Fervo Energy Company (FRVO) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Fervo Energy Company used $31.76M of cash in operating activities and spent $465.66M on capital expenditures. That left free cash flow of −$497.42M. It repurchased $1.94M of its own shares.

Fervo Energy Company 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 Fervo Energy Company (FRVO) - Annual data in millions USD
Breakdown	FY 2025	FY 2024
Period ending	Dec 2025	Dec 2024
Operating Activities
Net Income	-57.79	-41.11
Depreciation & Amortization	0.29	0.12
Stock Based Compensation	2.67	1.37
Change in Working Capital	12.09	-19.91
Change in Accounts Receivable	0.00	-1.76
Change in Accounts Payable	-2.86	3.50
Change in Other Working Capital	14.94	4.78
Other Operating Activities	10.99	4.78
Net Cash from Operating Activities	-31.76	-54.75
Investing Activities
Capital Expenditures	-465.66	-178.69
Net Cash from Investing Activities	-465.66	-178.69
Financing Activities
Debt Repayment	134.96	-
Common Stock Issued	175.49	0.07
Common Stock Repurchased	-1.94	-
Other Financing Activities	457.31	-5.34
Net Cash from Financing Activities	765.82	403.75
Summary
Net Change in Cash	268.41	170.31
Cash at Beginning of Period	199.43	29.12
Cash at End of Period	467.84	199.43
Free Cash Flow	-497.42	-233.44

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

Frequently Asked Questions About Fervo Energy Company Cash Flow

What is Fervo Energy Company's free cash flow?

Fervo Energy Company had negative free cash flow of $497.42M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of −$31.76M minus $465.66M of capital expenditures.

How much does Fervo Energy Company spend on capital expenditures?

Fervo Energy Company spent $465.66M on capital expenditures in fiscal 2025, compared with $178.69M a year earlier.

Does Fervo Energy Company pay dividends or buy back shares?

Yes. In fiscal 2025 Fervo Energy Company returned $1.94M 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