Baytex Energy (BTE) Cash Flow: Operating & Free Cash Flow

Baytex Energy (BTE) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Baytex Energy generated CAD 1.49B of operating cash flow and spent CAD 1.28B on capital expenditures. That left free cash flow of CAD 207.47M, down 65.1% from CAD 593.85M a year earlier, or 14.0% of revenue. It returned CAD 98.61M to shareholders through CAD 69.19M in dividends and CAD 29.42M in share buybacks.

Baytex Energy Cash Flow Statement Analysis

Values in billions CAD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Baytex Energy Corp. (BTE) - Annual data in billions CAD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	-0.60	0.24	-0.23	0.86	1.61	-2.44	-0.01	-0.33	0.09
Depreciation & Amortization	1.26	1.41	1.07	0.59	0.46	0.51	0.94	0.83	0.39
Deferred Income Tax	0.11	0.11	-0.30	0.03	0.08	-0.16	-0.07	-0.10	-0.16
Stock Based Compensation	0.00	0.00	0.02	0.00	0.01	0.01	0.02	0.02	0.02
Change in Working Capital	0.02	-0.02	-0.22	0.03	-0.03	0.05	-0.05	0.04	-0.01
Change in Other Working Capital	0.02	-0.02	-0.22	0.03	0.02	0.05	-0.05	0.04	-0.01
Other Operating Activities	0.81	0.17	0.98	-0.30	0.02	-0.14	0.01	0.02	0.00
Net Cash from Operating Activities	1.49	1.91	1.30	1.17	0.71	0.35	0.83	0.49	0.33
Investing Activities
Capital Expenditures	-1.28	-1.31	-1.06	-0.52	-0.32	-0.28	-0.56	-0.50	-0.40
Acquisitions	3.02	0.05	-0.50	0.03	0.01	0.00	0.00	0.00	-0.06
Other Investing Activities	0.00	-0.01	0.21	0.01	0.00	-0.03	-0.06	0.03	0.05
Net Cash from Investing Activities	1.78	-1.28	-1.51	-0.49	-0.31	-0.31	-0.62	-0.46	-0.35
Financing Activities
Debt Repayment	-1.88	-0.36	0.57	-0.38	-0.40	-0.04	-0.21	-0.02	0.02
Common Stock Issued	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Common Stock Repurchased	-0.03	-0.22	-0.22	-0.16	0.00	0.00	0.00	0.00	0.00
Dividends Paid	-0.07	-0.07	-0.04	0.00	0.00	0.00	0.00	0.00	0.00
Other Financing Activities	0.00	-0.02	-0.04	0.00	0.00	0.00	0.00	0.00	0.00
Net Cash from Financing Activities	-2.33	-0.67	0.27	-0.68	-0.40	-0.04	-0.21	-0.02	0.02
Summary
Effect of Forex Changes on Cash	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.03
Net Change in Cash	0.94	-0.04	0.05	0.01	0.00	-0.01	0.01	0.00	0.02
Cash at Beginning of Period	0.02	0.06	0.01	0.00	0.00	0.01	0.00	0.00	0.00
Cash at End of Period	0.95	0.02	0.06	0.01	0.00	0.00	0.01	0.00	0.03
Free Cash Flow	0.21	0.59	0.24	0.65	0.40	0.07	0.28	-0.01	-0.07
Supplemental Disclosures
Interest Paid	-	0.20	0.15	0.08	0.09	0.10	-	-	-
Income Taxes Paid	-	0.02	0.00	0.00	0.00	0.00	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Baytex Energy Cash Flow

What is Baytex Energy's free cash flow?

Baytex Energy generated free cash flow of CAD 207.47M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of CAD 1.49B minus CAD 1.28B of capital expenditures. That was down 65.1% from CAD 593.85M a year earlier. Free cash flow equaled 14.0% of revenue.

How much does Baytex Energy spend on capital expenditures?

Baytex Energy spent CAD 1.28B on capital expenditures in fiscal 2025, compared with CAD 1.31B a year earlier. That equals 86.0% of operating cash flow.

Does Baytex Energy pay dividends or buy back shares?

Yes. In fiscal 2025 Baytex Energy returned CAD 69.19M in dividends and CAD 29.42M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition