TRX Gold (TRX) Cash Flow: Operating & Free Cash Flow

TRX Gold 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 TRX Gold Corporation (TRX) - Annual data in millions USD
Breakdown	FY 2025	FY 2025	FY 2024	FY 2024	FY 2023	FY 2022	FY 2021	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Nov 2025	Aug 2025	Nov 2024	Aug 2024	Aug 2023	Aug 2022	Nov 2021	Aug 2021	Aug 2020	Nov 2019	Aug 2018	Aug 2017
Operating Activities
Net Income	9.02	6.57	4.73	3.51	9.54	-2.32	-6.64	-5.28	-9.47	-16.48	-4.09	-4.08
Depreciation & Amortization	5.28	3.85	3.05	2.26	1.84	0.12	0.36	0.29	0.23	0.20	0.23	0.27
Deferred Income Tax	8.47	6.17	7.04	5.22	5.81	0.00	-7.77	-	0.32	12.55	-0.01	-0.17
Stock Based Compensation	3.38	2.46	2.73	2.03	3.65	3.11	3.69	2.93	3.21	0.13	0.95	1.12
Change in Working Capital	-6.73	-4.90	3.62	2.68	7.19	-3.50	-1.18	-0.94	0.65	-0.01	0.42	-0.74
Change in Accounts Receivable	-1.91	-1.39	0.25	0.18	-0.07	-2.08	0.11	0.09	-0.08	-0.27	0.05	0.00
Change in Inventory	-7.65	-5.57	-1.25	-0.93	-1.18	-2.16	-0.57	-0.45	-0.25	0.00	0.00	0.02
Change in Accounts Payable	4.55	3.31	3.80	3.21	7.23	1.18	-0.40	-0.32	0.08	0.27	0.00	-0.96
Change in Other Working Capital	-1.72	-0.48	0.82	0.04	1.20	-0.87	-0.32	-0.25	0.84	-0.01	0.42	0.06
Other Operating Activities	2.94	14.61	-0.51	0.04	-4.57	8.77	2.09	-1.30	0.02	0.90	0.69	0.16
Net Cash from Operating Activities	22.36	16.28	20.66	15.32	23.47	2.96	-9.44	-7.52	-5.00	-2.71	-1.39	-2.72
Investing Activities
Capital Expenditures	-18.82	-13.70	-18.45	-13.68	-24.09	-12.69	-11.49	-9.15	-5.61	-1.71	-0.78	-1.00
Sales/Maturities of Investments	0.00	-	0.00	-	0.00	0.54	0.00	2.52	0.00	0.00	0.00	0.00
Other Investing Activities	-0.90	-0.66	-0.42	-0.31	-0.12	-1.94	3.17	2.52	0.29	0.00	0.00	0.01
Net Cash from Investing Activities	-19.72	-14.36	-18.87	-13.99	-24.21	-13.87	-8.32	-6.62	-5.32	-1.71	-0.78	-0.99
Financing Activities
Debt Repayment	-1.69	-1.23	-0.10	-0.07	-0.16	0.00	0.97	-0.03	8.68	1.42	1.02	0.95
Common Stock Issued	0.00	-	0.00	-	0.15	7.15	22.56	24.40	2.63	6.71	0.00	4.48
Common Stock Repurchased	0.00	-0.78	0.00	-0.55	0.00	-0.46	0.00	-	0.00	0.00	0.00	0.00
Other Financing Activities	-1.72	-0.48	-0.75	-0.55	-0.40	-1.21	6.01	-1.84	0.02	-2.04	1.35	-0.01
Net Cash from Financing Activities	-3.41	-2.48	-0.84	-0.63	-0.41	5.94	29.53	23.53	11.32	6.09	2.37	5.42
Summary
Effect of Forex Changes on Cash	0.00	-	0.00	-	0.00	3.98	0.00	-	0.00	0.00	-0.10	0.15
Net Change in Cash	-0.77	-0.56	0.95	0.70	-1.15	-4.97	11.77	9.39	1.11	1.67	-0.35	0.74
Cash at Beginning of Period	11.44	8.33	10.29	7.63	11.48	17.66	5.09	-	1.98	0.24	0.60	0.05
Cash at End of Period	10.67	7.77	11.24	8.33	10.33	15.11	16.86	-	3.09	1.90	0.25	0.64
Free Cash Flow	3.54	2.58	2.21	1.64	-0.62	-9.74	-20.94	-16.66	-10.61	-4.42	-2.17	-3.71
Supplemental Disclosures
Interest Paid	-	0.35	-	0.00	-	-	-	-	-	-	-	-
Income Taxes Paid	-	0.99	-	1.22	0.06	-	-	-	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of May 31, 2026. Data sources and methodology

Frequently Asked Questions About TRX Gold Cash Flow

What is TRX Gold's free cash flow?

TRX Gold generated free cash flow of $3.54M in fiscal 2025 (fiscal year ended Nov 30, 2025), operating cash flow of $22.36M minus $18.82M of capital expenditures. That was up 60.3% from $2.21M a year earlier. Free cash flow equaled 4.4% of revenue.

How much does TRX Gold spend on capital expenditures?

TRX Gold spent $18.82M on capital expenditures in fiscal 2025, compared with $18.45M a year earlier. That equals 84.2% of operating cash flow.

Does TRX Gold pay dividends or buy back shares?

TRX Gold's cash flow statement for fiscal 2025 shows no dividend payments or share repurchases.

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