Operating cash flow has turned negative, reaching -$120.4 million in 2026Q1, highlighting a disconnect between massive capital deployment and the company's ability to generate internal liquidity.
New Fortress Energy Inc. (NFE) cash flow statement — 10-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 |
|---|
| Cash from Operations | -477.47M | -583.38M | 586.74M | 824.76M | 355.11M | 84.77M | -125.57M | -234.26M | -93.23M | -54.89M | -43.49M |
| Operating CF Growth % | -1365.57% | -199.43% | -28.86% | 132.25% | 318.91% | 167.51% | 46.4% | -151.28% | -69.84% | -26.21% | - |
| Operating CF / Revenue % | -37.82% | -38.79% | 24.81% | 34.18% | 14.99% | 6.41% | -27.8% | -123.87% | -83.02% | -56.44% | -203.29% |
| Net Income | -1.93B | -789.73M | -270.11M | 547.88M | 194.48M | 97.1M | -182.15M | -33.81M | -78.08M | -31.67M | -32.93M |
| Depreciation & Amortization | 225.68M | 242.35M | 162.53M | 187.32M | 143.59M | 99.54M | 33.3M | 8.64M | 4.03M | 3.21M | 2.39M |
| Deferred Taxes | 15.49M | 25.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 625.68M | -228.45M | 680.81M | -23.34M | 159.2M | 16.45M | 47.51M | -157.58M | 19.43M | 2.45M | 11.43M |
| Working Capital Changes | 444.8M | 152.06M | -37.11M | 111.31M | -172.54M | -165.38M | -32.98M | -92.96M | -38.62M | -28.88M | -24.38M |
| Capital Expenditures | 80.6M | -650.81M | -2.62B | -3.03B | -1.17B | -2.27B | -157M | -377.05M | -181.15M | -28.73M | -96.33M |
| CapEx / Revenue % | 6.38% | 43.27% | 110.84% | 125.55% | 49.57% | 171.87% | 34.76% | 199.37% | 161.31% | 29.54% | 450.22% |
| CapEx / D&A | 0.36x | 2.69x | 16.13x | 16.17x | 8.18x | 22.84x | 4.71x | 43.64x | 44.91x | 8.94x | 40.32x |
| CapEx Coverage (OCF/CapEx) | -5.92x | -0.90x | 0.22x | 0.27x | 0.30x | 0.04x | -0.80x | -0.62x | -0.51x | -1.91x | -0.45x |
| Cash from Investing | 80.47M | 465.76M | -2.07B | -2.9B | -82.73M | -2.27B | -157.63M | -376.16M | -184.46M | -29.86M | -104.04M |
| Acquisitions | 162.41M | 1.11B | 0 | 0 | 0 | -1.59B | 0 | 0 | -4.03M | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -82K | 4.71M | 546.59M | 125.69M | 1.09B | -9.35M | -636K | 887K | 724K | -1.13M | -7.71M |
| Cash from Financing | 64.18M | -543.64M | 2.22B | 1.53B | 321.96M | 1.82B | 819.5M | 602.61M | 260.2M | 13.96M | 277.7M |
| Dividends Paid | -458K | -3.47M | -65.31M | -723.96M | -99.05M | -88.76M | -33.74M | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio % | - | - | - | 132.14% | 50.93% | 91.4% | - | - | - | - | - |
| Debt Issuance (Net) | -1.91M | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -30.12M | -6.41M | 0 | 0 | 0 | 0 |
| Other Financing | -303.86M | -280.48M | 225.61M | -65.97M | -90.2M | -37.81M | 254.39M | 259.75M | 56.12M | 19.79M | 299.55M |
| Net Change in Cash | -321.26M | -608.63M | 654.76M | -544.27M | 591.05M | -365.31M | 536.3M | -7.82M | -17.48M | -62.32M | 180.65M |
| Exchange Rate Effect | 11.56M | 52.62M | -81.9M | 6.17M | -3.29M | 6.54M | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 189.88M | 965.58M | 310.81M | 855.08M | 264.03M | 629.34M | 93.03M | 100.85M | 118.33M | 180.65M | 0 |
| Cash at End | 500.15M | 356.94M | 965.58M | 310.81M | 855.08M | 264.03M | 629.34M | 93.03M | 100.85M | 118.33M | 180.65M |
| Free Cash Flow | -396.86M | -1.23B | -2.03B | -2.21B | -818.9M | -2.19B | -282.56M | -611.31M | -274.38M | -83.62M | -139.82M |
| FCF Growth % | 57.71% | 39.34% | 7.74% | -169.27% | 62.59% | -674.63% | 53.78% | -122.8% | -228.13% | 40.19% | - |
| FCF Margin % | -31.43% | -82.06% | -86.03% | -91.37% | -34.58% | -165.47% | -62.56% | -323.23% | -244.32% | -85.97% | -653.51% |
| FCF / Net Income % | 20.57% | 66.94% | 816.94% | -402.47% | -421.07% | -2254.07% | 155.13% | 1808.13% | 351.42% | 264.02% | 424.64% |
Quick answers to the most common questions about buying NFE stock.
New Fortress Energy Inc. (NFE) generated $-583.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
New Fortress Energy Inc. (NFE) reported negative free cash flow of $1.23B in 2025, indicating capital requirements exceeded cash from operations.
New Fortress Energy Inc. (NFE) spent $650.8M 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, New Fortress Energy Inc. (NFE) returned $3.5M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Project execution and liquidity
Metrics are mathematically derived from official filings.
Operating Cash Flow Volatility Persists
As reported in recent quarterly filings, NFE's operating cash flow has demonstrated extreme volatility, swinging from a positive $440.5 million in 2024Q4 to a negative $120.4 million by 2026Q1, which suggests that the company's core infrastructure assets are struggling to generate consistent, predictable cash returns from operations.
The erratic nature of operating cash flow indicates that the company's revenue streams are not yet stabilized by long-term, take-or-pay contracts as originally intended. Investors should monitor whether this instability reflects seasonal demand shifts or fundamental issues with the reliability of the company's gas-to-power infrastructure in its core international markets.
Capital Intensity Outpacing Operational Returns
Based on the provided financial data, NFE's capital expenditure profile remains heavily skewed toward growth, with historical quarterly investments frequently exceeding $600 million, a trend that appears to be disconnected from the company's current inability to generate positive operating cash flow to fund these massive infrastructure projects.
The persistent negative free cash flow is a direct consequence of the company's aggressive expansion strategy into liquefaction and regasification assets. This level of spending suggests that the firm is in a high-risk phase where the completion of pending projects is the only path to eventual cash flow self-sufficiency.
Financing Capacity Constrained by Burn
According to the cash flow statements, the company has faced a consistent free cash flow deficit, with quarterly outflows reaching as high as $613.4 million in 2024Q1, forcing a reliance on external capital markets that may become increasingly expensive given the current negative earnings and cash flow profile.
The lack of consistent access to internal cash generation implies that the company is highly sensitive to credit market conditions and the availability of debt financing. Any tightening in capital markets could severely limit the company's ability to complete its ongoing infrastructure projects, potentially leading to further project delays or equity dilution.
Hidden Risks in Cash Flow
As indicated by the historical data, the company's cash flow statement masks significant risks, as the absence of consistent interest payments in several quarters may suggest that the firm is capitalizing interest or deferring obligations, which warrants further investigation into the true recourse debt held at the parent level.
The discrepancy between reported net losses and the cash flow from operations suggests that non-cash items and accounting adjustments are playing a major role in the company's financial presentation. Analysts should be wary of the potential for future cash calls to cover decommissioning or environmental obligations that are not currently reflected in the operating cash flow.