KNOT Offshore Partners LP (KNOP) Cash Flow: Operating & Free Cash Flow

KNOT Offshore Partners LP (KNOP) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), KNOT Offshore Partners LP generated $155.74M of operating cash flow and spent $281.00K on capital expenditures. That left free cash flow of $155.46M, up 14.1% from $136.20M a year earlier, or 42.7% of revenue. It returned $13.42M to shareholders through $10.40M in dividends and $3.02M in share buybacks.

KNOT Offshore Partners LP 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 KNOT Offshore Partners LP (KNOP) - 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	23.26	14.07	-34.33	58.67	53.88	65.23	58.96	82.17	68.06
Depreciation & Amortization	112.95	110.85	110.25	107.42	99.56	88.83	90.45	87.84	70.49
Deferred Income Tax	1.16	0.63	-4.60	0.88	0.49	0.01	0.01	0.00	0.00
Change in Working Capital	2.52	-14.74	19.40	-10.79	4.82	-6.05	-1.26	-8.85	30.24
Change in Accounts Receivable	-2.91	-4.82	1.65	2.17	4.48	-5.06	-2.33	-4.46	26.97
Change in Inventory	-1.07	0.58	2.14	-2.16	-0.65	-0.23	0.15	0.06	-0.36
Change in Accounts Payable	2.82	-4.38	6.26	0.25	0.02	0.70	-2.10	-1.30	2.20
Change in Other Working Capital	-12.77	-6.13	-17.34	-14.58	-0.07	-5.06	1.12	-3.15	1.44
Other Operating Activities	-12.77	26.34	-17.34	-54.35	8.16	18.73	17.54	-10.29	-14.20
Net Cash from Operating Activities	155.74	137.15	131.64	100.94	166.41	169.24	165.69	148.65	154.59
Investing Activities
Capital Expenditures	-0.28	-0.95	-2.78	-3.31	-11.54	-0.34	0.00	-0.12	-0.85
Acquisitions	-26.05	0.61	0.00	-32.21	0.00	-21.09	0.00	-15.38	-94.01
Sales/Maturities of Investments	1.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Cash from Investing Activities	-25.29	-0.34	-2.78	-35.51	-11.54	-21.43	0.00	-15.49	-94.86
Financing Activities
Debt Repayment	-210.89	-122.39	-349.64	-166.61	-505.82	-59.83	-84.53	-52.74	-179.58
Common Stock Issued	0.00	0.00	0.00	0.00	0.98	0.00	0.00	0.00	208.41
Common Stock Repurchased	-3.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividends Paid	-10.40	-10.41	-10.41	-79.47	-79.39	-72.14	-79.34	-79.34	-68.97
Other Financing Activities	-1.32	-0.52	-2.46	-0.89	-5.22	-0.09	0.02	-5.31	-1.24
Net Cash from Financing Activities	-108.63	-133.32	-112.51	-79.97	-145.15	-139.26	-163.85	-137.38	-41.38
Summary
Effect of Forex Changes on Cash	0.23	-0.48	-0.01	-0.17	-0.02	0.51	-0.03	-0.17	0.09
Net Change in Cash	22.05	3.01	16.34	-14.71	9.71	9.06	1.81	-4.39	18.44
Cash at Beginning of Period	66.93	63.92	47.58	62.29	52.58	43.53	41.71	46.10	27.66
Cash at End of Period	88.98	66.93	63.92	47.58	62.29	52.58	43.53	41.71	46.10
Free Cash Flow	155.46	136.20	128.86	97.63	154.88	168.90	165.69	148.53	153.74
Supplemental Disclosures
Interest Paid	60.40	65.70	69.30	37.30	25.10	-	-	-	-
Income Taxes Paid	0.13	0.04	0.67	0.42	0.08	0.09	-	-	-

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

Frequently Asked Questions About KNOT Offshore Partners LP Cash Flow

What is KNOT Offshore Partners LP's free cash flow?

KNOT Offshore Partners LP generated free cash flow of $155.46M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $155.74M minus $281.00K of capital expenditures. That was up 14.1% from $136.20M a year earlier. Free cash flow equaled 42.7% of revenue.

How much does KNOT Offshore Partners LP spend on capital expenditures?

KNOT Offshore Partners LP spent $281.00K on capital expenditures in fiscal 2025, compared with $945.00K a year earlier. That equals 0.2% of operating cash flow.

Does KNOT Offshore Partners LP pay dividends or buy back shares?

Yes. In fiscal 2025 KNOT Offshore Partners LP returned $10.40M in dividends and $3.02M 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