Operating cash flow remains highly unstable, evidenced by a swing from a negative $123 million in 2025Q4 to a positive $231 million in 2025Q3, complicating dividend sustainability.
| 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 |
|---|
| Cash from Operations | 335M | 739M | 800M | 731M | 776M | 677M | 665M | 346M | 362M | 413M | 415M | 288M | 182M | 102M | 28M |
| Operating CF Growth % | -237.53% | -7.63% | 9.44% | -5.8% | 14.62% | 1.8% | 92.2% | -4.42% | -12.35% | -0.48% | 44.1% | 58.24% | 78.43% | 264.29% | - |
| Operating CF / Revenue % | 28.41% | 62.21% | 65.04% | 67.81% | 80.08% | 93.77% | 72.52% | 40.47% | 46.95% | 51.18% | 53.76% | 57.49% | 50.7% | 56.98% | 30.11% |
| Net Income | 104M | -28M | -411M | 218M | 1.12B | 424M | -238M | -404M | 267M | 114M | 383M | 107M | 97M | 20M | 16M |
| Depreciation & Amortization | 650M | 647M | 632M | 635M | 573M | 405M | 374M | 331M | 203M | 226M | 235M | 163M | 99M | 54M | 23M |
| Deferred Taxes | -44M | -42M | 1M | 34M | 171M | 46M | -26M | -26M | 23M | 162M | 56M | 24M | -26M | 7M | -9M |
| Other Non-Cash Items | -298M | 98M | 564M | -43M | -1.11B | -173M | 554M | 469M | -104M | -101M | -247M | -24M | 1M | 1M | 2M |
| Working Capital Changes | 44M | 64M | 14M | -113M | 18M | -25M | 1M | -24M | -27M | 12M | -12M | 18M | 11M | 20M | -4M |
| Capital Expenditures | -499M | -958M | 1.24B | -1.27B | -1.35B | -2.3B | -681M | -2.35B | -763M | -1.37B | -1.72B | -1.9B | -714M | -647M | -518M |
| CapEx / Revenue % | 40.2% | 0% | 100.49% | 117.72% | 139.42% | 318.7% | 74.26% | 274.74% | 98.96% | 169.52% | 222.28% | 379.04% | 198.89% | 361.45% | 556.99% |
| CapEx / D&A | 0.73x | 0.00x | 1.96x | 2.00x | 2.36x | 5.68x | 1.82x | 7.10x | 3.76x | 6.05x | 7.30x | 11.65x | 7.21x | 11.98x | 22.52x |
| CapEx Coverage (OCF/CapEx) | 0.71x | - | 0.65x | 0.58x | 0.57x | 0.29x | 0.98x | 0.15x | 0.47x | 0.30x | 0.24x | 0.15x | 0.25x | 0.16x | 0.05x |
| Cash from Investing | 702M | 630M | 1.24B | -194M | -1.19B | -2.3B | -681M | -2.35B | -763M | -1.37B | -1.72B | -1.9B | -931M | -393M | -347M |
| Acquisitions | 872M | 0 | -346M | 1.22B | -785M | -2.35B | -378M | -2.32B | -766M | -1.07B | -869M | -1.88B | -288M | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 30M | 0 | 0 | -192M |
| Sale of Investments | 1.14B | 1.14B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -440M | -509M | 1.82B | -149M | 942M | 164M | 31M | 66M | 28M | 55M | 14M | 154M | 71M | 254M | 363M |
| Cash from Financing | -1.62B | -674M | -2B | -527M | 551M | 1.66B | -4M | 1.97B | 371M | 959M | 1.3B | 1.61B | 830M | 299M | 335M |
| Dividends Paid | -425M | -421M | -816M | -741M | -636M | -619M | -449M | -383M | -303M | -307M | -682M | -1.12B | -977M | -144M | -140M |
| Dividend Payout Ratio % | - | - | - | 370.5% | 133.33% | 451.82% | - | - | 146.35% | - | 821.69% | 11220% | 32566.67% | 720% | 875% |
| Debt Issuance (Net) | 2M | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K |
| Stock Issued | 8M | 4M | 3M | 315M | 147M | 50M | 2M | 2M | 86M | 548M | 645M | 343M | 438M | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.01B | -1.13B | -198M | -940M | 1.08B | 511M | 914M | 1.76B | 821M | 23M | 1.22B | 1.3B | 1.73B | 337M | 288M |
| Net Change in Cash | -647M | 695M | 34M | 10M | 133M | 39M | -20M | -34M | -32M | 7M | 5M | -10M | 79M | 7M | 17M |
| Exchange Rate Effect | -62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2M | 3M | 4M | -7M | -2M | -1M | 1M |
| Cash at Beginning | 1.02B | 328M | 294M | 284M | 151M | 112M | 132M | 166M | 198M | 191M | 186M | 196M | 32M | 25M | 4M |
| Cash at End | 1B | 1.02B | 328M | 294M | 284M | 151M | 112M | 132M | 166M | 198M | 191M | 186M | 111M | 32M | 21M |
| Free Cash Flow | -164M | -219M | 2.04B | -538M | -575M | -1.62B | -16M | -2B | -401M | -955M | -1.3B | -1.61B | -532M | -545M | -490M |
| FCF Growth % | -108.99% | -110.76% | 478.44% | 6.43% | 64.59% | -10050% | 99.2% | -399.5% | 58.01% | 26.59% | 19.24% | -202.82% | 2.39% | -11.22% | - |
| FCF Margin % | -13.91% | -18.43% | 165.53% | -49.91% | -59.34% | -224.93% | -1.74% | -234.27% | -52.01% | -118.34% | -168.52% | -321.56% | -148.19% | -304.47% | -526.88% |
| FCF / Net Income % | -157.69% | 782.14% | -8852.17% | -269% | -120.55% | -1185.4% | 32% | 2821.13% | -208.85% | 1565.57% | -1567.47% | -16110% | -17733.33% | -2725% | -3062.5% |
Capital Market Access Dependency
As reported in recent quarterly filings, XIFR’s operating cash flow has demonstrated significant instability, swinging from a negative $123 million in 2025Q4 to a positive $231 million in 2025Q3, which suggests that the underlying cash generation is highly sensitive to operational timing and project-level performance fluctuations.
The erratic nature of operating cash flow suggests that the company's reliance on long-term contracts may not be providing the expected level of cash predictability. Investors should monitor whether these swings are driven by seasonal maintenance cycles or underlying issues in the renewable energy generation fleet.
Based on the provided financial data, XIFR’s capital expenditure patterns are highly irregular, with quarterly investments reaching as high as $706 million in 2024Q2, frequently exceeding operating cash flow and necessitating consistent reliance on external financing to sustain the company's aggressive asset acquisition and development strategy.
The high variability in CAPEX suggests that the company is in a constant state of capital deployment, which is typical for a yieldco but risky given the current negative net margins. This aggressive investment cycle appears to be the primary driver of the company's persistent free cash flow deficits.
According to the cash flow statements, XIFR has frequently relied on net stock issuances and debt adjustments to bridge its free cash flow deficits, with recent periods showing a clear trend of financing requirements that may become increasingly difficult to satisfy in a higher interest rate environment.
The company's ability to fund its growth is heavily contingent on its access to capital markets, which appears strained given the recent revenue contraction. If the cost of equity remains elevated, the current model of funding drop-downs from the sponsor may face significant execution hurdles.
As indicated by the historical cash flow data, the OCF-to-dividend coverage ratio has fluctuated wildly, dropping to a concerning -4.7 in 2025Q4, which suggests that the current distribution policy may be disconnected from the actual cash-generating capacity of the underlying infrastructure assets during periods of operational stress.
The inconsistency in dividend coverage implies that the payout is not currently supported by stable operating cash flow. Investors should be wary of the potential for distribution cuts if the company cannot stabilize its cash generation and reduce its reliance on external capital to fund these payments.
Quick answers to the most common questions about buying XIFR stock.
XPLR Infrastructure, LP (XIFR) generated $739.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
XPLR Infrastructure, LP (XIFR) reported negative free cash flow of $219.0M in 2025, indicating capital requirements exceeded cash from operations.
XPLR Infrastructure, LP (XIFR) spent $0.0M 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, XPLR Infrastructure, LP (XIFR) returned $421.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.