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EOG Resources cash flow, quarter by quarter

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

Free cash flow$2.3B in Q3 2026 · $7.9B over twelve months

Operating cash flow$3.8B
Capital spending−$1.5B
Free cash flow+$2.3B
Cash / net income1.4×

Analysis

In Q3 2026, EOG Resources generated $3.8B of operating cash flow and spent $1.5B on capital projects, leaving free cash flow of $2.3B. That is $718M more than in Q3 2025 ($1.6B).

Over the twelve months to Sep 30, 2026, operating cash flow was $14.1B; the largest uses were capital spending ($6.1B), buybacks ($3.5B), dividends ($2.2B); besides operations, cash came from net borrowing (+) / repaid (−) ($222M), shares issued ($28.0M); the cash balance rose by $2.2B.

Operating cash flow was $3.8B against net income of $2.8B — 1.4× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$1.3B, income taxes payable +$536M, receivables −$414M.

Free cash flow

EOG Resources: free cash flow by quarterEOG Resources: free cash flow by quarter$1.5BQ4 2024$908MQ1 2025$333MQ2 2025$1.6BQ3 2025$1.1BQ4 2025$1.5BQ1 2026$3.0BQ2 2026$2.3BQ3 2026
Operating cash flow less capital spending.
EOG Resources: operating cash flow against capital spendingEOG Resources: operating cash flow against capital spendingOperating cash flowCapital spending$2.8B$1.2BQ4 2024$2.3B$1.4BQ1 2025$2.0B$1.7BQ2 2025$3.1B$1.5BQ3 2025$2.6B$1.5BQ4 2025$3.0B$1.5BQ1 2026$4.7B$1.6BQ2 2026$3.8B$1.5BQ3 2026
Latest (Q3 2026): Operating cash flow $3.8B, Capital spending $1.5B.

Capital allocation, year by year

EOG Resources: where the cash came from (up) and went (down), by fiscal yearEOG Resources: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $8.8BFY2021: Net borrowing −$787MFY2021: Shares issued $19.0MFY2021: Capital spending −$3.6BFY2021: Buybacks −$41.0MFY2021: Dividends −$2.7B$8.8BFY2021FY2022: Operating cash flow $11.1BFY2022: Net borrowing −$35.0MFY2022: Shares issued $28.0MFY2022: Capital spending −$4.6BFY2022: Buybacks −$118MFY2022: Dividends −$5.1B$11.1BFY2022FY2023: Operating cash flow $11.3BFY2023: Net borrowing −$1.3BFY2023: Shares issued $20.0MFY2023: Capital spending −$5.4BFY2023: Buybacks −$1.0BFY2023: Dividends −$3.4B$11.4BFY2023FY2024: Operating cash flow $12.1BFY2024: Net borrowing $952MFY2024: Shares issued $22.0MFY2024: Capital spending −$5.4BFY2024: Buybacks −$3.2BFY2024: Dividends −$2.1B$13.1BFY2024FY2025: Operating cash flow $10.0BFY2025: Net borrowing $1.9BFY2025: Shares issued $23.0MFY2025: Capital spending −$6.1BFY2025: Acquisitions −$4.5BFY2025: Buybacks −$2.6BFY2025: Dividends −$2.2B$12.0BFY2025
Over these 5 years operating cash flow totalled $53.4B; the largest uses were capital spending ($25.1B) and dividends ($15.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$5.7B
Debt$7.9B
Net debt$2.2B
Due within a year$28.0M

EOG Resources funds itself: free cash flow was $7.9B over the last twelve months, and $5.7B of cash and investments stands against $7.9B of debt ($28.0M due within a year, 205.2× covered by cash).

Where the cash came from and went

EOG Resources: sources (+) and uses (−) of cash, Q3 2026EOG Resources: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$3.8BCapital spending−$1.5BBuybacks−$1.1BCash drawn (+) / kept (−)−$840MDividends−$544MOther investing$117MNet borrowing (+) / repaid (−)−$7.0M
EOG Resources: sources (+) and uses (−) of cash, TTM to Q3 2026EOG Resources: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$14.1BCapital spending−$6.1BBuybacks−$3.5BCash drawn (+) / kept (−)−$2.2BDividends−$2.2BOther investing−$312MNet borrowing (+) / repaid (−)$222MShares issued$28.0MAcquisitions$13.0MOther financing−$11.0M

From profit to cash

EOG Resources: net income to operating cash flow, Q3 2026EOG Resources: net income to operating cash flow, Q3 2026Net income$2.8BDepreciation & amortization$1.3BStock-based pay$55.0MDeferred taxes−$106MGains on disposals−$242MOther non-cash$6.0MReceivables−$414MInventory−$27.0MPayables−$44.0MPrepaid and other assets−$63.0MOther liabilities$47.0MIncome taxes payable$536MOperating cash flow$3.8B
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$3.8B−$1.5B—−$1.1B−$544M−$7.0M—−$840M$2.3B
Q2 2026$4.7B−$1.6B—−$1.3B−$540M−$6.0M$15.0M−$1.1B$3.0B
Q1 2026$3.0B−$1.5B—−$418M−$544M−$7.0M$1.0M−$453M$1.5B
Q4 2025$2.6B−$1.5B$13.0M−$677M−$550M$242M$12.0M$134M$1.1B
Q3 2025$3.1B−$1.5B—−$479M−$545M−$1.3B—$1.7B$1.6B
Q2 2025$2.0B−$1.7B—−$602M−$528M−$9.0M$11.0M$1.4B$333M
Q1 2025$2.3B−$1.4B—−$806M−$538M−$8.0M—$493M$908M
Q4 2024$2.8B−$1.2B—−$993M−$509M$977M$11.0M−$970M$1.5B

EOG Resources: income statement and cash flow

EOG Resources, Q3 2026: revenue $8.5B (+46% year over year), operating margin 41.9%. The chart follows the revenue to costs, profit and cash.

EOG 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.