Cash conversion remains robust, as evidenced by an OCF/NI ratio of 3.53 in 2026Q1, which supports the company's ongoing commitment to shareholder returns through $169 million in quarterly dividend payments.
| 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'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 4.52B | 4.02B | 2.79B | 3.66B | 5.46B | 1.67B | 778M | 1.45B | 1.1B | 898.16M | 392.38M | 740.74M | 1.24B | 1.02B | 652.09M | 501.84M | 484.91M | 614.05M | 634.45M | 462.14M | 357.1M | 364.56M | 273.02M | 241.64M | 165.14M | 250.44M | 119.01M | 92.5M | 87.2M | 95M | 75.5M |
| Operating CF Margin % | - | 146.16% | 51.18% | 64.36% | 57.35% | 45.42% | 55.36% | 72.78% | 51.54% | 51.4% | 32.85% | 56.96% | 58.94% | 60.65% | 67.32% | 56.1% | 72.24% | 126.3% | 68.02% | 70.76% | 48.67% | 46.05% | 51.47% | 47.44% | 46.68% | 56.02% | 32.28% | 31.46% | 34.7% | 51.32% | 46.29% |
| Operating CF Growth % | 195.18% | 43.86% | -23.59% | -32.95% | 227.29% | 114.27% | -46.16% | 30.78% | 23.02% | 128.9% | -47.03% | -40.09% | 20.68% | 57.11% | 29.94% | 3.49% | -21.03% | -3.21% | 37.29% | 29.41% | -2.05% | 33.53% | 12.99% | 46.32% | -34.06% | 110.43% | 28.66% | 6.08% | -8.21% | 25.83% | 81.93% |
| Net Income | 1.67B | 1.72B | 1.12B | 1.63B | 4.07B | 1.16B | 201M | 681M | 557.04M | 100.39M | -417.12M | -113.89M | 104.47M | 279.77M | 131.73M | 122.41M | 103.39M | 148.34M | 211.29M | 167.42M | 321.18M | 148.44M | 88.38M | 21.13M | 16.1M | 47.08M | 25.47M | 8.5M | 5.3M | 28.3M | 20.8M |
| Depreciation & Amortization | 1.88B | 2.37B | 1.84B | 1.64B | 1.64B | 693M | 391M | 406M | 417.48M | 568.82M | 590.13M | 622.21M | 632.76M | 651.05M | 451.4M | 343.14M | 327.08M | 221.27M | 185.4M | 143.95M | 128.97M | 108.46M | 103.34M | 94.9M | 96.51M | 80.62M | 53.44M | 53.4M | 41.2M | 40.6M | 42.7M |
| Stock-Based Compensation | 35M | 0 | 61M | 57M | 73M | 52M | 40M | 30M | 31.44M | 33.42M | 25.98M | 13.64M | 18.35M | 45.86M | 46.87M | 52.94M | 15.41M | 29.56M | 15.62M | 0 | 21.27M | 3.36M | 3.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 447M | 435M | -145M | 74M | 235M | 126M | 72M | 244M | 229.6M | -321.11M | -230.71M | -72.97M | -112.57M | 138.38M | 80.93M | 74.74M | 61.81M | 101.81M | 120.85M | 95.15M | 52.01M | 39.63M | 31.77M | -9.84M | 7.88M | 14.16M | 13.16M | 9.1M | 5.8M | 10.7M | 12M |
| Other Non-Cash Items | 802M | -203M | 91M | 24M | -366M | -218M | -19M | 0 | 32.8M | 594.59M | 492.42M | 250.1M | 628.98M | -16.85M | -30.88M | -44.06M | -50.23M | 89.86M | 109.36M | 39.9M | -167.62M | 74.55M | 67.33M | 160.17M | 58.26M | 88.65M | 34.55M | -100K | 100K | 18.1M | 13.8M |
| Working Capital Changes | -307M | -298M | -173M | 237M | -186M | -144M | 93M | 84M | -163.46M | -77.94M | -68.33M | 41.64M | -35.55M | -73.69M | -27.97M | -47.34M | 27.45M | 23.2M | -8.08M | -10.61M | 1.29M | -9.88M | -21.23M | -24.73M | -13.61M | 19.93M | -7.61M | 600K | 9.6M | -2.7M | -13.8M |
| Change in Receivables | -114M | -67M | -108M | 378M | -184M | -229M | -6M | 153M | -146.92M | -25.04M | -71.06M | 112.41M | -11.69M | -49.4M | -58.04M | -19.89M | -14.13M | 28.73M | -3.93M | 0 | 39.46M | -42.49M | -39.4M | -17.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 19M | 1M | 13M | 4M | -24M | 5M | -2M | -3M | -3.93M | 1.33M | 3.04M | -3.02M | 3.44M | -3.03M | 7.1M | 7.71M | -1.68M | 17.69M | -18.32M | 5.64M | -8.38M | -567K | -5.81M | -2.99M | 2.31M | -6.52M | -108K | -1.6M | -2.4M | 1.9M | -3.2M |
| Change in Payables | 198M | -77M | 15M | -180M | 96M | 47M | -30M | -30M | 30.47M | -2.55M | 5.79M | -64.53M | 2.88M | -22.91M | 18.84M | 8.55M | 37.05M | -27.2M | 3.32M | 0 | -29.69M | 29.8M | 17.23M | 7.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -2.66B | -5.63B | -1.76B | -2.06B | -1.67B | 313M | -584M | -543M | -293.38M | -706.15M | -353.22M | -993.33M | -1.66B | -918.21M | -765.51M | -487.62M | -613.74M | -531.03M | -1.45B | -589.92M | -187.35M | -412.15M | -255.36M | -151.86M | -138.67M | -379.25M | -116.07M | -37.4M | -222.1M | -38.4M | -67.6M |
| Capital Expenditures | -1.88B | -2.39B | -1.77B | -2.1B | -1.71B | -728M | -576M | -788M | -894.47M | -764.56M | -375.15M | -955.6M | -1.48B | -1.19B | -927.98M | -891.28M | -857.25M | -611.21M | -817.44M | -557.21M | -516.83M | -351.31M | -207.35M | -122.02M | -103.19M | -127.13M | -99.36M | -82.2M | -203.6M | -73.5M | -60.7M |
| CapEx % of Revenue | 28.97% | 86.77% | 32.43% | 36.93% | 17.97% | 19.84% | 40.99% | 39.69% | 41.73% | 43.76% | 31.4% | 73.48% | 70.53% | 70.72% | 95.79% | 99.64% | 127.71% | 125.71% | 87.64% | 85.31% | 70.44% | 44.38% | 39.09% | 23.95% | 29.17% | 28.44% | 26.95% | 27.96% | 81.02% | 39.71% | 37.22% |
| Acquisitions | -3.25B | -3.24B | 0 | 0 | 0 | 1.03B | -9M | 240M | -77.26M | -57.04M | -28.48M | -45.38M | -252.79M | -18.88M | -6.86M | 0 | 0 | 0 | -605.75M | 0 | 0 | 0 | 0 | 0 | 0 | -187.78M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 2.47B | -3M | 9M | 40M | 36M | 8M | 1M | 5M | 678.35M | 115.44M | 50.42M | 7.65M | 67.58M | 295.41M | 169.33M | 403.66M | 243.51M | 80.18M | -29.1M | -32.71M | 329.47M | -60.84M | -48.01M | -29.84M | -35.48M | -64.34M | -16.71M | 44.8M | -18.5M | 35.1M | -6.9M |
| Cash from Financing | -1.6B | -551M | 279M | -1.32B | -4.14B | -1.09B | -256M | -690M | -1.29B | -210.5M | 453.81M | 232.16M | 425.96M | -113.66M | 114.25M | -40.26M | 144.62M | -70.97M | 827.45M | 104.43M | -138.52M | 48.19M | -8.36M | -90.66M | -29.62M | 126.95M | 2.95M | -55.7M | 135.3M | -56.2M | -9.6M |
| Debt Issued (Net) | -450M | 300M | 1.42B | 0 | -874M | -190M | -87M | -7M | -297M | 0 | -497M | 273M | 605M | 60M | 137M | -26.02M | 156.18M | -62M | 517M | 110M | -100M | 70M | 0 | -92.34M | -25.75M | 124M | -24M | -50M | 144M | -49M | -1M |
| Equity Issued (Net) | -117M | -141M | -455M | -406M | -1.26B | 0 | 0 | -520M | -872.76M | -123.74M | 995.28M | 0 | -138.85M | -164.63M | 0 | 0 | 801K | 83K | 316.23M | -5.57M | -40.26M | -14.6M | -3.16M | 6.73M | 3.46M | 7.75M | 33.5M | 1.7M | -800K | 2.2M | 600K |
| Dividends Paid | -673M | -682M | -625M | -890M | -1.99B | -780M | -159M | -146M | -111.37M | -78.84M | -36.19M | -33.09M | -33.28M | -25.23M | -16.76M | -12.51M | -12.47M | -12.43M | -12.07M | 0 | -7.75M | -7.21M | -5.21M | -5.04M | -5.08M | -4.8M | -6.55M | -7.4M | -7.4M | -5.6M | -9.2M |
| Share Repurchases | -152M | -141M | -455M | -405M | -1.25B | 0 | 0 | -520M | -872.76M | -123.74M | 0 | -8.86M | -138.85M | -164.63M | 0 | 0 | 0 | 0 | 0 | -10.67M | -46.49M | -19.18M | -15.63M | 0 | 0 | 0 | -51.6M | 0 | -4.4M | -3.7M | 0 |
| Other Financing | -358M | -28M | -56M | -21M | -19M | -116M | -10M | -17M | -8.15M | -7.92M | -8.29M | -7.75M | -6.91M | 16.21M | -6M | -1.72M | 108K | 3.38M | 6.29M | 0 | 9.48M | 0 | 0 | 0 | -2.25M | 0 | 0 | 0 | -500K | 0 | 0 |
| Net Change in Cash | 269M | -2.16B | 1.31B | 282M | -363M | 894M | -62M | 212M | -477.76M | -18.5M | 498.03M | -20.44M | -2.45M | -7.34M | 825K | -26.04M | 15.79M | 12.06M | 9.6M | -23.36M | 31.23M | 600K | 9.3M | -878K | -3.15M | -1.87M | 5.89M | -500K | 400K | 400K | -1.7M |
| Free Cash Flow | 2.65B | 1.63B | 1.02B | 1.56B | 3.75B | 939M | 202M | 657M | 210.43M | 133.6M | 17.22M | -214.87M | -243.2M | -170.21M | -275.88M | -389.44M | -372.34M | 2.85M | -182.99M | -95.07M | -159.72M | 13.25M | 65.68M | 119.62M | 61.95M | 123.31M | 19.65M | 10.3M | -116.4M | 21.5M | 14.8M |
| FCF Margin % | 40.8% | 59.4% | 18.75% | 27.43% | 39.37% | 25.59% | 14.37% | 33.09% | 9.82% | 7.65% | 1.44% | -16.52% | -11.59% | -10.08% | -28.48% | -43.54% | -55.47% | 0.59% | -19.62% | -14.56% | -21.77% | 1.67% | 12.38% | 23.48% | 17.51% | 27.58% | 5.33% | 3.5% | -46.32% | 11.62% | 9.07% |
| FCF Growth % | 109.75% | 59.57% | -34.32% | -58.38% | 298.94% | 364.85% | -69.25% | 212.21% | 57.51% | 675.67% | 108.02% | 11.65% | -42.88% | 38.3% | 29.16% | -4.59% | -13187.52% | 101.55% | -92.47% | 40.48% | -1305.09% | -79.82% | -45.1% | 93.08% | -49.76% | 527.48% | 90.79% | 108.85% | -641.4% | 45.27% | -11.9% |
| FCF per Share | 3.47 | 2.15 | 1.37 | 2.05 | 4.69 | 1.86 | 0.50 | 1.57 | 0.47 | 0.29 | 0.04 | -0.52 | -0.58 | -0.41 | -0.66 | -0.93 | -0.90 | 0.01 | -0.45 | -0.24 | -0.40 | 0.03 | 0.11 | 0.31 | 0.16 | 0.33 | 0.06 | 0.03 | -0.36 | 0.07 | 0.05 |
| FCF Conversion (FCF/Net Income) | 1.59x | 2.34x | 2.49x | 2.25x | 1.34x | 1.44x | 3.88x | 2.12x | 1.98x | 8.95x | -0.94x | -6.50x | 11.84x | 3.66x | 4.95x | 4.10x | 4.69x | 4.14x | 3.00x | 2.76x | 1.11x | 2.46x | 3.09x | 11.43x | 10.26x | 5.32x | 4.67x | 10.88x | 16.45x | 3.36x | 3.63x |
| Interest Paid | 0 | 0 | 99M | 84M | 119M | 0 | 57.04M | 57.48M | 80.07M | 79.85M | 86.72M | 92.75M | 58.49M | 63.28M | 64.97M | 62.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 341M | 388M | 983M | 0 | 10.96M | 7.81M | 4.63M | 40.63M | 688K | 7.55M | 77.03M | 35.28M | 22.5M | 65.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Commodity price volatility exposure
According to quarterly financial data, Coterra consistently reports operating cash flow significantly exceeding net income, with an OCF/NI ratio reaching 3.53 in 2026Q1, highlighting a substantial disconnect between accounting earnings and the actual cash generated by the company's underlying oil and gas production assets.
The persistent gap between net income and operating cash flow suggests that non-cash charges, particularly DD&A, play a dominant role in the company's reported earnings profile. Investors should interpret this as a signal that cash-based performance is more resilient than headline net income might imply during periods of commodity price volatility.
As reported in recent filings, Coterra maintained a robust FCF margin of 144.0% in 2026Q1, a significant outlier compared to the 21.0% margin observed in 2025Q4, reflecting the company's ability to preserve cash flow even as top-line revenue faces cyclical pressure from energy market fluctuations.
The sharp expansion in FCF margin during the most recent quarter appears to be driven by a strategic reduction in capital expenditures to near-zero levels. This suggests management is prioritizing liquidity preservation over aggressive production growth in the current pricing environment.
Based on historical cash flow statements, Coterra's capital intensity has fluctuated significantly, with CapEx/Revenue ratios peaking at 37.4% in 2024Q2 before dropping to zero in 2026Q1, indicating a highly discretionary approach to reinvestment that allows the company to pivot rapidly based on commodity price signals.
The ability to throttle capital spending to zero suggests that the company's existing asset base requires minimal immediate maintenance to sustain core production levels. This operational flexibility serves as a critical buffer against the inherent cyclicality of the energy sector.
As evidenced by recent cash flow statements, Coterra has consistently utilized its cash reserves to fund dividends, with payouts totaling $169 million in 2026Q1, demonstrating a commitment to returning capital to shareholders even during periods of significant revenue contraction and strategic shifts in capital allocation.
The company's dividend policy appears to be a central pillar of its capital allocation strategy, supported by a fortress balance sheet. However, investors should monitor whether these payouts remain sustainable if the current revenue contraction persists over a longer duration.
Quick answers to the most common questions about buying CTRA stock.
Coterra Energy Inc. (CTRA) generated $4.02B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Coterra Energy Inc. (CTRA) generated $1.63B 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.
Coterra Energy Inc. (CTRA) spent $2.39B 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, Coterra Energy Inc. (CTRA) returned $682.0M to shareholders via cash dividends and spent $141.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.