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BP cash flow, quarter by quarter

Latest: Q2 2025 · from the cash-flow statements filed with the SEC

Free cash flow$6.3B in Q2 2025

Operating cash flow$6.3B
Free cash flow+$6.3B
Cash / net income3.3×

Analysis

In Q2 2025, BP generated $6.3B of operating cash flow. That is $1.8B less than in Q2 2024 ($8.1B).

Operating cash flow was $6.3B against net income of $1.9B — 3.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$4.6B, stock-based pay +$215M.

Free cash flow

BP: free cash flow by quarterBP: free cash flow by quarter$6.3BQ2 2018$6.8BQ2 2019$3.7BQ2 2020$5.4BQ2 2021$10.9BQ2 2022$6.3BQ2 2023$8.1BQ2 2024$6.3BQ2 2025
Operating cash flow less capital spending.
BP: operating cash flow against capital spendingBP: operating cash flow against capital spendingOperating cash flowCapital spending$6.3B$0Q2 2018$6.8B$0Q2 2019$3.7B$0Q2 2020$5.4B$0Q2 2021$10.9B$0Q2 2022$6.3B$0Q2 2023$8.1B$0Q2 2024$6.3B$0Q2 2025
Latest (Q2 2025): Operating cash flow $6.3B, Capital spending $0.

Capital allocation, year by year

BP: where the cash came from (up) and went (down), by fiscal yearBP: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $23.6BFY2021: Net borrowing −$11.9BFY2021: Acquisitions −$186MFY2021: Buybacks −$3.2BFY2021: Dividends −$4.3B$23.6BFY2021FY2022: Operating cash flow $40.9BFY2022: Net borrowing −$13.7BFY2022: Acquisitions −$3.5BFY2022: Buybacks −$10.0BFY2022: Dividends −$4.4B$40.9BFY2022FY2023: Operating cash flow $32.0BFY2023: Net borrowing $1.1BFY2023: Acquisitions −$799MFY2023: Buybacks −$7.9BFY2023: Dividends −$4.8B$33.1BFY2023FY2024: Operating cash flow $27.3BFY2024: Net borrowing $4.9BFY2024: Acquisitions $53.0MFY2024: Buybacks −$7.1BFY2024: Dividends −$5.0B$32.2BFY2024FY2025: Operating cash flow $24.5BFY2025: Net borrowing −$6.1BFY2025: Acquisitions −$935MFY2025: Buybacks −$4.5BFY2025: Dividends −$5.1B$24.5BFY2025
Over these 5 years operating cash flow totalled $148.4B; the largest uses were buybacks ($32.7B) and net borrowing ($31.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$17.2B
Debtnone
Net cash$17.2B

BP funds itself: free cash flow was — over the last twelve months, with $17.2B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

BP: sources (+) and uses (−) of cash, Q2 2025BP: sources (+) and uses (−) of cash, Q2 2025Operating cash flow$6.3BOther investing−$2.9BCash drawn (+) / kept (−)−$1.3BDividends−$1.2BBuybacks−$1.1BOther financing$545MNet borrowing (+) / repaid (−)−$477MExchange rates$193MAcquisitions−$39.0M

From profit to cash

BP: net income to operating cash flow, Q2 2025BP: net income to operating cash flow, Q2 2025Net income$1.9BDepreciation & amortization$4.6BStock-based pay$215MOperating cash flow$6.3B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2025$6.3B−$39.0M−$1.1B−$1.2B−$477M−$1.3B$6.3B
Q2 2024$8.1B−$116M−$1.8B−$1.2B$1.4B−$3.4B$8.1B
Q2 2023$6.3B−$804M−$2.1B−$1.2B$195M$1.5B$6.3B
Q2 2022$10.9B$3.0M−$2.3B−$1.1B−$3.4B$1.3B$10.9B
Q2 2021$5.4B—−$500M−$1.1B$1.4B−$2.6B$5.4B
Q2 2020$3.7B——−$2.1B$5.2B−$16.5B$3.7B
Q2 2019$6.8B−$1.7B−$80.0M−$1.8B$184M$582M$6.8B
Q2 2018$6.3B−$1.0M−$90.0M−$1.7B−$816M$57.0M$6.3B

BP: income statement and cash flow

BP, Q2 2026: revenue $69.1B (+48% year over year), operating margin 11.3%. The chart follows the revenue to costs, profit and cash.

BP: 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.