, indicating a priority on balance sheet strengthening.
The significant acquisition-related outflows, particularly in Q2 2026 and Q4 2025, suggest that management is deploying cash toward strategic investments or debt paydown, rather than returning capital to shareholders. Buybacks have been minimal, and dividends are stable but low. Based on reported figures, this conservative approach may be prudent given the cyclical risks, but it could disappoint income-focused investors.
Cumulative Earnings vs Cash: A Widening Gap
Over the last ten quarters, cumulative net income is approximately -$25M, while cumulative operating cash flow is around $1.6B, highlighting a massive divergence.
The cumulative gap between net income and operating cash flow is substantial, driven by large non-cash charges such as depreciation and asset retirement obligations. This suggests that the company's cash-generating ability is stronger than its reported profitability, but it also raises questions about the sustainability of these non-cash adjustments. Investors should monitor whether this gap narrows as operational issues are resolved.
What the Cash Flow Statement Obscures
The cash flow statement may obscure the impact of asset retirement obligations and take-or-pay contracts, which could create future cash outflows not fully reflected in current OCF.
While operating cash flow appears robust, the company's significant asset retirement obligations and contractual commitments may not be fully captured in the reported figures. These obligations could require substantial cash outlays in the future, potentially reducing the sustainability of current cash generation. Investors should scrutinize the footnotes for details on these liabilities and their potential impact on cash flow.