Cosan S.A. (CSANY) Cash Flow Statement
Where CSANY’s cash came from and went, 2025
December 31, 2025 · Brazilian reais- Cash from operations
- R$13.03B −0.4% vs 2024
- Capital expenditures
- R$8.46B 20.9% of revenue
- Free cash flow
- R$4.57B 11.3% margin
- Returned to shareholders
- R$2.73B 60% of free cash flow
- Change in cash
- R$10.60B cash at year-end R$27.24B
Drawn to scale: where the cash came from and how it was used. Hover for values.
CSANY operating cash flow, capex and free cash flow
CSANY cash flow trends, 2022–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | R$9.97B2022 | R$13.03B2025 | +9.3%/yr | |
| Capital expenditures | R$4.53B2022 | R$8.46B2025 | +23.1%/yr | |
| Free cash flow | R$5.44B2022 | R$4.57B2025 | −5.7%/yr | |
| Free cash flow margin | 13.8%2022 | 11.3%2025 | −2.5 pts | |
| Operating cash flow / net income | 8.482022 | 9.392023 | +0.91 | |
| Stock-based compensation | R$99.1M2022 | R$71.7M2025 | −10.2%/yr | |
| Dividends paid | R$1.91B2022 | R$2.69B2025 | +12.2%/yr | |
| Share buybacks (net) | R$84.6M2022 | R$34.0M2025 | −26.2%/yr | |
| Capex / revenue | 11.5%2022 | 20.9%2025 | +9.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CSANY cash flow by activity
CSANY 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).
CSANY cash flow statement in Brazilian reais
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Operating activities | ||||
| Net income | −R$9.72B | −R$9.42B | R$1.09B | R$1.18B |
| Depreciation & amortization | R$3.89B | R$3.87B | R$3.36B | R$3.01B |
| Stock-based compensation | R$71.7M | R$65.9M | R$207.7M | R$99.1M |
| Change in working capital | −R$2.00B | −R$1.45B | −R$2.09B | −R$708.2M |
| Other non-cash items | R$20.79B | R$20.02B | R$7.70B | R$6.39B |
| Cash from operating activities | R$13.03B | R$13.08B | R$10.28B | R$9.97B |
| Investing activities | ||||
| Capital expenditures | −R$8.46B | −R$7.83B | −R$6.27B | −R$4.53B |
| Investments (net) | R$8.80B | R$2.95B | R$142.0M | −R$12.27B |
| Financing activities | ||||
| Dividends paid | −R$2.69B | −R$3.45B | −R$2.58B | −R$1.91B |
| Share repurchases & issuance (net) | −R$34.0M | −R$192.9M | −R$103.3M | −R$84.6M |
| Net borrowing (repayment) | −R$3.49B | R$4.10B | R$4.24B | R$8.21B |
| Shares issued | R$17.07B | R$0 | R$0 | R$2.4M |
| Other financing | −R$13.21B | −R$7.07B | −R$6.07B | R$2.07B |
| Cash from financing activities | −R$2.35B | −R$6.61B | −R$4.52B | R$8.29B |
| Summary | ||||
| Net change in cash | R$10.60B | R$1.99B | R$1.46B | −R$2.47B |
| Cash at end of period | R$27.24B | R$16.90B | R$14.66B | R$13.30B |
| Free cash flow | R$4.57B | R$5.25B | R$4.01B | R$5.44B |
| Free cash flow margin | 11.3% | 11.9% | 10.2% | 13.8% |
| Capex / revenue | 20.9% | 17.8% | 15.9% | 11.5% |
| Operating cash flow / net income | — | — | 9.39 | 8.48 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | −R$320.5M | −R$1.58B | −R$5.80B | −R$1.19B | −R$946.0M |
| Depreciation & amortization | R$996.1M | R$971.4M | R$929.7M | R$1.00B | R$992.3M |
| Stock-based compensation | R$21.4M | R$19.8M | R$20.7M | R$6.4M | R$20.7M |
| Change in working capital | −R$862.9M | −R$1.09B | R$593.3M | −R$750.1M | −R$152.1M |
| Other non-cash items | R$3.62B | R$4.15B | R$7.62B | R$4.94B | R$4.01B |
| Cash from operating activities | R$3.46B | R$2.47B | R$3.36B | R$4.01B | R$3.93B |
| Investing activities | |||||
| Capital expenditures | −R$2.10B | −R$2.30B | −R$2.16B | −R$2.09B | −R$1.93B |
| Investments (net) | −R$1.46B | −R$1.14B | R$649.2M | −R$415.5M | R$187.3M |
| Financing activities | |||||
| Dividends paid | −R$435.8M | −R$90,000 | −R$888.8M | −R$101.9M | −R$1.29B |
| Share repurchases & issuance (net) | R$0 | −R$270.5M | R$495.2M | −R$495.2M | R$0 |
| Net borrowing (repayment) | −R$4.13B | −R$5.23B | R$1.98B | R$319.4M | −R$631.6M |
| Shares issued | R$140.5M | R$33.0M | R$0 | R$0 | R$0 |
| Other financing | R$433.0M | −R$3.01B | R$10.93B | −R$1.48B | −R$1.62B |
| Cash from financing activities | −R$3.99B | −R$8.48B | R$12.51B | −R$1.76B | −R$3.53B |
| Summary | |||||
| Net change in cash | −R$4.09B | −R$9.57B | R$14.31B | −R$592.1M | −R$1.22B |
| Cash at end of period | R$13.36B | R$17.46B | R$27.24B | R$12.90B | R$13.53B |
| Free cash flow | R$1.35B | R$173.3M | R$1.20B | R$1.92B | R$2.00B |
| Free cash flow margin | 12.5% | 1.9% | 12.5% | 18.0% | 19.1% |
| Capex / revenue | 19.5% | 25.5% | 22.4% | 19.6% | 18.4% |
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.
CSANY cash generation
In fiscal 2025 (ended December 31, 2025), Cosan generated R$13.0 billion of cash from operations (down 0.4%) and spent R$8.5 billion on capital expenditures, leaving free cash flow of R$4.6 billion, 11.3% of revenue. It returned R$2.7 billion to shareholders through dividends (R$2.7 billion) and net share buybacks (R$34.0 million). Cash and equivalents rose by R$10.6 billion over the year.
Related: CSANY income statement, CSANY balance sheet. See the CSANY stock overview for the latest quote and news.
CSANY cash flow FAQ
What is Cosan's free cash flow?
Cosan's free cash flow was R$4.6 billion in fiscal 2025: R$13.0 billion of operating cash flow minus R$8.5 billion of capital expenditures It was R$5.2 billion a year earlier..
How much cash does Cosan generate from operations?
Cosan generated R$13.0 billion of cash from operating activities in fiscal 2025.
How much does Cosan spend on capital expenditures?
Cosan spent R$8.5 billion on capital expenditures in fiscal 2025, 20.9% of revenue, compared with R$7.8 billion the year before.
How much stock does Cosan buy back?
Cosan spent R$34.0 million on net share repurchases in fiscal 2025.
How much does Cosan pay in dividends?
Cosan paid R$2.7 billion in dividends in fiscal 2025, 59.0% of free cash flow.