Operating cash flow of $937.1M in 2026Q2 exceeded net income by 2.4x, lifting FCF to $569.2M (48% FCF margin), though capital returns were modest at $57.8M (10% of OCF), prioritizing reinvestment and debt reduction.
Matador Resources Company (MTDR) cash flow statement — 17-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 |
|---|
| Cash from Operations | 2.6B | 2.43B | 2.25B | 1.87B | 1.98B | 1.05B | 477.58M | 552.04M | 608.52M | 299.13M | 134.09M | 208.53M | 251.48M | 179.47M | 124.23M | 61.87M | 27.27M | 1.79M |
| Operating CF Margin % | - | 66.32% | 64.59% | 66.29% | 64.71% | 63.34% | 55.84% | 53.71% | 67.64% | 54.96% | 50.71% | 65.96% | 58.34% | 68.79% | 75.22% | 92.34% | 80.12% | 9.41% |
| Operating CF Growth % | 52.43% | 7.93% | 20.29% | -5.61% | 87.85% | 120.56% | -13.49% | -9.28% | 103.43% | 123.08% | -35.7% | -17.08% | 40.12% | 44.47% | 100.79% | 126.85% | 1422.74% | - |
| Net Income | 723.69M | 860.77M | 971.34M | 910.36M | 1.29B | 640.64M | -553.56M | 122.98M | 299.76M | 138.01M | -97.06M | -679.52M | 110.75M | 45.09M | -33.26M | -10.31M | 6.38M | -14.43M |
| Depreciation & Amortization | 1.22B | 1.2B | 974.3M | 716.69M | 466.35M | 344.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 20.48M | 18.33M | 14.98M | 13.66M | 15.12M | 9.04M | 13.63M | 18.5M | 17.2M | 16.65M | 12.36M | 9.45M | 5.52M | 3.9M | 140K | 2.41M | 898K | 0 |
| Deferred Taxes | 178.2M | 165.59M | 265.31M | 172.1M | 344.48M | 74.71M | -45.6M | 35.53M | -7.24M | 0 | 0 | -150.33M | 64.24M | 9.29M | -1.43M | -5.47M | 4.93M | -7.6M |
| Other Non-Cash Items | 192.18M | 8.79M | 7.88M | 4.99M | -15.59M | -14.95M | 1.09B | 409.54M | 234.37M | 169.52M | 216.97M | 1.02B | 76.94M | 127.4M | 149.47M | 62.65M | 12.84M | 39.53M |
| Working Capital Changes | 203.2M | 176.19M | 13.08M | 50.03M | -117.94M | -982K | -23.08M | -34.52M | 64.43M | -25.06M | 1.81M | 8.98M | -5.98M | -6.21M | 9.31M | 12.59M | 2.23M | -15.72M |
| Change in Receivables | -67.08M | 114.28M | -138.14M | 48.14M | -228.38M | -98.46M | 53M | -43.26M | -4.93M | -82.55M | -14.26M | 3.63M | -13.32M | -2.16M | -16.34M | -1.52M | -386K | 408.71K |
| Change in Inventory | -12.31M | -35.31M | -10.93M | -3.03M | -2.85M | -1.54M | -655K | 4.78M | -12.18M | -3.62M | -700K | -180K | -211K | 243K | 50K | 21K | -8K | -799.84K |
| Change in Payables | 98.25M | -8.93M | 33.75M | 2.81M | 63.45M | 76.89M | -43.84M | -19M | 68.65M | 33.56M | 6.61M | 1.38M | 607K | -3.64M | 19.74M | 13.5M | 2.49M | 0 |
| Cash from Investing | -3.21B | -2.16B | -3.67B | -3.21B | -1.04B | -729.26M | -775.67M | -903.98M | -1.52B | -819.28M | -448.74M | -425.15M | -570.53M | -366.94M | -306.92M | -160.09M | -147.33M | -49.42M |
| Capital Expenditures | -1.15B | -339.13M | -454.44M | -187.66M | -230.89M | -238.61M | -72.81M | -50.77M | -652.86M | -5.69M | -74.84M | -64.5M | -9.15M | -3.98M | -7.33M | -161.1M | -160.66M | -54.55M |
| CapEx % of Revenue | 29.67% | 9.27% | 13.06% | 6.66% | 7.55% | 14.35% | 8.51% | 4.94% | 72.57% | 1.05% | 28.31% | 20.4% | 2.12% | 1.52% | 4.44% | 240.45% | 471.95% | 286.53% |
| Acquisitions | -1.21B | 3.26M | -1.72B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -24.03M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -843.55M | -1.82B | -1.5B | -3.02B | -806.59M | -490.66M | -702.86M | -853.21M | -862.4M | -813.6M | -373.89M | -336.63M | -561.38M | -363.13M | -300.69M | 104 | -52 | 28.73K |
| Cash from Financing | 609.26M | -282.6M | 1.41B | 902.33M | -480.85M | -328.55M | 324.34M | 333.08M | 888.23M | 408.5M | 467.71M | 224.94M | 321.17M | 191.66M | 174.5M | 87.44M | 36.89M | 1.09M |
| Debt Issued (Net) | 908.19M | 68.09M | 1.14B | 1.05B | -364.3M | -289M | 231M | 283M | 705.72M | 0 | 184.63M | 48.02M | 140M | 50M | 37M | 88M | 25M | 0 |
| Equity Issued (Net) | -23.71M | -55.85M | 344.66M | -22.91M | -19.24M | -8.21M | -1.56M | -3.69M | -6.47M | -5.76M | -1.95M | -1.61M | -308K | -18K | 0 | -281K | 12.17M | 79.08K |
| Dividends Paid | -178.2M | -163.1M | -104.88M | -77.17M | -35.25M | -14.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -96K | -274.85K | -274.85K | -274.85K |
| Share Repurchases | -23.71M | -55.85M | 0 | -22.91M | -19.24M | -8.21M | -1.56M | -3.69M | -6.47M | -5.76M | -1.95M | -1.61M | -308K | -18K | 0 | 0 | -10.29M | -32.07M |
| Other Financing | -97.02M | -131.75M | 34.58M | -49.38M | -62.06M | -16.76M | 94.89M | 53.77M | 188.98M | 414.26M | 285.03M | 178.54M | 181.48M | 141.68M | 174.59M | 0 | 0 | 1.28M |
| Net Change in Cash | 4.13M | -15.27M | -11.56M | -441.03M | 460.41M | -4.46M | 26.25M | -18.86M | -18.5M | -116.38M | 196.15M | 8.32M | 2.12M | 4.19M | -8.19M | -10.78M | -83.17M | -46.54M |
| Free Cash Flow | 625.84M | 241.64M | 280.04M | 318.02M | 894.75M | 319.88M | -302.87M | -373.86M | -915.06M | -521.14M | -319.83M | -288.68M | -318.52M | -187.7M | -183.79M | -99.23M | -133.39M | -52.76M |
| FCF Margin % | 16.08% | 6.61% | 8.05% | 11.29% | 29.26% | 19.23% | -35.42% | -36.37% | -101.72% | -95.75% | -120.95% | -91.31% | -73.9% | -71.95% | -111.28% | -148.11% | -391.83% | -277.12% |
| FCF Growth % | 41.9% | -13.71% | -11.94% | -64.46% | 179.72% | 205.61% | 18.99% | 59.14% | -75.59% | -62.94% | -10.79% | 9.37% | -69.7% | -2.13% | -85.21% | 25.6% | -152.82% | - |
| FCF per Share | 5.04 | 1.94 | 2.26 | 2.65 | 7.45 | 2.68 | -2.61 | -3.19 | -8.05 | -5.08 | -3.50 | -3.54 | -4.49 | -3.19 | -3.41 | -2.14 | -3.14 | -1.31 |
| FCF Conversion (FCF/Net Income) | 0.86x | 3.19x | 2.54x | 2.21x | 1.63x | 1.80x | -0.81x | 6.29x | 2.22x | 2.38x | -1.38x | -0.31x | 2.27x | 3.98x | -3.73x | -6.00x | 4.28x | -0.12x |
| Interest Paid | 0 | 0 | 160.27M | 111.74M | 72.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 30M | 4.6M | 63.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying MTDR stock.
Matador Resources Company (MTDR) generated $2.43B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Matador Resources Company (MTDR) generated $241.6M 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.
Matador Resources Company (MTDR) spent $339.1M 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, Matador Resources Company (MTDR) returned $163.1M to shareholders via cash dividends and spent $55.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Integration and commodity price volatility
Metrics are mathematically derived from official filings.
Cash Conversion Strength Amid Volatility
Operating cash flow exceeded net income by 2.4x in 2026Q2, per reported figures, indicating robust cash conversion despite a prior quarter's loss, suggesting earnings quality is supported by non-cash charges.
The OCF/NI ratio of 2.40 in 2026Q2, alongside a negative ratio in 2026Q1, underscores the lumpy nature of earnings but highlights the underlying cash-generative capacity. The consistent gap between net income and operating cash flow, driven by D&A and working capital swings, suggests that reported earnings understate the company's cash generation, a positive signal for investors.
Free Cash Flow Rebound After Capex Surge
FCF swung from -$113.6M in 2025Q4 to $569.2M in 2026Q2, per financial statements, as capex normalized, lifting FCF margin to 48%, indicating a strong recovery in cash generation.
The trajectory shows extreme volatility, with FCF margins ranging from -13.4% to 48% over the past year, reflecting the timing of large capital outlays. The 2026Q2 surge appears driven by a temporary capex lull and robust operating cash flow, but investors should monitor whether this pace is sustainable given the company's growth ambitions.
Capital Intensity Spikes with Expansion
Capex-to-revenue hit 69.3% in 2025Q4, per reported data, before falling to 31% in 2026Q2, indicating a strategic push into new acreage that may pressure near-term FCF.
The elevated capex in 2025Q4 aligns with the integration of Advance Energy and Ameredev II, suggesting a deliberate investment phase. The subsequent drop in 2026Q2 may reflect completion of certain projects, but the average capital intensity remains high, implying that sustaining production growth will require continued significant reinvestment.
Working Capital Swings Signal Timing Effects
Working capital changes contributed $174.5M to cash flow in 2026Q2, per the cash flow statement, after a -$93.7M drag in 2026Q1, indicating significant timing effects that can distort quarterly cash flow.
The volatility in working capital, particularly receivables and payables, appears tied to acquisition-related adjustments and commodity price movements. While the positive contribution in 2026Q2 is favorable, the erratic pattern suggests that investors should focus on longer-term cash flow trends rather than quarterly fluctuations.
Capital Returns Modest Relative to Cash Flow
Dividends and buybacks totaled $57.8M in 2026Q2, per reported figures, representing only 10% of operating cash flow, indicating a conservative return policy that prioritizes reinvestment and debt reduction.
The company returned $57.8M to shareholders in 2026Q2, a modest amount compared to the $937.1M in operating cash flow. This suggests management is retaining capital for growth initiatives, consistent with the recent acquisitions, but may disappoint income-focused investors if the trend persists.
Cumulative Cash Generation Outpaces Earnings
Over the last ten quarters, cumulative operating cash flow of $6.1B exceeded cumulative net income of $2.0B, per reported data, highlighting the significant non-cash charges that depress reported earnings.
The cumulative gap of $4.1B between operating cash flow and net income underscores the heavy D&A burden typical of E&P companies. This divergence suggests that the market's focus on cash flow metrics is appropriate, as earnings understate the company's ability to fund capital expenditures and returns.
What the Cash Flow Statement Obscures
The cash flow statement may obscure the impact of acquisition-related working capital adjustments and non-controlling interests in the San Mateo JV, per reported figures, potentially overstating cash available to shareholders.
The large acquisition outflows in 2026Q2 and 2024Q3, totaling over $2.9B, suggest that reported operating cash flow may include timing benefits from working capital that could reverse. Additionally, the consolidation of the San Mateo JV requires analysts to distinguish between total cash flow and the portion attributable to Matador's shareholders, as non-controlling interests may claim a share of the midstream cash flows.