Caledonia Mining Corporation (CMCL) Cash Flow: Operating & Free Cash Flow

Caledonia Mining Corporation Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

Scale:

Scroll to see more

Cash flow statement showing operating, investing, and financing activities for Caledonia Mining Corporation Plc (CMCL) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2024	FY 2023	FY 2022	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Mar 2025	Dec 2024	Dec 2023	Jan 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	109.62	43.67	43.67	10.96	30.19	11.24	36.15	20.78	42.02	21.42	11.90
Depreciation & Amortization	16.00	16.02	16.02	14.49	10.14	10.14	8.05	7.56	4.43	4.07	3.76
Deferred Income Tax	0.00	0.00	-	0.00	-	0.00	0.00	-49.96	0.00	-3.47	8.69
Stock Based Compensation	1.62	1.00	1.00	0.07	0.48	0.48	0.75	2.05	0.80	0.29	2.04
Change in Working Capital	-22.18	-10.03	-10.03	-2.15	1.86	1.86	-11.00	-4.45	-3.36	-4.67	2.08
Change in Accounts Receivable	-10.35	-5.61	-5.61	-1.91	-1.56	-1.56	-4.75	0.54	0.39	-1.92	-1.44
Change in Inventory	-4.12	-3.78	-3.78	-2.18	1.92	1.92	-4.02	-5.71	-1.66	-0.28	-1.98
Change in Accounts Payable	-3.46	3.07	3.07	1.61	2.88	2.88	2.04	-0.10	0.00	-2.41	5.41
Change in Other Working Capital	-7.08	-3.72	-0.18	1.04	-9.88	-1.38	-4.69	0.82	-2.10	-1.98	0.08
Other Operating Activities	-7.08	-8.71	-0.18	1.04	6.99	21.31	4.76	4.85	-25.83	0.03	-3.96
Net Cash from Operating Activities	76.23	41.96	41.96	14.77	42.62	42.62	30.90	30.96	18.06	17.67	24.51
Investing Activities
Capital Expenditures	-36.08	-31.31	-31.31	-30.39	-44.09	-44.09	-37.83	-27.84	-20.02	-20.19	-21.64
Acquisitions	22.37	0.00	-	0.00	-	0.00	0.34	0.90	0.00	0.00	0.00
Purchases of Investments	-33.93	-0.74	-0.74	-0.95	-0.65	-0.65	0.00	-1.06	0.00	0.00	0.00
Sales/Maturities of Investments	23.50	0.00	-	0.18	0.42	0.42	1.27	1.06	0.00	0.00	0.00
Other Investing Activities	-10.43	0.00	-0.74	0.00	-0.24	-0.24	1.27	-1.06	1.00	0.00	0.00
Net Cash from Investing Activities	-24.53	-32.06	-32.06	-31.16	-44.33	-44.33	-35.72	-28.00	-19.02	-20.19	-21.64
Financing Activities
Debt Repayment	-1.83	4.46	-0.54	-7.54	-3.70	-3.85	-0.49	-0.69	2.17	4.50	-1.50
Common Stock Issued	0.10	0.04	0.04	15.57	-	0.00	7.81	12.57	0.00	0.00	0.25
Common Stock Repurchased	0.00	0.00	-	0.00	-	0.00	0.00	0.00	0.00	0.00	-0.15
Dividends Paid	-19.92	-12.30	-12.30	-11.10	-8.91	-8.91	-8.07	-3.89	-2.97	-3.50	-3.31
Other Financing Activities	-0.11	0.00	-0.03	0.00	-3.70	-3.70	0.75	-0.66	-0.43	-0.06	-0.15
Net Cash from Financing Activities	-19.15	-7.80	-7.80	3.93	-12.75	-12.75	2.16	7.33	-1.23	0.94	-4.71
Summary
Effect of Forex Changes on Cash	-0.04	0.27	0.27	-0.07	-0.30	-0.30	-0.18	-0.10	-0.11	0.01	0.26
Net Change in Cash	32.55	2.36	2.10	-12.46	-14.77	-14.47	-2.65	10.20	-2.29	-1.57	-1.58
Cash at Beginning of Period	-8.67	-11.03	-11.03	1.50	-	16.27	19.09	8.89	11.19	12.76	14.34
Cash at End of Period	23.84	-8.67	-8.67	-11.03	-	1.50	16.27	19.09	8.89	11.19	12.76
Free Cash Flow	40.15	10.64	10.64	-15.62	-1.48	-1.48	-6.93	3.12	-1.96	-2.53	2.87
Supplemental Disclosures
Interest Paid	-	-	2.86	2.46	0.19	-	0.39	-	-	-	-
Income Taxes Paid	-	-	10.65	9.21	6.87	-	7.43	6.66	-	-	-

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

Frequently Asked Questions About Caledonia Mining Corporation Cash Flow

What is Caledonia Mining Corporation's free cash flow?

Caledonia Mining Corporation generated free cash flow of $40.15M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $76.23M minus $36.08M of capital expenditures. That was up 277.2% from $10.64M a year earlier. Free cash flow equaled 15.8% of revenue.

How much does Caledonia Mining Corporation spend on capital expenditures?

Caledonia Mining Corporation spent $36.08M on capital expenditures in fiscal 2025, compared with $31.31M a year earlier. That equals 47.3% of operating cash flow.

Does Caledonia Mining Corporation pay dividends or buy back shares?

Yes. In fiscal 2025 Caledonia Mining Corporation returned $19.92M in dividends 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