USA Rare Earth (USAR) Cash Flow: Operating & Free Cash Flow

USA Rare Earth Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

Scale:

Scroll to see more

Cash flow statement showing operating, investing, and financing activities for USA Rare Earth, Inc. (USAR) - 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	-298.52	-16.39	-8.54	-23.84	331.62	-122.53	-355.11	66.61	2.33
Depreciation & Amortization	0.00	0.39	0.72	0.67	185.47	184.15	155.91	0.15	0.00
Stock Based Compensation	0.00	1.74	1.37	1.62	13.53	12.78	73.52	35.11	34.93
Change in Working Capital	-8.34	0.14	0.41	5.49	-13.37	15.75	51.02	0.17	-0.19
Change in Accounts Receivable	-0.60	0.00	0.00	0.00	-6.57	28.74	42.67	0.00	0.00
Change in Inventory	-3.21	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Change in Accounts Payable	-5.49	1.09	-2.00	0.32	0.00	0.00	0.00	0.00	0.00
Change in Other Working Capital	0.95	-0.95	2.41	1.80	-6.80	-12.99	8.35	0.17	-0.19
Other Operating Activities	257.88	1.13	-15.89	-0.09	192.50	663.23	697.06	-18.50	-8.99
Net Cash from Operating Activities	-48.99	-12.99	-21.93	-14.80	709.75	753.38	622.39	83.53	28.08
Investing Activities
Capital Expenditures	-37.36	-3.11	-5.96	-15.15	-232.83	-196.72	-391.99	0.00	0.00
Acquisitions	-102.21	0.00	0.00	-10.04	0.00	0.00	20.82	0.00	0.00
Sales/Maturities of Investments	0.00	246.92	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Investing Activities	0.00	-247.09	0.00	0.00	-0.42	-22.51	-154.51	0.00	0.00
Net Cash from Investing Activities	-139.57	-3.29	-5.96	-15.15	-233.24	-219.23	-525.67	0.00	0.00
Financing Activities
Debt Repayment	0.36	0.00	1.00	0.00	16.23	204.00	534.50	0.00	0.00
Common Stock Issued	493.92	0.00	13.30	20.24	0.00	0.00	0.00	0.00	0.00
Common Stock Repurchased	0.00	-246.92	-0.19	0.00	-5.01	-25.19	-127.53	0.00	0.00
Dividends Paid	0.00	0.00	0.00	0.00	-471.72	-590.19	-496.20	-86.47	-16.01
Other Financing Activities	37.44	266.75	0.00	2.02	-16.64	-123.37	-9.07	-0.23	-15.69
Net Cash from Financing Activities	531.72	19.84	14.11	22.26	-477.15	-534.75	-98.30	-86.70	-31.70
Summary
Net Change in Cash	343.16	3.56	-13.77	-7.70	-0.64	-0.60	-1.59	-3.17	-3.62
Cash at Beginning of Period	16.76	13.20	26.97	34.67	0.64	1.24	2.82	5.99	9.61
Cash at End of Period	359.93	16.76	13.20	26.97	0.00	0.64	1.24	2.82	5.99
Free Cash Flow	-86.34	-16.10	-27.88	-29.95	476.93	556.66	230.40	83.53	28.08

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

Frequently Asked Questions About USA Rare Earth Cash Flow

What is USA Rare Earth's free cash flow?

USA Rare Earth had negative free cash flow of $86.34M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of −$48.98M minus $37.36M of capital expenditures.

How much does USA Rare Earth spend on capital expenditures?

USA Rare Earth spent $37.36M on capital expenditures in fiscal 2025, compared with $3.11M a year earlier.

Does USA Rare Earth pay dividends or buy back shares?

USA Rare Earth'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