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Matador Resources cash flow, quarter by quarter

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

Free cash flow$162M in Q3 2026 · $850M over twelve months

Operating cash flow$594M
Capital spending−$432M
Free cash flow+$162M
Cash / net income3.0×

Analysis

In Q3 2026, Matador Resources generated $594M of operating cash flow and spent $432M on capital projects, leaving free cash flow of $162M. That is $83.8M more than in Q3 2025 ($78.3M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.5B; the largest uses were other investing ($2.3B), capital spending ($1.6B), dividends ($186M); besides operations, cash came from net borrowing (+) / repaid (−) ($1.1B), other financing ($555M); the cash balance fell by $26.3M.

Operating cash flow was $594M against net income of $195M — 3.0× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$343M, receivables −$211M, deferred taxes +$81.0M.

Free cash flow

Matador Resources: free cash flow by quarterMatador Resources: free cash flow by quarter$45.2MQ4 2024$174MQ1 2025$9.6MQ2 2025$78.3MQ3 2025$8.1MQ4 2025−$26.4MQ1 2026−$230MQ2 2026$162MQ3 2026
Operating cash flow less capital spending.
Matador Resources: operating cash flow against capital spendingMatador Resources: operating cash flow against capital spendingOperating cash flowCapital spending$575M$530MQ4 2024$728M$554MQ1 2025$501M$491MQ2 2025$722M$643MQ3 2025$474M$466MQ4 2025$471M$497MQ1 2026$937M$1.2BQ2 2026$594M$432MQ3 2026
Latest (Q3 2026): Operating cash flow $594M, Capital spending $432M.

Capital allocation, year by year

Matador Resources: where the cash came from (up) and went (down), by fiscal yearMatador Resources: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $1.1BFY2021: Net borrowing −$341MFY2021: Shares issued $1.3MFY2021: Asset sales $4.2MFY2021: Capital spending −$838MFY2021: Dividends −$14.6M$1.1BFY2021FY2022: Operating cash flow $2.0BFY2022: Net borrowing −$444MFY2022: Asset sales $46.5MFY2022: Capital spending −$1.1BFY2022: Acquisitions −$75.8MFY2022: Dividends −$35.2M$2.0BFY2022FY2023: Operating cash flow $1.9BFY2023: Net borrowing $994MFY2023: Asset sales $700KFY2023: Capital spending −$3.2BFY2023: Dividends −$77.2M$2.9BFY2023FY2024: Operating cash flow $2.2BFY2024: Net borrowing $1.0BFY2024: Shares issued $345MFY2024: Asset sales $12.4MFY2024: Capital spending −$3.9BFY2024: Dividends −$105M$3.6BFY2024FY2025: Operating cash flow $2.4BFY2025: Net borrowing −$199MFY2025: Capital spending −$2.2BFY2025: Buybacks −$55.8MFY2025: Dividends −$163M$2.4BFY2025
Over these 5 years operating cash flow totalled $9.6B; the largest uses were capital spending ($11.2B) and net borrowing ($984M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$11.8M
Debt$5.0B
Net debt$5.0B

Matador Resources funds itself: free cash flow was $850M over the last twelve months, and $11.8M of cash and investments stands against $5.0B of debt.

Where the cash came from and went

Matador Resources: sources (+) and uses (−) of cash, Q3 2026Matador Resources: sources (+) and uses (−) of cash, Q3 2026Other investing−$895MOther financing$856MOperating cash flow$594MCapital spending−$432MNet borrowing (+) / repaid (−)−$56.0MDividends−$46.2MPartners−$29.4MCash drawn (+) / kept (−)$20.8MBuybacks−$12.1MTaxes on employees’ shares−$51K
Matador Resources: sources (+) and uses (−) of cash, TTM to Q3 2026Matador Resources: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$2.5BOther investing−$2.3BCapital spending−$1.6BNet borrowing (+) / repaid (−)$1.1BOther financing$555MDividends−$186MPartners$49.0MBuybacks−$29.3MCash drawn (+) / kept (−)$26.3MTaxes on employees’ shares−$6.2M

From profit to cash

Matador Resources: net income to operating cash flow, Q3 2026Matador Resources: net income to operating cash flow, Q3 2026Net income$195MDepreciation & amortization$343MStock-based pay$6.9MDeferred taxes$81.0MReceivables−$211MInventory−$5.7MOperating cash flow$594M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$594M−$432M−$12.1M−$46.2M−$56.0M$20.8M$162M
Q2 2026$937M−$1.2B−$11.4M−$46.4M$678M$1.6M−$230M
Q1 2026$471M−$497M−$707K−$46.8M$432M−$13.0M−$26.4M
Q4 2025$474M−$466M−$5.1M−$46.3M$148M$16.9M$8.1M
Q3 2025$722M−$643M−$6.5M−$38.7M−$68.0M−$9.6M$78.3M
Q2 2025$501M−$491M−$44.2M−$39.0M−$80.0M−$9.3M$9.6M
Q1 2025$728M−$554M—−$39.2M−$290M$17.2M$174M
Q4 2024$575M−$530M—−$31.3M−$900M−$17.7M$45.2M

Matador Resources: income statement and cash flow

Matador Resources, Q3 2026: revenue $1.2B (+24% year over year), operating margin 30.4%. The chart follows the revenue to costs, profit and cash.

Matador 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.