OR Royalties (OR) Cash Flow: Operating & Free Cash Flow

OR Royalties (OR) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), OR Royalties generated CAD 249.90M of operating cash flow and spent CAD 37.52M on capital expenditures. That left free cash flow of CAD 212.37M, up 32.8% from CAD 159.93M a year earlier, or 76.6% of revenue. It returned CAD 72.79M to shareholders through CAD 35.47M in dividends and CAD 37.31M in share buybacks.

OR Royalties Cash Flow Statement Analysis

Values in millions CAD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for OR Royalties Inc. (OR) - Annual data in millions CAD
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	209.70	16.27	-37.43	111.58	60.63	13.22	-175.89	-77.54	-33.42
Depreciation & Amortization	37.64	33.57	42.71	39.06	39.10	36.74	36.25	38.76	22.18
Deferred Income Tax	18.99	11.18	7.87	19.89	19.37	2.95	-30.94	-26.41	-18.99
Stock Based Compensation	0.00	6.24	7.72	0.00	6.11	0.00	0.00	0.00	0.00
Change in Working Capital	15.23	-1.88	-1.51	-2.41	-4.28	1.36	-3.59	-1.92	-0.35
Change in Accounts Receivable	-0.12	-0.88	-3.60	-3.61	-0.05	-3.66	3.70	-6.33	-0.98
Change in Inventory	0.00	0.00	0.00	0.00	-10.25	0.00	0.00	7.24	-6.87
Change in Accounts Payable	2.18	-0.78	1.60	1.26	-4.02	6.05	-6.20	-2.82	7.68
Change in Other Working Capital	13.17	-2.10	-0.13	-0.06	-41.78	-1.03	-1.09	-0.02	-0.17
Other Operating Activities	-31.66	105.73	-0.13	-86.19	19.66	30.32	242.97	127.45	68.87
Net Cash from Operating Activities	249.90	159.93	138.44	81.94	83.84	84.58	68.80	60.33	38.30
Investing Activities
Capital Expenditures	-37.52	-73.45	-217.75	-92.57	-71.35	-108.02	-63.19	-103.70	-63.10
Acquisitions	0.00	0.00	0.00	0.00	0.00	-40.90	49.07	117.04	-487.57
Purchases of Investments	-12.82	-79.43	-46.40	-9.30	-100.01	-38.54	-76.92	-84.27	-178.29
Sales/Maturities of Investments	50.68	3.85	98.05	2.21	9.01	8.83	97.73	19.86	57.50
Other Investing Activities	1.04	-0.06	-0.03	-184.93	-124.23	4.01	-1.01	2.86	-16.57
Net Cash from Investing Activities	1.38	-75.64	-166.13	-284.59	-214.97	-174.76	5.68	-48.20	-688.92
Financing Activities
Debt Repayment	-96.60	-84.72	-155.79	-197.71	-39.56	41.09	-7.68	-90.68	341.78
Common Stock Issued	11.94	9.56	9.49	225.38	11.51	6.14	16.36	0.13	207.63
Common Stock Repurchased	-37.31	-0.43	-3.59	-16.50	-24.36	-3.08	-107.42	-22.94	-1.43
Dividends Paid	-35.47	-30.65	-29.66	-28.27	-25.69	-22.65	-20.62	-20.42	-15.19
Other Financing Activities	-8.76	-1.19	-4.67	180.49	26.60	226.72	-2.25	-0.58	0.00
Net Cash from Financing Activities	-166.21	-74.87	9.37	163.39	-15.49	248.21	-121.60	-134.50	532.79
Summary
Effect of Forex Changes on Cash	-5.08	-1.52	2.67	20.52	-1.01	-5.83	-2.47	5.27	-12.33
Net Change in Cash	79.98	7.89	-18.32	-18.74	-147.63	152.21	-49.60	-117.09	-130.16
Cash at Beginning of Period	61.89	51.20	66.85	86.23	237.25	84.78	130.88	245.06	392.53
Cash at End of Period	141.87	59.10	51.20	67.48	90.73	236.98	81.28	127.97	262.37
Free Cash Flow	212.37	159.93	-79.31	-10.63	83.84	-23.43	5.61	-43.36	-24.80
Supplemental Disclosures
Interest Paid	3.88	7.26	12.72	10.77	12.98	-	-	-	-
Income Taxes Paid	3.14	2.69	1.92	0.85	0.97	-	-	-	-

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

Frequently Asked Questions About OR Royalties Cash Flow

What is OR Royalties's free cash flow?

OR Royalties generated free cash flow of CAD 212.37M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of CAD 249.90M minus CAD 37.52M of capital expenditures. That was up 32.8% from CAD 159.93M a year earlier. Free cash flow equaled 76.6% of revenue.

How much does OR Royalties spend on capital expenditures?

OR Royalties spent CAD 37.52M on capital expenditures in fiscal 2025, compared with CAD 73.45M a year earlier. That equals 15.0% of operating cash flow.

Does OR Royalties pay dividends or buy back shares?

Yes. In fiscal 2025 OR Royalties returned CAD 35.47M in dividends and CAD 37.31M 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