Capital intensity remains elevated, evidenced by $46.8 million in quarterly CapEx as of 2026Q3, which continues to drive negative free cash flow and necessitates ongoing external funding.
| Cash from Operations | -38.45M | -29.64M | -11.4M | -12.8M | -11.06M | -8.63M | -8.93M | -3.42M | -4.47M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -781.37% | -160.02% | 10.98% | -15.76% | -28.11% | 3.28% | -161.23% | 23.51% | - |
| Net Income | -34.38M | -39.62M | -23.85M | -32.03M | -10.8M | -23.82M | -14.5M | -15.36M | -4.21M |
| Depreciation & Amortization | 333.31K | 85.95K | 120.44K | 719.29K | 562.1K | 922.73K | 563.39K | 12K | 2.13K |
| Stock-Based Compensation | 2.84M | 4.35M | 555.52K | 0 | 1.46M | 4.44M | 495.26K | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -272K | -300.62K |
| Other Non-Cash Items | -1.3M | 10.33M | 4.83M | 13.2M | -1.48M | 10.12M | 4.96M | 11.96M | 333.32K |
| Working Capital Changes | -5.1M | -4.79M | 6.94M | 5.31M | -795.77K | -296.32K | -438.61K | -55.54K | -295.06K |
| Change in Receivables | -2.17M | -1.28M | 118.12K | -620.14K | -795.77K | -296.32K | -438.61K | -55.54K | -710 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -3.39M | 0 | 0 | 5.67M | 0 | 0 | 0 | 0 | -294.35K |
| Cash from Investing | -117.29M | -98.77M | -66.11M | -86.53M | -56.12M | -13.21M | -11.96M | -3.07M | 0 |
| Capital Expenditures | -71.14M | -110.13M | -63.7M | -113.36M | -54.88M | -13.21M | -11.96M | -3.07M | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - |
| Acquisitions | 21.17M | 0 | 0 | 27.64M | -1.03M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -67.32M | 11.36M | -2.41M | 0 | -204.66K | 0 | 0 | 0 | 0 |
| Cash from Financing | 233.27M | 101.06M | 146.39M | 85.24M | 31.11M | 79.34M | -24.85K | 31.25M | 646.97K |
| Debt Issued (Net) | 52.77M | -7.77M | -5.47M | 0 | -359.83K | -310.21K | -85.19K | 0 | 0 |
| Equity Issued (Net) | 186.18M | 51.81M | 148.63M | 85.24M | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -5.69M | 57.01M | 3.23M | 0 | 31.47M | 79.65M | 60.34K | 31.25M | 646.97K |
| Net Change in Cash | 76.28M | -29.58M | 67.69M | -11.38M | -36.27M | 57.49M | -20.91M | 24.76M | -3.82M |
| Free Cash Flow | -73.93M | -139.77M | -75.1M | -21.4M | -65.95M | -21.85M | -20.88M | -6.49M | -4.47M |
| FCF Margin % | - | - | - | - | - | - | - | - | - |
| FCF Growth % | 42.87% | -86.11% | -250.93% | 67.55% | -201.84% | -4.62% | -221.86% | -45.23% | - |
| FCF per Share | -3.30 | -9.53 | -7.95 | -3.54 | -18.62 | -28.47 | -44.67 | -13.85 | -9.55 |
| FCF Conversion (FCF/Net Income) | 2.15x | 0.80x | 0.52x | 0.40x | 1.41x | 0.36x | 0.62x | 0.22x | 1.06x |
| Interest Paid | 0 | 0 | 0 | 0 | 50.24K | 84.99K | 34.33K | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Frontier project funding dependency
As reported in financial statements, Tamboran's free cash flow remains consistently negative, with a peak quarterly outflow of $51.2 million in 2025Q3, reflecting the heavy capital requirements of its appraisal phase and the absence of any offsetting revenue streams to mitigate the ongoing cash burn.
The trajectory of free cash flow highlights the company's reliance on external capital to fund its drilling and completion activities. Investors should monitor whether the recent shift toward US-based operational efficiencies can eventually narrow these outflows as the company moves closer to a potential Final Investment Decision.
Based on reported figures, Tamboran's capital expenditures have been substantial, reaching $46.8 million in 2026Q3, which underscores the high cost of mobilizing specialized US drilling equipment and stimulation crews to remote Northern Territory locations to de-risk the company's unconventional shale assets.
This level of capital intensity is characteristic of a pre-revenue explorer attempting to replicate North American shale success in a frontier basin. The significant investment in drilling suggests that management is prioritizing the rapid conversion of contingent resources into proved reserves, though this strategy necessitates continuous access to equity markets.
According to recent SEC filings, Tamboran's working capital movements have been highly erratic, swinging from a $8.8 million inflow in 2026Q2 to a $7.4 million outflow in 2026Q3, which may indicate the lumpy nature of payments for specialized oilfield services and equipment mobilization.
The volatility in working capital suggests that the company's cash position is sensitive to the timing of large-scale service contracts and project-related payables. Analysts should interpret these fluctuations as a byproduct of the company's current project-based funding model rather than a reflection of operational efficiency.
As indicated by the data, the relationship between net income and operating cash flow is highly distorted, with an OCF/NI ratio of 1.86 in 2026Q3, suggesting that accounting losses do not fully capture the underlying cash burn required to sustain the firm's exploration activities.
The disconnect between net income and operating cash flow is typical for an exploration-stage entity where non-cash items and capitalized costs obscure the true cash requirements. This divergence warrants further investigation into how much of the company's operational spending is being deferred or capitalized versus expensed.
Quick answers to the most common questions about buying TBN stock.
Tamboran Resources Corp (TBN) generated $-29.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Tamboran Resources Corp (TBN) reported negative free cash flow of $139.8M in 2025, indicating capital requirements exceeded cash from operations.
Tamboran Resources Corp (TBN) spent $110.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.