Helix Energy Solutions Group (HLX) Cash Flow: Operating & Free Cash Flow

Helix Energy Solutions Group (HLX) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Helix Energy Solutions Group generated $136.75M of operating cash flow and spent $16.34M on capital expenditures. That left free cash flow of $120.41M, down 26.0% from $162.72M a year earlier, or 9.3% of revenue. It repurchased $37.62M of its own shares.

Helix Energy Solutions Group 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 Helix Energy Solutions Group, Inc. (HLX) - 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	30.83	55.64	-10.84	-87.78	-61.68	20.08	57.92	28.60	30.05
Depreciation & Amortization	187.38	137.20	138.42	142.69	141.51	133.71	122.58	110.52	108.75
Deferred Income Tax	0.00	10.61	11.53	4.39	-15.20	-3.88	0.00	-2.43	-54.59
Stock Based Compensation	6.57	7.27	6.51	7.45	7.69	8.57	11.47	9.93	10.88
Change in Working Capital	-48.71	8.54	-46.31	-12.28	61.60	-62.90	15.59	38.17	-52.67
Change in Accounts Receivable	-37.51	13.74	-64.52	-29.87	-14.15	-8.42	-3.05	20.92	-28.42
Change in Inventory	0.00	0.00	0.00	0.00	0.00	-10.83	0.00	-8.94	-11.73
Change in Accounts Payable	-18.43	-9.16	31.58	9.81	46.65	10.83	0.00	-0.35	33.38
Change in Other Working Capital	16.75	-55.25	7.92	7.83	29.11	-54.48	18.64	26.54	-45.90
Other Operating Activities	-39.32	-55.25	7.92	1.04	6.20	3.22	-37.89	11.96	9.22
Net Cash from Operating Activities	136.75	186.03	152.46	51.11	140.12	98.80	169.67	196.74	51.64
Investing Activities
Capital Expenditures	-16.34	-23.30	-19.59	-33.50	-8.32	-20.24	-140.85	-137.08	-231.13
Acquisitions	0.00	0.00	0.00	-112.63	0.00	0.96	-4.08	0.03	10.00
Purchases of Investments	0.00	0.00	0.00	7.84	0.00	0.00	0.00	0.00	0.00
Other Investing Activities	0.00	0.46	0.56	7.84	0.05	0.00	2.55	1.07	10.00
Net Cash from Investing Activities	-16.34	-22.84	-18.66	-138.29	-8.27	-19.28	-142.39	-136.01	-221.13
Financing Activities
Debt Repayment	-9.19	-69.47	-269.48	-42.94	-90.96	-37.31	-43.01	-45.29	-140.41
Common Stock Issued	1.75	0.00	0.98	0.58	0.00	0.62	0.00	0.51	219.50
Common Stock Repurchased	-37.62	-29.62	-11.99	-1.90	0.00	-10.63	-1.68	-1.41	0.00
Other Financing Activities	-5.66	-28.08	7.02	-0.58	-5.04	-5.26	-1.12	-0.90	-1.61
Net Cash from Financing Activities	-45.06	-125.31	25.11	-44.84	-96.00	-52.58	-45.82	-46.19	77.48
Summary
Effect of Forex Changes on Cash	1.82	-2.04	-15.83	-5.99	-0.04	1.82	1.64	-1.68	1.95
Net Change in Cash	77.17	35.84	143.08	-138.02	35.81	28.76	-16.90	12.87	-90.06
Cash at Beginning of Period	368.03	332.19	189.11	327.13	291.32	262.56	279.46	266.59	356.65
Cash at End of Period	445.20	368.03	332.19	189.11	327.13	291.32	262.56	279.46	266.59
Free Cash Flow	120.41	162.73	132.87	17.60	131.80	78.56	28.81	59.66	-179.49
Supplemental Disclosures
Interest Paid	-	25.45	20.98	18.27	20.72	-	-	-	-
Income Taxes Paid	-	14.12	7.39	9.52	-10.59	-	-	-	-

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

Frequently Asked Questions About Helix Energy Solutions Group Cash Flow

What is Helix Energy Solutions Group's free cash flow?

Helix Energy Solutions Group generated free cash flow of $120.41M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $136.75M minus $16.34M of capital expenditures. That was down 26.0% from $162.72M a year earlier. Free cash flow equaled 9.3% of revenue.

How much does Helix Energy Solutions Group spend on capital expenditures?

Helix Energy Solutions Group spent $16.34M on capital expenditures in fiscal 2025, compared with $23.30M a year earlier. That equals 12.0% of operating cash flow.

Does Helix Energy Solutions Group pay dividends or buy back shares?

Yes. In fiscal 2025 Helix Energy Solutions Group returned $37.62M 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