AXIA Energia SA (AXICY) Cash Flow Statement
Where AXICY’s cash came from and went, 2025
December 31, 2025 · Brazilian reais- Cash from operations
- R$14.51B +17.2% vs 2024
- Capital expenditures
- R$2.51B 6.1% of revenue
- Free cash flow
- R$12.00B 29.1% margin
- Returned to shareholders
- R$12.22B 102% of free cash flow
- Change in cash
- −R$10.15B cash at year-end R$16.42B
Drawn to scale: where the cash came from and how it was used. Hover for values.
AXICY operating cash flow, capex and free cash flow
AXICY cash flow trends, 2022–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | R$5.20B2022 | R$14.51B2025 | +40.8%/yr | |
| Capital expenditures | R$33.62B2022 | R$2.51B2025 | −57.9%/yr | |
| Free cash flow | −R$28.43B2022 | R$12.00B2025 | — | |
| Free cash flow margin | −83.4%2022 | 29.1%2025 | +112.5 pts | |
| Operating cash flow / net income | 1.432022 | 2.212025 | +0.78 | |
| Dividends paid | R$1.49B2022 | R$12.19B2025 | +101.5%/yr | |
| Share buybacks (net) | R$02022 | R$36.7M2025 | — | |
| Capex / revenue | 98.7%2022 | 6.1%2025 | −92.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AXICY cash flow by activity
AXICY net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
AXICY cash flow statement in Brazilian reais
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Operating activities | ||||
| Net income | R$6.56B | R$10.38B | R$4.88B | R$3.64B |
| Depreciation & amortization | R$4.58B | R$3.99B | R$3.62B | R$2.69B |
| Change in working capital | R$456.6M | R$476.9M | −R$2.42B | −R$969.7M |
| Other non-cash items | R$2.92B | −R$2.46B | R$2.15B | −R$163.5M |
| Cash from operating activities | R$14.51B | R$12.39B | R$8.24B | R$5.20B |
| Investing activities | ||||
| Capital expenditures | −R$2.51B | −R$3.53B | −R$4.12B | −R$33.62B |
| Investments (net) | −R$1.86B | −R$3.06B | R$3.14B | R$1.17B |
| Financing activities | ||||
| Dividends paid | −R$12.19B | −R$1.31B | −R$864.2M | −R$1.49B |
| Share repurchases & issuance (net) | −R$36.7M | −R$115.1M | −R$1.97B | R$0 |
| Net borrowing (repayment) | −R$5.91B | R$11.22B | −R$4.14B | R$1.04B |
| Shares issued | R$0 | R$0 | R$0 | R$30.65B |
| Other financing | −R$962.2M | R$0 | R$217.9M | R$44.7M |
| Cash from financing activities | −R$19.09B | R$9.80B | −R$6.76B | R$30.25B |
| Summary | ||||
| Net change in cash | −R$10.15B | R$13.53B | R$2.31B | R$10.55B |
| Cash at end of period | R$16.42B | R$26.57B | R$13.05B | R$10.74B |
| Free cash flow | R$12.00B | R$8.86B | R$4.11B | −R$28.43B |
| Free cash flow margin | 29.1% | 22.1% | 11.1% | −83.4% |
| Capex / revenue | 6.1% | 8.8% | 11.1% | 98.7% |
| Operating cash flow / net income | 2.21 | 1.19 | 1.69 | 1.43 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | R$1.19B | R$2.63B | R$13.69B | −R$5.45B | −R$1.32B | −R$353.0M |
| Depreciation & amortization | R$1.23B | R$1.25B | R$1.18B | R$1.16B | R$1.13B | R$1.11B |
| Change in working capital | R$2.06B | −R$3.51B | R$621.4M | −R$1.70B | R$969.3M | R$570.7M |
| Other non-cash items | R$2.04B | R$2.38B | −R$12.27B | R$10.21B | R$3.17B | R$1.81B |
| Cash from operating activities | R$6.52B | R$2.76B | R$3.22B | R$4.21B | R$3.94B | R$3.14B |
| Investing activities | ||||||
| Capital expenditures | −R$696.7M | −R$515.7M | −R$952.7M | −R$722.7M | −R$569.7M | −R$263.6M |
| Investments (net) | R$80.2M | −R$3.85B | −R$1.43B | −R$2.23B | R$200.2M | R$1.60B |
| Financing activities | ||||||
| Share repurchases & issuance (net) | R$0 | R$0 | R$0 | −R$36.7M | R$0 | R$0 |
| Net borrowing (repayment) | R$325.7M | −R$299.2M | R$58.0M | R$2.59B | −R$4.09B | −R$4.46B |
| Shares issued | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 |
| Other financing | −R$5.83B | −R$1.55B | −R$1.84B | −R$7.17B | −R$1.05B | −R$3.09B |
| Cash from financing activities | −R$5.50B | −R$1.85B | −R$1.78B | −R$4.62B | −R$5.14B | −R$7.54B |
| Summary | ||||||
| Net change in cash | −R$1.50B | −R$3.88B | −R$2.08B | −R$4.03B | −R$134.2M | −R$3.91B |
| Cash at end of period | R$11.04B | R$12.54B | R$16.42B | R$18.50B | R$22.53B | R$22.66B |
| Free cash flow | R$5.83B | R$2.25B | R$2.26B | R$3.49B | R$3.37B | R$2.88B |
| Free cash flow margin | 52.1% | 17.7% | 21.2% | 34.9% | 33.1% | 27.6% |
| Capex / revenue | 6.2% | 4.1% | 8.9% | 7.2% | 5.6% | 2.5% |
| Operating cash flow / net income | 5.48 | 1.05 | 0.23 | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Brazilian reais as reported; data from EODHD.
AXICY cash generation
In fiscal 2025 (ended December 31, 2025), AXIA Energia generated R$14.5 billion of cash from operations (up 17.2%) and spent R$2.5 billion on capital expenditures, leaving free cash flow of R$12.0 billion, 29.1% of revenue. It returned R$12.2 billion to shareholders through dividends (R$12.2 billion) and net share buybacks (R$36.7 million). Cash and equivalents fell by R$10.2 billion over the year.
Related: AXICY income statement, AXICY balance sheet. See the AXICY stock overview for the latest quote and news.
AXICY cash flow FAQ
What is AXIA Energia's free cash flow?
AXIA Energia's free cash flow was R$12.0 billion in fiscal 2025: R$14.5 billion of operating cash flow minus R$2.5 billion of capital expenditures It was R$8.9 billion a year earlier..
How much cash does AXIA Energia generate from operations?
AXIA Energia generated R$14.5 billion of cash from operating activities in fiscal 2025, 2.21 times its net income of R$6.6 billion.
How much does AXIA Energia spend on capital expenditures?
AXIA Energia spent R$2.5 billion on capital expenditures in fiscal 2025, 6.1% of revenue, compared with R$3.5 billion the year before.
How much stock does AXIA Energia buy back?
AXIA Energia spent R$36.7 million on net share repurchases in fiscal 2025.
How much does AXIA Energia pay in dividends?
AXIA Energia paid R$12.2 billion in dividends in fiscal 2025, 101.5% of free cash flow.