Zeo Energy (ZEO) Cash Flow: Operating & Free Cash Flow

Zeo Energy 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 Zeo Energy Corp. (ZEO) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Operating Activities
Net Income	-19.63	-9.87	4.85	8.67	7.09
Depreciation & Amortization	8.58	4.84	1.84	1.71	0.38
Deferred Income Tax	0.24	-1.00	0.00	0.00	0.00
Stock Based Compensation	6.50	7.95	0.00	0.00	0.00
Change in Working Capital	-6.81	-13.99	3.76	-0.32	-0.59
Change in Accounts Receivable	-4.30	0.20	-0.40	-0.92	-0.28
Change in Inventory	0.02	-0.13	-0.06	-0.29	0.00
Change in Accounts Payable	2.75	-2.51	4.50	-0.48	-0.30
Change in Other Working Capital	0.04	2.45	0.00	1.36	-0.01
Other Operating Activities	0.04	2.36	0.00	0.67	0.00
Net Cash from Operating Activities	-8.69	-8.72	11.98	10.72	6.88
Investing Activities
Capital Expenditures	-1.22	-4.37	-1.03	-1.08	-0.71
Acquisitions	14.60	-4.00	0.00	0.00	1.09
Other Investing Activities	0.00	-3.00	0.00	0.00	0.00
Net Cash from Investing Activities	13.37	-7.37	-1.03	-1.08	0.38
Financing Activities
Debt Repayment	-3.38	-0.33	-0.33	0.38	-0.01
Common Stock Issued	0.00	2.72	0.00	0.00	0.00
Dividends Paid	-0.62	-0.09	-5.17	-8.21	-7.44
Other Financing Activities	-0.17	-0.12	-0.08	0.00	0.00
Net Cash from Financing Activities	-4.17	13.70	-5.19	-7.82	-6.93
Summary
Effect of Forex Changes on Cash	0.00	0.00	0.00	0.00	0.00
Net Change in Cash	0.50	-2.39	5.75	1.82	0.33
Cash at Beginning of Period	5.63	8.02	2.27	0.45	0.12
Cash at End of Period	6.14	5.63	8.02	2.27	0.45
Free Cash Flow	-9.91	-13.09	10.94	9.64	6.17
Supplemental Disclosures
Interest Paid	-	0.12	0.10	0.05	0.01

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

Frequently Asked Questions About Zeo Energy Cash Flow

What is Zeo Energy's free cash flow?

Zeo Energy had negative free cash flow of $9.91M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of −$8.69M minus $1.22M of capital expenditures.

How much does Zeo Energy spend on capital expenditures?

Zeo Energy spent $1.22M on capital expenditures in fiscal 2025, compared with $4.37M a year earlier.

Does Zeo Energy pay dividends or buy back shares?

Yes. In fiscal 2025 Zeo Energy returned $621.06K in dividends 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