Banco Santander-Chile (BSAC) Cash Flow Statement
Where BSAC’s cash came from and went, 2025
December 31, 2025 · CLP- Cash from operations
- CLP 704.90B +46.1% vs 2024
- Capital expenditures
- CLP 80.50B 1.7% of revenue
- Free cash flow
- CLP 624.40B 13.4% margin
- Returned to shareholders
- CLP 570.84B 91% of free cash flow
- Change in cash
- −CLP 2.77T cash at year-end CLP 2.09T
Cash from operations
CLP 704.90B
Capital expenditures
−CLP 80.50B
Acquisitions & other
−CLP 1.21T
Dividends
−CLP 570.84B
Net borrowing (repayment)
−CLP 20.76B
Other financing
+CLP 541.55B
Currency & other
−CLP 2.13T
Change in cash
−CLP 2.77T
Drawn to scale: where the cash came from and how it was used. Hover for values.
BSAC operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
BSAC cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | CLP 736.15B2016 | CLP 704.90B2025 | −0.5%/yr | |
| Capital expenditures | CLP 89.64B2016 | CLP 80.50B2025 | −1.2%/yr | |
| Free cash flow | CLP 646.52B2016 | CLP 624.40B2025 | −0.4%/yr | |
| Free cash flow margin | 25.6%2016 | 13.4%2025 | −12.2 pts | |
| Operating cash flow / net income | 1.542016 | 0.672025 | −0.87 | |
| Stock-based compensation | CLP 331.0M2016 | −CLP 825.0M2024 | — | |
| Dividends paid | CLP 336.66B2016 | CLP 570.84B2025 | +6.0%/yr | |
| Share buybacks (net) | CLP 02016 | CLP 02019 | — | |
| Capex / revenue | 3.5%2016 | 1.7%2025 | −1.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BSAC cash flow by activity
OperatingInvestingFinancingChange in cash
BSAC 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).
BSAC cash flow statement in CLP
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | CLP 1.05T | CLP 852.96B | CLP 496.40B | CLP 807.48B | CLP 852.43B | CLP 552.73B | CLP 621.31B | CLP 599.69B | CLP 575.25B | CLP 478.43B |
| Depreciation & amortization | CLP 135.16B | CLP 141.44B | CLP 143.76B | CLP 122.99B | CLP 122.06B | CLP 109.43B | CLP 106.09B | CLP 79.28B | CLP 77.82B | CLP 65.36B |
| Stock-based compensation | — | −CLP 825.0M | CLP 2.12B | −CLP 1.17B | CLP 2.15T | CLP 2.18T | CLP 1.86T | −CLP 337.0M | CLP 2.75B | CLP 331.0M |
| Change in working capital | CLP 483.65B | CLP 470.59B | −CLP 2.63T | −CLP 923.77B | −CLP 3.31T | −CLP 697.87B | −CLP 522.87B | −CLP 867.54B | −CLP 1.11T | −CLP 1.20T |
| Other non-cash items | −CLP 967.12B | −CLP 981.77B | −CLP 175.53B | −CLP 364.52B | −CLP 400.75B | −CLP 2.97T | −CLP 212.12B | CLP 1.21T | CLP 38.48B | CLP 1.39T |
| Cash from operating activities | CLP 704.90B | CLP 482.39B | −CLP 2.17T | −CLP 358.99B | −CLP 587.18B | −CLP 819.99B | CLP 1.85T | CLP 1.02T | −CLP 416.36B | CLP 736.15B |
| Investing activities | ||||||||||
| Capital expenditures | −CLP 80.50B | −CLP 107.72B | −CLP 56.66B | −CLP 113.29B | −CLP 86.77B | −CLP 85.78B | −CLP 83.83B | −CLP 97.89B | −CLP 91.39B | −CLP 89.64B |
| Investments (net) | — | −CLP 106.58B | −CLP 148.49B | −CLP 94.60B | −CLP 7.50B | −CLP 70.11B | −CLP 135.37B | −CLP 91.59B | −CLP 73.46B | −CLP 90.20B |
| Acquisitions & other investing | −CLP 1.21T | CLP 107.72B | CLP 105.07B | CLP 113.29B | CLP 2.50B | CLP 85.78B | CLP 77.41B | CLP 97.92B | CLP 91.39B | CLP 89.64B |
| Cash from investing activities | −CLP 1.29T | −CLP 106.58B | −CLP 100.08B | −CLP 94.60B | −CLP 91.77B | −CLP 70.11B | −CLP 141.79B | −CLP 91.56B | −CLP 73.46B | −CLP 90.20B |
| Financing activities | ||||||||||
| Dividends paid | −CLP 570.84B | −CLP 347.48B | −CLP 485.19B | −CLP 464.98B | −CLP 310.47B | −CLP 331.25B | −CLP 355.14B | −CLP 423.61B | −CLP 330.64B | −CLP 336.66B |
| Share repurchases & issuance (net) | — | — | — | — | — | — | CLP 0 | CLP 0 | CLP 0 | CLP 0 |
| Net borrowing (repayment) | −CLP 20.76B | −CLP 25.36B | −CLP 30.10B | CLP 80.65B | CLP 549.13B | CLP 433.35B | −CLP 30.14B | −CLP 30.14B | −CLP 30.14B | CLP 0 |
| 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 541.55B | CLP 0 | CLP 3.46T | CLP 0 | CLP 0 | CLP 0 | CLP 0 | CLP 30.14B | CLP 30.14B | CLP 0 |
| Cash from financing activities | −CLP 50.06B | −CLP 372.85B | CLP 2.95T | −CLP 384.32B | CLP 238.66B | CLP 102.09B | −CLP 385.29B | −CLP 423.61B | −CLP 330.64B | −CLP 336.66B |
| Summary | ||||||||||
| Net change in cash | −CLP 2.77T | CLP 10.28B | CLP 680.84B | −CLP 812.01B | −CLP 2.73B | −CLP 816.71B | CLP 1.46T | CLP 621.81B | −CLP 851.86B | CLP 159.03B |
| Cash at end of period | CLP 2.09T | CLP 2.77T | CLP 2.76T | CLP 2.08T | CLP 2.89T | CLP 2.89T | CLP 3.71T | CLP 2.26T | CLP 1.63T | CLP 2.49T |
| Free cash flow | CLP 624.40B | CLP 374.67B | −CLP 2.22T | −CLP 472.28B | −CLP 673.95B | −CLP 905.78B | CLP 1.77T | CLP 924.60B | −CLP 507.75B | CLP 646.52B |
| Free cash flow margin | 13.4% | 7.6% | −42.6% | −10.0% | −20.0% | −33.9% | 62.8% | 35.0% | −20.5% | 25.6% |
| Capex / revenue | 1.7% | 2.2% | 1.1% | 2.4% | 2.6% | 3.2% | 3.0% | 3.7% | 3.7% | 3.5% |
| Operating cash flow / net income | 0.67 | 0.57 | −4.36 | −0.44 | −0.69 | −1.48 | 2.98 | 1.71 | −0.72 | 1.54 |
| 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 | CLP 382.57B | CLP 283.30B | CLP 255.34B | CLP 247.51B | CLP 272.56B | CLP 277.80B | CLP 282.0M | CLP 261.4M | CLP 217.72B | CLP 158.55B | CLP 290.2M | CLP 74.90B |
| Depreciation & amortization | CLP 32.14B | CLP 34.52B | CLP 34.01B | CLP 33.12B | CLP 32.85B | CLP 35.18B | CLP 35.72B | CLP 34.53B | CLP 34.91B | CLP 36.27B | CLP 36.47B | CLP 36.31B |
| Stock-based compensation | — | — | — | −CLP 1.56B | CLP 1.86B | −CLP 303.0M | −CLP 608.0M | — | −CLP 988.0M | CLP 988.0M | CLP 332.0M | CLP 719.0M |
| Change in working capital | −CLP 545.01B | −CLP 465.76B | CLP 163.76B | CLP 281.27B | CLP 519.61B | −CLP 173.98B | CLP 1.03B | CLP 953.1M | CLP 356.98B | −CLP 252.82B | CLP 2.00B | −CLP 532.62B |
| Other non-cash items | CLP 16.95B | −CLP 65.67B | −CLP 818.75B | −CLP 16.33B | CLP 70.83B | −CLP 327.84B | −CLP 35.36B | −CLP 34.66B | −CLP 101.57B | −CLP 6.03B | −CLP 37.50B | −CLP 19.19B |
| Cash from operating activities | −CLP 113.36B | −CLP 213.62B | −CLP 365.64B | CLP 544.01B | CLP 897.71B | −CLP 189.15B | CLP 1.06B | CLP 1.08B | CLP 507.05B | −CLP 63.04B | CLP 1.59B | −CLP 439.88B |
| Investing activities | ||||||||||||
| Capital expenditures | −CLP 8.19B | −CLP 2.65B | −CLP 72.19B | −CLP 8.58B | −CLP 11.32B | −CLP 18.73B | −CLP 35.4M | −CLP 5.4M | −CLP 9.04B | −CLP 22.57B | −CLP 42.0M | −CLP 38.02B |
| Investments (net) | — | CLP 0 | — | −CLP 14.56B | — | CLP 0 | −CLP 53.97B | −CLP 13.76B | −CLP 19.56B | −CLP 19.29B | −CLP 56.60B | −CLP 35.08B |
| Acquisitions & other investing | −CLP 8.76B | −CLP 404.59B | CLP 24.07B | CLP 8.58B | −CLP 7.96B | −CLP 4.26B | CLP 53.27B | CLP 15.88B | CLP 9.04B | −CLP 403.01B | CLP 54.73B | CLP 38.02B |
| Cash from investing activities | −CLP 16.95B | −CLP 407.24B | −CLP 48.12B | −CLP 14.56B | −CLP 19.28B | −CLP 22.99B | −CLP 739.0M | CLP 2.12B | −CLP 19.56B | −CLP 444.88B | −CLP 1.92B | −CLP 35.08B |
| Financing activities | ||||||||||||
| Dividends paid | −CLP 631.92B | CLP 0 | CLP 0 | −CLP 3.42B | −CLP 600.34B | CLP 0 | −CLP 4.9M | −CLP 3.8M | −CLP 347.48B | CLP 0 | −CLP 9.4M | CLP 0 |
| Net borrowing (repayment) | CLP 353.66B | CLP 621.84B | −CLP 1.41T | CLP 233.66B | CLP 350.99B | CLP 806.70B | −CLP 596.17B | −CLP 153.50B | — | — | — | CLP 582.36B |
| Shares issued | CLP 0 | 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 422.04B | CLP 6.30B | CLP 1.86T | −CLP 560.43B | −CLP 926.71B | −CLP 1.20T | CLP 596.68B | CLP 150.18B | −CLP 797.27B | CLP 525.90B | CLP 575.1M | CLP 0 |
| Cash from financing activities | CLP 143.78B | CLP 628.15B | CLP 448.42B | −CLP 330.19B | −CLP 1.18T | −CLP 394.79B | CLP 512.5M | −CLP 3.32B | −CLP 1.14T | CLP 525.90B | CLP 565.7M | CLP 582.36B |
| Summary | ||||||||||||
| Net change in cash | CLP 25.75B | CLP 24.57B | CLP 24.57B | CLP 204.07B | −CLP 304.28B | −CLP 602.30B | CLP 823.17B | −CLP 158.21B | −CLP 664.96B | CLP 37.44B | CLP 294.64B | CLP 107.40B |
| Cash at end of period | CLP 2.02T | CLP 2.09T | CLP 2.09T | CLP 2.07T | CLP 1.86T | CLP 2.17T | CLP 2.77T | CLP 1.95T | CLP 2.11T | CLP 2.76T | CLP 2.76T | CLP 2.47T |
| Free cash flow | −CLP 121.56B | −CLP 216.26B | −CLP 437.83B | CLP 535.44B | CLP 886.39B | −CLP 207.88B | CLP 1.03B | CLP 1.08B | CLP 498.02B | −CLP 85.62B | CLP 1.54B | −CLP 477.90B |
| Free cash flow margin | −9.9% | −29.5% | −24.3% | 49.2% | 74.2% | −19.8% | 0.1% | 0.2% | 40.7% | −7.4% | 0.1% | −39.0% |
| Capex / revenue | 0.7% | 0.4% | 4.0% | 0.8% | 0.9% | 1.8% | 0.0% | 0.0% | 0.7% | 1.9% | 0.0% | 3.1% |
| Operating cash flow / net income | −0.30 | −0.75 | −1.43 | 2.20 | 3.29 | −0.68 | 3.76 | 4.15 | 2.33 | −0.40 | 5.47 | −5.87 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in CLP as reported; data from EODHD.
BSAC cash generation
In fiscal 2025 (ended December 31, 2025), Banco Santander-Chile generated CLP 704.9 billion of cash from operations (up 46.1%) and spent CLP 80.5 billion on capital expenditures, leaving free cash flow of CLP 624.4 billion, 13.4% of revenue. It returned CLP 570.8 billion to shareholders through dividends (CLP 570.8 billion) and net share buybacks (CLP 0). Cash and equivalents fell by CLP 2.77 trillion over the year.
Related: BSAC income statement, BSAC balance sheet, BSAC dividend history. See the BSAC stock overview for the latest quote and news.
BSAC cash flow FAQ
What is Banco Santander-Chile's free cash flow?
Banco Santander-Chile's free cash flow was CLP 624.4 billion in fiscal 2025: CLP 704.9 billion of operating cash flow minus CLP 80.5 billion of capital expenditures It was CLP 374.7 billion a year earlier..
How much cash does Banco Santander-Chile generate from operations?
Banco Santander-Chile generated CLP 704.9 billion of cash from operating activities in fiscal 2025, 0.67 times its net income of CLP 1.05 trillion.
How much does Banco Santander-Chile spend on capital expenditures?
Banco Santander-Chile spent CLP 80.5 billion on capital expenditures in fiscal 2025, 1.7% of revenue, compared with CLP 107.7 billion the year before.
How much does Banco Santander-Chile pay in dividends?
Banco Santander-Chile paid CLP 570.8 billion in dividends in fiscal 2025, 91.4% of free cash flow.