Aggressive capital deployment, including $265.0 million in 2026Q1 CapEx, has contributed to a $498.0 million free cash flow deficit, highlighting reliance on liquidity buffers.
| 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 |
|---|
| Cash from Operations | 505.18M | 684.62M | 435M | 575M | 619M | 638.58M | 557.29M | 802M | 610M | 893.68M | 374.91M | 337.19M | 256.4M | 254.02M |
| Operating CF Growth % | -275.96% | 57.38% | -24.35% | -7.11% | -3.07% | 14.59% | -30.51% | 31.48% | -31.74% | 138.37% | 11.19% | 31.51% | 0.94% | - |
| Operating CF / Revenue % | 23.42% | 34.27% | 23.19% | 33.2% | 33.84% | 42.35% | 51.94% | 59.85% | 42.48% | 20.28% | 23.68% | 61.44% | 35.94% | 31.04% |
| Net Income | 438M | 398.08M | 619M | 305M | 457M | 323.73M | 140.79M | 603M | 224M | 580.15M | -693.7K | 236.72M | 86.87M | 43.88M |
| Depreciation & Amortization | 458.57M | 427.19M | 342M | 276.22M | 212M | 221.42M | 204.97M | 186M | 165M | 415.76M | 138.8M | 57.07M | 54.6M | 57.49M |
| Deferred Taxes | -4.62M | 0 | -121M | 318M | 124M | 8.86M | 30.39M | -130M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -41.38M | -157.58M | -69M | -192.22M | -5M | 117.48M | 203.54M | 58M | 356M | 110.24M | 419.75M | 118.24M | 182.63M | 225.85M |
| Working Capital Changes | -356.15M | 16.93M | -336M | -132M | -132M | -32.92M | -22.4M | 85M | -135M | -212.47M | -182.95M | -74.84M | -68.51M | -74.57M |
| Capital Expenditures | -1.09B | -967.78M | -447M | -758M | -447M | -499.59M | -222.48M | -426M | -455M | -1.72B | -708.27M | -370.56M | -272.54M | -161.08M |
| CapEx / Revenue % | 50.41% | 48.44% | 23.83% | 43.76% | 22.74% | 33.13% | 20.73% | 31.79% | 31.69% | 38.94% | 44.73% | 67.52% | 38.21% | 19.69% |
| CapEx / D&A | 2.37x | 2.27x | 1.31x | 2.74x | 1.96x | 2.26x | 1.09x | 2.29x | 2.76x | 4.13x | 5.10x | 6.49x | 4.99x | 2.80x |
| CapEx Coverage (OCF/CapEx) | 0.46x | 0.71x | 0.97x | 0.76x | 1.49x | 1.28x | 2.50x | 1.88x | 1.34x | 0.52x | 0.53x | 0.91x | 0.94x | 1.58x |
| Cash from Investing | -587.1M | -410.54M | -344M | -446M | -575M | -499.59M | -222.48M | -369M | 19M | -1.72B | -708.27M | -549.51M | -289.02M | -223.4M |
| Acquisitions | 15.99M | 767.6K | 108M | 71M | -67M | 57.44M | 6.54M | 0 | 0 | 0 | -576.72M | 0 | 0 | 0 |
| Purchase of Investments | -48.31M | -38.88M | 0 | 0 | -103M | -208.87M | -14.2M | -74M | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 527.28M | 586.98M | 0 | 0 | 0 | 0 | 0 | 190M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 5.22M | 8.38M | -5M | 241M | 11M | -139.49M | -95.95M | -59M | 474M | -733.21M | 262.22M | -178.95M | -16.49M | -62.32M |
| Cash from Financing | 104.44M | -157.84M | 476M | -57M | -46M | -197.47M | -248.45M | -390M | -470M | 752.34M | 367.66M | 220.27M | 27.24M | -11.8M |
| Dividends Paid | 0 | 0 | 0 | -1M | 0 | 0 | -8.29M | -1M | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio % | - | - | - | 0.33% | - | - | - | 0.14% | 7.77% | 0.29% | - | 0.85% | - | 1.91% |
| Debt Issuance (Net) | 0 | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -54.83M | -54.26M | 0 | 0 | -18M | -36.82M | -100.33M | -141M | -341M | -3M | 0 | 0 | 0 | 0 |
| Other Financing | -152.72M | -802.06M | -145M | -280M | -162M | -15.5M | -206.88M | -214M | -131M | -285.48M | -978.18M | 35.66M | -3.74M | -22.47M |
| Net Change in Cash | -125.16M | -11.91M | 567M | 65M | -4M | -31.68M | -83.86M | -16M | 177.66M | -26.27M | 49.68M | 761.4K | -13.24M | 26.67M |
| Exchange Rate Effect | -147.68M | -128.15M | 0 | -7M | -2M | 26.8M | -170.22M | -59M | 53M | 27.35M | 22.7M | 6.1M | 4.56M | 7.85M |
| Cash at Beginning | 725M | 738.34M | 171M | 106M | 110M | 141.55M | 225.41M | 241M | 63.34M | 89.61M | 39.93M | 39.17M | 52.4M | 25.74M |
| Cash at End | 236M | 726.44M | 738M | 171M | 106M | 109.87M | 141.55M | 225M | 241M | 63.34M | 89.61M | 39.93M | 39.17M | 52.4M |
| Free Cash Flow | -582.09M | -283.16M | -12M | -183M | 172M | 138.99M | 334.81M | 376M | 155M | -822.12M | -333.35M | -33.36M | -16.13M | 92.93M |
| FCF Growth % | -881.76% | -2259.67% | 93.44% | -206.4% | 23.75% | -58.49% | -10.95% | 142.58% | 118.85% | -146.62% | -899.14% | -106.79% | -117.36% | - |
| FCF Margin % | -26.99% | -14.17% | -0.64% | -10.57% | 9.4% | 9.22% | 31.2% | 28.06% | 10.79% | -18.66% | -21.05% | -6.08% | -2.26% | 11.36% |
| FCF / Net Income % | -132.9% | -75.11% | -1.94% | -60.6% | 37.72% | 50.91% | -91.23% | 54.34% | 553.57% | -120.57% | 6368.68% | -14.09% | -18.57% | 146.74% |
CAMMESA payment settlement delays
As indicated by recent financial statements, Pampa Energía’s capital expenditure reached $265.0 million in 2026Q1, reflecting a sustained commitment to infrastructure expansion that consistently outpaces operating cash flow and underscores the company's aggressive growth strategy within the Vaca Muerta shale gas and power generation sectors.
The persistent negative free cash flow is a structural feature of the company's current growth phase rather than a sign of operational distress. By prioritizing capital-intensive projects, management appears to be positioning the firm to capture long-term value from increased gas production and improved transmission capacity.
According to the quarterly cash flow data, operating cash flow for Pampa Energía swung from a positive $273.6 million in 2025Q4 to a negative $233.0 million in 2026Q1, highlighting the extreme sensitivity of cash generation to regulatory payment cycles and domestic economic conditions.
This volatility suggests that the company's ability to fund its own operations is highly dependent on the timing of collections from CAMMESA. Investors should monitor whether these fluctuations represent temporary timing mismatches or a more permanent erosion of cash flow quality due to inflationary pressures.
Based on reported figures, Pampa Energía has maintained a relatively clean balance sheet with a debt-to-equity ratio of 0.54%, providing the necessary financial flexibility to absorb the $498.0 million free cash flow deficit observed in 2026Q1 without immediate reliance on dilutive equity issuance.
The company's ability to navigate these periods of negative free cash flow appears supported by its low leverage, which may allow for continued access to capital markets. However, the sustainability of this model depends on the company's ability to maintain its credit standing in a volatile Argentine macro environment.
Analysis of the provided financial data suggests that the reported cash flow figures may mask significant underlying risks, particularly regarding the aging of receivables from the wholesale electricity market administrator, which can create substantial working capital strain that is not immediately apparent in headline net income.
The divergence between net income and operating cash flow warrants further investigation into the real-time collectability of these assets. If payment delays from the state continue to lengthen, the company may face liquidity constraints that could force a slowdown in its otherwise ambitious capital expenditure program.
Quick answers to the most common questions about buying PAM stock.
Pampa Energía S.A. (PAM) generated $684.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Pampa Energía S.A. (PAM) reported negative free cash flow of $283.2M in 2025, indicating capital requirements exceeded cash from operations.
Pampa Energía S.A. (PAM) spent $967.8M 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, Pampa Energía S.A. (PAM) spent $54.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.