Ballard Power Systems Inc. cash flow statement

In fiscal 2025, Ballard Power Systems Inc.'s operations generated −$56.2m of cash; it spent $9.8m on capital projects, leaving free cash flow of −$66.0m.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Ballard Power Systems Inc.: cash flow statement, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	−4	−10	−32	−14	−43	−80	−132	−105	−108	−56
Stock-based pay	3	3	3	4	6	10	9	11	7	6
Capital spending	3	3	10	14	13	13	34	41	26	10
Free cash flow	−7	−13	−42	−28	−56	−94	−166	−146	−134	−66
Free cash flow after stock pay	−10	−16	−44	−32	−62	−103	−176	−157	−141	−72

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Ballard Power Systems Inc.'s SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Ballard Power Systems Inc.