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Phoenix Energy One, LLC cash flow, quarter by quarter

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

Free cash flow$173M in Q2 2026 · $478M over twelve months

Operating cash flow$173M
Free cash flow+$173M
Cash / net income1.6×
Cash conversion cycle-198 days

Analysis

In Q2 2026, Phoenix Energy One, LLC generated $173M of operating cash flow. That is $88.8M more than in Q2 2025 ($84.7M).

Over the twelve months to Jun 30, 2026, operating cash flow was $478M; the largest uses were other investing ($1.0B), other financing ($44.8M); besides operations, cash came from net borrowing (+) / repaid (−) ($570M); the cash balance fell by $23.5M.

Operating cash flow was $173M against net income of $106M — 1.6× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$74.3M, other liabilities +$34.1M, payables +$9.1M.

Its cash conversion cycle was -198 days (receivables 25 + inventory 3 − payables 225): suppliers fund its working capital.

Free cash flow

Phoenix Energy One, LLC: free cash flow by quarterPhoenix Energy One, LLC: free cash flow by quarter$10.8MQ3 2024$61.0MQ4 2024$15.9MQ1 2025$84.7MQ2 2025$90.0MQ3 2025$110MQ4 2025$104MQ1 2026$173MQ2 2026
Operating cash flow less capital spending.
Phoenix Energy One, LLC: operating cash flow against capital spendingPhoenix Energy One, LLC: operating cash flow against capital spendingOperating cash flowCapital spending$10.8M$0Q3 2024$61.0M$0Q4 2024$15.9M$0Q1 2025$84.7M$0Q2 2025$90.0M$0Q3 2025$110M$0Q4 2025$104M$0Q1 2026$173M$0Q2 2026
Latest (Q2 2026): Operating cash flow $173M, Capital spending $0.

Capital allocation, year by year

Phoenix Energy One, LLC: where the cash came from (up) and went (down), by fiscal yearPhoenix Energy One, LLC: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesFY2023: Operating cash flow −$1.0MFY2023: Net borrowing $325M$325MFY2023FY2024: Operating cash flow $101MFY2024: Net borrowing $525MFY2024: Asset sales $6.2M$633MFY2024FY2025: Operating cash flow $301MFY2025: Net borrowing $525MFY2025: Shares issued $47.9M$874MFY2025
Over these 3 years operating cash flow totalled $401M; the largest uses were operating cash flow ($1.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$37.0M
Debt$1.5B
Net debt$1.5B
Due within a year$148M

Phoenix Energy One, LLC funds itself: free cash flow was $478M over the last twelve months, and $37.0M of cash and investments stands against $1.5B of debt ($148M due within a year, 0.3× covered by cash).

Phoenix Energy One, LLC: debt maturities by year (FY2025)Phoenix Energy One, LLC: debt maturities by year (FY2025)$148MYear 1$288MYear 2$313MYear 3$29.0MYear 4$135MYear 5$618MAfter year 5
Principal due in each year as disclosed in the annual report, against $37.0M of cash and investments now.

Where the cash came from and went

Phoenix Energy One, LLC: sources (+) and uses (−) of cash, Q2 2026Phoenix Energy One, LLC: sources (+) and uses (−) of cash, Q2 2026Other investing−$294MOperating cash flow$173MNet borrowing (+) / repaid (−)$110MCash drawn (+) / kept (−)$33.1MOther financing−$22.4M
Phoenix Energy One, LLC: sources (+) and uses (−) of cash, TTM to Q2 2026Phoenix Energy One, LLC: sources (+) and uses (−) of cash, TTM to Q2 2026Other investing−$1.0BNet borrowing (+) / repaid (−)$570MOperating cash flow$478MOther financing−$44.8MCash drawn (+) / kept (−)$23.5M

From profit to cash

Phoenix Energy One, LLC: net income to operating cash flow, Q2 2026Phoenix Energy One, LLC: net income to operating cash flow, Q2 2026Net income$106MDepreciation & amortization$74.3MStock-based pay$43KGains on disposals−$1.4MReceivables−$4.2MPayables$9.1MAccrued liabilities$5.3MOther liabilities$34.1MOther operating capital−$7.9MOperating cash flow$173M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 2026253225-198
Q1 2026281181-153

Every quarter

QuarterOperating cash flowNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$173M$110M—$33.1M$173M
Q1 2026$104M$165M—−$4.4M$104M
Q4 2025$110M$119M−$1K$29.7M$110M
Q3 2025$90.0M$176M—−$35.0M$90.0M
Q2 2025$84.7M$133M—−$25.1M$84.7M
Q1 2025$15.9M$97.0M—$85.4M$15.9M
Q4 2024$61.0M$218M—−$96.3M$61.0M
Q3 2024$10.8M$129M—−$20.4M$10.8M

Phoenix Energy One, LLC: income statement and cash flow

Phoenix Energy One, LLC, Q2 2026: revenue $406M (+148% year over year), operating margin 40.3%. The chart follows the revenue to costs, profit and cash.

Phoenix Energy One, LLC: 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.