Barclays PLC (BCS) Cash Flow Statement
Where BCS’s cash came from and went, 2025
December 31, 2025 · British pounds- Cash from operations
- −£6.21B −187.3% vs 2024
- Capital expenditures
- £1.86B 3.7% of revenue
- Free cash flow
- −£8.07B −15.9% margin
- Returned to shareholders
- £8.35B
- Change in cash
- £20.85B cash at year-end £256.46B
Drawn to scale: where the cash came from and how it was used. Hover for values.
BCS operating cash flow, capex and free cash flow
BCS cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | £11.29B2016 | −£6.21B2025 | — | |
| Capital expenditures | £1.71B2016 | £1.86B2025 | +1.0%/yr | |
| Free cash flow | £9.58B2016 | −£8.07B2025 | — | |
| Free cash flow margin | 32.4%2016 | −15.9%2025 | −48.2 pts | |
| Operating cash flow / net income | 3.492016 | −0.872025 | −4.36 | |
| Stock-based compensation | £666.0M2016 | £652.0M2025 | −0.2%/yr | |
| Dividends paid | £1.30B2016 | £2.21B2025 | +6.0%/yr | |
| Share buybacks (net) | £1.73B2016 | £6.14B2025 | +15.1%/yr | |
| Capex / revenue | 5.8%2016 | 3.7%2025 | −2.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BCS cash flow by activity
BCS 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).
BCS cash flow statement in British pounds
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | £7.17B | £8.11B | £6.56B | £7.01B | £8.41B | £3.06B | £4.36B | £3.49B | £3.54B | £3.23B |
| Depreciation & amortization | £1.76B | £1.70B | £1.78B | £1.79B | £2.08B | £1.73B | £1.52B | £1.26B | £1.24B | £1.26B |
| Stock-based compensation | £652.0M | — | £479.0M | £513.0M | £477.0M | £431.0M | £481.0M | £450.0M | £508.0M | £666.0M |
| Change in working capital | −£2.68B | −£6.33B | −£21.90B | £32.42B | £37.04B | £50.12B | −£22.80B | £4.57B | £51.85B | £24.19B |
| Other non-cash items | −£13.11B | £3.64B | £12.15B | −£11.50B | £915.0M | £2.16B | £4.15B | −£1.27B | £3.57B | −£18.06B |
| Cash from operating activities | −£6.21B | £7.11B | −£927.0M | £30.23B | £48.92B | £57.51B | −£12.29B | £8.50B | £60.71B | £11.29B |
| Investing activities | ||||||||||
| Capital expenditures | −£1.86B | −£1.57B | −£1.72B | −£1.75B | −£1.72B | −£1.32B | −£1.79B | −£1.40B | −£1.46B | −£1.71B |
| Investments (net) | £3.22B | −£17.89B | −£23.41B | −£21.67B | £4.93B | −£18.38B | −£12.83B | £677.0M | £3.50B | £36.71B |
| Acquisitions & other investing | £234.0M | £1.57B | £1.72B | £1.75B | £1.06B | £1.32B | −£9.35B | £1.40B | £1.46B | £1.71B |
| Cash from investing activities | £1.59B | −£17.89B | −£23.41B | −£21.67B | £4.27B | −£18.38B | −£23.96B | £678.0M | £3.50B | £36.71B |
| Financing activities | ||||||||||
| Dividends paid | −£2.21B | −£2.26B | −£2.26B | −£1.98B | −£1.36B | −£936.0M | −£1.91B | −£1.66B | −£1.27B | −£1.30B |
| Share repurchases & issuance (net) | −£6.14B | −£5.03B | −£5.25B | −£4.13B | −£1.67B | −£1.41B | −£3.08B | −£4.07B | −£1.92B | −£1.73B |
| Net borrowing (repayment) | £6.91B | £6.39B | £2.87B | £3.60B | £2.02B | £3.92B | £2.10B | −£3.02B | £1.66B | £314.0M |
| Shares issued | £3.87B | £1.68B | £3.25B | £3.21B | £1.12B | £1.17B | £3.58B | £1.96B | £0 | £0 |
| Other financing | £24.77B | £0 | £0 | £0 | £0 | £0 | £0 | −£1.0M | £2.49B | £1.40B |
| Cash from financing activities | £27.21B | £784.0M | −£1.39B | £696.0M | £107.0M | £2.73B | £690.0M | −£6.79B | £961.0M | −£1.32B |
| Summary | ||||||||||
| Net change in cash | £20.85B | −£12.40B | −£30.78B | £19.58B | £49.06B | £43.53B | −£27.78B | £6.55B | £60.50B | £57.55B |
| Cash at end of period | £256.46B | £235.61B | £248.01B | £278.79B | £259.21B | £210.14B | £183.39B | £211.17B | £204.61B | £144.11B |
| Free cash flow | −£8.07B | £5.54B | −£2.65B | £28.48B | £47.20B | £56.18B | −£14.09B | £7.10B | £59.26B | £9.58B |
| Free cash flow margin | −15.9% | 9.7% | −5.3% | 85.5% | 187.9% | 224.0% | −54.0% | 27.8% | 250.1% | 32.4% |
| Capex / revenue | 3.7% | 2.8% | 3.5% | 5.2% | 6.8% | 5.3% | 6.9% | 5.5% | 6.1% | 5.8% |
| Operating cash flow / net income | −0.87 | 0.88 | −0.14 | 4.31 | 5.81 | 18.76 | −2.82 | 2.43 | 17.15 | 3.49 |
| Dec '25 | Dec '24 | Jun '24 | |
|---|---|---|---|
| Operating activities | |||
| Net income | £1.45B | £1.19B | £1.49B |
| Stock-based compensation | £652.0M | £507.0M | — |
| Change in working capital | −£1.45B | −£7.62B | £28.38B |
| Other non-cash items | £18.09B | £13.03B | £7.70B |
| Cash from operating activities | £18.74B | £7.11B | £37.57B |
| Investing activities | |||
| Capital expenditures | £0 | £0 | £0 |
| Acquisitions & other investing | £1.59B | −£17.89B | −£16.33B |
| Cash from investing activities | £1.59B | −£17.89B | −£16.33B |
| Financing activities | |||
| Shares issued | £0 | £0 | £0 |
| Other financing | £2.26B | £784.0M | £166.0M |
| Cash from financing activities | £2.26B | £784.0M | £166.0M |
| Summary | |||
| Net change in cash | £20.85B | −£12.40B | £19.78B |
| Free cash flow | £18.74B | £7.11B | £37.57B |
| Free cash flow margin | 273.1% | 103.3% | 596.9% |
| Capex / revenue | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | 12.90 | 5.96 | 25.25 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in British pounds as reported; data from EODHD.
BCS cash generation
In fiscal 2025 (ended December 31, 2025), Barclays generated -£6.2 billion of cash from operations (down 187.3%) and spent £1.9 billion on capital expenditures, leaving free cash flow of -£8.1 billion, −15.9% of revenue. It returned £8.3 billion to shareholders through dividends (£2.2 billion) and net share buybacks (£6.1 billion). Cash and equivalents rose by £20.9 billion over the year.
Related: BCS income statement, BCS balance sheet, BCS dividend history. See the BCS stock overview for the latest quote and news.
BCS cash flow FAQ
What is Barclays's free cash flow?
Barclays's free cash flow was -£8.1 billion in fiscal 2025: -£6.2 billion of operating cash flow minus £1.9 billion of capital expenditures It was £5.5 billion a year earlier..
How much cash does Barclays generate from operations?
Barclays generated -£6.2 billion of cash from operating activities in fiscal 2025, −0.87 times its net income of £7.2 billion.
How much does Barclays spend on capital expenditures?
Barclays spent £1.9 billion on capital expenditures in fiscal 2025, 3.7% of revenue, compared with £1.6 billion the year before.
How much stock does Barclays buy back?
Barclays spent £6.1 billion on net share repurchases in fiscal 2025.
How much does Barclays pay in dividends?
Barclays paid £2.2 billion in dividends in fiscal 2025.