Operating cash flow conversion remains volatile, evidenced by an operating cash flow to net income ratio of 4.62 in 2026Q1, which suggests significant disconnects between accounting profits and actual cash generation.
| 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 |
|---|
| Cash from Operations | 6.32T | 7.2T | 5.87B | 1.58T | 736.66B | 400.01B | 209.22B | 217.14B | 125.06B | 71.97B | 49.18B | 41.4B | 46.15B | 20.96B | 17.3B | 12.55B | 12.73B | 9.41B | 13.56B | 8.76B | 8.01B | 8.25B | 8.58B | 7.46B | 5.53B | 1.82B | 2.92B | 1.79B | 1.64B |
| Operating CF Margin % | - | 27.12% | 0.03% | 28.87% | 29.16% | 30.4% | 30.21% | 32% | 28.69% | 28.47% | 23.41% | 26.52% | 32.52% | 151.73% | 126.48% | 96.16% | 114.38% | 104.21% | 134.28% | 94.84% | 95.82% | 109.14% | 127.01% | 124.36% | 94.73% | 22.29% | 33.7% | 27.08% | 29.81% |
| Operating CF Growth % | 456334.23% | 122501.96% | -99.63% | 114.94% | 84.16% | 91.2% | -3.65% | 73.63% | 73.75% | 46.34% | 18.79% | -10.29% | 120.16% | 21.17% | 37.81% | -1.35% | 35.18% | -30.56% | 54.78% | 9.39% | -2.91% | -3.89% | 15.03% | 35.01% | 204.01% | -37.82% | 63.59% | 8.97% | - |
| Net Income | -681.4B | -1.16T | 2.39B | -1.28B | 290.26B | -808M | -71.02B | -33.38B | 38.61B | 12.67B | -28.38B | 4.43B | 8.85B | 5.08B | 3.9B | 5.3B | 5.79B | 3.69B | 3.64B | 4.09B | 4.45B | 5.33B | 4.91B | 4.65B | 3.35B | 818.74M | 1.23B | 481M | 588.98M |
| Depreciation & Amortization | 3.13T | 4.65T | 2.76B | 3.27B | 372.57B | 291.72B | 192.75B | 158.78B | 89.32B | 54.35B | 45.47B | 27.01B | 20.41B | 11.43B | 8.28B | 5.24B | 5.27B | 4.83B | 4.78B | 4.14B | 3.71B | 2.7B | 2.33B | 2.33B | 2.05B | 1B | 931.51M | 1.01B | 1.07B |
| Stock-Based Compensation | 12.88B | 21.77B | 7M | 3M | 8M | 6M | 7M | 493M | 308M | 162M | 153M | 124M | 80M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 1.91T | 2.48T | -1.21B | 1.02B | 108.91B | 64.41B | 14.59B | 26.37B | 51.54B | -3.97B | -1.43B | 24.64B | 13.22B | 9.27B | 4.66B | 2.5B | 3.23B | 1.14B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.86T | 3.26T | 1.91B | 1.58T | -36.38B | 95.37B | 24.07B | 53.07B | -41.24B | 9.71B | 46.26B | -10.26B | 3.38B | 1.09B | 345M | -517M | 1.38B | 1M | 615M | 1.79B | 1.21B | 805.71M | 1.15B | 351.91M | 666.33M | 344.31M | 533.15M | 544M | 114.98M |
| Working Capital Changes | -282.93B | -2.06T | 14M | 317M | 246M | -51.02B | 48.28B | 11.8B | -13.47B | -946M | -12.89B | -4.53B | 218M | -5.82B | -324M | -1.4B | -1.34B | -2B | 4.53B | -1.26B | -1.37B | -596.71M | 181.33M | 134.9M | -538.45M | -349.31M | 229.63M | -248M | -138.97M |
| Change in Receivables | -389.15B | -1.12T | -1.37B | -178.15B | -52.35B | 10.15B | 35.07B | -11.83B | -25.91B | -8.07B | -16.08B | -8.03B | -3.82B | -2.63B | -517M | 18M | -407M | -21M | 704M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 286.74B | 136.39B | 127M | 38.58B | -20.01B | -27.56B | 13.33B | 6.73B | 951M | -1.69B | 1.47B | 101M | -244M | -2.96B | -916M | -1.86B | -799M | 383M | -876M | -875.98M | -382.93M | -181.74M | -359.69M | -70.38M | -50.48M | 64.06M | -53.91M | -16M | 25.99M |
| Change in Payables | 90.15B | -406.28B | 702M | 317.49B | 85.5B | 148M | -21.04B | 29.43B | 18.77B | 6.41B | -1.13B | 6.21B | 5.07B | 3.24B | 1.86B | 2.51B | 1.81B | -461M | 1.49B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -4.28T | -8.02T | -5.51B | -1.55T | -523.02B | -243.99B | -109.16B | -163.88B | -82.25B | -55.24B | -66.17B | -64.05B | -53.41B | -22.34B | -16.4B | -12.23B | -8.62B | -5.6B | -7.04B | -6.19B | -5.1B | -3.26B | -2.6B | -2.48B | -1.18B | -177.16M | -1.22B | -510M | -1.51B |
| Capital Expenditures | -5.16T | -7.37T | -5.14T | -5.67B | -532.13B | -234.8B | -114.62B | -161.46B | -88.29B | -59.62B | -64.16B | -63.77B | -50.21B | -27.64B | -16.4B | -11.88B | -8.73B | -5.64B | -7.04B | -6.17B | -5B | -3.72B | -2.89B | -2.43B | -2.7B | -1.29B | -1.17B | -963M | -1.35B |
| CapEx % of Revenue | 25.7% | 27.77% | 28.72% | 0.1% | 21.06% | 17.85% | 16.55% | 23.79% | 20.26% | 23.58% | 30.54% | 40.85% | 35.38% | 200.04% | 119.91% | 91% | 78.46% | 62.39% | 69.67% | 66.76% | 59.79% | 49.22% | 42.76% | 40.52% | 46.21% | 15.77% | 13.52% | 14.6% | 24.56% |
| Acquisitions | -54.18B | -1.24T | 137B | -5M | -270M | 3.69B | 18M | -4.83B | -2.59B | -891M | -448M | -163M | -6.96B | -56M | 0 | -360M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.02T | 370B | 5.22T | -1.58T | 12.14B | 4.5B | 13.87B | 382M | 750M | 980M | 838M | 212M | 1.82B | 5.37B | 0 | 349M | 0 | 0 | 0 | 0 | 0 | -3.03M | 270.51M | -38.12M | 57.21M | 0 | -53.91M | 384M | -157.97M |
| Cash from Financing | -1.48T | 750.17B | -293M | 249.65B | -157.1B | -150.66B | -121.11B | -56.08B | -43.66B | -355M | 10.82B | 23.66B | 4.99B | 6.98B | 2.65B | -1.49B | -3.72B | -2.88B | -6.15B | -2.81B | -2.33B | -5.36B | -6.34B | -4.53B | -3.78B | -2B | -1.78B | -858M | -210.96M |
| Debt Issued (Net) | -741.63B | 1.75T | 417M | 323.45B | -45.25B | -63.6B | -35.9B | 3.9B | -426.03M | 955.58M | 1.75B | 31.07B | 1.26B | 1.54B | 789.51M | 970.39M | 724M | 2.02B | 3.14B | -142.49M | 22M | -160M | -332M | -520M | -1.11B | -343M | -1.47B | -445M | 116M |
| Equity Issued (Net) | 0 | -14.51B | 0 | 0 | -4.24B | 0 | -6M | -4.67M | -3.18M | -5.2M | -50M | -120M | -200M | -18.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -88M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.3B | -1.2B | -716M | -889M | -503M | -464M | -326M | -303M | -5.57B | -4.44B | -4.9B | -9.29B | -2.36B | -2.36B | -4.88B | -5.35B | -3B | -37.02M | -1.65B | -317.49M | -325M | -326.03M |
| Share Repurchases | 0 | -14.51B | 0 | 0 | -28M | 0 | -6M | -4.67M | -3.18M | -5.2M | -3.11M | -9.27M | -23.62M | -18.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -88M | 0 |
| Other Financing | -734.87B | -988.13B | -710M | -73.8B | -33.27B | -28.53B | 34.2B | -15.48B | -15.75B | -589.38M | 10.01B | -6.78B | 9.45B | 5.79B | 3.09B | 3.11B | -3.32B | -3.61B | -6.6B | -1.92B | -1.59B | -3.59B | -4.21B | -2.99B | -2.66B | -1.79M | -508.8K | 0 | -1M |
| Net Change in Cash | 552.74B | -268.44B | -5M | 350M | 74.2B | 8.06B | -11.48B | 20.07B | 17.29B | 17.98B | -4.63B | 5.63B | -955M | 5.97B | 3.63B | -1.16B | 382M | 930M | 368M | -239.48M | 569.79M | -372.57M | -359.69M | 448.68M | 450.95M | -355.32M | -74.88M | 419M | -79.98M |
| Free Cash Flow | 1.15T | -171.22B | 477M | -7.57B | 204.53B | 165.21B | 94.6B | 55.68B | 36.77B | 12.36B | -14.98B | -22.37B | -4.06B | -6.67B | 898M | 674M | 4B | 3.78B | 6.52B | 2.59B | 3.01B | 4.53B | 5.69B | 5.03B | 2.83B | 531.48M | 1.75B | 824M | 288.94M |
| FCF Margin % | 5.74% | -0.65% | 0% | -0.14% | 8.1% | 12.56% | 13.66% | 8.21% | 8.44% | 4.89% | -7.13% | -14.33% | -2.86% | -48.31% | 6.56% | 5.16% | 35.93% | 41.82% | 64.6% | 28.08% | 36.03% | 59.92% | 84.25% | 83.84% | 48.52% | 6.52% | 20.18% | 12.49% | 5.25% |
| FCF Growth % | 1805.67% | -35994.76% | 106.3% | -103.7% | 23.8% | 74.64% | 69.89% | 51.45% | 197.55% | 182.5% | 33.05% | -451.12% | 39.19% | -843.32% | 33.23% | -83.14% | 5.8% | -42.08% | 151.54% | -13.88% | -33.5% | -20.45% | 13.19% | 77.7% | 432.52% | -69.63% | 112.4% | 185.18% | - |
| FCF per Share | 2941.51 | -436.83 | 1.22 | -19.33 | 520.81 | 420.61 | 241.01 | 141.93 | 93.72 | 31.47 | -38.26 | -57.06 | -10.35 | -16.99 | 2.28 | 1.71 | 10.16 | 9.61 | 16.58 | 6.59 | 7.66 | 11.51 | 14.37 | 12.74 | 7.19 | 1.35 | 4.96 | 2.33 | 0.82 |
| FCF Conversion (FCF/Net Income) | -1.69x | -6.00x | 0.00x | -1.01x | 2.55x | 1556.47x | -3.00x | -6.37x | 3.24x | 5.83x | -1.74x | 9.04x | 5.13x | 26.68x | 21.77x | 12.16x | 8.72x | 9.69x | 12.87x | 6.76x | 5.51x | 4.66x | 5.16x | 4.71x | 5.55x | 2.22x | 2.37x | 3.72x | 2.78x |
| 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 |
| 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 |
Macroeconomic and regulatory volatility
According to recent financial disclosures, YPF's operating cash flow to net income ratio reached 4.62 in 2026Q1, highlighting a significant disconnect between accounting profits and actual cash generation that warrants caution regarding the sustainability of reported earnings in the face of persistent inflationary pressures.
The extreme variance in the OCF/NI ratio suggests that net income is frequently distorted by non-cash items, such as currency translation adjustments and asset impairments. Investors should monitor whether this divergence indicates a structural inability to convert operational activity into tangible liquidity.
As reported in quarterly filings, YPF achieved a 15.7% free cash flow margin in 2026Q1, a notable improvement from the negative margins observed in previous periods, though this trend remains highly sensitive to the company's aggressive capital expenditure requirements and domestic pricing constraints.
While the recent positive FCF trajectory appears encouraging, it follows a period of significant cash burn that underscores the company's reliance on high-volume production to offset fixed costs. The sustainability of this cash flow profile remains contingent on the company's ability to maintain price parity in its downstream segment.
Based on reported figures, YPF's capital expenditure to revenue ratio reached 22.1% in 2026Q1, reflecting the heavy investment burden required to sustain unconventional shale production in the Vaca Muerta formation while simultaneously maintaining aging midstream and downstream infrastructure across the Argentine market.
The high capital intensity suggests that a substantial portion of operating cash flow is immediately recycled into maintenance and growth projects, leaving limited room for debt reduction or shareholder returns. This persistent reinvestment cycle may indicate that the company is prioritizing long-term production capacity over immediate cash liquidity.
Data from recent quarterly statements indicates that working capital changes, such as the $223.8B inflow in 2026Q1, play a critical role in supporting operating cash flow, often offsetting the volatility inherent in the company's core integrated energy operations and domestic market sales cycles.
The reliance on working capital fluctuations to bolster cash flow suggests that management is actively managing payables and receivables to navigate liquidity constraints. Investors should investigate whether these shifts represent sustainable efficiency gains or merely temporary timing differences in cash collection and disbursement.
Quick answers to the most common questions about buying YPF stock.
YPF Sociedad Anónima (YPF) generated $7.20T in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
YPF Sociedad Anónima (YPF) reported negative free cash flow of $171.22B in 2025, indicating capital requirements exceeded cash from operations.
YPF Sociedad Anónima (YPF) spent $7.37T 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, YPF Sociedad Anónima (YPF) spent $14.51B on share repurchases. This shows the company's commitment to returning capital to its equity investors.