Banco Latinoamericano de Comercio Exterior, S. A. (BLX) Cash Flow Statement
Where BLX’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $373.7M
- Capital expenditures
- $2.8M 0.8% of revenue
- Free cash flow
- $370.9M 109.2% margin
- Returned to shareholders
- $91.8M 25% of free cash flow
- Change in cash
- −$1.82B cash at year-end $1.84B
Cash from operations
$373.7M
Capital expenditures
−$2.8M
Investments (net)
−$208.4M
Acquisitions & other
−$784.7M
Dividends
−$91.8M
Net borrowing (repayment)
−$569.6M
Shares issued
+$198.0M
Other financing
+$1.11B
Currency & other
−$1.84B
Change in cash
−$1.82B
Drawn to scale: where the cash came from and how it was used. Hover for values.
BLX operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
BLX cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $784.1M2016 | $373.7M2025 | −7.9%/yr | |
| Capital expenditures | $7.1M2016 | $2.8M2025 | −9.8%/yr | |
| Free cash flow | $777.0M2016 | $370.9M2025 | −7.9%/yr | |
| Free cash flow margin | 347.6%2016 | 109.2%2025 | −238.4 pts | |
| Operating cash flow / net income | 9.012016 | 1.652025 | −7.36 | |
| Stock-based compensation | $3.1M2016 | $8.2M2025 | +11.5%/yr | |
| Dividends paid | $60.1M2016 | $91.8M2025 | +4.8%/yr | |
| Share buybacks (net) | $02016 | $02023 | — | |
| Capex / revenue | 3.2%2016 | 0.8%2025 | −2.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BLX cash flow by activity
OperatingInvestingFinancingChange in cash
BLX 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).
BLX cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $226.9M | $205.9M | $166.2M | $92.0M | $62.7M | $63.6M | $86.1M | $11.1M | $82.0M | $87.0M |
| Depreciation & amortization | $4.8M | $3.6M | $3.1M | $2.7M | $3.5M | $4.3M | $3.6M | $2.5M | $2.4M | $2.1M |
| Stock-based compensation | $8.2M | $7.5M | $5.5M | $2.2M | $1.9M | $1.7M | $1.8M | $1.1M | $296,000 | $3.1M |
| Change in working capital | −$15.1M | −$1.31B | $821.0M | −$894.0M | −$954.8M | $1.17B | −$158.8M | −$262.6M | $608.8M | $680.0M |
| Other non-cash items | $148.9M | −$34.2M | $66.4M | $27.4M | $15.0M | $11.7M | −$25.0M | $74.4M | $22.8M | $11.9M |
| Cash from operating activities | $373.7M | −$1.13B | $1.06B | −$769.7M | −$871.7M | $1.25B | −$92.4M | −$173.6M | $716.4M | $784.1M |
| Investing activities | ||||||||||
| Capital expenditures | −$2.8M | −$1.8M | −$2.1M | −$2.7M | −$806,000 | −$2.3M | −$1.5M | −$661,000 | −$6.0M | −$7.1M |
| Investments (net) | −$208.4M | −$180.0M | $67.3M | −$166.7M | −$445.3M | −$317.6M | $31.1M | −$21.5M | $10.9M | $149.3M |
| Acquisitions & other investing | −$784.7M | $1.8M | −$78.0M | $2.7M | $0 | $1,000 | $1.5M | $661,000 | $5.3M | $6.0M |
| Cash from investing activities | −$995.8M | −$180.0M | −$12.8M | −$166.7M | −$446.1M | −$319.9M | $31.1M | −$21.5M | $10.2M | $148.2M |
| Financing activities | ||||||||||
| Dividends paid | −$91.8M | −$72.8M | −$36.3M | −$36.1M | −$38.6M | −$44.7M | −$58.9M | −$61.5M | −$60.6M | −$60.1M |
| Share repurchases & issuance (net) | — | — | $0 | −$31.4M | −$60.1M | −$6.2M | $0 | −$2.4M | −$27,000 | $1.6M |
| Net borrowing (repayment) | −$569.6M | $305.6M | −$226.6M | $952.4M | $1.78B | −$1.20B | −$426.2M | $1.34B | −$1.06B | −$1.13B |
| Shares issued | $198.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $1.11B | $907.3M | $9.7M | $31.4M | $0 | $6.2M | $0 | $3.6M | $5.0M | $0 |
| Cash from financing activities | $644.4M | $1.14B | −$253.2M | $916.2M | $1.68B | −$1.24B | −$485.1M | $1.28B | −$1.12B | −$1.19B |
| Summary | ||||||||||
| Net change in cash | −$1.82B | −$167.1M | $796.1M | −$20.1M | $365.0M | −$313.7M | −$546.5M | $1.09B | −$388.9M | −$259.6M |
| Cash at end of period | $1.84B | $1.82B | $1.99B | $1.19B | $1.21B | $846.0M | $1.16B | $1.71B | $618.8M | $1.01B |
| Free cash flow | $370.9M | −$1.13B | $1.06B | −$772.4M | −$872.5M | $1.25B | −$94.0M | −$174.2M | $710.3M | $777.0M |
| Free cash flow margin | 109.2% | −139.3% | 155.1% | −233.5% | −560.2% | 661.7% | −32.5% | −80.1% | 302.1% | 347.6% |
| Capex / revenue | 0.8% | 0.2% | 0.3% | 0.8% | 0.5% | 1.2% | 0.5% | 0.3% | 2.6% | 3.2% |
| Operating cash flow / net income | 1.65 | −5.48 | 6.39 | −8.36 | −13.90 | 19.62 | −1.07 | −15.59 | 8.74 | 9.01 |
| 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 | $66.5M | $56.4M | $56.0M | $55.0M | $64.2M | $51.7M | $51.5M | $53.0M | $50.1M | $51.3M | $46.4M | $45.8M |
| Depreciation & amortization | $1.7M | $1.6M | $1.7M | $1.1M | $1.1M | $1.0M | $1.0M | $893,000 | $841,000 | $818,000 | $822,000 | $579,000 |
| Stock-based compensation | $2.3M | $2.4M | $2.1M | $2.1M | $2.0M | $1.9M | $2.6M | $1.7M | $1.8M | $1.4M | $1.1M | $1.5M |
| Change in working capital | −$25.0M | $166.1M | $2.6M | −$10.0M | $672.6M | $143.2M | −$361.8M | −$634.3M | $9.2M | $134.1M | $10.1M | −$10.2M |
| Other non-cash items | $7.7M | −$12.3M | −$4.7M | $19.8M | $135.0M | −$1.2M | $1.6M | −$44.3M | −$120.5M | −$12.1M | −$1.1M | −$119.3M |
| Cash from operating activities | $53.2M | $214.2M | $57.7M | $68.0M | $874.8M | $196.6M | −$305.1M | −$622.9M | −$58.6M | $175.5M | $57.3M | −$81.6M |
| Investing activities | ||||||||||||
| Capital expenditures | −$56,000 | −$50,000 | −$2.6M | −$980,000 | −$1.3M | −$311,000 | −$1.7M | −$818,000 | −$128,000 | −$314,000 | −$434,000 | −$260,000 |
| Investments (net) | $12.9M | −$257.7M | $2.7M | −$45.5M | −$95.8M | −$71.4M | $10.6M | −$66.0M | −$35.4M | −$89.2M | −$13.2M | −$1.9M |
| Acquisitions & other investing | −$786.2M | $0 | −$424.8M | −$147.3M | $1.3M | $311,000 | $1.7M | $818,000 | $128,000 | $314,000 | — | −$447,000 |
| Cash from investing activities | −$773.4M | −$257.8M | −$424.7M | −$193.8M | −$95.8M | −$71.4M | $10.6M | −$66.0M | −$35.4M | −$89.2M | — | −$2.6M |
| Financing activities | ||||||||||||
| Dividends paid | −$25.4M | −$33.0M | −$22.9M | −$22.9M | −$23.1M | −$22.9M | −$18.2M | −$18.2M | −$18.2M | −$18.1M | −$9.0M | −$9.1M |
| Share repurchases & issuance (net) | — | — | — | $198.0M | — | — | — | — | — | — | — | — |
| Net borrowing (repayment) | $17.7M | $59.0M | $588.0M | −$406.7M | −$357.4M | −$393.5M | $883.8M | $91.3M | — | — | — | −$252.2M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $613.7M | $114.4M | −$241.0M | $331.7M | −$261.7M | $245.4M | −$359.6M | $423.2M | $247.2M | −$389.1M | $641.0M | $132.5M |
| Cash from financing activities | $606.0M | $140.3M | $324.1M | $100.0M | −$642.2M | −$171.0M | $506.0M | $496.3M | $229.0M | −$407.2M | $632.0M | −$128.8M |
| Summary | ||||||||||||
| Net change in cash | −$114.2M | $96.8M | −$1.89B | −$25.8M | $136.9M | −$45.9M | $211.5M | −$192.7M | $135.0M | −$320.9M | $442.6M | −$213.0M |
| Cash at end of period | $1.82B | $1.94B | $1.84B | $1.89B | $1.91B | $1.77B | $1.82B | $1.61B | $1.80B | $1.67B | $1.99B | $1.54B |
| Free cash flow | $53.1M | $214.2M | $55.1M | $69.0M | $873.5M | $196.3M | −$305.9M | −$623.8M | −$58.7M | $175.2M | $56.9M | −$81.8M |
| Free cash flow margin | 23.6% | 257.8% | 62.0% | 33.0% | 403.0% | 97.1% | −161.0% | −297.5% | −28.3% | 86.2% | 27.6% | −42.3% |
| Capex / revenue | 0.0% | 0.1% | 3.0% | 0.5% | 0.6% | 0.2% | 0.9% | 0.4% | 0.1% | 0.2% | 0.2% | 0.1% |
| Operating cash flow / net income | 0.80 | 3.80 | 1.03 | 1.24 | 13.63 | 3.80 | −5.93 | −11.76 | −1.17 | 3.42 | 1.24 | −1.78 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
BLX cash generation
In fiscal 2025 (ended December 31, 2025), Bladex generated $373.7 million of cash from operations and spent $2.8 million on capital expenditures, leaving free cash flow of $370.9 million, 109.2% of revenue. It returned $91.8 million to shareholders through dividends ($91.8 million) and net share buybacks ($0). Cash and equivalents fell by $1.8 billion over the year.
Related: BLX income statement, BLX balance sheet, BLX dividend history. See the BLX stock overview for the latest quote and news.
BLX cash flow FAQ
What is Bladex's free cash flow?
Bladex's free cash flow was $370.9 million in fiscal 2025: $373.7 million of operating cash flow minus $2.8 million of capital expenditures It was -$1.1 billion a year earlier..
How much cash does Bladex generate from operations?
Bladex generated $373.7 million of cash from operating activities in fiscal 2025, 1.65 times its net income of $226.9 million.
How much does Bladex spend on capital expenditures?
Bladex spent $2.8 million on capital expenditures in fiscal 2025, 0.8% of revenue, compared with $1.8 million the year before.
How much does Bladex pay in dividends?
Bladex paid $91.8 million in dividends in fiscal 2025, 24.8% of free cash flow.