Braskem S.A. (BAK) Cash Flow Statement
Where BAK’s cash came from and went, 2025
December 31, 2025 · Brazilian reais- Cash from operations
- −R$4.09B −267.8% vs 2024
- Capital expenditures
- R$3.07B 4.4% of revenue
- Free cash flow
- −R$7.16B −10.3% margin
- Returned to shareholders
- —
- Change in cash
- −R$2.79B cash at year-end R$10.50B
Cash from operations
−R$4.09B
Capital expenditures
−R$3.07B
Investments (net)
−R$18.0M
Acquisitions & other
+R$146.4M
Net borrowing (repayment)
+R$3.20B
Other financing
−R$63.8M
Currency & other
+R$1.10B
Change in cash
−R$2.79B
Drawn to scale: where the cash came from and how it was used. Hover for values.
BAK operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
BAK cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | R$4.75B2016 | −R$4.09B2025 | — | |
| Capital expenditures | R$2.87B2016 | R$3.07B2025 | +0.7%/yr | |
| Free cash flow | R$1.87B2016 | −R$7.16B2025 | — | |
| Free cash flow margin | 3.9%2016 | −10.3%2025 | −14.2 pts | |
| Operating cash flow / net income | 2.532018 | 190.472022 | +187.94 | |
| Stock-based compensation | R$4.4M2018 | R$31.0M2024 | +38.4%/yr | |
| Dividends paid | R$2.00B2016 | R$02025 | −100.0% | |
| Share buybacks (net) | R$02016 | R$02019 | — | |
| Capex / revenue | 6.0%2016 | 4.4%2025 | −1.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BAK cash flow by activity
OperatingInvestingFinancingChange in cash
BAK 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).
BAK cash flow statement in Brazilian reais
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −R$9.69B | −R$17.73B | −R$4.58B | R$47.0M | R$17.96B | −R$9.68B | −R$4.60B | R$3.65B | −R$99.2M | −R$99.2M |
| Depreciation & amortization | R$4.58B | R$4.95B | R$5.21B | R$4.73B | R$4.18B | R$4.00B | R$2.93B | R$3.08B | R$2.86B | R$2.86B |
| Stock-based compensation | — | R$31.0M | R$10.0M | R$16.9M | R$14.4M | R$7.5M | −R$2.99B | R$4.4M | — | — |
| Change in working capital | −R$1.71B | R$557.0M | −R$3.96B | R$3.97B | −R$9.32B | −R$2.55B | −R$280.0M | −R$179.9M | −R$1.04B | −R$1.04B |
| Other non-cash items | R$2.72B | R$14.63B | R$1.05B | R$186.1M | R$1.95B | R$14.51B | R$7.21B | R$2.69B | R$3.02B | R$3.02B |
| Cash from operating activities | −R$4.09B | R$2.44B | −R$2.27B | R$8.95B | R$14.79B | R$6.29B | R$2.27B | R$9.25B | R$4.75B | R$4.75B |
| Investing activities | ||||||||||
| Capital expenditures | −R$3.07B | −R$3.76B | −R$4.53B | −R$4.85B | −R$3.42B | −R$2.76B | −R$2.68B | −R$2.71B | −R$2.87B | −R$2.87B |
| Investments (net) | −R$18.0M | −R$3.48B | −R$4.87B | −R$4.95B | −R$3.38B | −R$2.72B | −R$2.67B | −R$2.49B | −R$2.41B | −R$2.84B |
| Acquisitions & other investing | R$146.4M | R$3.76B | R$4.87B | R$4.85B | R$3.42B | R$2.76B | R$2.68B | R$2.71B | R$2.44B | R$2.87B |
| Cash from investing activities | −R$2.94B | −R$3.48B | −R$4.53B | −R$4.95B | −R$3.38B | −R$2.72B | −R$2.67B | −R$2.49B | −R$2.84B | −R$2.84B |
| Financing activities | ||||||||||
| Dividends paid | R$0 | −R$6.0M | −R$7.0M | −R$1.35B | −R$5.99B | −R$2.0M | −R$668.9M | −R$1.50B | −R$2.00B | −R$2.00B |
| Share repurchases & issuance (net) | — | — | — | — | — | — | R$0 | R$0 | R$0 | R$0 |
| Net borrowing (repayment) | R$3.20B | R$437.0M | R$8.28B | R$1.55B | −R$10.96B | R$2.21B | R$2.31B | −R$3.10B | −R$1.18B | −R$759.3M |
| Shares issued | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 |
| Other financing | −R$63.8M | R$38.0M | R$596.0M | R$21.0M | −R$10.3M | −R$38.2M | R$0 | R$0 | R$420.0M | R$0 |
| Cash from financing activities | R$3.13B | R$469.0M | R$8.87B | R$225.0M | −R$16.97B | R$2.17B | R$1.64B | −R$4.60B | −R$2.76B | −R$2.76B |
| Summary | ||||||||||
| Net change in cash | −R$2.79B | R$799.0M | R$1.72B | R$3.79B | −R$5.18B | R$7.06B | R$1.26B | R$1.77B | −R$265.3M | −R$265.3M |
| Cash at end of period | R$10.50B | R$14.99B | R$14.19B | R$12.47B | R$8.68B | R$13.86B | R$6.80B | R$5.55B | R$6.78B | R$6.78B |
| Free cash flow | −R$7.16B | −R$1.33B | −R$6.80B | R$4.10B | R$11.37B | R$3.53B | −R$417.2M | R$6.54B | R$1.87B | R$1.87B |
| Free cash flow margin | −10.3% | −1.7% | −9.6% | 4.3% | 10.8% | 6.0% | −0.8% | 11.3% | 3.8% | 3.9% |
| Capex / revenue | 4.4% | 4.9% | 6.4% | 5.0% | 3.2% | 4.7% | 5.1% | 4.7% | 5.8% | 6.0% |
| Operating cash flow / net income | — | — | — | 190.47 | 0.82 | — | — | 2.53 | — | — |
| 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 | R$3.33B | R$1.42B | −R$10.44B | −R$26.0M | −R$267.0M | R$698.0M | −R$8.33B | −R$1.31B | −R$3.73B | −R$1.34B | −R$1.57B | −R$3.03B |
| Depreciation & amortization | R$1.16B | R$1.17B | R$1.16B | R$1.08B | R$1.24B | R$1.19B | R$1.14B | R$1.29B | R$1.29B | R$1.23B | R$1.24B | R$1.28B |
| Stock-based compensation | — | — | — | — | — | — | R$23.0M | — | R$5.0M | R$1.0M | R$3.0M | −R$4.3M |
| Change in working capital | −R$4.52B | −R$3.29B | −R$783.4M | R$662.0M | R$284.0M | −R$1.88B | R$374.0M | −R$1.14B | R$300.0M | −R$507.0M | R$392.0M | −R$2.10B |
| Other non-cash items | R$62.0M | −R$3.48B | R$9.16B | −R$2.40B | −R$1.54B | −R$2.34B | R$7.61B | R$366.0M | R$3.59B | R$1.59B | R$954.0M | R$1.39B |
| Cash from operating activities | R$29.0M | −R$4.17B | −R$901.3M | −R$683.0M | −R$285.0M | −R$2.33B | R$817.0M | −R$790.0M | R$1.44B | R$965.0M | R$1.01B | −R$2.46B |
| Investing activities | ||||||||||||
| Capital expenditures | −R$564.0M | −R$661.4M | −R$582.8M | −R$1.27B | −R$648.0M | −R$653.0M | −R$1.03B | −R$840.0M | −R$1.02B | −R$870.0M | −R$1.23B | −R$1.22B |
| Investments (net) | −R$10.0M | −R$246.0M | −R$298.0M | −R$1.06B | −R$696.0M | −R$576.0M | −R$1.02B | −R$629.0M | −R$968.0M | −R$871.0M | −R$1.19B | −R$1.22B |
| Acquisitions & other investing | −R$267.0M | R$8.5M | R$222.5M | R$1.27B | R$648.0M | R$653.0M | R$1.03B | R$840.0M | R$1.02B | R$870.0M | R$1.23B | −R$568.9M |
| Cash from investing activities | −R$841.0M | −R$898.9M | −R$658.2M | −R$1.06B | −R$696.0M | −R$576.0M | −R$1.02B | −R$629.0M | −R$968.0M | −R$871.0M | −R$1.19B | −R$3.02B |
| Financing activities | ||||||||||||
| Dividends paid | — | — | R$0 | R$0 | R$0 | R$0 | −R$6.0M | −R$1.0M | −R$5.0M | −R$390,000 | −R$390,000 | −R$3.8M |
| Net borrowing (repayment) | R$117.0M | −R$367.0M | R$5.14B | −R$733.0M | −R$1.01B | −R$196.0M | R$2.38B | −R$637.0M | — | — | — | R$3.83B |
| Shares issued | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 |
| Other financing | R$1.0M | R$6.9M | −R$97.1M | R$1.0M | −R$28.0M | R$5.0M | R$12.0M | R$1.0M | −R$1.01B | −R$263.6M | R$843.4M | R$114.2M |
| Cash from financing activities | R$118.0M | −R$360.1M | R$5.04B | −R$732.0M | −R$1.04B | −R$191.0M | R$2.39B | −R$637.0M | −R$1.02B | −R$264.0M | R$843.0M | R$3.94B |
| Summary | ||||||||||||
| Net change in cash | −R$747.0M | −R$5.26B | R$3.64B | −R$2.52B | −R$2.13B | −R$3.67B | R$3.07B | −R$2.29B | −R$2.0M | R$28.0M | R$550.0M | R$397.0M |
| Cash at end of period | R$3.93B | R$4.62B | R$10.50B | R$6.66B | R$9.18B | R$11.32B | R$14.99B | R$11.92B | R$14.21B | R$14.21B | R$14.19B | R$13.64B |
| Free cash flow | −R$535.0M | −R$4.83B | −R$1.48B | −R$1.95B | −R$933.0M | −R$2.98B | −R$215.0M | −R$1.63B | R$425.0M | R$95.0M | −R$220.0M | −R$3.69B |
| Free cash flow margin | −2.5% | −31.2% | −9.2% | −11.3% | −5.2% | −15.3% | −1.1% | −7.7% | 2.2% | 0.5% | −1.3% | −22.1% |
| Capex / revenue | 2.6% | 4.3% | 3.6% | 7.3% | 3.6% | 3.4% | 5.4% | 4.0% | 5.3% | 4.9% | 7.4% | 7.3% |
| Operating cash flow / net income | 0.01 | −2.94 | — | — | — | −3.34 | — | — | — | — | — | — |
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.
BAK cash generation
In fiscal 2025 (ended December 31, 2025), Braskem generated -R$4.1 billion of cash from operations (down 267.8%) and spent R$3.1 billion on capital expenditures, leaving free cash flow of -R$7.2 billion, −10.3% of revenue. Cash and equivalents fell by R$2.8 billion over the year.
Related: BAK income statement, BAK balance sheet. See the BAK stock overview for the latest quote and news.
BAK cash flow FAQ
What is Braskem's free cash flow?
Braskem's free cash flow was -R$7.2 billion in fiscal 2025: -R$4.1 billion of operating cash flow minus R$3.1 billion of capital expenditures It was -R$1.3 billion a year earlier..
How much cash does Braskem generate from operations?
Braskem generated -R$4.1 billion of cash from operating activities in fiscal 2025.
How much does Braskem spend on capital expenditures?
Braskem spent R$3.1 billion on capital expenditures in fiscal 2025, 4.4% of revenue, compared with R$3.8 billion the year before.