Hudbay Minerals (HBM) Cash Flow: Operating & Free Cash Flow

Hudbay Minerals Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Hudbay Minerals Inc. (HBM) - Annual data in millions USD
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	564.30	67.80	69.54	70.38	-244.36	-144.58	-343.81	85.42	163.90
Depreciation & Amortization	441.20	428.00	393.10	339.06	359.77	363.60	346.63	333.14	293.24
Deferred Income Tax	347.70	183.80	82.29	25.43	41.61	-34.51	-108.95	85.42	34.83
Stock Based Compensation	61.30	19.30	9.18	2.06	12.15	15.01	2.71	-2.37	15.92
Change in Working Capital	-57.00	-24.90	-93.10	96.07	-104.05	-2.38	3.57	-21.80	-79.27
Change in Accounts Receivable	-141.30	-36.50	-70.34	88.48	-60.98	-37.72	3.25	16.20	-8.98
Change in Inventory	-13.60	10.00	18.15	-13.03	-32.75	-2.87	-11.76	-0.03	-18.69
Change in Accounts Payable	52.30	43.20	70.34	2.45	60.98	37.72	-3.25	0.00	0.00
Change in Other Working Capital	-321.80	47.70	-111.25	42.55	-71.29	0.48	15.33	-21.77	-60.58
Other Operating Activities	-37.70	47.70	15.84	33.75	318.70	42.34	410.70	-0.26	110.96
Net Cash from Operating Activities	707.30	666.20	476.85	487.80	383.82	239.48	310.86	479.55	539.58
Investing Activities
Capital Expenditures	-466.70	-348.90	-281.10	-308.96	-377.43	-361.19	-259.20	-190.90	-249.76
Acquisitions	-17.50	-9.10	10.96	-37.49	-26.51	0.00	-44.69	-19.05	0.00
Purchases of Investments	40.00	-43.20	0.00	1.92	26.51	0.00	0.00	10.96	-2.25
Sales/Maturities of Investments	-2.80	-1.80	0.00	1.92	1.19	0.00	0.00	0.05	0.00
Other Investing Activities	-53.80	6.00	-1.64	-32.81	1.24	2.17	11.52	-3.20	17.74
Net Cash from Investing Activities	-468.40	-382.90	-271.78	-337.67	-375.00	-359.02	-292.37	-202.14	-234.26
Financing Activities
Debt Repayment	-102.10	-223.50	-71.24	-35.77	-68.68	148.59	-32.95	-20.93	-196.67
Common Stock Issued	29.90	398.00	14.42	1.25	0.00	0.00	0.00	0.00	186.85
Dividends Paid	-5.60	-5.50	-4.46	-4.05	-4.15	-3.78	-3.93	-4.05	-3.69
Other Financing Activities	-79.50	-95.30	-106.69	-157.74	-103.08	17.28	-100.90	-95.38	-79.34
Net Cash from Financing Activities	-214.40	10.20	-182.39	-196.30	-175.90	162.09	-137.78	-120.35	-92.85
Summary
Effect of Forex Changes on Cash	2.60	-1.50	1.45	0.84	-1.06	0.43	-0.06	1.94	-2.83
Net Change in Cash	27.10	292.00	24.13	-45.32	-168.15	42.99	-119.35	159.00	209.64
Cash at Beginning of Period	541.80	249.80	225.67	270.99	439.14	396.15	515.50	356.50	146.86
Cash at End of Period	568.90	541.80	249.79	225.67	270.99	439.14	396.15	515.50	356.50
Free Cash Flow	240.60	317.30	195.75	178.84	6.38	-121.71	51.65	288.65	289.81
Supplemental Disclosures
Interest Paid	58.40	67.90	74.00	63.75	84.44	-	-	-	-
Income Taxes Paid	268.40	132.50	54.80	39.61	20.13	-	-	-	-

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

Frequently Asked Questions About Hudbay Minerals Cash Flow

What is Hudbay Minerals's free cash flow?

Hudbay Minerals generated free cash flow of $240.60M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $707.30M minus $466.70M of capital expenditures. That was down 24.2% from $317.30M a year earlier. Free cash flow equaled 10.9% of revenue.

How much does Hudbay Minerals spend on capital expenditures?

Hudbay Minerals spent $466.70M on capital expenditures in fiscal 2025, compared with $348.90M a year earlier. That equals 66.0% of operating cash flow.

Does Hudbay Minerals pay dividends or buy back shares?

Yes. In fiscal 2025 Hudbay Minerals returned $5.60M 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