Cosan S.A. (CSAN) Cash Flow Statement
Where CSAN’s cash came from and went, 2025
December 31, 2025 · Brazilian reais- Cash from operations
- R$8.37B −36.0% vs 2024
- Capital expenditures
- R$8.29B 20.5% of revenue
- Free cash flow
- R$73.7M 0.2% margin
- Returned to shareholders
- R$3.16B 4,287% of free cash flow
- Change in cash
- R$12.27B cash at year-end R$27.28B
Cash from operations
R$8.37B
Capital expenditures
−R$8.29B
Investments (net)
+R$8.80B
Acquisitions & other
−R$6.46B
Dividends
−R$2.64B
Share buybacks (net)
−R$521.6M
Net borrowing (repayment)
−R$3.49B
Shares issued
+R$17.07B
Other financing
−R$2.45B
Currency & other
+R$1.87B
Change in cash
R$12.27B
Drawn to scale: where the cash came from and how it was used. Hover for values.
CSAN operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
CSAN cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | R$2.24B2016 | R$8.37B2025 | +15.8%/yr | |
| Capital expenditures | R$491.3M2016 | R$8.29B2025 | +36.9%/yr | |
| Free cash flow | R$1.74B2016 | R$73.7M2025 | −29.6%/yr | |
| Free cash flow margin | 23.1%2016 | 0.2%2025 | −22.9 pts | |
| Operating cash flow / net income | 1.502016 | 8.762023 | +7.26 | |
| Stock-based compensation | R$8.4M2016 | R$71.7M2025 | +27.0%/yr | |
| Dividends paid | R$1.90B2016 | R$2.64B2025 | +3.7%/yr | |
| Share buybacks (net) | R$02016 | R$521.6M2025 | — | |
| Capex / revenue | 6.5%2016 | 20.5%2025 | +14.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CSAN cash flow by activity
OperatingInvestingFinancingChange in cash
CSAN 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).
CSAN cash flow statement in Brazilian reais
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −R$7.99B | −R$5.25B | R$1.05B | R$2.70B | R$5.90B | R$1.17B | R$3.20B | R$2.42B | R$1.97B | R$1.49B |
| Depreciation & amortization | R$3.89B | R$3.87B | R$3.36B | R$3.01B | R$2.22B | R$623.1M | R$570.3M | R$569.7M | R$596.7M | R$615.3M |
| Stock-based compensation | R$71.7M | R$65.9M | R$207.7M | R$99.1M | R$50.4M | R$13.5M | R$44.2M | R$8.5M | R$9.9M | R$8.4M |
| Change in working capital | −R$1.96B | −R$1.45B | −R$2.45B | R$382.5M | −R$1.05B | −R$1.03B | −R$448.1M | −R$378.8M | −R$181.2M | −R$102.9M |
| Other non-cash items | R$14.36B | R$15.85B | R$7.02B | R$3.77B | −R$1.90B | R$1.37B | −R$559.5M | R$73.5M | −R$600.8M | R$228.9M |
| Cash from operating activities | R$8.37B | R$13.08B | R$9.19B | R$9.97B | R$5.22B | R$2.14B | R$2.81B | R$2.69B | R$1.79B | R$2.24B |
| Investing activities | ||||||||||
| Capital expenditures | −R$8.29B | −R$7.83B | −R$6.27B | −R$4.53B | −R$4.07B | −R$1.05B | −R$819.7M | −R$631.6M | −R$408.5M | −R$491.3M |
| Investments (net) | R$8.80B | −R$5.99B | −R$14.84B | −R$20.61B | R$677.4M | −R$1.20B | R$31.4M | R$675.1M | −R$624.7M | — |
| Acquisitions & other investing | −R$6.46B | R$9.33B | — | R$4.53B | R$8.39B | −R$83.7M | R$1.47B | −R$131.5M | R$1.24B | R$1.66B |
| Cash from investing activities | −R$5.94B | −R$4.49B | — | −R$20.61B | R$5.01B | −R$2.34B | R$686.2M | −R$88.0M | R$205.1M | R$1.17B |
| Financing activities | ||||||||||
| Dividends paid | −R$2.64B | −R$3.45B | −R$2.58B | −R$1.91B | −R$1.84B | −R$765.0M | −R$945.2M | −R$1.05B | −R$1.24B | −R$1.90B |
| Share repurchases & issuance (net) | −R$521.6M | −R$192.9M | −R$103.3M | −R$84.6M | −R$34.5M | −R$485.0M | −R$290.8M | −R$607.9M | −R$79.4M | R$3.53B |
| Net borrowing (repayment) | −R$3.49B | R$4.10B | R$4.24B | R$4.77B | R$2.36B | −R$319.4M | R$2.92B | −R$873.5M | R$34.8M | — |
| Shares issued | R$17.07B | R$0 | R$0 | R$2.4M | R$8.4M | R$22.8M | R$0 | R$22.0M | R$0 | R$0 |
| Other financing | −R$2.45B | −R$7.07B | −R$2.50B | R$5.39B | R$560.0M | R$9.4M | −R$1.83B | −R$642.6M | −R$1.57B | −R$4.14B |
| Cash from financing activities | R$7.97B | −R$6.61B | −R$940.0M | R$8.17B | R$1.05B | −R$1.54B | −R$148.2M | −R$3.15B | −R$2.85B | −R$2.51B |
| Summary | ||||||||||
| Net change in cash | R$12.27B | R$2.25B | R$1.36B | −R$2.87B | R$11.56B | −R$1.46B | R$3.38B | −R$453.4M | −R$840.6M | R$861.4M |
| Cash at end of period | R$27.28B | R$16.90B | R$14.67B | R$13.30B | R$16.17B | R$4.61B | R$6.08B | R$2.70B | R$3.15B | R$3.99B |
| Free cash flow | R$73.7M | R$5.25B | R$2.92B | R$5.44B | R$1.16B | R$1.09B | R$1.99B | R$2.06B | R$1.38B | R$1.74B |
| Free cash flow margin | 0.2% | 11.9% | 7.4% | 13.8% | 4.4% | 8.1% | 14.7% | 20.0% | 18.0% | 23.1% |
| Capex / revenue | 20.5% | 17.8% | 15.9% | 11.5% | 15.6% | 7.8% | 6.0% | 6.1% | 5.3% | 6.5% |
| Operating cash flow / net income | — | — | 8.76 | 3.69 | 0.89 | 1.84 | 0.88 | 1.11 | 0.91 | 1.50 |
| 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$327.8M | −R$167.2M | −R$5.89B | −R$467.1M | R$34.5M | −R$888.9M | −R$9.30B | R$1.50B | −R$1.08B | R$247.9M | R$2.32B | R$2.23B |
| Depreciation & amortization | R$996.1M | R$971.4M | R$943.9M | R$1.00B | R$992.3M | R$967.9M | R$999.6M | R$1.07B | R$926.5M | R$907.3M | R$887.1M | R$867.6M |
| Stock-based compensation | R$20.7M | R$19.8M | R$20.7M | R$6.4M | R$20.7M | R$23.9M | −R$189.4M | R$174.1M | R$33.7M | R$47.6M | R$56.5M | R$68.0M |
| Change in working capital | −R$643.5M | −R$1.33B | R$555.5M | −R$781.8M | −R$120.3M | −R$2.06B | R$504.4M | −R$800.1M | −R$350.3M | −R$1.50B | −R$802.1M | −R$458.6M |
| Other non-cash items | R$2.22B | R$1.35B | R$6.52B | R$4.25B | R$3.00B | R$3.69B | R$11.69B | R$1.32B | R$3.45B | R$2.24B | −R$623.5M | R$660.1M |
| Cash from operating activities | R$2.26B | R$844.1M | R$2.15B | R$4.01B | R$3.93B | R$1.73B | R$3.70B | R$3.26B | R$2.98B | R$1.95B | R$1.84B | R$3.36B |
| Investing activities | ||||||||||||
| Capital expenditures | −R$2.19B | −R$2.25B | −R$2.20B | −R$2.09B | −R$1.93B | −R$2.28B | −R$2.65B | −R$1.98B | −R$1.67B | −R$1.54B | −R$1.84B | −R$1.53B |
| Investments (net) | −R$1.46B | −R$1.14B | R$649.2M | −R$2.85B | −R$1.62B | R$5.95B | −R$2.87B | −R$2.65B | R$626.6M | −R$1.10B | R$512.8M | −R$2.03B |
| Acquisitions & other investing | −R$89.8M | −R$121.8M | −R$3.56B | R$2.09B | R$1.93B | R$2.28B | — | R$1.98B | R$1.61B | R$1.54B | R$858.7M | R$1.53B |
| Cash from investing activities | −R$3.73B | −R$3.52B | −R$5.11B | −R$2.85B | −R$1.62B | R$5.95B | — | −R$2.65B | R$569.8M | −R$1.10B | −R$465.0M | −R$2.03B |
| Financing activities | ||||||||||||
| Dividends paid | −R$440.0M | −R$88,313 | −R$896.2M | −R$101.9M | −R$1.29B | −R$415.0M | −R$660.8M | −R$580.9M | −R$2.11B | −R$93.9M | −R$954.7M | −R$78.8M |
| Share repurchases & issuance (net) | −R$7.4M | −R$265.5M | −R$8.7M | −R$495.2M | −R$1.3M | −R$34.0M | −R$377.4M | −R$20.3M | −R$73.4M | −R$91.3M | −R$103.3M | R$0 |
| Net borrowing (repayment) | −R$4.13B | −R$5.23B | R$1.98B | R$319.4M | −R$631.6M | −R$5.16B | R$2.16B | −R$834.9M | — | — | — | −R$339.7M |
| Shares issued | R$140.5M | R$33.0M | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 |
| Other financing | R$1.51B | −R$1.26B | R$15.94B | −R$1.48B | −R$1.61B | −R$3.96B | −R$1.31B | −R$1.75B | −R$638.1M | R$1.03B | −R$700.6M | −R$1.60B |
| Cash from financing activities | −R$2.92B | −R$6.72B | R$17.02B | −R$1.76B | −R$3.53B | −R$9.57B | −R$194.9M | −R$3.19B | −R$2.82B | R$845.6M | −R$1.76B | −R$2.02B |
| Summary | ||||||||||||
| Net change in cash | −R$3.95B | −R$8.39B | R$14.00B | −R$629.5M | −R$1.28B | −R$2.09B | R$2.28B | −R$2.60B | R$832.0M | R$1.74B | −R$422.5M | −R$657.9M |
| Cash at end of period | R$13.37B | R$17.29B | R$27.28B | R$12.90B | R$13.53B | R$14.81B | R$16.90B | R$14.63B | R$17.24B | R$16.40B | R$14.67B | R$15.08B |
| Free cash flow | R$74.1M | −R$1.41B | −R$47.7M | R$1.92B | R$2.00B | −R$555.0M | R$1.06B | R$1.28B | R$1.31B | R$410.2M | −R$1.4M | R$1.84B |
| Free cash flow margin | 0.7% | −15.6% | −0.5% | 18.0% | 19.1% | −5.7% | 9.0% | 11.0% | 12.2% | 4.2% | −0.0% | 17.9% |
| Capex / revenue | 20.3% | 25.0% | 22.5% | 19.6% | 18.4% | 23.6% | 22.5% | 17.0% | 15.6% | 15.6% | 19.2% | 14.8% |
| Operating cash flow / net income | — | — | — | — | 113.80 | — | — | 2.17 | — | 7.85 | 0.79 | 1.51 |
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.
CSAN cash generation
In fiscal 2025 (ended December 31, 2025), Cosan generated R$8.4 billion of cash from operations (down 36.0%) and spent R$8.3 billion on capital expenditures, leaving free cash flow of R$73.7 million, 0.2% of revenue. It returned R$3.2 billion to shareholders through dividends (R$2.6 billion) and net share buybacks (R$521.6 million). Cash and equivalents rose by R$12.3 billion over the year.
Related: CSAN income statement, CSAN balance sheet. See the CSAN stock overview for the latest quote and news.
CSAN cash flow FAQ
What is Cosan's free cash flow?
Cosan's free cash flow was R$73.7 million in fiscal 2025: R$8.4 billion of operating cash flow minus R$8.3 billion of capital expenditures It was R$5.2 billion a year earlier..
How much cash does Cosan generate from operations?
Cosan generated R$8.4 billion of cash from operating activities in fiscal 2025.
How much does Cosan spend on capital expenditures?
Cosan spent R$8.3 billion on capital expenditures in fiscal 2025, 20.5% of revenue, compared with R$7.8 billion the year before.
How much stock does Cosan buy back?
Cosan spent R$521.6 million on net share repurchases in fiscal 2025.
How much does Cosan pay in dividends?
Cosan paid R$2.6 billion in dividends in fiscal 2025, 3,580.2% of free cash flow.