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Natural Resource Partners LP cash flow, quarter by quarter

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

Free cash flow$44.0M in Q3 2026 · $163M over twelve months

Operating cash flow$44.0M
Free cash flow+$44.0M
Cash / net income1.7×

Analysis

In Q3 2026, Natural Resource Partners LP generated $44.0M of operating cash flow. That is $2.9M more than in Q3 2025 ($41.1M).

Over the twelve months to Sep 30, 2026, operating cash flow was $163M; the largest uses were net borrowing (+) / repaid (−) ($55.2M), other financing ($41.8M), other investing ($36.1M); besides operations, cash came from asset & business sales ($51K); the cash balance rose by $20.7M.

Operating cash flow was $44.0M against net income of $26.5M — 1.7× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$6.5M, receivables +$5.2M, deferred revenue −$2.9M.

Free cash flow

Natural Resource Partners LP: free cash flow by quarterNatural Resource Partners LP: free cash flow by quarter$66.2MQ4 2024$34.4MQ1 2025$45.6MQ2 2025$41.1MQ3 2025$44.8MQ4 2025$33.0MQ1 2026$41.0MQ2 2026$44.0MQ3 2026
Operating cash flow less capital spending.
Natural Resource Partners LP: operating cash flow against capital spendingNatural Resource Partners LP: operating cash flow against capital spendingOperating cash flowCapital spending$66.2M$0Q4 2024$34.4M$0Q1 2025$45.6M$0Q2 2025$41.1M$0Q3 2025$44.8M$0Q4 2025$33.0M$0Q1 2026$41.0M$0Q2 2026$44.0M$0Q3 2026
Latest (Q3 2026): Operating cash flow $44.0M, Capital spending $0.

Capital allocation, year by year

Natural Resource Partners LP: where the cash came from (up) and went (down), by fiscal yearNatural Resource Partners LP: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingFY2021: Operating cash flow $122MFY2021: Net borrowing −$39.4MFY2021: Asset sales $249K$122MFY2021FY2022: Operating cash flow $267MFY2022: Net borrowing −$269MFY2022: Asset sales $1.1MFY2022: Capital spending −$118K$268MFY2022FY2023: Operating cash flow $311MFY2023: Net borrowing −$13.6MFY2023: Asset sales $3.0MFY2023: Capital spending −$10K$314MFY2023FY2024: Operating cash flow $248MFY2024: Net borrowing −$13.2MFY2024: Asset sales $4.8M$253MFY2024FY2025: Operating cash flow $166MFY2025: Net borrowing −$109MFY2025: Asset sales $1.9M$168MFY2025
Over these 5 years operating cash flow totalled $1.1B; the largest uses were net borrowing ($445M) and capital spending ($128K). Cash-flow statements as filed.

Where the cash came from and went

Natural Resource Partners LP: sources (+) and uses (−) of cash, Q3 2026Natural Resource Partners LP: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$44.0MCash drawn (+) / kept (−)−$21.6MNet borrowing (+) / repaid (−)−$13.1MOther financing−$10.1MOther investing$787KAsset & business sales$5K
Natural Resource Partners LP: sources (+) and uses (−) of cash, TTM to Q3 2026Natural Resource Partners LP: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$163MNet borrowing (+) / repaid (−)−$55.2MOther financing−$41.8MOther investing−$36.1MCash drawn (+) / kept (−)−$20.7MTaxes on employees’ shares−$8.9MAsset & business sales$51K

From profit to cash

Natural Resource Partners LP: net income to operating cash flow, Q3 2026Natural Resource Partners LP: net income to operating cash flow, Q3 2026Net income$26.5MDepreciation & amortization$6.5MStock-based pay$2.6MGains on disposals−$5KReceivables$5.2MPayables−$38KAccrued liabilities$927KDeferred revenue−$2.9MOther operating capital$475KOperating cash flow$44.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 202555—1639
Q4 202451—942

Every quarter

QuarterOperating cash flowNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$44.0M−$13.1M−$21.6M$44.0M
Q2 2026$41.0M−$33.0M$1.4M$41.0M
Q1 2026$33.0M$27.2M−$1.4M$33.0M
Q4 2025$44.8M−$36.3M$878K$44.8M
Q3 2025$41.1M−$32.0M−$675K$41.1M
Q2 2025$45.6M−$37.5M$532K$45.6M
Q1 2025$34.4M−$3.3M−$432K$34.4M
Q4 2024$66.2M−$55.3M$456K$66.2M

Natural Resource Partners LP: income statement and cash flow

Natural Resource Partners LP, Q1 2025: revenue $51.3M (-22% year over year), operating margin 83.7%. The chart follows the revenue to costs, profit and cash.

Natural Resource Partners LP: 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.