Companhia Energética de Minas Gerais (CIG) Cash Flow Statement
Where CIG’s cash came from and went, 2025
December 31, 2025 · Brazilian reais- Cash from operations
- R$4.00B −27.3% vs 2024
- Capital expenditures
- R$685.4M 1.6% of revenue
- Free cash flow
- R$3.31B 7.7% margin
- Returned to shareholders
- R$3.89B 117% of free cash flow
- Change in cash
- R$217.8M cash at year-end R$1.90B
Drawn to scale: where the cash came from and how it was used. Hover for values.
CIG operating cash flow, capex and free cash flow
CIG cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | R$1.21B2016 | R$4.00B2025 | +14.2%/yr | |
| Capital expenditures | R$1.51B2016 | R$685.4M2025 | −8.4%/yr | |
| Free cash flow | −R$295.0M2016 | R$3.31B2025 | — | |
| Free cash flow margin | −1.6%2016 | 7.7%2025 | +9.3 pts | |
| Operating cash flow / net income | 3.622016 | 0.832025 | −2.79 | |
| Stock-based compensation | −R$680.0M2016 | −R$2.77B2023 | — | |
| Dividends paid | R$675.0M2016 | R$3.89B2025 | +21.5%/yr | |
| Share buybacks (net) | R$02016 | R$02019 | — | |
| Capex / revenue | 8.0%2016 | 1.6%2025 | −6.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CIG cash flow by activity
CIG 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).
CIG cash flow statement in Brazilian reais
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | R$4.80B | R$7.12B | R$5.76B | R$1.41B | R$3.75B | R$2.87B | R$3.13B | R$1.70B | R$1.00B | R$335.0M |
| Depreciation & amortization | R$1.53B | R$1.38B | R$1.27B | R$1.18B | R$1.05B | R$989.0M | R$958.0M | R$850.0M | R$850.0M | R$834.0M |
| Stock-based compensation | — | — | −R$2.77B | — | −R$474.0M | −R$365.0M | −R$929.0M | −R$2.29B | −R$337.0M | −R$680.0M |
| Change in working capital | −R$160.2M | R$453.0M | R$509.7M | R$841.0M | R$4.53B | R$5.26B | R$980.0M | R$820.0M | −R$1.18B | −R$1.94B |
| Other non-cash items | −R$2.18B | −R$3.45B | R$1.87B | R$3.18B | −R$5.17B | −R$139.0M | −R$2.10B | −R$70.0M | R$242.0M | R$2.67B |
| Cash from operating activities | R$4.00B | R$5.50B | R$6.64B | R$6.61B | R$3.69B | R$8.61B | R$2.04B | R$1.01B | R$580.0M | R$1.21B |
| Investing activities | ||||||||||
| Capital expenditures | −R$685.4M | −R$919.0M | −R$1.26B | −R$292.0M | −R$233.0M | −R$173.0M | −R$1.93B | −R$877.0M | −R$856.0M | −R$1.51B |
| Investments (net) | R$808.5M | −R$2.38B | −R$3.97B | −R$3.21B | R$3.36B | −R$3.49B | −R$1.19B | −R$211.0M | −R$386.0M | −R$614.0M |
| Acquisitions & other investing | −R$6.66B | R$919.0M | R$1.27B | R$291.9M | −R$1.75B | −R$1.42B | R$1.93B | R$877.0M | R$856.0M | R$1.51B |
| Cash from investing activities | −R$6.53B | −R$2.38B | −R$3.97B | −R$3.21B | R$1.37B | −R$5.08B | −R$1.19B | −R$211.0M | −R$386.0M | −R$614.0M |
| Financing activities | ||||||||||
| Dividends paid | −R$3.89B | −R$4.29B | −R$1.82B | −R$2.09B | −R$1.42B | −R$598.0M | −R$701.0M | −R$509.0M | −R$540.0M | −R$675.0M |
| Share repurchases & issuance (net) | — | — | — | — | — | — | R$0 | R$0 | R$2.08B | R$0 |
| Net borrowing (repayment) | R$6.56B | R$1.53B | −R$758.0M | −R$698.0M | −R$4.49B | −R$1.79B | −R$502.2M | −R$537.0M | −R$823.0M | R$145.2M |
| Shares issued | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 |
| Other financing | −R$128.8M | R$0 | R$0 | R$0 | −R$589,000 | R$345,000 | R$160,000 | R$109.0M | −R$877.0M | R$755,000 |
| Cash from financing activities | R$2.54B | −R$2.76B | −R$2.58B | −R$2.79B | −R$5.91B | −R$2.39B | −R$1.20B | −R$937.0M | −R$158.0M | −R$529.0M |
| Summary | ||||||||||
| Net change in cash | R$217.8M | R$361.0M | R$96.0M | R$616.0M | −R$855.0M | R$1.14B | −R$355.0M | −R$140.0M | R$35.0M | R$70.0M |
| Cash at end of period | R$1.90B | R$1.90B | R$1.54B | R$1.44B | R$825.0M | R$1.68B | R$536.0M | R$890.0M | R$1.03B | R$995.0M |
| Free cash flow | R$3.31B | R$4.58B | R$5.38B | R$6.32B | R$3.45B | R$8.43B | R$109.0M | R$131.0M | −R$276.0M | −R$295.0M |
| Free cash flow margin | 7.7% | 11.5% | 14.6% | 18.3% | 10.3% | 33.4% | 0.4% | 0.6% | −1.3% | −1.6% |
| Capex / revenue | 1.6% | 2.3% | 3.4% | 0.8% | 0.7% | 0.7% | 7.6% | 3.9% | 3.9% | 8.0% |
| Operating cash flow / net income | 0.83 | 0.77 | 1.15 | 4.70 | 0.98 | 3.00 | 0.65 | 0.59 | 0.58 | 3.62 |
| Jun '26 | Mar '26 | Dec '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||
| Net income | R$945.0M | R$960.2M | R$1.90B | R$209.5M | R$1.04B | R$998.0M | R$591.4M | R$324.0M | R$232.7M | R$1.89B | R$3.9M |
| Depreciation & amortization | R$410.6M | R$398.9M | R$429.7M | R$367.8M | R$364.0M | −R$303.5M | R$1.01B | R$338.5M | R$329.0M | R$351.5M | R$923,000 |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | −R$1.61B | −R$347,000 |
| Change in working capital | −R$559.4M | R$608.5M | −R$590.2M | R$3.2M | −R$85.0M | −R$217.8M | R$145.8M | −R$2.2M | R$27.6M | −R$399.9M | R$314,000 |
| Other non-cash items | −R$241.1M | −R$869.5M | −R$1.06B | −R$406.7M | R$54.0M | −R$2.54B | −R$1.44B | −R$405.4M | −R$256.9M | R$1.65B | −R$4,000 |
| Cash from operating activities | R$555.1M | R$1.10B | R$681.6M | R$173.8M | R$1.37B | −R$2.06B | R$309.3M | R$254.9M | R$332.4M | R$1.88B | R$4.8M |
| Investing activities | |||||||||||
| Capital expenditures | −R$29.7M | −R$51.4M | −R$241.3M | −R$35.9M | −R$1.76B | −R$919.7M | −R$39.5M | −R$24.4M | −R$30.9M | −R$434.1M | −R$4.3M |
| Investments (net) | — | — | R$1.89B | — | −R$2.76B | R$3.61B | −R$3.20B | −R$304.0M | −R$2.49B | R$2.66B | −R$4.2M |
| Acquisitions & other investing | −R$1.49B | −R$1.54B | −R$3.58B | −R$61.2M | R$1.76B | −R$5.07B | R$3.18B | R$271.5M | R$2.01B | −R$2.03B | −R$4.15B |
| Cash from investing activities | −R$1.52B | −R$1.60B | −R$1.93B | −R$97.1M | −R$2.76B | −R$2.38B | −R$57.6M | −R$56.9M | −R$504.2M | R$188.4M | −R$4.16B |
| Financing activities | |||||||||||
| Dividends paid | −R$1.42B | −R$398.3M | −R$2.18B | −R$308.0M | −R$239.8M | −R$1.32B | −R$286.4M | −R$289.1M | −R$181.9M | −R$910.9M | −R$912,000 |
| Net borrowing (repayment) | — | — | R$1.34B | — | R$2.74B | −R$3.46B | R$3.66B | −R$153.2M | R$1.49B | — | −R$172.7M |
| Shares issued | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 |
| Other financing | R$3.17B | R$381.9M | R$2.53B | −R$21.8M | R$239.8M | R$1.44B | −R$3.22B | R$119.9M | −R$1.00B | −R$1.97B | R$173.9M |
| Cash from financing activities | R$1.75B | −R$16.4M | R$1.69B | −R$329.8M | R$2.74B | −R$3.34B | R$153.5M | −R$322.4M | R$301.5M | −R$2.88B | R$304,000 |
| Summary | |||||||||||
| Net change in cash | R$784.8M | −R$429.3M | R$407.7M | −R$244.3M | R$1.35B | R$360.7M | R$390.6M | −R$153.4M | R$118.5M | −R$818.2M | R$915,000 |
| Cash at end of period | R$2.16B | R$1.36B | R$1.90B | R$322.1M | R$3.24B | R$1.90B | R$672.2M | R$281.6M | R$435.0M | R$1.54B | R$2.4M |
| Free cash flow | R$525.5M | R$1.05B | R$440.3M | R$138.0M | −R$390.0M | R$1.19B | R$269.8M | R$230.5M | R$301.5M | R$1.44B | R$516,000 |
| Free cash flow margin | 4.7% | 10.0% | 3.8% | 1.3% | −4.0% | 10.7% | 2.7% | 2.6% | 3.4% | 15.3% | 0.0% |
| Capex / revenue | 0.3% | 0.5% | 2.1% | 0.3% | 18.2% | 8.2% | 0.4% | 0.3% | 0.3% | 4.6% | 0.0% |
| Operating cash flow / net income | 0.59 | 1.14 | 0.36 | 0.83 | 1.32 | −2.07 | 0.52 | 0.79 | 1.43 | 1.00 | 1.23 |
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.
CIG cash generation
In fiscal 2025 (ended December 31, 2025), Companhia Energética de Minas Gerais generated R$4.0 billion of cash from operations (down 27.3%) and spent R$685.4 million on capital expenditures, leaving free cash flow of R$3.3 billion, 7.7% of revenue. It returned R$3.9 billion to shareholders through dividends (R$3.9 billion) and net share buybacks (R$0). Cash and equivalents rose by R$217.8 million over the year.
Related: CIG income statement, CIG balance sheet, CIG dividend history. See the CIG stock overview for the latest quote and news.
CIG cash flow FAQ
What is Companhia Energética de Minas Gerais's free cash flow?
Companhia Energética de Minas Gerais's free cash flow was R$3.3 billion in fiscal 2025: R$4.0 billion of operating cash flow minus R$685.4 million of capital expenditures It was R$4.6 billion a year earlier..
How much cash does Companhia Energética de Minas Gerais generate from operations?
Companhia Energética de Minas Gerais generated R$4.0 billion of cash from operating activities in fiscal 2025, 0.83 times its net income of R$4.8 billion.
How much does Companhia Energética de Minas Gerais spend on capital expenditures?
Companhia Energética de Minas Gerais spent R$685.4 million on capital expenditures in fiscal 2025, 1.6% of revenue, compared with R$919.0 million the year before.
How much does Companhia Energética de Minas Gerais pay in dividends?
Companhia Energética de Minas Gerais paid R$3.9 billion in dividends in fiscal 2025, 117.5% of free cash flow.