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Northern Oil & Gas cash flow, quarter by quarter

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

Free cash flow$159M in Q3 2026 · −$206M over twelve months

Operating cash flow$398M
Capital spending−$239M
Free cash flow+$159M
Cash conversion cycle-28 days

Analysis

In Q3 2026, Northern Oil & Gas generated $398M of operating cash flow and spent $239M on capital projects, leaving free cash flow of $159M. That is $87.7M more than in Q3 2025 ($70.8M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.4B; the largest uses were capital spending ($1.6B), net borrowing (+) / repaid (−) ($941M), dividends ($184M); besides operations, cash came from other financing ($1.2B), shares issued ($228M); the cash balance fell by $5.2M.

Operating cash flow was $398M against net income of −$112M. The largest differences: receivables −$36.2M, payables +$35.5M, deferred taxes −$15.7M.

Its cash conversion cycle was -28 days (receivables 105 + inventory 0 − payables 133): suppliers fund its working capital.

Free cash flow

Northern Oil & Gas: free cash flow by quarterNorthern Oil & Gas: free cash flow by quarter−$372MQ4 2024$143MQ1 2025$34.8MQ2 2025$70.8MQ3 2025$4.6MQ4 2025−$311MQ1 2026−$58.2MQ2 2026$159MQ3 2026
Operating cash flow less capital spending.
Northern Oil & Gas: operating cash flow against capital spendingNorthern Oil & Gas: operating cash flow against capital spendingOperating cash flowCapital spending$290M$663MQ4 2024$407M$264MQ1 2025$362M$327MQ2 2025$423M$352MQ3 2025$313M$308MQ4 2025$324M$635MQ1 2026$322M$380MQ2 2026$398M$239MQ3 2026
Latest (Q3 2026): Operating cash flow $398M, Capital spending $239M.

Capital allocation, year by year

Northern Oil & Gas: where the cash came from (up) and went (down), by fiscal yearNorthern Oil & Gas: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksDividendsFY2021: Operating cash flow $396MFY2021: Net borrowing $156MFY2021: Shares issued $438MFY2021: Capital spending −$593MFY2021: Dividends −$4.9M$991MFY2021FY2022: Operating cash flow $928MFY2022: Net borrowing $264MFY2022: Capital spending −$1.4BFY2022: Buybacks −$54.5MFY2022: Dividends −$51.6M$1.2BFY2022FY2023: Operating cash flow $1.2BFY2023: Net borrowing $335MFY2023: Shares issued $515MFY2023: Capital spending −$1.9BFY2023: Buybacks −$8.0MFY2023: Dividends −$124M$2.0BFY2023FY2024: Operating cash flow $1.4BFY2024: Net borrowing $529MFY2024: Capital spending −$1.7BFY2024: Buybacks −$94.5MFY2024: Dividends −$162M$1.9BFY2024FY2025: Operating cash flow $1.5BFY2025: Net borrowing −$172MFY2025: Capital spending −$1.3BFY2025: Buybacks −$57.0MFY2025: Dividends −$173M$1.5BFY2025
Over these 5 years operating cash flow totalled $5.4B; the largest uses were capital spending ($6.7B) and dividends ($516M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$26.4M
Debt$2.6B
Net debt$2.6B

Northern Oil & Gas's operations bring cash in ($1.4B over twelve months), and it spends more than that on capital projects: a gap of $206M funded from its $26.4M of cash and investments and from borrowing ($2.6B of debt). That is a choice to invest, not a cash runway running down.

Where the cash came from and went

Northern Oil & Gas: sources (+) and uses (−) of cash, Q3 2026Northern Oil & Gas: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$398MCapital spending−$239MNet borrowing (+) / repaid (−)−$102MDividends−$48.0MBuybacks−$26.0MCash drawn (+) / kept (−)$21.2MOther financing−$7.7MExchange rates$4.1MOther investing−$154K
Northern Oil & Gas: sources (+) and uses (−) of cash, TTM to Q3 2026Northern Oil & Gas: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$1.6BOperating cash flow$1.4BOther financing$1.2BNet borrowing (+) / repaid (−)−$941MShares issued$228MDividends−$184MBuybacks−$83.1MCash drawn (+) / kept (−)$5.2MTaxes on employees’ shares−$3.5MNot reconciled−$1.4MOther investing−$249K

From profit to cash

Northern Oil & Gas: net income to operating cash flow, Q3 2026Northern Oil & Gas: net income to operating cash flow, Q3 2026Net income−$112MStock-based pay$4.5MDeferred taxes−$15.7MOther non-cash−$35KReceivables−$36.2MPayables$35.5MPrepaid and other assets−$411KOperating cash flow$398M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026105—133-28
Q2 202647—158-111
Q1 20266668—1576511
Q4 202552—145-94
Q3 202562—130-68
Q2 202553—152-99
Q1 202560—171-111
Q4 202463—140-77

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$398M−$239M−$26.0M−$48.0M−$102M—$21.2M$159M
Q2 2026$322M−$380M−$50.0M−$47.4M$172M—−$10.6M−$58.2M
Q1 2026$324M−$635M—−$44.5M$155M$228M−$22.7M−$311M
Q4 2025$313M−$308M−$7.0M−$43.7M−$666M—$17.3M$4.6M
Q3 2025$423M−$352M—−$43.7M−$21.0M—−$5.8M$70.8M
Q2 2025$362M−$327M−$35.0M−$44.3M$50.0M—$7.7M$34.8M
Q1 2025$407M−$264M−$15.0M−$41.7M−$60.0M—−$24.6M$143M
Q4 2024$290M−$663M−$25.2M−$41.8M$415M—$25.4M−$372M

Northern Oil & Gas: income statement and cash flow

Northern Oil & Gas, Q3 2026: revenue $346M (-38% year over year), operating margin -22.2%. The chart follows the revenue to costs, profit and cash.

Northern 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.