Otter Tail (OTTR) Cash Flow: Operating & Free Cash Flow

Otter Tail (OTTR) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Otter Tail generated $385.99M of operating cash flow and spent $288.07M on capital expenditures. That left free cash flow of $97.92M, up 4.1% from $94.08M a year earlier, or 7.5% of revenue. It returned $91.20M to shareholders through $88.06M in dividends and $3.13M in share buybacks.

Otter Tail 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 Otter Tail Corporation (OTTR) - 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	275.89	301.66	294.19	284.18	176.77	95.85	86.85	82.35	72.12
Depreciation & Amortization	118.11	107.12	97.95	92.60	91.36	82.04	78.09	74.67	72.55
Deferred Income Tax	32.52	22.88	12.76	31.68	28.15	13.98	10.68	17.82	22.53
Stock Based Compensation	9.12	9.53	7.75	6.81	6.91	6.28	5.96	4.44	3.64
Change in Working Capital	-38.91	20.14	-0.52	-7.79	-58.09	21.20	27.76	-12.16	-13.34
Change in Accounts Receivable	0.47	11.18	-12.75	30.56	-60.99	-6.90	-1.86	-9.31	-5.20
Change in Inventory	-4.75	3.69	-2.45	5.34	-54.31	5.69	8.42	-18.24	-4.29
Change in Accounts Payable	-24.12	14.83	-9.99	-29.76	38.73	19.74	-5.06	15.00	-2.67
Change in Other Working Capital	-17.77	-9.56	24.66	-13.92	0.67	2.68	26.26	0.40	-1.19
Other Operating Activities	21.78	-8.59	5.12	-18.18	0.67	-7.44	-24.29	-23.67	16.08
Net Cash from Operating Activities	385.99	452.73	404.50	389.31	231.24	211.92	185.04	143.45	173.58
Investing Activities
Capital Expenditures	-288.07	-358.65	-287.13	-171.13	-171.83	-371.55	-207.37	-105.43	-132.91
Acquisitions	6.93	0.00	0.00	4.35	0.00	5.01	0.00	2.38	4.49
Purchases of Investments	-2.66	-61.57	-2.15	-8.28	-9.38	-9.11	-10.63	-4.37	-4.17
Sales/Maturities of Investments	0.00	0.00	0.00	-4.35	0.00	-5.01	0.00	0.00	0.00
Other Investing Activities	-9.58	8.85	-8.38	4.35	9.70	5.01	8.52	2.38	4.49
Net Cash from Investing Activities	-290.72	-411.37	-289.29	-175.07	-171.51	-375.65	-209.47	-107.42	-132.59
Financing Activities
Debt Repayment	-9.37	108.19	73.22	-22.96	-140.17	149.82	87.23	5.69	21.26
Common Stock Issued	0.00	0.00	0.00	0.00	0.70	52.43	20.34	-0.11	4.35
Common Stock Repurchased	-3.13	-6.46	-3.09	-2.94	-1.51	-2.07	-2.73	-3.01	-1.80
Dividends Paid	-88.06	-78.27	-73.06	-68.76	-64.86	-60.31	-55.72	-53.20	-50.63
Other Financing Activities	-3.15	-0.55	-0.90	-2.12	-3.68	3.83	-4.34	-0.87	2.05
Net Cash from Financing Activities	-3.72	22.92	-3.84	-96.78	-59.36	143.70	44.77	-51.38	-24.77
Summary
Effect of Forex Changes on Cash	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-40.99
Net Change in Cash	91.54	64.28	111.38	117.46	0.37	-20.04	20.34	-15.36	-24.77
Cash at Beginning of Period	294.65	230.37	119.00	1.54	1.16	21.20	0.86	16.22	40.99
Cash at End of Period	386.19	294.65	230.37	119.00	1.54	1.16	21.20	0.86	16.22
Free Cash Flow	97.92	94.08	117.37	218.18	59.41	-159.63	-22.33	38.02	40.66
Supplemental Disclosures
Interest Paid	45.70	39.48	36.96	35.70	36.88	-	-	-	-
Income Taxes Paid	11.09	57.61	46.28	43.41	8.45	-	-	-	-

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

Frequently Asked Questions About Otter Tail Cash Flow

What is Otter Tail's free cash flow?

Otter Tail generated free cash flow of $97.92M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $385.99M minus $288.07M of capital expenditures. That was up 4.1% from $94.08M a year earlier. Free cash flow equaled 7.5% of revenue.

How much does Otter Tail spend on capital expenditures?

Otter Tail spent $288.07M on capital expenditures in fiscal 2025, compared with $358.65M a year earlier. That equals 74.6% of operating cash flow.

Does Otter Tail pay dividends or buy back shares?

Yes. In fiscal 2025 Otter Tail returned $88.06M in dividends and $3.13M 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