Compañía Cervecerías Unidas S.A. (CCU) Cash Flow Statement
Where CCU’s cash came from and went, 2025
December 31, 2025 · CLP- Cash from operations
- CLP 227.31B −20.9% vs 2024
- Capital expenditures
- CLP 135.38B 4.9% of revenue
- Free cash flow
- CLP 91.92B 3.3% margin
- Returned to shareholders
- CLP 74.47B 81% of free cash flow
- Change in cash
- −CLP 122.21B cash at year-end CLP 520.66B
Cash from operations
CLP 227.31B
Capital expenditures
−CLP 135.38B
Acquisitions & other
−CLP 20.84B
Dividends
−CLP 74.47B
Net borrowing (repayment)
−CLP 132.12B
Other financing
+CLP 9.71B
Currency & other
+CLP 3.61B
Change in cash
−CLP 122.21B
Drawn to scale: where the cash came from and how it was used. Hover for values.
CCU operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
CCU cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | CLP 190.01T2016 | CLP 227.31B2025 | −52.7%/yr | |
| Capital expenditures | CLP 128.88B2016 | CLP 135.38B2025 | +0.5%/yr | |
| Free cash flow | CLP 189.89T2016 | CLP 91.92B2025 | −57.2%/yr | |
| Free cash flow margin | 12,180.8%2016 | 3.3%2025 | −12,177.4 pts | |
| Operating cash flow / net income | 1,604.072016 | 2.042025 | −1602.03 | |
| Dividends paid | CLP 69.82B2016 | CLP 74.47B2025 | +0.7%/yr | |
| Share buybacks (net) | CLP 19.11B2016 | CLP 02025 | −100.0% | |
| Capex / revenue | 8.3%2016 | 4.9%2025 | −3.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CCU cash flow by activity
OperatingInvestingFinancingChange in cash
CCU 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).
CCU cash flow statement in CLP
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | CLP 111.40B | CLP 160.94B | CLP 105.65B | CLP 118.17B | CLP 199.16B | CLP 96.15B | CLP 130.14B | CLP 306.89B | CLP 129.61B | CLP 118.46B |
| Depreciation & amortization | CLP 147.73B | CLP 153.32B | CLP 120.53B | CLP 122.14B | CLP 121.15B | CLP 107.41B | CLP 102.40B | CLP 93.24B | CLP 92.20B | CLP 83.53B |
| Change in working capital | −CLP 877.16B | −CLP 843.42B | −CLP 724.00B | CLP 45.94B | CLP 293.36B | CLP 280.67B | CLP 242.32B | CLP 429.31B | CLP 262.16B | CLP 190.01B |
| Other non-cash items | CLP 845.34B | CLP 816.67B | CLP 791.91B | −CLP 168.08B | −CLP 320.31B | −CLP 203.56B | −CLP 232.54B | −CLP 522.55B | −CLP 221.81B | CLP 189.62T |
| Cash from operating activities | CLP 227.31B | CLP 287.52B | CLP 294.10B | CLP 118.17B | CLP 293.36B | CLP 280.67B | CLP 242.32B | CLP 306.89B | CLP 262.16B | CLP 190.01T |
| Investing activities | ||||||||||
| Capital expenditures | −CLP 135.38B | −CLP 160.09B | −CLP 129.45B | −CLP 203.60B | −CLP 171.85B | −CLP 122.79B | −CLP 140.49B | −CLP 131.44B | −CLP 125.77B | −CLP 128.88B |
| Investments (net) | — | −CLP 118.29B | −CLP 172.34B | −CLP 236.46B | −CLP 5.79B | −CLP 140.55B | −CLP 1.11B | −CLP 59.51B | −CLP 173.61B | −CLP 155.01B |
| Acquisitions & other investing | −CLP 20.84B | CLP 160.09B | CLP 164.56B | CLP 203.60B | −CLP 1.35B | CLP 122.79B | −CLP 2.59B | −CLP 8.06B | CLP 125.77B | CLP 128.88B |
| Cash from investing activities | −CLP 156.23B | −CLP 118.29B | −CLP 137.23B | −CLP 236.46B | −CLP 178.99B | −CLP 140.55B | −CLP 144.19B | −CLP 199.00B | −CLP 173.61B | −CLP 155.01B |
| Financing activities | ||||||||||
| Dividends paid | −CLP 74.47B | −CLP 81.80B | −CLP 65.58B | −CLP 158.32B | −CLP 274.14B | −CLP 102.14B | −CLP 218.04B | −CLP 74.83B | −CLP 75.13B | −CLP 69.82B |
| Share repurchases & issuance (net) | CLP 230.1M | −CLP 29.51B | −CLP 10.70B | CLP 1.21B | −CLP 12.21B | −CLP 86.9M | CLP 0 | −CLP 49.22B | −CLP 7.80B | −CLP 19.11B |
| Net borrowing (repayment) | −CLP 132.12B | −CLP 37.68B | −CLP 92.98B | CLP 694.08B | CLP 46.57B | CLP 166.52B | CLP 17.52B | CLP 70.26B | CLP 29.89B | −CLP 7.04B |
| Shares issued | CLP 230.1M | CLP 2.75B | CLP 2.77B | CLP 1.65B | CLP 0 | CLP 0 | CLP 0 | CLP 0 | CLP 0 | CLP 0 |
| Other financing | CLP 9.71B | CLP 21.21B | CLP 48.46B | −CLP 1.52B | CLP 6.13B | CLP 449.3M | CLP 1.09B | CLP 819.3M | CLP 36.2M | CLP 670.1M |
| Cash from financing activities | −CLP 196.43B | −CLP 125.04B | −CLP 118.04B | CLP 537.10B | −CLP 233.64B | CLP 64.75B | −CLP 199.42B | −CLP 52.96B | −CLP 53.00B | −CLP 95.30B |
| Summary | ||||||||||
| Net change in cash | −CLP 122.21B | CLP 88.97B | CLP 21.07B | CLP 331.51B | −CLP 130.82B | CLP 200.02B | −CLP 122.64B | CLP 148.97B | CLP 36.01B | −CLP 58.76B |
| Cash at end of period | CLP 520.66B | CLP 707.12B | CLP 618.15B | CLP 597.08B | CLP 265.57B | CLP 396.39B | CLP 196.37B | CLP 319.01B | CLP 170.04B | CLP 133.79B |
| Free cash flow | CLP 91.92B | CLP 127.43B | CLP 164.65B | −CLP 85.44B | CLP 121.50B | CLP 157.88B | CLP 101.83B | CLP 175.45B | CLP 136.40B | CLP 189.89T |
| Free cash flow margin | 3.3% | 4.4% | 6.4% | −3.2% | 4.9% | 8.5% | 5.6% | 9.8% | 8.0% | 12,180.8% |
| Capex / revenue | 4.9% | 5.5% | 5.0% | 7.5% | 6.9% | 6.6% | 7.7% | 7.4% | 7.4% | 8.3% |
| Operating cash flow / net income | 2.04 | 1.79 | 2.78 | 1.00 | 1.47 | 2.92 | 1.86 | 1.00 | 2.02 | 1,604.07 |
| 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 21.17B | CLP 55.85B | CLP 53.32B | CLP 15.56B | −CLP 11.22B | CLP 57.78B | CLP 74.15B | CLP 29.55B | CLP 5.04B | CLP 52.20B | CLP 41.73B | CLP 9.50B |
| Depreciation & amortization | CLP 41.14B | CLP 41.34B | CLP 39.96B | CLP 37.39B | CLP 37.04B | CLP 39.70B | CLP 45.31B | CLP 36.35B | CLP 34.64B | CLP 36.11B | CLP 25.52B | CLP 35.27B |
| Change in working capital | — | — | −CLP 877.16B | −CLP 639.35B | −CLP 462.93B | −CLP 256.28B | −CLP 843.42B | −CLP 593.80B | — | — | — | −CLP 596.13B |
| Other non-cash items | −CLP 32.35B | CLP 83.54B | CLP 901.03B | CLP 602.30B | CLP 404.84B | CLP 289.23B | CLP 878.13B | CLP 574.57B | −CLP 74.27B | CLP 32.97B | CLP 21.17B | CLP 609.97B |
| Cash from operating activities | −CLP 12.38B | CLP 180.72B | CLP 117.15B | CLP 15.89B | −CLP 32.26B | CLP 130.43B | CLP 154.16B | CLP 46.67B | −CLP 34.60B | CLP 121.28B | CLP 88.42B | CLP 58.61B |
| Investing activities | ||||||||||||
| Capital expenditures | −CLP 36.36B | −CLP 40.09B | −CLP 36.92B | −CLP 41.56B | −CLP 32.83B | −CLP 28.51B | −CLP 38.56B | −CLP 34.57B | −CLP 36.16B | −CLP 44.45B | −CLP 29.80B | −CLP 45.64B |
| Investments (net) | — | — | — | −CLP 50.52B | −CLP 37.40B | −CLP 28.08B | −CLP 40.29B | −CLP 32.73B | CLP 8.70B | −CLP 53.98B | −CLP 26.18B | −CLP 51.16B |
| Acquisitions & other investing | −CLP 178.32B | −CLP 9.91B | −CLP 7.27B | CLP 40.47B | CLP 32.83B | CLP 28.51B | −CLP 39.45B | CLP 34.57B | CLP 36.16B | CLP 44.45B | CLP 29.80B | CLP 45.64B |
| Cash from investing activities | −CLP 214.68B | −CLP 50.00B | −CLP 44.19B | −CLP 51.61B | −CLP 37.40B | −CLP 28.08B | −CLP 118.29B | −CLP 32.73B | CLP 8.70B | −CLP 53.98B | −CLP 26.18B | −CLP 51.16B |
| Financing activities | ||||||||||||
| Dividends paid | −CLP 42.17B | −CLP 26.42B | −CLP 26.42B | −CLP 1.82B | −CLP 48.14B | −CLP 29.2M | −CLP 40.04B | −CLP 41.75B | −CLP 41.75B | CLP 0 | −CLP 29.28B | −CLP 36.31B |
| Share repurchases & issuance (net) | — | — | CLP 230.1M | CLP 230.1M | CLP 230.1M | CLP 230.1M | −CLP 29.51B | −CLP 29.73B | — | — | — | −CLP 436.4M |
| Net borrowing (repayment) | CLP 882.2M | −CLP 44.42B | −CLP 4.19B | CLP 16.79B | — | −CLP 10.36B | −CLP 38.72B | −CLP 23.18B | — | — | — | −CLP 42.08B |
| Shares issued | CLP 0 | CLP 3.31B | CLP 0 | CLP 0 | CLP 0 | CLP 230.1M | CLP 929.0M | CLP 453.6M | CLP 419.2M | CLP 944.4M | CLP 0 | CLP 0 |
| Other financing | CLP 5.26B | CLP 24.90B | CLP 1.36B | −CLP 875.0M | −CLP 130.96B | −CLP 230.1M | CLP 49.49B | CLP 71.49B | CLP 36.96B | −CLP 41.02B | −CLP 29.83B | CLP 59.76B |
| Cash from financing activities | −CLP 36.03B | −CLP 42.63B | −CLP 29.01B | CLP 14.33B | −CLP 178.88B | −CLP 10.16B | −CLP 57.86B | −CLP 22.73B | −CLP 4.37B | −CLP 40.07B | −CLP 59.11B | −CLP 19.06B |
| Summary | ||||||||||||
| Net change in cash | −CLP 256.64B | CLP 72.75B | CLP 51.65B | −CLP 27.92B | −CLP 260.17B | CLP 64.31B | CLP 107.84B | −CLP 37.26B | −CLP 55.85B | CLP 74.23B | −CLP 8.37B | CLP 35.51B |
| Cash at end of period | CLP 346.50B | CLP 602.18B | CLP 520.66B | CLP 499.47B | CLP 511.26B | CLP 771.44B | CLP 707.12B | CLP 599.28B | CLP 636.54B | CLP 692.39B | CLP 618.15B | CLP 626.53B |
| Free cash flow | −CLP 48.74B | CLP 140.63B | CLP 80.23B | −CLP 25.67B | −CLP 65.09B | CLP 101.92B | CLP 115.60B | CLP 12.10B | −CLP 70.76B | CLP 76.83B | CLP 58.61B | CLP 12.96B |
| Free cash flow margin | −8.0% | 17.2% | 9.7% | −3.9% | −11.2% | 12.5% | 11.9% | 1.8% | −13.5% | 10.3% | 10.2% | 1.9% |
| Capex / revenue | 6.0% | 4.9% | 4.5% | 6.3% | 5.7% | 3.5% | 4.0% | 5.2% | 6.9% | 6.0% | 5.2% | 6.6% |
| Operating cash flow / net income | — | 3.24 | 2.20 | 1.02 | — | 2.26 | 2.08 | 1.58 | −6.86 | 2.32 | 2.12 | 6.17 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in CLP as reported; data from EODHD.
CCU cash generation
In fiscal 2025 (ended December 31, 2025), Compañía Cervecerías Unidas generated CLP 227.3 billion of cash from operations (down 20.9%) and spent CLP 135.4 billion on capital expenditures, leaving free cash flow of CLP 91.9 billion, 3.3% of revenue. It returned CLP 74.5 billion to shareholders through dividends (CLP 74.5 billion) and net share buybacks (CLP 0). Cash and equivalents fell by CLP 122.2 billion over the year.
Related: CCU income statement, CCU balance sheet, CCU dividend history. See the CCU stock overview for the latest quote and news.
CCU cash flow FAQ
What is Compañía Cervecerías Unidas's free cash flow?
Compañía Cervecerías Unidas's free cash flow was CLP 91.9 billion in fiscal 2025: CLP 227.3 billion of operating cash flow minus CLP 135.4 billion of capital expenditures It was CLP 127.4 billion a year earlier..
How much cash does Compañía Cervecerías Unidas generate from operations?
Compañía Cervecerías Unidas generated CLP 227.3 billion of cash from operating activities in fiscal 2025, 2.04 times its net income of CLP 111.4 billion.
How much does Compañía Cervecerías Unidas spend on capital expenditures?
Compañía Cervecerías Unidas spent CLP 135.4 billion on capital expenditures in fiscal 2025, 4.9% of revenue, compared with CLP 160.1 billion the year before.
How much does Compañía Cervecerías Unidas pay in dividends?
Compañía Cervecerías Unidas paid CLP 74.5 billion in dividends in fiscal 2025, 81.0% of free cash flow.