Operating cash flow consistently exceeds net income with a 10-quarter average OCF/NI ratio of 1.46, but free cash flow is volatile due to a recent capital expenditure surge to 78.4% of revenue.
SandRidge Energy, Inc. (SD) cash flow statement — 21-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 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Cash from Operations | 138.91M | 100.14M | 73.93M | 115.58M | 164.7M | 110.26M | 36.16M | 121.32M | 145.51M | 181.18M | -46.48M | 373.54M | 621.11M | 868.63M | 783.16M | 475.49M | 390.13M | 311.56M | 579.19M | 357.45M | 67.35M | 63.64M |
| Operating CF Margin % | - | 64.05% | 59.01% | 77.76% | 64.78% | 65.29% | 31.45% | 45.47% | 41.65% | 50.71% | -6.05% | 48.59% | 39.85% | 43.8% | 28.68% | 33.6% | 41.87% | 52.71% | 49.01% | 52.76% | 17.35% | 22.12% |
| Operating CF Growth % | 212.5% | 35.45% | -36.03% | -29.82% | 49.37% | 204.91% | -70.19% | -16.62% | -19.68% | 489.78% | -112.44% | -39.86% | -28.49% | 10.91% | 64.71% | 21.88% | 25.22% | -46.21% | 62.03% | 430.75% | 5.82% | - |
| Net Income | 82.96M | 70.2M | 62.99M | 60.86M | 242.17M | 116.74M | -277.35M | -449.31M | -9.07M | 47.06M | -4.32B | -4.32B | 351.9M | -514.48M | 246.57M | 162.39M | 195.01M | -1.77B | -1.44B | 50.22M | 15.62M | 18.12M |
| Depreciation & Amortization | 57.95M | 42.87M | 32.48M | 22.18M | 17.88M | 15.45M | 58.88M | 159.26M | 139.26M | 131.89M | 367.3M | 367.3M | 493.93M | 629.87M | 628.83M | 380.24M | 326.11M | 235.36M | 361.37M | 243.11M | 55.63M | 24.21M |
| Stock-Based Compensation | 3.55M | 2.74M | 2.35M | 1.95M | 1.53M | 1.39M | 3.01M | 4.25M | 23.38M | 15.75M | 18.38M | 18.38M | 19.99M | 85.27M | 42.8M | 38.68M | 37.68M | 22.79M | 18.78M | 7.2M | 0 | 0 |
| Deferred Taxes | -5.54M | -5.54M | -22.23M | 0 | -64.53M | -15.45M | 0 | 0 | 19.71M | -19.66M | 3.42B | 3.84B | -141.23M | 3.84M | -100.29M | -6.99M | -447.5M | 1.93B | -47.53M | 28.92M | 348K | 9.46M |
| Other Non-Cash Items | 2.04M | -2.16M | 1.32M | 17.14M | -4.3M | -5.44M | 246.8M | 397.36M | -36.47M | 7.7M | 346.01M | 341.89M | 31.25M | 600.45M | 131.35M | -39.05M | 298.86M | 214K | 1.65B | -33.81M | 13.5M | 1.93M |
| Working Capital Changes | -20.73M | -7.98M | -2.97M | 13.46M | -28.06M | -2.43M | 4.83M | 9.76M | 8.71M | -1.56M | 127.55M | 127.55M | -134.72M | 63.68M | -166.1M | -59.8M | -20.03M | -106.02M | 38.88M | 61.81M | -15.91M | 7.8M |
| Change in Receivables | 0 | -3.46M | -842K | 12.13M | -13.21M | 841K | 5.87M | 15.83M | 16.56M | 115K | 201.91M | 201.91M | -63.49M | 90.05M | -141.53M | -61.65M | -11.48M | 8.76M | 3.73M | -19.06M | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 1.4M | 0 | 0 | 2.79M | 318K | 13.86M | 13.86M | 12.71M | -15.52M | 3.11M | -2.96M | -238K | 61K | 307K | -1.73M | -938K | -46K |
| Change in Payables | 0 | -1.42M | 2.81M | 0 | -5.25M | -2.24M | 0 | 0 | -4.26M | -2.2M | -86.47M | -86.47M | -66.49M | 117M | 121.89M | 51.52M | 42.12M | -108.73M | 41.16M | 75.3M | 0 | 0 |
| Cash from Investing | -108.13M | -64.01M | -154.7M | -36.16M | -45.12M | 22.97M | 25.09M | -189.85M | -183.45M | -245.72M | -207.53M | -1.04B | -857.24M | 1.07B | -2.56B | -918.86M | -962.75M | -1.25B | -1.91B | -1.39B | -1.34B | -158.77M |
| Capital Expenditures | -97.52M | -67.69M | -1K | -37.64M | -45.56M | -11.64M | -12.46M | -191.68M | -187.05M | -219.25M | -879.2M | -879.2M | -1.55B | -1.5B | -2.15B | -1.78B | -1.04B | -715.21M | -2.06B | -1.28B | -306.54M | -134.6M |
| CapEx % of Revenue | 54.14% | 43.29% | 0% | 25.32% | 17.92% | 6.89% | 10.84% | 71.83% | 53.53% | 61.36% | 114.37% | 114.37% | 99.65% | 75.46% | 78.59% | 125.65% | 112.09% | 121.01% | 174.17% | 189.07% | 78.96% | 46.78% |
| Acquisitions | -5.13M | 876K | 0 | 0 | 448K | 38.16M | 0 | 0 | 28.36M | 21.83M | 31.93M | 56.5M | 0 | 0 | 0 | 0 | -138.43M | -795.07M | 0 | -116.65M | -1.05B | -21.25M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -6.32M | 2.8M | -154.69M | 1.47M | 0 | -3.54M | 37.56M | 1.83M | 3.59M | -26.48M | 671.68M | -160.44M | 696.09M | 2.57B | -409.57M | 859.4M | 220.05M | 263.22M | 158.78M | 11.92M | -2.07M | -3.72M |
| Cash from Financing | -28.54M | -23.3M | -73.67M | -82.94M | -1.64M | -21.98M | -38.96M | 54.85M | -43.72M | -8.22M | -7.51M | 920.44M | -397.28M | -1.43B | 1.87B | 645.19M | 570.63M | 942.73M | 1.27B | 1.05B | 1.27B | 126.41M |
| Debt Issued (Net) | -558K | -738K | -708K | -588K | -541K | -21.02M | -38.73M | 56.13M | -36.3M | 0 | -7.03M | 1.13B | 0 | -1.18B | 1.48B | -147.96M | 328M | 202.63M | 1.29B | -678K | 743.04M | -53.83M |
| Equity Issued (Net) | -969K | -6.4M | -233K | -929K | 83K | -899K | -64K | -367K | 0 | 0 | -154K | -3.54M | -98.41M | -32.98M | 711.72M | 903.5M | 283.54M | 762.29M | -3.55M | 1.11B | 539.76M | 173.12M |
| Dividends Paid | -26.04M | -15.86M | -72.34M | -81.52M | 0 | 0 | 0 | 0 | 0 | 0 | -11.26M | -11.26M | -55.52M | -55.52M | -55.52M | -56.74M | -28.52M | -26K | -17.55M | -33.32M | 0 | -1K |
| Share Repurchases | -969K | -6.4M | -233K | -929K | 0 | -899K | -64K | -367K | -7.42M | -6.73M | -154K | -3.54M | -120.53M | -32.98M | -14.72M | -13.8M | -7.17M | -5.75M | -3.55M | -1.66M | -500K | 0 |
| Other Financing | -978K | -290K | -393K | 94K | -1.18M | -52K | -160K | -911K | -7.42M | -8.22M | -330K | -190.3M | -243.35M | -168.09M | -264.8M | -53.61M | -12.38M | -22.2M | -903K | -26.68M | -16.37M | 7.12M |
| Net Change in Cash | 2.24M | 12.83M | -154.43M | -3.52M | 117.94M | 111.26M | 22.3M | -13.68M | -81.66M | -72.76M | -261.52M | 254.34M | -633.41M | 504.9M | 102.08M | 201.82M | -2M | 7.22M | -62.5M | 24.19M | -6.78M | 32.76M |
| Free Cash Flow | 41.39M | 32.45M | 47.53M | 77.94M | 119.13M | 98.62M | 23.7M | -70.35M | -41.53M | -38.07M | -925.68M | -505.66M | -932.22M | -628.1M | -1.36B | -1.3B | -654.24M | -403.65M | -1.48B | -923.4M | -239.19M | -70.95M |
| FCF Margin % | 22.98% | 20.76% | 37.93% | 52.44% | 46.85% | 58.39% | 20.61% | -26.37% | -11.89% | -10.65% | -120.42% | -65.78% | -59.81% | -31.67% | -49.92% | -92.06% | -70.22% | -68.29% | -125.17% | -136.3% | -61.61% | -24.66% |
| FCF Growth % | -7.26% | -31.72% | -39.02% | -34.57% | 20.8% | 316.13% | 133.69% | -69.39% | -9.11% | 95.89% | -83.06% | 45.76% | -48.42% | 53.92% | -4.64% | -99.13% | -62.08% | 72.71% | -60.19% | -286.05% | -237.12% | - |
| FCF per Share | 1.12 | 0.88 | 1.28 | 2.10 | 3.21 | 2.65 | 0.66 | -1.99 | -1.18 | -1.17 | -1.77 | -0.97 | -1.87 | -1.31 | -2.99 | -3.20 | -2.07 | -2.31 | -9.51 | -8.39 | -3.20 | -1.25 |
| FCF Conversion (FCF/Net Income) | 0.50x | 1.43x | 1.17x | 1.90x | 0.68x | 0.94x | -0.13x | -0.27x | -16.03x | 3.85x | 0.01x | -0.10x | 2.45x | -1.57x | 5.53x | 4.40x | 2.05x | -0.18x | -0.40x | 7.12x | 4.31x | 3.51x |
| Interest Paid | 285K | 295K | 131K | 104K | 215K | 177K | 1.26M | 2.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 224.13M | 211.38M | 171.99M | 131.18M | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.08M | 1.51M | 2.91M | 2.19M | 0 | 0 | 0 |
Quick answers to the most common questions about buying SD stock.
SandRidge Energy, Inc. (SD) generated $100.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SandRidge Energy, Inc. (SD) generated $32.5M 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.
SandRidge Energy, Inc. (SD) spent $67.7M 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, SandRidge Energy, Inc. (SD) returned $15.9M to shareholders via cash dividends and spent $6.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Extreme margin volatility
Metrics are mathematically derived from official filings.
Strong Cash Conversion Quality
SandRidge's operating cash flow consistently exceeds net income, with a 10-quarter average OCF/NI ratio of 1.46, indicating high-quality earnings and minimal accrual-based distortions.
The persistent premium of operating cash flow over net income suggests that reported earnings are backed by tangible cash generation, not accounting adjustments. This strong conversion is a hallmark of a mature, asset-heavy business where non-cash charges like depreciation are significant but do not impair cash flow. Investors should note the ratio's stability, which implies predictable cash generation relative to accounting profits.
FCF Volatility Amidst Capex Surge
Free cash flow has been volatile, swinging from a negative $1.1M in 2026Q1 to a positive $22.1M in 2026Q2, driven by a sharp increase in capital expenditures that consumed 78.4% of revenue in the latest quarter.
The FCF trajectory is heavily influenced by lumpy capital spending, as seen in the massive Q3 2024 CapEx of $133.8M and the recent Q2 2026 spend of $40.1M. This indicates a project-based investment cycle rather than steady-state maintenance. The resulting FCF margin volatility, from -2.2% to 48.0% over the period, makes trend analysis challenging and suggests investors should focus on full-year cycles rather than quarterly snapshots.
Capital Intensity Spikes with Growth
Capital expenditure intensity has surged dramatically, with CapEx/Revenue reaching 78.4% in 2026Q2, a stark contrast to the sub-1% levels seen in early 2025, signaling a major shift towards growth-oriented investment.
The extreme volatility in CapEx intensity, from 0.7% to 78.4%, suggests the company is executing discrete, large-scale projects rather than consistent maintenance spending. This pattern is typical of E&P companies making strategic acquisitions or developing new reserves. The recent spike implies management is deploying significant capital for future production growth, which will pressure near-term free cash flow but may enhance long-term asset value.
Working Capital Drains Cash Consistently
Working capital changes have been a persistent cash drain, consuming $33.5M over the last ten quarters, with only two quarters showing a positive contribution, indicating ongoing investment in receivables or inventory.
The consistent negative working capital adjustments suggest that as revenue grows, the company is tying up more cash in its operating cycle. This is a common characteristic of growing industrial firms but warrants monitoring for efficiency. The magnitude of the drain, particularly the $14.7M outflow in 2026Q1, may indicate lengthening collection periods or inventory build-up ahead of anticipated sales.
Balanced Capital Returns and Investment
SandRidge has balanced shareholder returns with reinvestment, paying $106.2M in dividends over ten quarters while deploying $138.4M for acquisitions and $133.8M for a single large CapEx project.
The capital deployment strategy appears disciplined, with dividends representing a steady cash outflow that is well-covered by operating cash flow. The large Q3 2024 CapEx and the Q2 2026 acquisition suggest a focus on asset growth. The minimal share repurchase activity indicates management prioritizes direct investment and dividends over financial engineering, aligning with a mature E&P company's typical capital allocation.
Cash Flow Obscured by Lumpy Investment
The cash flow statement's quarterly view is distorted by massive, non-recurring capital projects, such as the $133.8M CapEx in 2024Q3, which obscures the underlying operational cash generation trend.
The extreme volatility in CapEx makes it difficult to assess the company's normalized free cash flow generation. A single quarter's investment can swing FCF from strongly positive to negative, masking the stability of the core business. Furthermore, the consistent working capital outflows may be masking underlying operational inefficiencies or aggressive revenue recognition practices that are not immediately apparent from the headline cash flow figures.