Free cash flow reached $679.4 million in 2026Q1, supported by an OCF/NI ratio of 2.35, indicating strong cash-generative capacity despite historical volatility.
| 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 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 1.96B | 1.31B | 1.27B | -178.29M | 4.08B | 822.52M | 182.23M | 426.97M | 524.84M | 758.27M | 633.66M | 427.32M | 591.04M | 651.71M | 650.21M | 571.35M | 618.52M | 371.35M | 457.31M | 311.29M | 221.2M | 151.98M | 152.03M | 116.14M | 125.52M | 125.68M | 125.73M | 10.03M | 37.9M | 84.3M | 66.3M |
| Operating CF Margin % | - | 28.72% | 28.15% | -2.39% | 38.09% | 28.74% | 10.03% | 21.97% | 23.16% | 35.15% | 32.67% | 24.72% | 29.34% | 29.58% | 26.77% | 26.63% | 33.79% | 25.81% | 25.78% | 26.21% | 21.21% | 16.96% | 19.28% | 16.79% | 22.67% | 23.87% | 25.06% | 2.03% | 7.5% | 16.42% | 14% |
| Operating CF Growth % | 365.61% | 2.95% | 814.93% | -104.37% | 396.06% | 351.35% | -57.32% | -18.65% | -30.78% | 19.67% | 48.29% | -27.7% | -9.31% | 0.23% | 13.8% | -7.63% | 66.56% | -18.8% | 46.91% | 40.73% | 45.54% | -0.03% | 30.9% | -7.47% | -0.12% | -0.04% | 1153.52% | -73.54% | -55.04% | 27.15% | -35.38% |
| Net Income | 816.95M | 587.21M | 0 | 2.01B | 3.91B | 585.45M | 164.52M | 278.12M | 108.63M | 110.45M | 278.29M | 213.17M | 296.38M | 467.11M | 657.37M | 554.12M | 387.27M | 327.06M | 501.41M | 180.02M | 141.28M | 113.51M | 74.23M | 46.75M | 40.2M | 30.1M | 27.1M | 48.08M | 67.2M | 62.3M | 70.2M |
| Depreciation & Amortization | 222M | 426.92M | 0 | 278.42M | 2.78M | 215.5M | 201.88M | 206.68M | 221.07M | 240.82M | 249.79M | 274.35M | 251.35M | 206.8M | 196.16M | 201.91M | 149.96M | 154.55M | 113.49M | 100.79M | 93.43M | 72.42M | 63.73M | 62.79M | 62.49M | 63.73M | 62.26M | 58.97M | 53.8M | 39.2M | 30.7M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 216.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.19B | 298.16M | 1.27B | -2.47B | 171.07M | 21.57M | -184.16M | -57.82M | 195.14M | 406.99M | 105.58M | -60.2M | 43.31M | -22.2M | 78.15M | 176.87M | 122.52M | 188.23M | 243.08M | 137.18M | 99.57M | 96.04M | 68.19M | 39.74M | 36.2M | 18.48M | 10.46M | 14.11M | -11M | 11.7M | 6.7M |
| Working Capital Changes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -497.55M | -361.56M | -41.23M | -298.48M | -400.66M | -106.69M | -113.08M | -129.98M | -54.12M | -33.14M | -13.36M | 13.37M | 25.91M | -111.12M | -72.1M | -28.9M | -41.3M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -52.99M | -172.79M | -39.88M | 23.32M | -184.71M | -25.83M | -240K | -15.84M | -9.45B | -18.12B | 3.08B | -447K | 13.38M | -41.46M | -21.1M | -24M | -14.8M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -167.83M | -147.24M | 26.55M | -119.86M | -193.47M | -34.98M | -46.73M | -58.81M | -40.66M | -12.58M | -25.05M | 3.97M | -10.92M | -19.41M | -31.7M | -21.9M | -38.8M |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -49.02M | -41.53M | -27.89M | -16.79M | 46.01M | -4M | -23.36M | -6.52M | -6.83B | -16.24B | 11.88B | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.19B | -770.54M | -1.21B | -1.48B | -909.4M | -1.01B | -167.09M | -485.47M | -187M | -248.07M | 162.39M | -69.81M | -311.36M | -487.38M | -562.88M | -516.23M | -236.81M | -372.96M | -278.81M | -174.17M | -259.55M | -199.55M | -19.39M | -60.14M | -36.1M | -42.11M | -69.86M | -95.92M | -146.7M | -185.8M | -164.3M |
| Capital Expenditures | -877.99M | -875.29M | -971.79M | -1.12B | -905.25M | -464.72M | -322.24M | -323.82M | -244.69M | -142.14M | -131.25M | -111.31M | -112.14M | -386.5M | -445.98M | -501.12M | -336M | -357.01M | -275.89M | -165.64M | -175.79M | -185.6M | -51.76M | -55.08M | -39.97M | -29.78M | -58.62M | -72.13M | -139.5M | -210.6M | -175.3M |
| CapEx % of Revenue | 16.53% | 19.16% | 21.46% | 14.94% | 8.45% | 16.24% | 17.73% | 16.66% | 10.8% | 6.59% | 6.77% | 6.44% | 5.57% | 17.54% | 18.36% | 23.36% | 18.36% | 24.82% | 15.55% | 13.95% | 16.86% | 20.72% | 6.56% | 7.96% | 7.22% | 5.66% | 11.68% | 14.61% | 27.59% | 41.03% | 37.01% |
| Acquisitions | -17.85M | -11.39M | -133.66M | 0 | -31.89M | 13.09M | 4.05M | -1.61M | 50M | -38.09M | -45M | -59K | 9.22M | -69K | 764K | 827K | -3.5M | 1.81M | 0 | 0 | -14.02M | 0 | 741K | 264K | 734K | 0 | 212K | 123K | 100K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -297.01M | 122.65M | 247.96M | -323.42M | -5.55M | -602.58M | 151.1M | 31.21M | 7.69M | -29.75M | 338.64M | 41.63M | -208.44M | -101.28M | -4.62M | -15.94M | 102.69M | -30K | -4.6M | -10M | -10.95M | -1.92M | -831K | 5.49M | 1.42M | -13.11M | -11.63M | -9.1M | -42.9M | 24.8M | 11M |
| Cash from Financing | 412.81M | -146.72M | 282.38M | 47.91M | -2B | 1.21B | -94.13M | 105.9M | -387.31M | -411.92M | -816.41M | -180.34M | -388.04M | -2.29M | -197.7M | -105.2M | -254.24M | 202.49M | -38.4M | -157.13M | 71.61M | 127.27M | -135.09M | -51.87M | -145.45M | 6.5M | -51.92M | 55.97M | 97M | 18.8M | 125.5M |
| Debt Issued (Net) | 439.82M | -116.92M | 371.89M | 1.55B | 245.89M | 685.89M | 135.88M | 442.9M | 163.04M | -37.99M | -417M | -53M | -8.99M | 283.51M | 146.5M | 180M | -68.54M | 558.14M | 174.43M | -62.22M | -146.6M | 179M | -109.43M | -30.51M | -129.02M | 21.79M | -25.83M | 53.02M | 143.3M | -448.1M | 147.8M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 1.1B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10K | 38.12M | 24.1M | 0 | 800K |
| Dividends Paid | -625.16K | -4.27M | -67.22M | -1.47B | -2.24B | -571.7M | -222M | -329.79M | -550.35M | -373.93M | -399.41M | -127.34M | -379.04M | -279.67M | -334.76M | -277.33M | -175.54M | -345.65M | -212.83M | -94.91M | -74.57M | -51.73M | -25.71M | -21.36M | -16.43M | -15.29M | -26.1M | -36.06M | -32.3M | -36.9M | -23.1M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -26.39M | -25.53M | -22.29M | -34.26M | -10.48M | -7.96M | -8.02M | -7.22M | 0 | 0 | 0 | 0 | 0 | -6.13M | -9.44M | -7.86M | -10.16M | -10M | 0 | 0 | 292.78M | 0 | 43.8K | 0 | 0 | 0 | 0 | 906K | -38.1M | 503.8M | 0 |
| Net Change in Cash | 1.17B | 367.62M | 336.48M | -1.61B | 1.14B | 1.01B | -79.43M | 32.46M | -74.37M | 115.77M | -12.59M | 172.69M | -122.06M | 152.27M | -120.64M | -79.66M | 149.01M | 226.59M | 139.59M | -19.73M | 35.99M | 81.2M | -2.52M | 4.07M | -56.33M | 88.81M | 3.22M | -31.22M | -11.8M | 18.8M | 27.6M |
| Free Cash Flow | 1.08B | 437M | 302.89M | -1.28B | 3.17B | 357.8M | -140.01M | 103.16M | 120.76M | 285.55M | 500.32M | 316M | 478.9M | 265.22M | 204.22M | 70.23M | 282.52M | 14.35M | 181.42M | 145.65M | 45.41M | -33.62M | 100.27M | 61.06M | 85.55M | 95.9M | 67.11M | -62.1M | -101.6M | -126.3M | -109M |
| FCF Margin % | 20.31% | 9.56% | 6.69% | -17.17% | 29.64% | 12.5% | -7.7% | 5.31% | 5.33% | 13.24% | 25.8% | 18.28% | 23.78% | 12.04% | 8.41% | 3.27% | 15.43% | 1% | 10.23% | 12.27% | 4.35% | -3.75% | 12.72% | 8.83% | 15.45% | 18.22% | 13.37% | -12.58% | -20.09% | -24.61% | -23.01% |
| FCF Growth % | 196.37% | 44.28% | 123.63% | -140.38% | 787.34% | 355.56% | -235.73% | -14.58% | -57.71% | -42.93% | 58.33% | -34.02% | 80.57% | 29.87% | 190.8% | -75.14% | 1869.23% | -92.09% | 24.56% | 220.74% | 235.08% | -133.53% | 64.21% | -28.63% | -10.79% | 42.9% | 208.06% | 38.88% | 19.56% | -15.87% | -10800% |
| FCF per Share | 3.79 | 1.53 | 1.06 | -4.49 | 11.12 | 1.25 | -0.52 | 0.39 | 0.46 | 1.08 | 1.89 | 1.19 | 1.81 | 1.00 | 0.77 | 0.26 | 1.06 | 0.05 | 0.68 | 0.55 | 0.17 | -0.13 | 0.38 | 0.23 | 0.32 | 0.36 | 0.25 | -0.24 | -0.40 | -0.52 | -0.48 |
| FCF Conversion (FCF/Net Income) | 1.32x | 2.23x | -3.15x | -0.09x | 1.04x | 1.40x | 1.11x | 1.54x | 1.19x | 1.77x | 2.28x | 1.94x | 2.50x | 1.40x | 1.00x | 1.05x | 1.62x | 1.10x | 0.91x | 1.73x | 1.57x | 1.34x | 2.05x | 2.48x | 3.12x | 4.18x | 4.71x | 0.21x | 0.56x | 1.35x | 0.94x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Lithium price volatility exposure
As reported in recent financial filings, SQM consistently generated operating cash flow significantly higher than net income, with an OCF/NI ratio reaching 2.35 in 2026Q1, suggesting that the company's cash-generative capacity remains robust despite the inherent volatility of its reported bottom-line accounting figures.
The persistent gap between net income and operating cash flow indicates that non-cash charges and accounting adjustments, such as those related to the CORFO lease, heavily influence reported earnings. Investors should monitor this divergence as it suggests the company's underlying cash engine is more resilient than the fluctuating net income figures might imply.
Based on the provided cash flow data, SQM's free cash flow trajectory has shifted from a negative $893.3 million in 2023Q4 to a positive $679.4 million in 2026Q1, reflecting a significant improvement in the company's ability to fund operations and capital projects internally.
The return to positive free cash flow margins of 38.6% in the most recent quarter suggests that the company has successfully navigated the trough of the commodity cycle. This trend warrants further investigation into whether this cash generation is sustainable or if it remains overly sensitive to short-term lithium price spikes.
According to quarterly cash flow statements, SQM maintained a capital expenditure to revenue ratio of 10.1% in 2026Q1, down from the 32.9% peak observed in 2024Q4, indicating a strategic moderation in investment as the company balances growth projects with current market pricing realities.
The high level of capital intensity appears necessary to support the infrastructure required for brine extraction and the ongoing development of the Mt. Holland project. While this spending is essential for long-term capacity, it creates a significant hurdle for free cash flow generation during periods of price weakness.
As indicated by recent financial statements, SQM has prioritized capital preservation, with dividend payments remaining negligible at $406.1K in 2026Q1, reflecting a cautious approach to cash deployment amidst the ongoing uncertainty surrounding global lithium market conditions and the company's long-term regulatory environment.
The lack of significant share repurchases or aggressive dividend payouts suggests that management is currently focused on maintaining liquidity and funding internal growth initiatives. This conservative stance appears prudent given the cyclical nature of the business and the potential for future capital requirements related to the Codelco partnership.
Quick answers to the most common questions about buying SQM stock.
Sociedad Química y Minera de Chile S.A. (SQM) generated $1.31B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Sociedad Química y Minera de Chile S.A. (SQM) generated $437.0M 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.
Sociedad Química y Minera de Chile S.A. (SQM) spent $875.3M 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, Sociedad Química y Minera de Chile S.A. (SQM) returned $4.3M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.