Keel Infrastructure (KEEL) Cash Flow: Operating & Free Cash Flow

Keel Infrastructure 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 Keel Infrastructure Corp. (KEEL) - Annual data in millions USD
Breakdown	FY 2025	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Mar 2026	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Mar 2020	Dec 2018	Dec 2017
Operating Activities
Net Income	-284.54	-284.54	-28.37	-108.92	-239.05	22.13	-16.29	2.11	-18.24	5.08
Depreciation & Amortization	122.63	122.63	135.42	84.79	72.42	24.48	11.49	6.84	12.55	1.15
Deferred Income Tax	0.41	0.41	-1.70	17.09	-32.37	8.84	1.44	-1.61	-1.23	0.73
Stock Based Compensation	14.98	14.98	12.68	10.92	21.79	22.59	2.20	2.87	0.75	0.00
Change in Working Capital	1.11	1.11	-7.48	1.24	-3.98	15.39	3.24	-3.03	-0.16	0.99
Change in Accounts Receivable	-1.50	-1.50	-0.55	-0.01	0.43	0.06	0.01	0.00	-0.34	-0.62
Change in Inventory	-4.99	-4.99	-0.48	-0.12	0.00	-0.38	-0.03	0.00	0.41	-0.45
Change in Accounts Payable	-2.05	-2.45	-15.83	-0.32	0.09	9.24	0.11	-0.02	-0.11	0.73
Change in Other Working Capital	9.65	-203.24	-5.08	1.68	-4.50	15.39	3.16	-3.00	-0.12	1.33
Other Operating Activities	-81.18	-203.24	-256.37	-110.82	217.44	-127.90	5.14	-1.17	20.09	-0.01
Net Cash from Operating Activities	-226.59	-226.59	-141.71	-105.71	36.25	-43.32	7.22	6.02	13.76	7.94
Investing Activities
Capital Expenditures	-100.30	-120.46	-339.85	-71.31	-194.98	-193.26	-4.48	-23.78	-22.79	-14.19
Acquisitions	-48.08	-48.08	0.00	0.00	10.08	-23.00	0.93	1.45	0.57	0.00
Purchases of Investments	-33.98	-189.67	2.31	-36.26	-193.97	6.15	0.00	0.00	0.00	0.00
Sales/Maturities of Investments	33.96	205.05	207.94	177.82	223.43	12.84	0.00	0.00	0.00	0.00
Other Investing Activities	252.14	-28.15	-68.54	0.72	0.42	-85.10	-0.05	-0.03	0.15	0.00
Net Cash from Investing Activities	103.74	103.74	-178.39	70.97	-155.01	-209.00	-3.61	-22.36	-22.08	-14.19
Financing Activities
Debt Repayment	664.86	-1.61	-5.22	-34.18	29.90	-20.50	-1.87	12.94	1.39	0.00
Common Stock Issued	108.46	72.75	298.42	109.07	54.09	322.49	0.05	4.94	2.94	10.92
Common Stock Repurchased	-9.95	-9.95	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Financing Activities	-69.09	-69.09	0.71	12.98	-59.98	-4.23	2.00	0.10	0.00	0.00
Net Cash from Financing Activities	694.28	694.28	295.61	87.88	24.01	371.99	0.19	17.97	4.33	10.92
Summary
Effect of Forex Changes on Cash	-0.01	-0.01	-0.01	0.02	0.04	-0.02	-0.02	-0.02	0.02	0.00
Net Change in Cash	571.42	571.43	-24.50	53.15	-94.71	119.65	3.79	1.61	-3.97	4.68
Cash at Beginning of Period	59.54	59.54	84.04	30.89	125.60	5.95	2.16	0.55	4.52	2.78
Cash at End of Period	630.96	630.96	59.54	84.04	30.89	125.60	5.95	2.16	0.55	7.46
Free Cash Flow	-326.89	-347.06	-481.56	-177.02	-158.73	-236.58	2.74	-17.76	-9.03	-6.24
Supplemental Disclosures
Interest Paid	-	1.26	1.74	13.92	17.72	3.98	-	-	-	-
Income Taxes Paid	-	0.43	1.51	-11.59	14.96	-	-	-	-	-

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

Frequently Asked Questions About Keel Infrastructure Cash Flow

What is Keel Infrastructure's free cash flow?

Keel Infrastructure had negative free cash flow of $326.89M in fiscal 2025 (fiscal year ended Mar 31, 2026), operating cash flow of −$226.59M minus $100.30M of capital expenditures.

How much does Keel Infrastructure spend on capital expenditures?

Keel Infrastructure spent $100.30M on capital expenditures in fiscal 2025, compared with $339.85M a year earlier.

Does Keel Infrastructure pay dividends or buy back shares?

Yes. In fiscal 2025 Keel Infrastructure returned $9.95M 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