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Magnolia Oil & Gas cash flow, quarter by quarter

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

Free cash flow$218M in Q3 2026 · $636M over twelve months

Operating cash flow$369M
Capital spending−$151M
Free cash flow+$218M
Cash / net income4.6×

Analysis

In Q3 2026, Magnolia Oil & Gas generated $369M of operating cash flow and spent $151M on capital projects, leaving free cash flow of $218M. That is $90.2M more than in Q3 2025 ($128M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.2B; the largest uses were acquisitions ($2.7B), capital spending ($523M), dividends ($132M); besides operations, cash came from other financing ($1.4B), net borrowing (+) / repaid (−) ($500M); the cash balance fell by $263M.

Operating cash flow was $369M against net income of $80.5M — 4.6× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$148M, deferred taxes +$39.5M, other operating capital −$33.2M.

Free cash flow

Magnolia Oil & Gas: free cash flow by quarterMagnolia Oil & Gas: free cash flow by quarter$87.8MQ4 2024$93.3MQ1 2025$98.4MQ2 2025$128MQ3 2025$89.4MQ4 2025$69.2MQ1 2026$259MQ2 2026$218MQ3 2026
Operating cash flow less capital spending.
Magnolia Oil & Gas: operating cash flow against capital spendingMagnolia Oil & Gas: operating cash flow against capital spendingOperating cash flowCapital spending$223M$135MQ4 2024$224M$131MQ1 2025$199M$100MQ2 2025$247M$119MQ3 2025$208M$119MQ4 2025$198M$128MQ1 2026$384M$125MQ2 2026$369M$151MQ3 2026
Latest (Q3 2026): Operating cash flow $369M, Capital spending $151M.

Capital allocation, year by year

Magnolia Oil & Gas: where the cash came from (up) and went (down), by fiscal yearMagnolia Oil & Gas: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsDividendsFY2021: Operating cash flow $788MFY2021: Capital spending −$236MFY2021: Dividends −$14.1M$788MFY2021FY2022: Operating cash flow $1.3BFY2022: Capital spending −$465MFY2022: Acquisitions −$90.1MFY2022: Dividends −$75.2M$1.3BFY2022FY2023: Operating cash flow $856MFY2023: Capital spending −$425MFY2023: Acquisitions −$355MFY2023: Dividends −$88.1M$856MFY2023FY2024: Operating cash flow $921MFY2024: Net borrowing −$4.0MFY2024: Capital spending −$487MFY2024: Acquisitions −$165MFY2024: Dividends −$97.6M$921MFY2024FY2025: Operating cash flow $879MFY2025: Capital spending −$469MFY2025: Acquisitions −$66.6MFY2025: Dividends −$113M$879MFY2025
Over these 5 years operating cash flow totalled $4.7B; the largest uses were capital spending ($2.1B) and acquisitions ($678M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$17.5M
Debt$1.9B
Net debt$1.9B

Magnolia Oil & Gas funds itself: free cash flow was $636M over the last twelve months, and $17.5M of cash and investments stands against $1.9B of debt.

Where the cash came from and went

Magnolia Oil & Gas: sources (+) and uses (−) of cash, Q3 2026Magnolia Oil & Gas: sources (+) and uses (−) of cash, Q3 2026Other investing−$2.5BOther financing$2.1BOperating cash flow$369MCash drawn (+) / kept (−)$278MCapital spending−$151MDividends−$43.1M
Magnolia Oil & Gas: sources (+) and uses (−) of cash, TTM to Q3 2026Magnolia Oil & Gas: sources (+) and uses (−) of cash, TTM to Q3 2026Acquisitions−$2.7BOther financing$1.4BOperating cash flow$1.2BCapital spending−$523MNet borrowing (+) / repaid (−)$500MCash drawn (+) / kept (−)$263MDividends−$132MOther investing$38.5MPartners−$1.7M

From profit to cash

Magnolia Oil & Gas: net income to operating cash flow, Q3 2026Magnolia Oil & Gas: net income to operating cash flow, Q3 2026Net income$80.5MDepreciation & amortization$148MStock-based pay$9.8MDeferred taxes$39.5MOther non-cash$2.2MReceivables$30.9MPayables$20.6MAccrued liabilities$27.9MOther operating capital−$33.2MOperating cash flow$369M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsCash drawn (+) / kept (−)Free cash flow
Q3 2026$369M−$151M——−$43.1M$278M$218M
Q2 2026$384M−$125M——−$30.8M−$172M$259M
Q1 2026$198M−$128M——−$30.5M$142M$69.2M
Q4 2025$208M−$119M−$2.2M—−$27.8M$13.7M$89.4M
Q3 2025$247M−$119M−$24.7M—−$28.1M−$28.7M$128M
Q2 2025$199M−$100M−$15.5M—−$28.4M−$4.2M$98.4M
Q1 2025$224M−$131M−$24.1M−$52.4M−$28.9M$12.5M$93.3M
Q4 2024$223M−$135M−$429K—−$25.1M$16.1M$87.8M

Magnolia Oil & Gas: income statement and cash flow

Magnolia Oil & Gas, Q3 2026: revenue $514M (+58% year over year), operating margin 30.1%. The chart follows the revenue to costs, profit and cash.

Magnolia Oil & Gas: 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.