Banco Bradesco S.A. (BBDO) Cash Flow Statement
Where BBDO’s cash came from and went, 2025
December 31, 2025 · Brazilian reais- Cash from operations
- R$263.05B
- Capital expenditures
- R$5.02B 1.6% of revenue
- Free cash flow
- R$258.03B 82.8% margin
- Returned to shareholders
- R$12.06B 5% of free cash flow
- Change in cash
- −R$14.42B cash at year-end R$193.52B
Drawn to scale: where the cash came from and how it was used. Hover for values.
BBDO operating cash flow, capex and free cash flow
BBDO cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | R$53.96B2016 | R$263.05B2025 | +19.2%/yr | |
| Capital expenditures | R$5.12B2016 | R$5.02B2025 | −0.2%/yr | |
| Free cash flow | R$48.84B2016 | R$258.03B2025 | +20.3%/yr | |
| Free cash flow margin | 26.1%2016 | 82.8%2025 | +56.7 pts | |
| Operating cash flow / net income | 1.692016 | 11.112025 | +9.42 | |
| Dividends paid | R$5.56B2016 | R$11.83B2025 | +8.8%/yr | |
| Share buybacks (net) | R$9.5M2016 | R$222.6M2025 | +42.0%/yr | |
| Capex / revenue | 2.7%2016 | 1.6%2025 | −1.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BBDO cash flow by activity
BBDO 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).
BBDO cash flow statement in Brazilian reais
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | R$23.67B | R$17.25B | R$10.21B | R$24.62B | R$32.85B | R$4.08B | R$13.38B | R$19.44B | R$23.74B | R$31.91B |
| Depreciation & amortization | R$7.06B | R$6.73B | R$6.52B | R$5.66B | R$5.77B | R$5.92B | R$5.87B | R$4.81B | R$4.57B | R$3.66B |
| Change in working capital | R$141.49B | −R$208.20B | −R$99.72B | −R$60.07B | −R$219.29B | R$38.92B | −R$125.23B | −R$105.18B | −R$71.01B | −R$54.46B |
| Other non-cash items | R$90.83B | R$92.89B | R$82.81B | R$79.55B | R$78.67B | R$93.52B | R$86.53B | R$74.43B | R$78.25B | R$72.86B |
| Cash from operating activities | R$263.05B | −R$91.33B | −R$177.6M | R$49.77B | −R$102.00B | R$142.43B | −R$19.45B | −R$6.50B | R$35.55B | R$53.96B |
| Investing activities | ||||||||||
| Capital expenditures | −R$5.02B | −R$2.30B | −R$9.14B | −R$9.41B | −R$4.41B | −R$4.26B | −R$5.33B | −R$5.44B | −R$5.64B | −R$5.12B |
| Investments (net) | R$17.36B | −R$5.01B | R$80.30B | −R$17.78B | −R$28.24B | R$20.46B | −R$15.33B | −R$34.49B | −R$18.23B | R$9.15B |
| Acquisitions & other investing | −R$449.38B | R$2.30B | R$12.45B | R$9.41B | R$13.34B | R$4.26B | R$5.33B | R$5.44B | R$5.64B | R$5.12B |
| Cash from investing activities | −R$437.05B | −R$5.01B | R$83.61B | −R$17.78B | −R$19.31B | R$20.46B | −R$15.33B | −R$34.49B | −R$18.23B | R$9.15B |
| Financing activities | ||||||||||
| Dividends paid | −R$11.83B | −R$6.54B | −R$1.79B | −R$708.1M | −R$9.91B | −R$1.43B | −R$4.4M | −R$50.3M | −R$845.1M | −R$5.56B |
| Share repurchases & issuance (net) | −R$222.6M | −R$568.7M | R$0 | −R$224.4M | −R$666.7M | R$0 | — | R$0 | R$0 | −R$9.5M |
| Net borrowing (repayment) | R$40.11B | R$290.5M | R$14.13B | R$40.55B | R$10.91B | −R$24.82B | R$20.49B | R$17.93B | −R$12.33B | R$2.60B |
| 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$133.12B | R$124.70B | −R$35.40B | −R$17.70B | −R$1.94B | −R$10.15B | −R$34.81B | −R$23.47B | −R$30.13B | −R$20.55B |
| Cash from financing activities | R$161.17B | R$117.88B | −R$23.06B | R$21.92B | −R$1.61B | −R$36.41B | −R$14.32B | −R$5.60B | −R$43.30B | −R$23.52B |
| Summary | ||||||||||
| Net change in cash | −R$14.42B | R$21.23B | R$60.61B | R$54.80B | −R$119.43B | R$128.94B | −R$48.35B | −R$45.83B | −R$25.18B | R$33.97B |
| Cash at end of period | R$193.52B | R$208.02B | R$186.79B | R$126.19B | R$71.39B | R$190.82B | R$61.88B | R$110.23B | R$156.05B | R$181.23B |
| Free cash flow | R$258.03B | −R$93.62B | −R$9.32B | R$40.36B | −R$106.41B | R$138.17B | −R$24.78B | −R$11.94B | R$29.91B | R$48.84B |
| Free cash flow margin | 82.8% | −37.5% | −3.7% | 16.8% | −67.5% | 105.5% | −15.7% | −8.3% | 17.9% | 26.1% |
| Capex / revenue | 1.6% | 0.9% | 3.6% | 3.9% | 2.8% | 3.3% | 3.4% | 3.8% | 3.4% | 2.7% |
| Operating cash flow / net income | 11.11 | −5.29 | −0.02 | 2.02 | −3.10 | 34.95 | −1.45 | −0.33 | 1.50 | 1.69 |
| 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$7.34B | R$5.18B | R$6.50B | R$4.88B | R$4.33B | R$6.06B | R$3.30B | R$5.58B | R$3.73B | R$4.30B | R$1.44B | R$2.06B |
| Depreciation & amortization | R$1.81B | R$1.81B | R$1.81B | R$1.76B | R$1.83B | R$1.67B | R$1.76B | R$1.69B | R$1.63B | R$1.66B | R$1.55B | R$1.66B |
| Change in working capital | −R$75.71B | R$54.24B | R$66.12B | −R$23.10B | R$10.72B | −R$111.98B | −R$8.75B | −R$35.22B | −R$2.20B | −R$9.92B | R$3.53B | R$53.74B |
| Other non-cash items | R$13.97B | R$17.15B | R$18.04B | R$17.28B | R$22.88B | R$20.98B | R$13.95B | R$21.67B | R$25.40B | R$21.65B | R$25.93B | R$22.11B |
| Cash from operating activities | −R$52.59B | R$78.37B | R$92.47B | R$815.9M | R$39.76B | −R$83.26B | R$10.25B | −R$6.28B | R$28.57B | R$17.68B | R$32.44B | R$79.57B |
| Investing activities | ||||||||||||
| Capital expenditures | −R$2.06B | −R$777.0M | −R$1.50B | −R$2.03B | −R$2.89B | −R$2.47B | −R$2.05B | −R$1.78B | −R$2.46B | −R$1.76B | −R$4.05B | −R$1.56B |
| Investments (net) | −R$17.01B | −R$7.93B | −R$18.95B | R$10.93B | R$5.96B | R$51.99B | −R$9.71B | R$8.50B | −R$6.58B | R$2.78B | R$7.16B | R$9.87B |
| Acquisitions & other investing | R$15.30B | −R$57.18B | −R$189.05B | R$2.03B | R$2.89B | R$2.47B | R$2.05B | R$1.78B | R$2.46B | R$1.76B | — | R$1.56B |
| Cash from investing activities | −R$3.76B | −R$65.88B | −R$209.50B | R$10.93B | R$5.96B | R$51.99B | −R$9.71B | R$8.50B | −R$6.58B | R$2.78B | — | R$9.87B |
| Financing activities | ||||||||||||
| Dividends paid | R$0 | −R$3.10B | −R$2.67B | −R$3.09B | −R$2.08B | −R$4.00B | −R$111.1M | −R$52.8M | −R$965.1M | −R$101.8M | −R$503.3M | −R$461.0M |
| Share repurchases & issuance (net) | R$0 | −R$120.0M | −R$456,978 | R$0 | −R$549,886 | −R$222.6M | −R$126.0M | R$3.5M | −R$149.3M | −R$293.4M | — | R$0 |
| Net borrowing (repayment) | R$4.46B | R$22.63B | R$13.88B | R$4.17B | R$14.59B | R$7.47B | R$105.3M | −R$169.2M | — | — | — | −R$934.4M |
| 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$9.52B | R$60.34B | R$76.28B | −R$10.01B | −R$6.63B | −R$8.61B | −R$5.15B | −R$3.83B | −R$12.17B | −R$662.2M | R$39.29B | −R$9.22B |
| Cash from financing activities | −R$5.06B | R$79.75B | R$87.48B | −R$8.92B | R$5.88B | −R$5.36B | −R$5.28B | −R$4.05B | −R$13.28B | −R$1.06B | R$38.79B | −R$10.62B |
| Summary | ||||||||||||
| Net change in cash | −R$61.55B | R$92.33B | −R$32.22B | R$2.80B | R$51.61B | −R$36.80B | −R$4.85B | −R$1.93B | R$8.79B | R$19.22B | −R$65.01B | R$78.88B |
| Cash at end of period | R$224.31B | R$285.86B | R$193.52B | R$225.63B | R$222.83B | R$171.22B | R$208.02B | R$212.87B | R$214.80B | R$206.01B | R$186.79B | R$251.80B |
| Free cash flow | −R$54.65B | R$77.60B | R$90.97B | −R$1.21B | R$36.88B | −R$85.73B | R$8.21B | −R$8.06B | R$26.11B | R$15.93B | R$28.40B | R$78.01B |
| Free cash flow margin | −62.5% | 87.5% | 107.6% | −1.5% | 48.2% | −122.0% | 12.4% | −13.0% | 43.3% | 26.3% | 38.2% | 121.4% |
| Capex / revenue | 2.4% | 0.9% | 1.8% | 2.5% | 3.8% | 3.5% | 3.1% | 2.9% | 4.1% | 2.9% | 5.4% | 2.4% |
| Operating cash flow / net income | −7.17 | 15.14 | 14.22 | 0.17 | 9.18 | −13.73 | 3.11 | −1.13 | 7.66 | 4.11 | 22.61 | 38.67 |
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.
BBDO cash generation
In fiscal 2025 (ended December 31, 2025), Banco Bradesco generated R$263.1 billion of cash from operations and spent R$5.0 billion on capital expenditures, leaving free cash flow of R$258.0 billion, 82.8% of revenue. It returned R$12.1 billion to shareholders through dividends (R$11.8 billion) and net share buybacks (R$222.6 million). Cash and equivalents fell by R$14.4 billion over the year.
Related: BBDO income statement, BBDO balance sheet, BBDO dividend history. See the BBDO stock overview for the latest quote and news.
BBDO cash flow FAQ
What is Banco Bradesco's free cash flow?
Banco Bradesco's free cash flow was R$258.0 billion in fiscal 2025: R$263.1 billion of operating cash flow minus R$5.0 billion of capital expenditures It was -R$93.6 billion a year earlier..
How much cash does Banco Bradesco generate from operations?
Banco Bradesco generated R$263.1 billion of cash from operating activities in fiscal 2025, 11.11 times its net income of R$23.7 billion.
How much does Banco Bradesco spend on capital expenditures?
Banco Bradesco spent R$5.0 billion on capital expenditures in fiscal 2025, 1.6% of revenue, compared with R$2.3 billion the year before.
How much stock does Banco Bradesco buy back?
Banco Bradesco spent R$222.6 million on net share repurchases in fiscal 2025.
How much does Banco Bradesco pay in dividends?
Banco Bradesco paid R$11.8 billion in dividends in fiscal 2025, 4.6% of free cash flow.