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California Resources cash flow, quarter by quarter

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

Free cash flow$147M in Q3 2026 · $344M over twelve months

Operating cash flow$305M
Capital spending−$158M
Free cash flow+$147M

Analysis

In Q3 2026, California Resources generated $305M of operating cash flow and spent $158M on capital projects, leaving free cash flow of $147M. That is $41.0M less than in Q3 2025 ($188M).

Over the twelve months to Sep 30, 2026, operating cash flow was $902M; the largest uses were capital spending ($558M), acquisitions ($508M), dividends ($142M); besides operations, cash came from other financing ($211M), other investing ($18.0M); the cash balance fell by $148M.

Operating cash flow was $305M against net income of −$315M. The largest differences: depreciation & amortization +$137M, deferred taxes −$113M, other non-cash +$51.0M.

Free cash flow

California Resources: free cash flow by quarterCalifornia Resources: free cash flow by quarter$118MQ4 2024$131MQ1 2025$109MQ2 2025$188MQ3 2025$115MQ4 2025−$32.0MQ1 2026$114MQ2 2026$147MQ3 2026
Operating cash flow less capital spending.
California Resources: operating cash flow against capital spendingCalifornia Resources: operating cash flow against capital spendingOperating cash flowCapital spending$206M$88.0MQ4 2024$186M$55.0MQ1 2025$165M$56.0MQ2 2025$279M$91.0MQ3 2025$235M$120MQ4 2025$99.0M$131MQ1 2026$263M$149MQ2 2026$305M$158MQ3 2026
Latest (Q3 2026): Operating cash flow $305M, Capital spending $158M.

Capital allocation, year by year

California Resources: where the cash came from (up) and went (down), by fiscal yearCalifornia Resources: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $660MFY2021: Net borrowing $599MFY2021: Shares issued $2.0MFY2021: Asset sales $67.0MFY2021: Capital spending −$194MFY2021: Acquisitions −$52.0MFY2021: Buybacks −$148MFY2021: Dividends −$14.0M$1.3BFY2021FY2022: Operating cash flow $690MFY2022: Shares issued $1.0MFY2022: Asset sales $80.0MFY2022: Capital spending −$379MFY2022: Buybacks −$313MFY2022: Dividends −$59.0M$771MFY2022FY2023: Operating cash flow $653MFY2023: Shares issued $2.0MFY2023: Asset sales $32.0MFY2023: Capital spending −$185MFY2023: Buybacks −$143MFY2023: Dividends −$81.0M$687MFY2023FY2024: Operating cash flow $610MFY2024: Net borrowing $887MFY2024: Shares issued $2.0MFY2024: Asset sales $15.0MFY2024: Capital spending −$255MFY2024: Acquisitions −$853MFY2024: Buybacks −$192MFY2024: Dividends −$113M$1.5BFY2024FY2025: Operating cash flow $865MFY2025: Net borrowing −$1.0MFY2025: Shares issued $3.0MFY2025: Asset sales $8.0MFY2025: Capital spending −$322MFY2025: Acquisitions −$440MFY2025: Buybacks −$377MFY2025: Dividends −$136M$876MFY2025
Over these 5 years operating cash flow totalled $3.5B; the largest uses were acquisitions ($1.3B) and capital spending ($1.3B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$48.0M
Debt$1.0B
Net debt$963M
Due within a year$122M

California Resources funds itself: free cash flow was $344M over the last twelve months, and $48.0M of cash and investments stands against $1.0B of debt ($122M due within a year, 0.4× covered by cash).

California Resources: debt maturities by year (FY2024)California Resources: debt maturities by year (FY2024)$245MYear 2$900MYear 5
Principal due in each year as disclosed in the annual report, against $48.0M of cash and investments now.

Where the cash came from and went

California Resources: sources (+) and uses (−) of cash, Q3 2026California Resources: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$305MCapital spending−$158MAcquisitions−$68.0MDividends−$36.0MBuybacks−$30.0MOther investing−$19.0MCash drawn (+) / kept (−)$8.0MOther financing−$2.0M
California Resources: sources (+) and uses (−) of cash, TTM to Q3 2026California Resources: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$902MCapital spending−$558MAcquisitions−$508MOther financing$211MCash drawn (+) / kept (−)$148MDividends−$142MBuybacks−$65.0MOther investing$18.0MTaxes on employees’ shares−$13.0MAsset & business sales$6.0MShares issued$1.0M

From profit to cash

California Resources: net income to operating cash flow, Q3 2026California Resources: net income to operating cash flow, Q3 2026Net income−$315MDepreciation & amortization$137MDeferred taxes−$113MOther non-cash$51.0MOperating cash flow$305M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$305M−$158M−$68.0M−$30.0M−$36.0M——$8.0M$147M
Q2 2026$263M−$149M——−$36.0M−$25.0M—−$16.0M$114M
Q1 2026$99.0M−$131M—−$10.0M−$36.0M$372M—$92.0M−$32.0M
Q4 2025$235M−$120M−$440M−$25.0M−$34.0M—$1.0M$64.0M$115M
Q3 2025$279M−$91.0M—−$34.0M−$32.0M——−$124M$188M
Q2 2025$165M−$56.0M—−$217M−$35.0M—−$4.0M$142M$109M
Q1 2025$186M−$55.0M—−$101M−$35.0M—$6.0M$158M$131M
Q4 2024$206M−$88.0M—−$57.0M−$36.0M——−$131M$118M

California Resources: income statement and cash flow

California Resources, Q3 2026: revenue $421M (-51% year over year), operating margin -96.7%. The chart follows the revenue to costs, profit and cash.

California Resources: 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.