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BKV cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$83.0M in Q3 2026 · $41.4M over twelve months

Operating cash flow$164M
Capital spending−$81.5M
Free cash flow+$83.0M
Cash / net income4.3×

Analysis

In Q3 2026, BKV generated $164M of operating cash flow and spent $81.5M on capital projects, leaving free cash flow of $83.0M. That is $59.4M more than in Q3 2025 ($23.6M).

Over the twelve months to Sep 30, 2026, operating cash flow was $412M; the largest uses were other investing ($629M), capital spending ($370M), other financing ($173M); besides operations, cash came from net borrowing (+) / repaid (−) ($893M), shares issued ($356M); the cash balance rose by $461M.

Operating cash flow was $164M against net income of $38.4M — 4.3× profit, cash ran ahead of reported earnings. The largest differences: payables +$60.0M, depreciation & amortization +$52.3M, receivables −$9.4M.

Free cash flow

BKV: free cash flow by quarterBKV: free cash flow by quarter−$12.0MQ4 2024−$41.2MQ1 2025$22.8MQ2 2025$23.6MQ3 2025−$29.9MQ4 2025−$34.5MQ1 2026$22.9MQ2 2026$83.0MQ3 2026
Operating cash flow less capital spending.
BKV: operating cash flow against capital spendingBKV: operating cash flow against capital spendingOperating cash flowCapital spending$40.6M$52.6MQ4 2024$16.5M$57.6MQ1 2025$89.3M$66.5MQ2 2025$109M$85.5MQ3 2025$65.6M$95.5MQ4 2025$72.0M$107MQ1 2026$110M$86.8MQ2 2026$164M$81.5MQ3 2026
Latest (Q3 2026): Operating cash flow $164M, Capital spending $81.5M.

Capital allocation, year by year

BKV: where the cash came from (up) and went (down), by fiscal yearBKV: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2022: Operating cash flow $349MFY2022: Net borrowing $660MFY2022: Acquisitions −$619M$1.0BFY2022FY2023: Operating cash flow $260MFY2023: Net borrowing $268MFY2023: Shares issued $150MFY2023: Asset sales $6.7MFY2023: Capital spending −$202MFY2023: Buybacks −$600K$685MFY2023FY2024: Operating cash flow $115MFY2024: Net borrowing −$422MFY2024: Asset sales $138MFY2024: Capital spending −$105M$253MFY2024FY2025: Operating cash flow $280MFY2025: Net borrowing $534MFY2025: Shares issued $171MFY2025: Asset sales $6.9MFY2025: Capital spending −$305M$991MFY2025
Over these 4 years operating cash flow totalled $1.0B; the largest uses were acquisitions ($619M) and capital spending ($612M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$620M
Debt$2.0B
Net debt$1.4B
Due within a year$9.4M

BKV funds itself: free cash flow was $41.4M over the last twelve months, and $620M of cash and investments stands against $2.0B of debt ($9.4M due within a year, 66.0× covered by cash).

Where the cash came from and went

BKV: sources (+) and uses (−) of cash, Q3 2026BKV: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$468MOther financing$315MNet borrowing (+) / repaid (−)$311MOther investing−$310MOperating cash flow$164MCapital spending−$81.5MPartners$65.4MAsset & business sales$2.6M
BKV: sources (+) and uses (−) of cash, TTM to Q3 2026BKV: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)$893MOther investing−$629MCash drawn (+) / kept (−)−$461MOperating cash flow$412MCapital spending−$370MShares issued$356MOther financing−$173MPartners−$28.8M

From profit to cash

BKV: net income to operating cash flow, Q3 2026BKV: net income to operating cash flow, Q3 2026Net income$38.4MDepreciation & amortization$52.3MStock-based pay$4.8MDeferred taxes$3.0MOther non-cash$6.0MReceivables−$9.4MPayables$60.0MOther operating capital$1.9MOperating cash flow$164M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$164M−$81.5M—$311M—−$468M$83.0M
Q2 2026$110M−$86.8M—−$17.4M−$670K$136M$22.9M
Q1 2026$72.0M−$107M—$312M$186M−$40.2M−$34.5M
Q4 2025$65.6M−$95.5M—−$12.6M$171M−$89.1M−$29.9M
Q3 2025$109M−$85.5M—$196M—−$70.1M$23.6M
Q2 2025$89.3M−$66.5M—−$2.5M—−$16.6M$22.8M
Q1 2025$16.5M−$57.6M—$32.5M—$8.5M−$41.2M
Q4 2024$40.6M−$52.6M$2.1M$60.0M—$31.4M−$12.0M

BKV: income statement and cash flow

BKV, Q3 2026: revenue $390M (+37% year over year), operating margin 17.2%. The chart follows the revenue to costs, profit and cash.

BKV: 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.