Smart Sand (SND) Cash Flow: Operating & Free Cash Flow

Smart Sand (SND) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Smart Sand generated $44.12M of operating cash flow and spent $11.60M on capital expenditures. That left free cash flow of $32.52M, up 199.6% from $10.85M a year earlier, or 9.9% of revenue. It returned $8.67M to shareholders through $5.95M in dividends and $2.72M in share buybacks.

Smart Sand 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 Smart Sand, Inc. (SND) - 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	1.35	2.99	4.65	-0.70	-50.67	37.95	31.62	18.69	21.53
Depreciation & Amortization	30.06	29.73	28.27	27.28	26.10	22.13	27.82	18.16	0.53
Deferred Income Tax	-5.13	-2.78	-6.14	-4.20	-10.55	-2.57	6.12	4.66	-1.81
Stock Based Compensation	3.72	3.24	3.53	3.21	3.20	3.87	2.95	3.01	2.01
Change in Working Capital	14.40	-17.95	-1.41	-20.17	41.76	-1.57	-34.78	-7.31	-14.74
Change in Accounts Receivable	15.73	-20.66	10.03	-16.46	30.89	-6.08	-41.06	4.46	-18.04
Change in Inventory	-6.04	1.78	-6.64	-5.16	1.94	4.74	-1.02	-7.34	4.41
Change in Accounts Payable	-6.77	0.05	1.97	5.24	4.51	-0.37	-4.68	-2.27	9.36
Change in Other Working Capital	0.25	0.21	2.00	6.52	0.29	-0.35	11.98	-2.16	-10.46
Other Operating Activities	0.25	0.02	-4.24	-4.20	0.29	-43.27	10.90	13.71	8.11
Net Cash from Operating Activities	44.12	17.86	30.99	5.42	32.44	25.54	44.63	50.91	15.63
Investing Activities
Capital Expenditures	-11.60	-7.01	-23.03	-12.73	-11.22	-8.62	-25.53	-96.09	-51.16
Acquisitions	0.00	0.00	0.00	-6.55	0.00	0.00	0.10	-29.92	0.01
Other Investing Activities	0.74	0.09	0.13	1.07	0.08	0.06	0.00	0.02	0.01
Net Cash from Investing Activities	-10.86	-6.92	-22.90	-18.21	-11.14	-8.56	-25.43	-125.99	-51.15
Financing Activities
Debt Repayment	-38.63	-10.48	-10.83	-7.44	-6.89	-13.43	-15.97	43.77	-0.64
Common Stock Issued	0.05	0.05	0.06	0.69	0.04	0.06	0.07	0.13	26.25
Common Stock Repurchased	-2.72	-0.42	-4.75	-0.54	-0.40	-1.16	-0.14	-2.17	-0.13
Dividends Paid	-5.95	-3.90	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Financing Activities	-0.01	-2.46	0.00	0.05	-0.18	-0.33	-2.00	-0.41	-2.28
Net Cash from Financing Activities	-12.26	-15.46	-7.53	-7.29	-7.43	-7.90	-18.04	41.32	23.21
Summary
Net Change in Cash	21.00	-4.52	0.56	-20.08	13.86	9.09	1.17	-33.76	-12.31
Cash at Beginning of Period	1.55	6.07	5.51	25.59	11.73	2.64	1.47	35.23	47.53
Cash at End of Period	22.55	1.55	6.07	5.51	25.59	11.73	2.64	1.47	35.23
Free Cash Flow	32.52	10.85	7.96	-7.31	21.22	16.92	19.11	-45.18	-35.53
Supplemental Disclosures
Interest Paid	-	1.41	1.12	1.24	1.55	1.77	-	-	-
Income Taxes Paid	-	-0.08	0.21	0.19	0.21	0.64	-	-	-

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

Frequently Asked Questions About Smart Sand Cash Flow

What is Smart Sand's free cash flow?

Smart Sand generated free cash flow of $32.52M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $44.12M minus $11.60M of capital expenditures. That was up 199.6% from $10.85M a year earlier. Free cash flow equaled 9.9% of revenue.

How much does Smart Sand spend on capital expenditures?

Smart Sand spent $11.60M on capital expenditures in fiscal 2025, compared with $7.01M a year earlier. That equals 26.3% of operating cash flow.

Does Smart Sand pay dividends or buy back shares?

Yes. In fiscal 2025 Smart Sand returned $5.95M in dividends and $2.72M 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