Banco Santander (Brasil) S.A. (BSBR) Cash Flow Statement
Where BSBR’s cash came from and went, 2025
December 31, 2025 · Brazilian reais- Cash from operations
- R$4.99B
- Capital expenditures
- R$3.66B 2.4% of revenue
- Free cash flow
- R$1.34B 0.9% margin
- Returned to shareholders
- R$6.50B 486% of free cash flow
- Change in cash
- R$6.07B cash at year-end R$73.27B
Cash from operations
R$4.99B
Capital expenditures
−R$3.66B
Acquisitions & other
+R$333.1M
Dividends
−R$6.50B
Net borrowing (repayment)
+R$2.36B
Other financing
+R$8.54B
Change in cash
R$6.07B
Drawn to scale: where the cash came from and how it was used. Hover for values.
BSBR operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
BSBR cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | R$6.75B2016 | R$4.99B2025 | −3.3%/yr | |
| Capital expenditures | R$1.54B2016 | R$3.66B2025 | +10.1%/yr | |
| Free cash flow | R$5.20B2016 | R$1.34B2025 | −14.0%/yr | |
| Free cash flow margin | 6.2%2016 | 0.9%2025 | −5.4 pts | |
| Operating cash flow / net income | 0.902016 | 0.392025 | −0.52 | |
| Stock-based compensation | R$87.0M2016 | R$294.1M2024 | +16.5%/yr | |
| Dividends paid | R$3.21B2016 | R$6.50B2025 | +8.1%/yr | |
| Share buybacks (net) | R$90.0M2016 | R$02023 | −100.0% | |
| Capex / revenue | 1.9%2016 | 2.4%2025 | +0.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BSBR cash flow by activity
OperatingInvestingFinancingChange in cash
BSBR 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).
BSBR cash flow statement in Brazilian reais
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | R$12.97B | R$13.41B | R$9.45B | R$14.34B | R$15.56B | R$13.45B | R$16.63B | R$12.80B | R$9.14B | R$7.46B |
| Depreciation & amortization | R$2.63B | R$2.73B | R$2.74B | R$2.59B | R$2.43B | R$2.58B | R$2.39B | R$1.74B | R$1.66B | R$1.48B |
| Stock-based compensation | — | R$294.1M | R$163.7M | R$39.9M | −R$20.92B | −R$26.75B | R$9.10B | R$58.0M | R$87.3M | R$87.0M |
| Change in working capital | −R$15.55B | −R$30.18B | R$27.04B | −R$52.19B | R$9.68B | R$61.40B | −R$1.11B | −R$15.62B | R$27.42B | −R$16.62B |
| Other non-cash items | R$4.95B | −R$7.39B | −R$2.78B | R$42.07B | R$55.7M | −R$8.37B | −R$2.14B | R$9.30B | R$11.99B | R$14.33B |
| Cash from operating activities | R$4.99B | −R$21.13B | R$36.61B | R$6.85B | R$6.81B | R$42.32B | R$24.87B | R$8.28B | R$50.29B | R$6.75B |
| Investing activities | ||||||||||
| Capital expenditures | −R$3.66B | −R$2.61B | −R$3.35B | −R$2.86B | −R$2.37B | −R$2.01B | −R$3.44B | −R$3.01B | −R$1.84B | −R$1.54B |
| Investments (net) | — | −R$2.02B | −R$2.57B | −R$2.71B | −R$1.93B | −R$1.16B | −R$2.51B | −R$2.36B | −R$1.45B | −R$1.27B |
| Acquisitions & other investing | R$333.1M | R$2.61B | R$3.34B | R$2.86B | R$2.37B | −R$327.2M | R$1.10B | R$3.01B | R$1.84B | R$1.54B |
| Cash from investing activities | −R$3.32B | −R$2.02B | −R$2.58B | −R$2.71B | −R$1.93B | −R$3.50B | −R$4.86B | −R$2.36B | −R$1.45B | −R$1.27B |
| Financing activities | ||||||||||
| Dividends paid | −R$6.50B | −R$5.62B | −R$5.45B | −R$7.39B | −R$9.91B | −R$10.28B | −R$6.95B | −R$6.08B | −R$5.65B | −R$3.21B |
| Share repurchases & issuance (net) | — | — | R$144.38B | −R$506.3M | R$5.50B | −R$110.2M | −R$219.7M | −R$312.3M | −R$378.8M | −R$90.0M |
| Net borrowing (repayment) | R$2.36B | R$68.5M | R$0 | R$21.43B | R$4.56B | −R$22.36B | −R$7.53B | R$3.67B | −R$37.35B | −R$14.21B |
| Shares issued | R$0 | R$0 | R$112.5M | R$0 | R$78.3M | R$0 | R$0 | R$0 | R$0 | R$0 |
| Other financing | R$8.54B | R$6.48B | −R$133.23B | −R$774.3M | −R$893.9M | −R$1.40B | −R$11.50B | −R$579.9M | −R$919.3M | −R$677.8M |
| Cash from financing activities | R$4.40B | R$930.2M | R$5.82B | R$12.75B | −R$658.5M | −R$34.15B | −R$26.20B | −R$3.30B | −R$44.30B | −R$18.19B |
| Summary | ||||||||||
| Net change in cash | R$6.07B | −R$22.22B | R$39.85B | R$16.90B | R$4.22B | R$7.00B | −R$3.84B | R$2.61B | R$4.54B | −R$15.00B |
| Cash at end of period | R$73.27B | R$67.20B | R$89.42B | R$49.57B | R$32.67B | R$28.45B | R$21.44B | R$25.29B | R$22.67B | R$18.13B |
| Free cash flow | R$1.34B | −R$23.74B | R$33.26B | R$3.98B | R$4.44B | R$40.31B | R$21.43B | R$5.27B | R$48.45B | R$5.20B |
| Free cash flow margin | 0.9% | −18.4% | 27.4% | 3.6% | 5.9% | 79.2% | 28.4% | 7.9% | 65.2% | 6.2% |
| Capex / revenue | 2.4% | 2.0% | 2.8% | 2.6% | 3.1% | 3.9% | 4.6% | 4.5% | 2.5% | 1.9% |
| Operating cash flow / net income | 0.39 | −1.58 | 3.87 | 0.48 | 0.44 | 3.15 | 1.50 | 0.65 | 5.50 | 0.90 |
| 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$2.96B | R$3.28B | R$3.94B | R$3.88B | R$1.99B | R$3.15B | R$3.07B | R$3.65B | R$3.63B | R$3.06B | R$2.07B | R$2.78B |
| Depreciation & amortization | R$659.8M | R$663.3M | R$649.4M | R$651.7M | R$621.3M | R$703.3M | R$691.5M | R$689.0M | R$668.7M | R$681.8M | R$673.6M | R$692.9M |
| Stock-based compensation | — | — | — | — | — | — | R$168.5M | — | R$11.4M | R$61.1M | R$52.8M | −R$9.90B |
| Change in working capital | R$10.03B | R$36.27B | −R$18.45B | −R$5.33B | −R$16.40B | R$24.63B | −R$48.32B | R$32.77B | R$39.78B | −R$54.41B | R$12.83B | R$68.11B |
| Other non-cash items | R$4.07B | −R$609.0M | −R$5.98B | R$4.03B | R$2.73B | R$4.17B | R$2.16B | −R$8.40B | −R$30.20B | R$29.11B | −R$28.16B | −R$1.47B |
| Cash from operating activities | R$17.73B | R$39.60B | −R$19.83B | R$3.24B | −R$11.07B | R$32.66B | −R$42.23B | R$28.71B | R$13.89B | −R$21.50B | −R$12.54B | R$60.21B |
| Investing activities | ||||||||||||
| Capital expenditures | −R$1.63B | −R$666.0M | −R$1.51B | −R$753.2M | −R$889.5M | −R$499.9M | −R$718.9M | −R$803.2M | −R$635.3M | −R$452.5M | −R$814.1M | −R$737.5M |
| Investments (net) | — | R$0 | — | — | R$560.2M | −R$51.5M | −R$862.8M | −R$531.2M | −R$654.4M | R$32.7M | −R$1.05B | −R$607.6M |
| Acquisitions & other investing | R$376.7M | R$159.8M | −R$4.69B | R$3.13B | R$889.5M | R$499.9M | R$718.9M | R$803.2M | R$635.3M | R$452.5M | R$814.1M | R$737.5M |
| Cash from investing activities | −R$1.25B | −R$506.1M | −R$6.20B | R$2.37B | R$560.2M | −R$51.5M | −R$862.8M | −R$531.2M | −R$654.4M | R$32.7M | −R$1.05B | −R$607.6M |
| Financing activities | ||||||||||||
| Dividends paid | −R$1.65B | −R$2.17B | −R$1.13B | −R$3.75B | −R$2.42B | −R$1.46B | −R$1.47B | −R$1.29B | −R$1.29B | −R$1.58B | −R$1.40B | −R$1.28B |
| Share repurchases & issuance (net) | — | — | — | — | — | — | −R$233.4M | — | −R$253.5M | — | −R$111.2M | R$591.0M |
| Shares issued | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$6.8M | R$0 | R$253.5M | R$1.3M | R$0 |
| Other financing | −R$10.11B | R$2.91B | R$10.03B | R$2.53B | −R$3.14B | R$3.73B | R$766.8M | R$8.44B | −R$2.84B | R$412.5M | −R$9.26B | −R$1.53B |
| Cash from financing activities | −R$11.76B | R$733.8M | R$8.91B | −R$1.22B | −R$5.56B | R$2.27B | −R$935.3M | R$7.16B | −R$4.38B | −R$909.5M | −R$10.77B | −R$2.22B |
| Summary | ||||||||||||
| Net change in cash | R$4.71B | R$39.83B | −R$17.13B | R$4.39B | −R$16.06B | R$34.88B | −R$44.03B | R$35.34B | R$8.85B | −R$22.38B | −R$24.36B | R$56.95B |
| Cash at end of period | R$117.81B | R$113.10B | R$73.27B | R$90.41B | R$86.02B | R$102.08B | R$67.20B | R$111.23B | R$75.89B | R$67.04B | R$89.42B | R$113.78B |
| Free cash flow | R$16.10B | R$38.94B | −R$21.35B | R$2.48B | −R$11.96B | R$32.16B | −R$42.95B | R$27.90B | R$13.26B | −R$21.96B | −R$13.35B | R$59.47B |
| Free cash flow margin | 41.4% | 101.5% | −50.3% | 1.0% | −34.6% | 89.5% | −121.5% | 82.8% | 45.3% | −71.4% | −42.1% | 193.0% |
| Capex / revenue | 4.2% | 1.7% | 3.6% | 0.3% | 2.6% | 1.4% | 2.0% | 2.4% | 2.2% | 1.5% | 2.6% | 2.4% |
| Operating cash flow / net income | 5.98 | 12.07 | −5.03 | 0.83 | −5.57 | 10.36 | −13.76 | 7.87 | 3.82 | −7.03 | −6.07 | 21.65 |
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.
BSBR cash generation
In fiscal 2025 (ended December 31, 2025), Banco Santander generated R$5.0 billion of cash from operations and spent R$3.7 billion on capital expenditures, leaving free cash flow of R$1.3 billion, 0.9% of revenue. It returned R$6.5 billion to shareholders through dividends (R$6.5 billion) and net share buybacks (R$0). Cash and equivalents rose by R$6.1 billion over the year.
Related: BSBR income statement, BSBR balance sheet, BSBR dividend history. See the BSBR stock overview for the latest quote and news.
BSBR cash flow FAQ
What is Banco Santander's free cash flow?
Banco Santander's free cash flow was R$1.3 billion in fiscal 2025: R$5.0 billion of operating cash flow minus R$3.7 billion of capital expenditures It was -R$23.7 billion a year earlier..
How much cash does Banco Santander generate from operations?
Banco Santander generated R$5.0 billion of cash from operating activities in fiscal 2025, 0.39 times its net income of R$13.0 billion.
How much does Banco Santander spend on capital expenditures?
Banco Santander spent R$3.7 billion on capital expenditures in fiscal 2025, 2.4% of revenue, compared with R$2.6 billion the year before.
How much does Banco Santander pay in dividends?
Banco Santander paid R$6.5 billion in dividends in fiscal 2025, 486.2% of free cash flow.