Grupo Aval Acciones y Valores S.A. (AVAL) Cash Flow Statement
Where AVAL’s cash came from and went, 2025
December 31, 2025 · COP- Cash from operations
- COP 2.04T
- Capital expenditures
- COP 586.35B 1.4% of revenue
- Free cash flow
- COP 1.45T 3.4% margin
- Returned to shareholders
- COP 582.89B 40% of free cash flow
- Change in cash
- COP 2.36T cash at year-end COP 19.35T
Cash from operations
COP 2.04T
Capital expenditures
−COP 586.35B
Investments (net)
−COP 2.11T
Acquisitions & other
−COP 22.38T
Dividends
−COP 582.89B
Net borrowing (repayment)
−COP 1.41T
Other financing
+COP 28.09T
Currency & other
−COP 708.07B
Change in cash
COP 2.36T
Drawn to scale: where the cash came from and how it was used. Hover for values.
AVAL operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
AVAL cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | COP 2.49T2016 | COP 2.04T2025 | −2.2%/yr | |
| Capital expenditures | COP 1.63T2016 | COP 586.35B2025 | −10.8%/yr | |
| Free cash flow | COP 850.87B2016 | COP 1.45T2025 | +6.1%/yr | |
| Free cash flow margin | 3.4%2016 | 3.4%2025 | 0.0 pts | |
| Operating cash flow / net income | 0.452016 | 1.292025 | +0.85 | |
| Dividends paid | COP 1.26T2016 | COP 582.89B2025 | −8.2%/yr | |
| Share buybacks (net) | COP 238.0M2016 | COP 6.0M2025 | −33.6%/yr | |
| Capex / revenue | 6.6%2016 | 1.4%2025 | −5.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AVAL cash flow by activity
OperatingInvestingFinancingChange in cash
AVAL net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
AVAL cash flow statement in COP
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | COP 1.58T | COP 1.02T | COP 739.00B | COP 6.27T | COP 8.52T | COP 6.48T | COP 7.45T | COP 7.33T | COP 4.92T | COP 5.57T |
| Depreciation & amortization | COP 1.37T | COP 1.27T | COP 1.15T | COP 1.09T | COP 1.45T | COP 1.40T | COP 1.30T | COP 957.17B | COP 901.71B | COP 779.53B |
| Change in working capital | COP 1.70T | −COP 11.34T | −COP 7.56T | −COP 2.09T | −COP 672.72B | COP 5.17T | −COP 468.00B | COP 2.03T | −COP 2.17T | −COP 1.40T |
| Other non-cash items | −COP 2.60T | −COP 5.00T | −COP 3.67T | −COP 5.50T | −COP 3.39T | −COP 3.02T | −COP 2.65T | −COP 1.59T | COP 1.46T | −COP 2.47T |
| Cash from operating activities | COP 2.04T | −COP 14.04T | −COP 9.35T | −COP 222.12B | COP 5.90T | COP 10.02T | COP 5.63T | COP 8.73T | COP 5.11T | COP 2.49T |
| Investing activities | ||||||||||
| Capital expenditures | −COP 586.35B | −COP 662.67B | −COP 615.19B | −COP 1.15T | −COP 2.26T | −COP 2.01T | −COP 1.73T | −COP 1.42T | −COP 1.38T | −COP 1.63T |
| Investments (net) | −COP 2.11T | −COP 3.14T | COP 1.84T | −COP 13.01T | −COP 6.60T | −COP 7.59T | −COP 3.06T | −COP 3.05T | −COP 3.61T | −COP 952.87B |
| Acquisitions & other investing | −COP 22.38T | COP 662.67B | COP 615.19B | COP 1.15T | COP 2.26T | COP 2.01T | COP 1.73T | COP 1.42T | COP 1.38T | COP 1.63T |
| Cash from investing activities | −COP 25.07T | −COP 3.14T | COP 1.84T | −COP 13.01T | −COP 6.60T | −COP 7.59T | −COP 3.06T | −COP 3.05T | −COP 3.61T | −COP 952.87B |
| Financing activities | ||||||||||
| Dividends paid | −COP 582.89B | −COP 728.18B | −COP 766.54B | −COP 414.27B | −COP 1.23T | −COP 1.33T | −COP 1.27T | −COP 1.13T | −COP 1.31T | −COP 1.26T |
| Share repurchases & issuance (net) | −COP 6.0M | −COP 55.00B | COP 0 | −COP 15.01B | −COP 29.75B | −COP 430.32B | −COP 67.10B | −COP 67.16B | COP 212.6M | −COP 238.0M |
| Net borrowing (repayment) | −COP 1.41T | COP 87.50B | −COP 1.85T | −COP 7.53T | COP 829.07B | COP 3.11T | COP 1.22T | −COP 44.01B | COP 634.41B | COP 2.43T |
| Shares issued | COP 0 | COP 0 | COP 0 | COP 0 | COP 120.0M | COP 0 | COP 0 | COP 988.07B | COP 0 | COP 0 |
| Other financing | COP 28.09T | COP 14.16T | COP 14.44T | −COP 615.18B | −COP 914.55B | −COP 946.03B | −COP 785.67B | −COP 745.93B | −COP 773.08B | −COP 1.10T |
| Cash from financing activities | COP 26.09T | COP 13.46T | COP 11.82T | −COP 8.57T | −COP 1.35T | COP 404.45B | −COP 895.99B | −COP 997.56B | −COP 1.45T | COP 66.86B |
| Summary | ||||||||||
| Net change in cash | COP 2.36T | −COP 1.60T | COP 1.57T | −COP 19.61T | COP 2.62T | COP 3.91T | COP 1.72T | COP 6.06T | COP 143.83B | −COP 91.97B |
| Cash at end of period | COP 19.35T | COP 17.00T | COP 18.60T | COP 17.03T | COP 36.64T | COP 34.03T | COP 30.12T | COP 28.40T | COP 22.34T | COP 22.19T |
| Free cash flow | COP 1.45T | −COP 14.70T | −COP 9.96T | −COP 1.37T | COP 3.65T | COP 8.01T | COP 3.91T | COP 7.31T | COP 3.73T | COP 850.87B |
| Free cash flow margin | 3.4% | −39.8% | −25.9% | −4.9% | 17.6% | 71.5% | 13.1% | 26.4% | 14.3% | 3.4% |
| Capex / revenue | 1.4% | 1.8% | 1.6% | 4.1% | 10.9% | 18.0% | 5.8% | 5.1% | 5.3% | 6.6% |
| Operating cash flow / net income | 1.29 | −13.83 | −12.65 | −0.04 | 0.69 | 1.55 | 0.76 | 1.19 | 1.04 | 0.45 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | COP 533.68B | COP 355.29B | COP 313.90B | COP 503.12B | COP 481.48B | COP 356.14B | COP 281.35B | COP 415.66B | COP 204.33B | COP 113.74B | COP 82.90B | COP 64.80B |
| Depreciation & amortization | — | COP 214.50B | — | COP 201.30B | COP 190.90B | COP 179.40B | COP 336.91B | COP 176.00B | COP 176.60B | COP 172.60B | COP 167.40B | COP 164.70B |
| Change in working capital | −COP 63.21B | −COP 223.62B | COP 985.39B | COP 258.15B | COP 945.08B | −COP 460.03B | −COP 4.71T | COP 3.71T | −COP 6.39T | −COP 3.95T | COP 1.50T | COP 7.02T |
| Other non-cash items | COP 1.68T | −COP 353.45B | −COP 2.22T | COP 483.11B | −COP 366.78B | COP 348.15B | COP 1.10T | −COP 3.45T | −COP 1.63T | −COP 597.58B | COP 598.78B | −COP 6.89T |
| Cash from operating activities | COP 2.15T | −COP 7.28B | −COP 921.38B | COP 1.45T | COP 1.25T | COP 423.66B | −COP 2.99T | COP 850.16B | −COP 7.64T | −COP 4.26T | COP 2.35T | COP 359.10B |
| Investing activities | ||||||||||||
| Capital expenditures | −COP 126.63B | −COP 99.90B | −COP 209.81B | −COP 142.91B | −COP 128.30B | −COP 127.39B | −COP 210.15B | −COP 131.34B | −COP 174.44B | −COP 146.75B | −COP 441.44B | −COP 136.22B |
| Investments (net) | — | — | — | — | — | — | — | — | — | — | — | −COP 545.11B |
| Acquisitions & other investing | −COP 12.07T | −COP 605.08B | −COP 3.63T | −COP 11.36T | −COP 6.65T | −COP 3.87T | — | COP 1.14T | COP 595.77B | −COP 1.62T | — | −COP 244.58B |
| Cash from investing activities | −COP 12.19T | −COP 704.98B | −COP 3.84T | −COP 11.50T | −COP 6.78T | −COP 4.00T | — | COP 1.01T | COP 421.33B | −COP 1.77T | — | −COP 925.91B |
| Financing activities | ||||||||||||
| Dividends paid | −COP 165.88B | −COP 160.18B | −COP 152.15B | −COP 161.75B | −COP 156.31B | −COP 138.29B | −COP 190.26B | −COP 141.46B | −COP 141.38B | −COP 255.09B | −COP 255.01B | −COP 255.02B |
| Share repurchases & issuance (net) | — | — | — | — | — | −COP 55.00B | −COP 55.00B | — | — | — | — | — |
| Net borrowing (repayment) | — | — | — | — | — | — | — | — | — | — | — | −COP 433.42B |
| Shares issued | COP 0 | COP 0 | COP 0 | COP 0 | COP 0 | COP 0 | COP 0 | COP 0 | COP 0 | COP 0 | COP 0 | COP 0 |
| Other financing | COP 9.18T | COP 6.40T | COP 4.78T | COP 10.32T | COP 6.39T | COP 6.43T | COP 3.15T | −COP 2.04T | COP 7.01T | COP 6.12T | COP 1.93T | COP 577.10B |
| Cash from financing activities | COP 9.02T | COP 6.24T | COP 4.63T | COP 10.16T | COP 6.23T | COP 6.24T | COP 2.90T | −COP 2.18T | COP 6.87T | COP 5.87T | COP 1.68T | −COP 111.34B |
| Summary | ||||||||||||
| Net change in cash | −COP 1.21T | — | — | — | — | −COP 2.15T | −COP 2.15T | −COP 144.38B | COP 727.98B | −COP 29.54B | COP 1.72T | −COP 813.39B |
| Cash at end of period | COP 22.53T | COP 23.73T | — | — | — | COP 17.00T | COP 17.00T | COP 19.15T | COP 19.30T | COP 18.57T | COP 1.72T | COP 18.38T |
| Free cash flow | COP 2.02T | −COP 107.18B | −COP 1.13T | COP 1.30T | COP 1.12T | COP 296.28B | −COP 3.20T | COP 718.82B | −COP 7.81T | −COP 4.41T | COP 1.91T | COP 222.88B |
| Free cash flow margin | 17.3% | −1.1% | −9.8% | 13.9% | 12.1% | 3.3% | −107.4% | 7.7% | −84.7% | −45.9% | 15.5% | 2.4% |
| Capex / revenue | 1.1% | 1.0% | 1.8% | 1.5% | 1.4% | 1.4% | 7.0% | 1.4% | 1.9% | 1.5% | 3.6% | 1.4% |
| Operating cash flow / net income | 4.03 | −0.02 | −2.94 | 2.87 | 2.60 | 1.19 | −10.64 | 2.05 | −37.37 | −37.49 | 28.36 | 5.54 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in COP as reported; data from EODHD.
AVAL cash generation
In fiscal 2025 (ended December 31, 2025), Grupo Aval Acciones y Valores generated COP 2.04 trillion of cash from operations and spent COP 586.3 billion on capital expenditures, leaving free cash flow of COP 1.45 trillion, 3.4% of revenue. It returned COP 582.9 billion to shareholders through dividends (COP 582.9 billion) and net share buybacks (COP 6.0 million). Cash and equivalents rose by COP 2.36 trillion over the year.
Related: AVAL income statement, AVAL balance sheet, AVAL dividend history. See the AVAL stock overview for the latest quote and news.
AVAL cash flow FAQ
What is Grupo Aval Acciones y Valores's free cash flow?
Grupo Aval Acciones y Valores's free cash flow was COP 1.45 trillion in fiscal 2025: COP 2.04 trillion of operating cash flow minus COP 586.3 billion of capital expenditures It was -COP 14.70 trillion a year earlier..
How much cash does Grupo Aval Acciones y Valores generate from operations?
Grupo Aval Acciones y Valores generated COP 2.04 trillion of cash from operating activities in fiscal 2025, 1.29 times its net income of COP 1.58 trillion.
How much does Grupo Aval Acciones y Valores spend on capital expenditures?
Grupo Aval Acciones y Valores spent COP 586.3 billion on capital expenditures in fiscal 2025, 1.4% of revenue, compared with COP 662.7 billion the year before.
How much stock does Grupo Aval Acciones y Valores buy back?
Grupo Aval Acciones y Valores spent COP 6.0 million on net share repurchases in fiscal 2025.
How much does Grupo Aval Acciones y Valores pay in dividends?
Grupo Aval Acciones y Valores paid COP 582.9 billion in dividends in fiscal 2025, 40.1% of free cash flow.