Banco de Chile (BCH) Cash Flow Statement
Where BCH’s cash came from and went, 2025
December 31, 2025 · CLP- Cash from operations
- CLP 826.08B +108.3% vs 2024
- Capital expenditures
- CLP 77.30B 2.6% of revenue
- Free cash flow
- CLP 748.78B 24.7% margin
- Returned to shareholders
- CLP 995.38B 133% of free cash flow
- Change in cash
- −CLP 330.36B cash at year-end CLP 2.93T
Cash from operations
CLP 826.08B
Capital expenditures
−CLP 77.30B
Investments (net)
−CLP 1.09T
Acquisitions & other
−CLP 18.46B
Dividends
−CLP 995.38B
Net borrowing (repayment)
+CLP 1.02T
Other financing
+CLP 88.50B
Currency & other
−CLP 78.11B
Change in cash
−CLP 330.36B
Drawn to scale: where the cash came from and how it was used. Hover for values.
BCH operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
BCH cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | CLP 162.54B2016 | CLP 826.08B2025 | +19.8%/yr | |
| Capital expenditures | CLP 39.07B2016 | CLP 77.30B2025 | +7.9%/yr | |
| Free cash flow | CLP 123.47B2016 | CLP 748.78B2025 | +22.2%/yr | |
| Free cash flow margin | 5.1%2016 | 24.7%2025 | +19.6 pts | |
| Operating cash flow / net income | 0.282016 | 0.702025 | +0.41 | |
| Stock-based compensation | CLP 321.80B2016 | −CLP 278.14B2021 | — | |
| Dividends paid | CLP 366.65B2016 | CLP 995.38B2025 | +11.7%/yr | |
| Share buybacks (net) | CLP 02016 | CLP 02019 | — | |
| Capex / revenue | 1.6%2016 | 2.6%2025 | +0.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BCH cash flow by activity
OperatingInvestingFinancingChange in cash
BCH 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).
BCH cash flow statement in CLP
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | CLP 1.19T | CLP 1.25T | CLP 1.37T | CLP 1.41T | CLP 792.92B | CLP 463.11B | CLP 593.01B | CLP 603.63B | CLP 572.08B | CLP 575.05B |
| Depreciation & amortization | CLP 95.11B | CLP 94.60B | CLP 92.31B | CLP 84.20B | CLP 76.80B | CLP 73.36B | CLP 70.54B | CLP 37.68B | CLP 37.54B | CLP 35.58B |
| Stock-based compensation | — | — | — | — | −CLP 278.14B | CLP 388.25B | CLP 527.95B | CLP 206.32B | CLP 303.52B | CLP 321.80B |
| Change in working capital | −CLP 1.42T | −CLP 3.82T | −CLP 194.72B | −CLP 1.36T | CLP 1.67T | −CLP 530.11B | CLP 42.58B | −CLP 2.35T | −CLP 14.11B | −CLP 587.66B |
| Other non-cash items | CLP 963.83B | CLP 2.87T | CLP 454.17B | −CLP 463.80B | CLP 169.00B | CLP 125.05B | CLP 1.76B | CLP 167.86B | −CLP 26.47B | −CLP 182.23B |
| Cash from operating activities | CLP 826.08B | CLP 396.64B | CLP 1.73T | −CLP 333.58B | CLP 2.43T | CLP 519.65B | CLP 1.24T | −CLP 1.33T | CLP 872.56B | CLP 162.54B |
| Investing activities | ||||||||||
| Capital expenditures | −CLP 77.30B | −CLP 17.23B | −CLP 86.70B | −CLP 78.14B | −CLP 65.80B | −CLP 47.95B | −CLP 66.17B | −CLP 51.58B | −CLP 42.00B | −CLP 39.07B |
| Investments (net) | −CLP 1.09T | CLP 2.03T | −CLP 861.34B | −CLP 72.64B | −CLP 2.84T | CLP 209.88B | −CLP 396.74B | CLP 416.53B | −CLP 1.18T | CLP 523.28B |
| Acquisitions & other investing | −CLP 18.46B | −CLP 2.07T | CLP 601.54B | CLP 78.14B | CLP 1.76B | CLP 47.95B | CLP 65.32B | CLP 51.58B | CLP 42.00B | CLP 39.07B |
| Cash from investing activities | −CLP 1.19T | −CLP 58.34B | −CLP 346.50B | −CLP 72.64B | −CLP 2.90T | CLP 209.88B | −CLP 397.58B | CLP 416.53B | −CLP 1.18T | CLP 523.28B |
| Financing activities | ||||||||||
| Dividends paid | −CLP 995.38B | −CLP 815.93B | −CLP 866.93B | −CLP 539.83B | −CLP 220.27B | −CLP 350.54B | −CLP 356.31B | −CLP 374.08B | −CLP 342.03B | −CLP 366.65B |
| Share repurchases & issuance (net) | — | — | — | — | — | — | CLP 0 | CLP 0 | CLP 0 | CLP 0 |
| Net borrowing (repayment) | CLP 1.02T | −CLP 395.05B | −CLP 641.97B | −CLP 275.40B | CLP 1.57T | CLP 1.81T | CLP 1.16T | CLP 1.02T | CLP 474.70B | −CLP 344.94B |
| Shares issued | CLP 0 | CLP 0 | CLP 0 | CLP 0 | CLP 0 | CLP 0 | CLP 0 | CLP 0 | CLP 0 | CLP 0 |
| Other financing | CLP 88.50B | −CLP 346.63B | −CLP 47.13B | −CLP 1.0M | CLP 0 | CLP 0 | CLP 0 | CLP 0 | CLP 0 | CLP 0 |
| Cash from financing activities | CLP 110.76B | −CLP 1.56T | −CLP 1.56T | −CLP 815.23B | CLP 1.35T | CLP 1.46T | CLP 802.44B | CLP 644.97B | CLP 132.66B | −CLP 711.60B |
| Summary | ||||||||||
| Net change in cash | −CLP 330.36B | −CLP 1.05T | −CLP 161.10B | −CLP 1.18T | CLP 1.20T | CLP 2.16T | CLP 1.67T | −CLP 157.12B | −CLP 216.81B | −CLP 54.67B |
| Cash at end of period | CLP 2.93T | CLP 4.49T | CLP 2.99T | CLP 6.11T | CLP 7.29T | CLP 6.09T | CLP 3.93T | CLP 1.28T | CLP 1.44T | CLP 1.66T |
| Free cash flow | CLP 748.78B | CLP 379.42B | CLP 1.64T | −CLP 411.72B | CLP 2.36T | CLP 471.70B | CLP 1.17T | −CLP 1.39T | CLP 830.56B | CLP 123.47B |
| Free cash flow margin | 24.7% | 8.2% | 32.2% | −7.8% | 78.0% | 19.0% | 42.8% | −55.4% | 35.6% | 5.1% |
| Capex / revenue | 2.6% | 0.4% | 1.7% | 1.5% | 2.2% | 1.9% | 2.4% | 2.1% | 1.8% | 1.6% |
| Operating cash flow / net income | 0.70 | 0.32 | 1.26 | −0.24 | 3.06 | 1.12 | 2.08 | −2.21 | 1.53 | 0.28 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||
| Net income | CLP 390.57B | CLP 268.63B | CLP 265.54B | CLP 539.25B | CLP 304.87B | CLP 328.94B | CLP 298.07B | CLP 532.83B | CLP 323.60B | CLP 297.65B | CLP 385.54B |
| Depreciation & amortization | CLP 48.06B | CLP 23.85B | CLP 95.11B | CLP 23.67B | CLP 23.71B | CLP 23.65B | CLP 23.65B | CLP 24.16B | CLP 23.39B | CLP 23.40B | CLP 23.52B |
| Change in working capital | CLP 304.19B | −CLP 862.25B | −CLP 277.78B | −CLP 1.80T | −CLP 260.20B | CLP 773.55B | CLP 337.44B | −CLP 1.22T | −CLP 1.05T | −CLP 659.95B | −CLP 23.96B |
| Other non-cash items | −CLP 579.82B | CLP 392.01B | CLP 1.64T | CLP 38.88B | CLP 395.49B | CLP 176.40B | −CLP 159.89B | CLP 276.04B | CLP 294.88B | CLP 252.32B | −CLP 523.80B |
| Cash from operating activities | CLP 163.00B | −CLP 177.76B | CLP 1.72T | −CLP 1.19T | CLP 463.86B | CLP 1.30T | CLP 499.27B | −CLP 382.08B | −CLP 412.77B | −CLP 86.57B | −CLP 138.70B |
| Investing activities | |||||||||||
| Capital expenditures | −CLP 6.94B | −CLP 18.00B | −CLP 5.87B | −CLP 18.97B | −CLP 14.65B | −CLP 18.38B | −CLP 4.25B | −CLP 16.95B | −CLP 18.58B | −CLP 20.20B | −CLP 22.86B |
| Investments (net) | — | — | — | −CLP 13.67B | −CLP 10.41B | −CLP 15.60B | CLP 2.08T | −CLP 16.25B | −CLP 13.96B | −CLP 19.88B | −CLP 290.24B |
| Acquisitions & other investing | −CLP 8.19B | CLP 5.11B | −CLP 18.84B | CLP 18.97B | CLP 14.65B | CLP 18.38B | −CLP 2.13T | CLP 16.95B | CLP 18.58B | CLP 20.20B | −CLP 2.03T |
| Cash from investing activities | −CLP 15.13B | −CLP 12.88B | −CLP 24.71B | −CLP 13.67B | −CLP 10.41B | −CLP 15.60B | −CLP 58.34B | −CLP 16.25B | −CLP 13.96B | −CLP 19.88B | −CLP 2.34T |
| Financing activities | |||||||||||
| Dividends paid | −CLP 16.82B | −CLP 1.01T | −CLP 10.79B | −CLP 6.17B | −CLP 995.38B | −CLP 995.38B | −CLP 815.93B | −CLP 815.93B | CLP 0 | −CLP 815.93B | −CLP 815.93B |
| Net borrowing (repayment) | — | CLP 19.38B | −CLP 140.61B | CLP 806.85B | CLP 161.71B | CLP 189.69B | −CLP 299.60B | −CLP 17.93B | — | — | — |
| Shares issued | CLP 0 | CLP 0 | CLP 0 | CLP 0 | CLP 0 | CLP 0 | CLP 0 | CLP 0 | CLP 0 | CLP 0 | CLP 0 |
| Other financing | −CLP 540.63B | CLP 0 | −CLP 1.33T | CLP 6.17B | CLP 995.38B | CLP 0 | CLP 1.25T | CLP 815.93B | −CLP 117.17B | CLP 39.66B | CLP 2.28T |
| Cash from financing activities | −CLP 557.45B | −CLP 990.54B | −CLP 1.48T | CLP 806.85B | CLP 161.71B | −CLP 805.70B | CLP 132.57B | −CLP 17.93B | −CLP 117.17B | −CLP 776.27B | CLP 1.46T |
| Summary | |||||||||||
| Net change in cash | −CLP 420.75B | −CLP 1.12T | CLP 157.32B | −CLP 355.09B | CLP 586.95B | CLP 443.38B | CLP 748.47B | −CLP 489.09B | −CLP 617.03B | −CLP 696.91B | −CLP 3.60T |
| Cash at end of period | CLP 3.78T | CLP 4.20T | CLP 5.32T | CLP 5.16T | CLP 5.52T | CLP 4.93T | CLP 4.49T | CLP 3.74T | CLP 4.23T | CLP 4.85T | CLP 2.99T |
| Free cash flow | CLP 156.07B | −CLP 195.75B | −CLP 753.00B | −CLP 1.21T | CLP 449.20B | CLP 1.28T | CLP 495.01B | −CLP 399.04B | −CLP 431.35B | −CLP 106.77B | −CLP 161.56B |
| Free cash flow margin | 10.9% | −18.6% | −2,482.8% | −124.0% | 44.6% | 126.9% | 73.4% | −40.4% | −40.8% | −9.6% | −11.2% |
| Capex / revenue | 0.5% | 1.7% | 19.4% | 1.9% | 1.5% | 1.8% | 0.6% | 1.7% | 1.8% | 1.8% | 1.6% |
| Operating cash flow / net income | 0.42 | −0.66 | 6.48 | −2.21 | 1.52 | 3.96 | 1.68 | −0.72 | −1.28 | −0.29 | −0.36 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in CLP as reported; data from EODHD.
BCH cash generation
In fiscal 2025 (ended December 31, 2025), Banco de Chile generated CLP 826.1 billion of cash from operations (up 108.3%) and spent CLP 77.3 billion on capital expenditures, leaving free cash flow of CLP 748.8 billion, 24.7% of revenue. It returned CLP 995.4 billion to shareholders through dividends (CLP 995.4 billion) and net share buybacks (CLP 0). Cash and equivalents fell by CLP 330.4 billion over the year.
Related: BCH income statement, BCH balance sheet, BCH dividend history. See the BCH stock overview for the latest quote and news.
BCH cash flow FAQ
What is Banco de Chile's free cash flow?
Banco de Chile's free cash flow was CLP 748.8 billion in fiscal 2025: CLP 826.1 billion of operating cash flow minus CLP 77.3 billion of capital expenditures It was CLP 379.4 billion a year earlier..
How much cash does Banco de Chile generate from operations?
Banco de Chile generated CLP 826.1 billion of cash from operating activities in fiscal 2025, 0.70 times its net income of CLP 1.19 trillion.
How much does Banco de Chile spend on capital expenditures?
Banco de Chile spent CLP 77.3 billion on capital expenditures in fiscal 2025, 2.6% of revenue, compared with CLP 17.2 billion the year before.
How much does Banco de Chile pay in dividends?
Banco de Chile paid CLP 995.4 billion in dividends in fiscal 2025, 132.9% of free cash flow.