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Battalion Oil cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$4.6M in Q2 2026 · −$2.2M over twelve months

Operating cash flow$8.8M
Capital spending−$4.2M
Free cash flow+$4.6M
Cash / net income0.6×

Analysis

In Q2 2026, Battalion Oil generated $8.8M of operating cash flow and spent $4.2M on capital projects, leaving free cash flow of $4.6M. That is $27.7M more than in Q2 2025 (−$23.1M).

Over the twelve months to Jun 30, 2026, operating cash flow was $27.0M; the largest uses were net borrowing (+) / repaid (−) ($56.9M), capital spending ($29.3M); besides operations, cash came from other investing ($60.0M), other financing ($42.8M); the cash balance rose by $43.7M.

Operating cash flow was $8.8M against net income of $15.5M — 0.6× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables +$3.0M, payables −$2.1M, prepaid and other assets +$282K.

Free cash flow

Battalion Oil: free cash flow by quarterBattalion Oil: free cash flow by quarter−$12.0MQ3 2024−$6.2MQ4 2024−$7.1MQ1 2025−$23.1MQ2 2025$11.5MQ3 2025−$16.8MQ4 2025−$1.5MQ1 2026$4.6MQ2 2026
Operating cash flow less capital spending.
Battalion Oil: operating cash flow against capital spendingBattalion Oil: operating cash flow against capital spendingOperating cash flowCapital spending−$5.1M$6.9MQ3 2024$6.7M$12.8MQ4 2024$12.7M$19.8MQ1 2025$10.2M$33.3MQ2 2025$28.0M$16.5MQ3 2025−$11.8M$5.0MQ4 2025$2.1M$3.6MQ1 2026$8.8M$4.2MQ2 2026
Latest (Q2 2026): Operating cash flow $8.8M, Capital spending $4.2M.

Capital allocation, year by year

Battalion Oil: where the cash came from (up) and went (down), by fiscal yearBattalion Oil: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow $68.6MFY2021: Net borrowing $41.9MFY2021: Capital spending −$52.6M$110MFY2021FY2022: Operating cash flow $78.8MFY2022: Net borrowing $35.1MFY2022: Capital spending −$125M$114MFY2022FY2023: Operating cash flow $17.6MFY2023: Net borrowing −$35.1MFY2023: Shares issued $94.6MFY2023: Capital spending −$46.3M$112MFY2023FY2024: Operating cash flow $35.4MFY2024: Net borrowing −$38.1MFY2024: Shares issued $38.8MFY2024: Capital spending −$64.6M$74.1MFY2024FY2025: Operating cash flow $39.1MFY2025: Net borrowing $46.0MFY2025: Capital spending −$74.6M$85.1MFY2025
Over these 5 years operating cash flow totalled $239M; the largest uses were capital spending ($363M) and net borrowing ($73.2M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$83.1M
Debt$162M
Net debt$79.4M
Due within a year$22.5M

Battalion Oil's operations bring cash in ($27.0M over twelve months), and it spends more than that on capital projects: a gap of $2.2M funded from its $83.1M of cash and investments and from borrowing ($162M of debt, $22.5M due within a year). That is a choice to invest, not a cash runway running down.

Battalion Oil: debt maturities by year (FY2025)Battalion Oil: debt maturities by year (FY2025)$22.5MYear 1$22.5MYear 2$163MYear 3
Principal due in each year as disclosed in the annual report, against $83.1M of cash and investments now.

Where the cash came from and went

Battalion Oil: sources (+) and uses (−) of cash, Q2 2026Battalion Oil: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)−$34.1MShares issued$29.9MOperating cash flow$8.8MCapital spending−$4.2MOther financing−$407KOther investing−$9K
Battalion Oil: sources (+) and uses (−) of cash, TTM to Q2 2026Battalion Oil: sources (+) and uses (−) of cash, TTM to Q2 2026Other investing$60.0MNet borrowing (+) / repaid (−)−$56.9MCash drawn (+) / kept (−)−$43.7MOther financing$42.8MCapital spending−$29.3MOperating cash flow$27.0M

From profit to cash

Battalion Oil: net income to operating cash flow, Q2 2026Battalion Oil: net income to operating cash flow, Q2 2026Net income$15.5MOther non-cash$5KReceivables$3.0MPayables−$2.1MPrepaid and other assets$282KOperating cash flow$8.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$8.8M−$4.2M—$29.9M−$34.1M$4.6M
Q1 2026$2.1M−$3.6M−$45.6M$14.0M−$26.3M−$1.5M
Q4 2025−$11.8M−$5.0M−$5.6M—$22.5M−$16.8M
Q3 2025$28.0M−$16.5M−$5.7M—−$5.8M$11.5M
Q2 2025$10.2M−$33.3M−$5.7M—$28.9M−$23.1M
Q1 2025$12.7M−$19.8M$63.0M—−$53.9M−$7.1M
Q4 2024$6.7M−$12.8M−$148M—$10.1M−$6.2M
Q3 2024−$5.1M−$6.9M−$12.5M−$68K$24.6M−$12.0M

Battalion Oil: income statement and cash flow

Battalion Oil, Q2 2026: revenue $48.1M (+12% year over year), operating margin 14.1%. The chart follows the revenue to costs, profit and cash.

Battalion Oil: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.