Persistent free cash flow deficits, including a $23.0 billion shortfall in 2025Q4, highlight a reliance on external capital markets to fund operations, evidenced by a $10.0 billion net stock issuance in 2025Q2.
| Cash from Operations | 23.15B | 67.56B | 68.93B | 66.67B | 42.39B | 32.08B | 35.09B | 30B | 19.91B | 8.99B | 3.56B | 666.92M | 38.34M |
| Operating CF Growth % | -65.73% | -1.98% | 3.39% | 57.29% | 32.13% | -8.57% | 16.96% | 50.67% | 121.38% | 152.93% | 433.19% | 1639.49% | - |
| Operating CF / Revenue % | 16.65% | 69.61% | 84.77% | 85.24% | 71.42% | 66.58% | 72.48% | 69.53% | 80.88% | 68.8% | 57.95% | 22.92% | 9.73% |
| Net Income | 10.93B | 10.03B | 8.14B | -2.47B | -12.23B | -5.13B | -623M | 4.93B | 300M | 338.24M | 816.43M | -14.09M | 71.85M |
| Depreciation & Amortization | 28.13B | 20.67B | 17.58B | 15.9B | 13.76B | 12.03B | 11.24B | 9.5B | 7.11B | 3.82B | 2.07B | 1.01B | 166.4M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | -1.84B | -570M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -10.6B | 41.23B | 36.39B | 44.4B | 43.77B | 35.55B | 32.89B | 25.28B | 13.54B | 9.26B | 3.57B | 1.37B | 137.42M |
| Working Capital Changes | -5.31B | -5.65B | 5.16B | 6.87B | -5.32B | -10.57B | -6.65B | -9.32B | -1.44B | -4.72B | -2.97B | -1.69B | -337.33M |
| Capital Expenditures | -100.33B | -93.66B | -153.84B | -91.38B | -89.83B | -24.48B | -39.3B | -61.2B | -104.58B | -67.84B | -34.65B | -11.83B | -18.29B |
| CapEx / Revenue % | 72.13% | 96.49% | 189.18% | 116.82% | 151.36% | 50.81% | 81.18% | 141.85% | 424.82% | 518.93% | 564.65% | 406.6% | 4641.71% |
| CapEx / D&A | 3.57x | 4.53x | 8.75x | 5.75x | 6.53x | 2.04x | 3.50x | 6.44x | 14.71x | 17.78x | 16.70x | 11.75x | 109.90x |
| CapEx Coverage (OCF/CapEx) | 0.23x | 0.72x | 0.45x | 0.73x | 0.47x | 1.31x | 0.89x | 0.49x | 0.19x | 0.13x | 0.10x | 0.06x | 0.00x |
| Cash from Investing | -112.1B | -74.16B | -162.53B | -79.99B | -124.75B | -17.41B | -53.72B | -53.41B | -104.58B | -59.92B | -43.52B | -13.03B | -18.12B |
| Acquisitions | 3.05B | 3.59B | 4.09B | -3.13B | -11.16B | 3.61B | -762M | -941M | -43.13B | -1.24B | 0 | -24.1M | 0 |
| Purchase of Investments | -18.13B | -363.8B | -443.99B | -435.54B | 15.87B | -140.78B | -15.87B | -2.62B | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 0 | 375.22B | 426.71B | 442.01B | -15.87B | 142.22B | 2.15B | 9.54B | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 3.3B | 4.49B | 4.5B | 8.04B | -23.75B | 2.01B | 54M | 1.81B | -9.15B | 9.17B | -8.87B | -1.17B | 165.05M |
| Cash from Financing | 69.2B | 19.98B | 82.42B | 23.02B | 90.04B | -7.08B | 21.61B | 19.61B | 71.44B | 74.43B | 35.72B | 14.18B | 19.95B |
| Dividends Paid | 0 | 0 | 0 | 0 | -19.61B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Debt Issuance (Net) | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 |
| Stock Issued | 10.24B | 20M | 17M | 17.77B | 68B | 0 | 0 | 560M | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -4.82B | -13.28B | -1.31B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | -56.35B | -45.82B | -39.85B | 33.55B | -35.72B | -32.2B | -26.56B | 3.72B | 24.76B | 12.05B | 3.55B | 19.95B |
| Net Change in Cash | -19.41B | 13.4B | -11.16B | 9.8B | 7.7B | 7.59B | 2.97B | -3.8B | -13.22B | 23.51B | -4.24B | 1.82B | 1.87B |
| Exchange Rate Effect | 335.88M | 13M | 26M | 96M | 19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 87.58B | 27.02B | 38.18B | 28.38B | 20.68B | 13.09B | 10.12B | 13.91B | 27.14B | 3.63B | 7.87B | 1.88B | 9.33M |
| Cash at End | 68.17B | 40.42B | 27.02B | 38.18B | 28.38B | 20.68B | 13.09B | 10.12B | 13.91B | 27.14B | 3.63B | 3.7B | 1.88B |
| Free Cash Flow | -77.18B | -26.09B | -84.91B | -24.7B | -47.44B | 7.6B | -4.21B | -31.2B | -84.67B | -58.84B | -31.09B | -11.16B | -18.25B |
| FCF Growth % | -195.76% | 69.27% | -243.72% | 47.93% | -724.29% | 280.46% | 86.5% | 63.15% | -43.88% | -89.26% | -178.47% | 38.82% | - |
| FCF Margin % | -55.48% | -26.88% | -104.41% | -31.58% | -79.93% | 15.77% | -8.7% | -72.31% | -343.93% | -450.13% | -506.7% | -383.68% | -4631.98% |
| FCF / Net Income % | -706.27% | -684.16% | -2494.36% | 512.83% | 295.08% | -97.2% | 156.19% | -1179.1% | -28222% | -17397.4% | -3808.22% | 79240.38% | -25399.51% |
Extreme capital intensity volatility
As reported in quarterly financial statements, ReNew Energy Global's operating cash flow has exhibited extreme instability, swinging from a negative $1.7 billion in 2025Q4 to a peak of $28.8 billion in 2025Q2, highlighting significant unpredictability in the company's core cash generation capabilities.
The erratic nature of operating cash flow suggests that the company's underlying renewable assets may not yet be providing the stable, predictable cash streams typical of a mature regulated utility. Investors should monitor whether this volatility stems from project commissioning delays or underlying issues with revenue collection and regulatory recovery mechanisms.
Based on the provided financial data, ReNew Energy Global's capital expenditure reached a high of $43.2 billion in 2023Q3, consistently dwarfing operating cash flow and indicating that the company is in a heavy investment phase that relies entirely on external funding sources.
The high ratio of CAPEX to operating cash flow suggests that the company is aggressively expanding its asset base, yet the lack of consistent positive free cash flow raises questions about the efficiency of this capital deployment. The company appears to be prioritizing rapid growth over immediate cash flow self-sufficiency, which warrants further investigation into the long-term return profile of these investments.
According to recent SEC filings, the company's persistent free cash flow deficit, which reached $23.0 billion in 2025Q4, necessitates constant access to capital markets, as evidenced by the $10.0 billion net stock issuance observed in 2025Q2 to bridge the funding gap.
The reliance on equity and debt markets to fund operations suggests a vulnerable balance sheet position, particularly if market conditions for renewable energy financing tighten. Investors should monitor the company's ability to secure capital on reasonable terms, as the current burn rate leaves little room for operational error.
As indicated by the provided data, the company's cash flow statement obscures the true cost of its expansion, with net stock issuance fluctuations of over $10 billion in a single quarter suggesting that financing activities are masking underlying operational cash flow deficits.
The lack of consistent interest paid despite significant debt issuance may indicate that the company is capitalizing interest costs or utilizing non-traditional financing structures. This practice warrants further investigation, as it may be artificially inflating the company's reported financial health while deferring the true cash impact of its debt burden.
Quick answers to the most common questions about buying RNW stock.
ReNew Energy Global Plc (RNW) generated $23.15B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
ReNew Energy Global Plc (RNW) reported negative free cash flow of $77.18B in 2025, indicating capital requirements exceeded cash from operations.
ReNew Energy Global Plc (RNW) spent $100.33B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.