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New Fortress Energy cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$200M in Q2 2026 · −$758M over twelve months

Operating cash flow−$159M
Capital spending−$40.3M
Free cash flow−$200M
Cash conversion cycle-116 days

Analysis

In Q2 2026, New Fortress Energy generated −$159M of operating cash flow and spent $40.3M on capital projects, leaving free cash flow of −$200M. That is $376M more than in Q2 2025 (−$576M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$525M; the largest uses were net borrowing (+) / repaid (−) ($893M), operating cash flow ($525M), capital spending ($233M); besides operations, cash came from other financing ($1.2B), other investing ($162M); the cash balance fell by $321M.

Operating cash flow was −$159M against net income of −$373M. The largest differences: payables +$69.1M, prepaid and other assets −$59.1M, receivables +$56.5M.

Its cash conversion cycle was -116 days (receivables 94 + inventory 59 − payables 269): suppliers fund its working capital.

Free cash flow

New Fortress Energy: free cash flow by quarterNew Fortress Energy: free cash flow by quarter−$367MQ3 2024−$701MQ4 2024−$262MQ1 2025−$576MQ2 2025−$262MQ3 2025−$135MQ4 2025−$162MQ1 2026−$200MQ2 2026
Operating cash flow less capital spending.
New Fortress Energy: operating cash flow against capital spendingNew Fortress Energy: operating cash flow against capital spendingOperating cash flowCapital spending−$20.0M$347MQ3 2024$445M$1.1BQ4 2024−$7.2M$255MQ1 2025−$329M$247MQ2 2025−$171M$90.5MQ3 2025−$76.2M$58.6MQ4 2025−$119M$43.6MQ1 2026−$159M$40.3MQ2 2026
Latest (Q2 2026): Operating cash flow −$159M, Capital spending $40.3M.

Capital allocation, year by year

New Fortress Energy: where the cash came from (up) and went (down), by fiscal yearNew Fortress Energy: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsDividendsFY2021: Operating cash flow $84.8MFY2021: Net borrowing $2.0BFY2021: Capital spending −$669MFY2021: Acquisitions −$1.6BFY2021: Dividends −$88.8M$2.1BFY2021FY2022: Operating cash flow $355MFY2022: Net borrowing $508MFY2022: Capital spending −$1.2BFY2022: Dividends −$99.0M$863MFY2022FY2023: Operating cash flow $819MFY2023: Net borrowing −$717MFY2023: Capital spending −$2.9BFY2023: Dividends −$724M$819MFY2023FY2024: Operating cash flow $602MFY2024: Net borrowing −$3.8BFY2024: Shares issued $387MFY2024: Asset sales $58.3MFY2024: Capital spending −$2.6BFY2024: Dividends −$65.3M$1.0BFY2024FY2025: Operating cash flow −$583MFY2025: Net borrowing −$1.6BFY2025: Capital spending −$651MFY2025: Dividends −$3.5MFY2025
Over these 5 years operating cash flow totalled $1.3B; the largest uses were capital spending ($8.0B) and net borrowing ($6.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$161M
Debt$8.9B
Net debt$8.7B
Due within a year$7.2B
Cash runway3 months

New Fortress Energy is burning cash: its operations consume cash, a free cash flow of −$758M a year at the current rate against $161M of cash and investments: a runway of about 3 months; $7.2B of debt also comes due within a year, which would need refinancing or new money before any new financing.

New Fortress Energy: debt maturities by year (FY2025)New Fortress Energy: debt maturities by year (FY2025)$7.2BYear 1$185MYear 2$23.6MYear 3$25.2MYear 4$32.0MYear 5$897MAfter year 5
Principal due in each year as disclosed in the annual report, against $161M of cash and investments now.

Where the cash came from and went

New Fortress Energy: sources (+) and uses (−) of cash, Q2 2026New Fortress Energy: sources (+) and uses (−) of cash, Q2 2026Other financing$1.2BNet borrowing (+) / repaid (−)−$673MCash drawn (+) / kept (−)−$310MOperating cash flow−$159MCapital spending−$40.3MExchange rates$1.5M
New Fortress Energy: sources (+) and uses (−) of cash, TTM to Q2 2026New Fortress Energy: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$1.2BNet borrowing (+) / repaid (−)−$893MOperating cash flow−$525MCash drawn (+) / kept (−)$321MCapital spending−$233MOther investing$162MExchange rates$11.6MDividends−$458K

From profit to cash

New Fortress Energy: net income to operating cash flow, Q2 2026New Fortress Energy: net income to operating cash flow, Q2 2026Net income−$373MDepreciation & amortization$56.4MStock-based pay$5.0MDeferred taxes−$4.2MGains on disposals$404KOther non-cash$7.3MReceivables$56.5MInventory$33.2MPayables$69.1MPrepaid and other assets−$59.1MOther liabilities$24.1MOperating cash flow−$159M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 20269459269-116
Q1 202616361308-83
Q4 202510250299-147
Q3 20259643284-145
Q2 20258131271-159
Q1 20255825168-85
Q4 20245230205-123
Q3 20246832196-96

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026−$159M−$40.3M—−$673M−$310M−$200M
Q1 2026−$119M−$43.6M—−$1.4M$167M−$162M
Q4 2025−$76.2M−$58.6M−$453K−$16.4M$32.4M−$135M
Q3 2025−$171M−$90.5M−$5K−$203M$432M−$262M
Q2 2025−$329M−$247M$446K−$727M$15.3M−$576M
Q1 2025−$7.2M−$255M−$3.5M−$665M$129M−$262M
Q4 2024$445M−$1.1B−$4.0M−$1.5B−$729M−$701M
Q3 2024−$20.0M−$347M−$5.6M−$142M$61.1M−$367M

New Fortress Energy: income statement and cash flow

New Fortress Energy, Q2 2026: revenue $313M (+3% year over year), operating margin -47.6%. The chart follows the revenue to costs, profit and cash.

New Fortress Energy: 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.