Free cash flow margin swung from 2.1 percent in Q2 2025 to 32.8 percent in Q2 2026, with Q3 2026 buybacks of $201.0M consuming nearly half of that quarter's $439.6M free cash flow, indicating highly cyclical cash generation that may overstate durable capacity.
Chord Energy Corporation (CHRD) cash flow statement — 16-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 |
|---|
| Cash from Operations | 2.81B | 2.04B | 2.1B | 1.82B | 1.92B | 914.14M | 298.19M | 892.85M | 996.42M | 507.88M | 228.02M | 359.81M | 872.52M | 697.86M | 392.39M | 176.02M | 49.61M |
| Operating CF Margin % | - | 41.84% | 39.94% | 46.7% | 52.76% | 57.86% | 27.53% | 46.24% | 42.91% | 40.68% | 32.36% | 45.56% | 62.76% | 61.11% | 57.14% | 53.27% | 38.48% |
| Operating CF Growth % | 154.41% | -2.7% | 15.24% | -5.41% | 110.47% | 206.56% | -66.6% | -10.39% | 96.19% | 122.73% | -36.63% | -58.76% | 25.03% | 77.85% | 122.92% | 254.8% | - |
| Net Income | 899.77M | 442.51M | 848.63M | 1.02B | 1.86B | 355.3M | -3.77B | -90.65M | -19.5M | 123.8M | -243.02M | -40.25M | 506.88M | 227.96M | 153.39M | 79.39M | -29.7M |
| Depreciation & Amortization | 1.55B | 1.47B | 1.11B | 598.56M | 369.66M | 158.3M | 307.21M | 787.19M | 636.3M | 530.8M | 476.33M | 521.92M | 464.16M | 307.97M | 210.13M | 37.83M | 0 |
| Stock-Based Compensation | 29.69M | 25.7M | 23M | 46.11M | 61.27M | 15.48M | 31.59M | 33.61M | 29.27M | 26.6M | 24.2M | 25.27M | 21.3M | 11.98M | 10.6M | 8.74M | 0 |
| Deferred Taxes | 64.18M | 119.41M | 221.92M | 295.55M | 28.34M | -977K | -266.37M | -32.7M | -5.87M | -202.88M | -128.54M | -16.11M | 307.46M | 134.58M | 92.48M | 46.79M | 42.96M |
| Other Non-Cash Items | 258.53M | -9.92M | -70.04M | -52.28M | -347.15M | 379.83M | 3.93B | 143.98M | 370.09M | 1.23B | 1.12B | 836.83M | -123.39M | 281.97M | 28.87M | -309.06M | 57.92M |
| Working Capital Changes | 5.18M | -7.21M | -34.05M | -91.87M | -46.56M | 6.2M | 62.83M | 51.42M | -13.87M | -69.1M | -21.76M | 57.55M | 3.57M | -132.02M | -119.42M | 317.42M | -31.55M |
| Change in Receivables | -249.87M | 181.87M | -7.75M | -147.87M | 84.04M | -184.6M | 164.76M | 13.73M | -23.51M | -166.39M | -11.92M | 108.46M | 16.7M | -107.47M | -90.1M | -64.9M | -44.45M |
| Change in Inventory | -817K | -16.8M | -14.31M | -12.66M | 8.76M | 2.17M | -2.1M | -5.89M | -14.35M | -2.5M | 254K | 6.87M | -3.78M | -13.94M | -29.31M | -2.55M | -498K |
| Change in Payables | 229.76M | -165.04M | 30.05M | 78.27M | 0 | 190.12M | 0 | 0 | 23.76M | 123.11M | -13.84M | -71.62M | 76.72M | 36.32M | 76.71M | 36.32M | -110.24M |
| Cash from Investing | -1.9B | -1.81B | -1.75B | -1.43B | -682.56M | -920.77M | -102.28M | -828.76M | -1.61B | -714.76M | -1.07B | -479.15M | -1.08B | -2.45B | -1.04B | -309.54M | -309.42M |
| Capital Expenditures | -1.4B | -1.35B | -1.18B | -905.67M | -531.33M | -215.75M | -341.81M | -869.22M | -1.15B | -709.59M | -1.21B | -848.66M | -1.4B | -2.45B | -1.05B | -613.22M | -312.94M |
| CapEx % of Revenue | 20.86% | 27.64% | 22.45% | 23.24% | 14.57% | 13.66% | 31.55% | 45.02% | 49.61% | 56.84% | 171.44% | 107.46% | 100.74% | 214.85% | 153.11% | 185.59% | 242.72% |
| Acquisitions | -544.9M | -575.67M | -655.02M | -307.16M | -148.14M | -590.1M | 0 | -21.01M | -581.65M | 5.77M | 12.33M | 1.07M | 0 | 1.82B | 0 | 322.06M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 44.19M | 117.62M | 80.28M | -258.08M | -3.09M | -8.07M | 239.53M | 42.38M | 119.92M | -10.95M | 124.93M | 368.44M | 323.08M | 8.52M | 12.76M | 1.63M | 312.94M |
| Cash from Financing | -733.38M | -82.09M | -624.46M | -664.7M | -823.1M | 161.19M | -195.7M | -66.27M | 622.59M | 212.38M | 844.31M | 83.25M | 158.85M | 1.63B | 388.79M | 241.71M | 290.88M |
| Debt Issued (Net) | -10.54M | 622.24M | 380.54M | -1.7M | 13.7M | 341.84M | -155.75M | -38.67M | 614.66M | -217.71M | 89.09M | -362M | 164.43M | 1.34B | 0 | 781.32M | -36.79M |
| Equity Issued (Net) | -425.32M | -364.47M | -444.24M | -239.34M | -193.7M | -100M | -2.76M | -4.86M | 37.66M | 430.15M | -2.33M | -2.95M | -5.31M | -1.57M | 0 | -602K | 399.67M |
| Dividends Paid | -293.42M | -317.76M | -529.91M | -500.3M | -654.73M | -111.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -425.7M | -364.88M | -444.24M | -239.34M | -193.7M | -100M | -2.76M | -4.86M | -6.85M | -6.23M | -2.33M | -2.95M | -5.31M | -1.57M | -3.19M | -602K | 0 |
| Other Financing | -4.11M | -22.1M | -30.86M | 76.65M | 11.63M | 31.26M | -37.19M | -22.74M | -29.73M | -55K | 757.54M | 448.2M | -275K | 291.67M | 388.79M | 0 | -72M |
| Net Change in Cash | 175.5M | 152.58M | -281.05M | -275.15M | 418.37M | 154.56M | 207K | -2.17M | 5.47M | 5.49M | 1.5M | -36.08M | -46.09M | -121.55M | -257.43M | 327.35M | 102.96M |
| Free Cash Flow | 1.41B | 692.72M | 918.15M | 914.18M | 1.39B | 698.39M | -43.62M | 23.63M | -155.39M | -201.71M | -980.07M | -488.85M | -528.01M | -1.76B | -658.98M | -437.2M | -263.32M |
| FCF Margin % | 21% | 14.2% | 17.48% | 23.46% | 38.19% | 44.2% | -4.03% | 1.22% | -6.69% | -16.16% | -139.08% | -61.9% | -37.98% | -153.74% | -95.97% | -132.32% | -204.24% |
| FCF Growth % | 64.75% | -24.55% | 0.43% | -34.36% | 99.42% | 1701.04% | -284.58% | 115.21% | 22.96% | 79.42% | -100.49% | 7.42% | 69.93% | -166.43% | -50.73% | -66.03% | - |
| FCF per Share | 25.75 | 11.97 | 17.41 | 21.06 | 43.18 | 33.82 | -2.18 | 1.18 | -0.49 | -0.85 | -5.34 | -3.76 | -5.26 | -18.80 | -7.12 | -4.74 | -2.86 |
| FCF Conversion (FCF/Net Income) | 1.57x | 45.90x | 2.47x | 1.78x | 1.04x | 2.86x | -0.08x | -6.96x | -28.23x | 4.10x | -0.46x | -8.94x | 1.72x | 3.06x | 2.56x | 2.22x | -1.67x |
| Interest Paid | 0 | 0 | 49.51M | 26.37M | 24.27M | 41.6M | 154.83M | 155.83M | 141.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 53.72M | 17.2M | 0 | 20M | 110K | 111K | 38K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying CHRD stock.
Chord Energy Corporation (CHRD) generated $2.04B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Chord Energy Corporation (CHRD) generated $692.7M 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.
Chord Energy Corporation (CHRD) spent $1.35B 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, Chord Energy Corporation (CHRD) returned $317.8M to shareholders via cash dividends and spent $364.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Volatile operating cash conversion
Metrics are mathematically derived from official filings.
Operating Cash Far Exceeds Reported Earnings
According to reported quarterly figures, CHRD generated operating cash flow of $781.4M against net income of $181.6M in Q3 2026, an OCF-to-net-income ratio of 4.30 that signals heavy non-cash charges and working capital effects dominating reported profit.
The ratio has ranged from roughly 1.1x to 4.8x across the ten quarters, with the negative conversion in Q2 2025 reflecting a net loss against positive operating cash flow of $419.8M. Such consistent overstatement of cash relative to earnings suggests depletion and depreciation charges of around $350M to $410M per quarter are doing much of the work in depressing reported income. Investors should monitor whether this gap reflects durable asset-base economics or a reporting profile that flatters cash generation relative to earnings power.
Free Cash Flow Volatility Tracks Commodity Cycles
Based on reported figures, CHRD's free cash flow margin swung from 2.1 percent in Q2 2025 to 32.8 percent in Q2 2026, with Q3 2026 printing $439.6M at a 25.8 percent margin, indicating highly cyclical cash generation.
The wide dispersion in FCF margin shows that the business remains tightly linked to realized pricing rather than to a stable cost-driven margin floor. The recent recovery to 25.8 percent in Q3 2026, following a softer Q1 2026 at 9.4 percent, suggests cash generation has re-accelerated but has not yet proven durable across a full price cycle. Analysts should treat the trailing trajectory as a provisional recovery rather than a settled earnings base.
Capital Intensity Near One-Fifth of Revenue
As reported in financial statements, CHRD's capex ran at 18.6 to 33.5 percent of revenue across recent quarters, with Q3 2026 capex of $341.8M equal to 20.0 percent of revenue, consuming a large share of operating cash flow.
Capex has remained in a relatively tight $300M to $400M band regardless of revenue swings, which suggests a largely fixed maintenance-plus-development spending program. Given D&A of $350M to $410M per quarter, capex broadly tracks depletion, implying the company is roughly replacing consumed reserves rather than aggressively expanding. Whether this capital base can be sustained at current spending levels without eroding volumes warrants further investigation.
Shareholder Returns Steady Amid Lumpy Acquisitions
According to recent SEC filings, CHRD paid roughly $71M to $93M in dividends each quarter while buybacks ranged from $7M to $215M, with Q3 2026 buybacks of $201.0M consuming nearly half of that quarter's free cash flow.
The steady dividend outflow alongside variable repurchases suggests management prioritizes returning cash while using buybacks as a flexible release valve in stronger quarters. The large net acquisition outflow of $627.1M in Q2 2024 and $534.2M in Q4 2025 indicates periodic consolidation spending that is not captured in organic free cash flow. Investors should assess whether acquisition-related outflows are being funded from internal cash generation or accumulating balance sheet claims.
Cumulative Cash Reality Versus Thin Earnings
Based on reported figures, CHRD's ten-quarter cumulative operating cash flow substantially exceeds cumulative net income, with trailing net margin of only 0.9 percent contrasting against FCF margins that have repeatedly exceeded 20 percent.
The persistent gap between operating cash flow and net income suggests that reported earnings understate the cash the asset base currently produces, largely through non-cash depletion. However, the thin net margin and negative revenue growth of 7.1 percent indicate that cash generation depends heavily on commodity pricing and cost management. Investors should monitor whether the cumulative cash surplus persists if realized prices soften.
Cash Strength May Mask Commodity Dependence
Based on reported figures, CHRD's strong quarterly operating cash flow may overstate durable cash generation, since the company's gross margin of 6.5 percent and net margin of 0.9 percent leave little buffer against commodity price declines or cost inflation.
The favorable OCF-to-net-income ratio is driven largely by non-cash depletion, and this framing could mislead if realized pricing weakens and depletion-driven add-backs no longer fully offset thin underlying margins. Stock-based compensation of roughly $6M to $9M per quarter appears immaterial to the cash picture, so the main counter-risk lies in commodity exposure and purchased-barrel accounting rather than in equity compensation. Investors should monitor whether trailing revenue decline of 7.1 percent persists and whether the Q2 2025 net loss pattern reappears under adverse pricing.