DRDGOLD Limited (DRD) Cash Flow Statement
Where DRD’s cash came from and went, FY2026
June 30, 2026 · South African rand- Cash from operations
- R 5.46B +55.5% vs FY2025
- Capital expenditures
- R 3.40B 31.6% of revenue
- Free cash flow
- R 2.06B 19.2% margin
- Returned to shareholders
- R 749.5M 36% of free cash flow
- Change in cash
- R 1.55B cash at year-end R 2.75B
Cash from operations
R 5.46B
Capital expenditures
−R 3.40B
Acquisitions & other
+R 118.0M
Dividends
−R 749.5M
Currency & other
+R 122.6M
Change in cash
R 1.55B
Drawn to scale: where the cash came from and how it was used. Hover for values.
DRD operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
DRD cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | R 51.6MFY2017 | R 5.46BFY2026 | +67.9%/yr | |
| Capital expenditures | R 110.6MFY2017 | R 3.40BFY2026 | +46.3%/yr | |
| Free cash flow | −R 59.0MFY2017 | R 2.06BFY2026 | — | |
| Free cash flow margin | −2.5%FY2017 | 19.2%FY2026 | +21.7 pts | |
| Operating cash flow / net income | 7.22FY2018 | 1.33FY2026 | −5.88 | |
| Stock-based compensation | R 10.0MFY2017 | R 41.7MFY2026 | +17.2%/yr | |
| Dividends paid | R 50.6MFY2017 | R 749.5MFY2026 | +34.9%/yr | |
| Share buybacks (net) | R 0FY2017 | R 1.0MFY2021 | — | |
| Capex / revenue | 4.7%FY2017 | 31.6%FY2026 | +26.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DRD cash flow by activity
OperatingInvestingFinancingChange in cash
DRD 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).
DRD cash flow statement in South African rand
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | R 4.09B | R 2.24B | R 1.33B | R 1.28B | R 1.12B | R 1.44B | R 978.9M | R 105.1M | R 32.4M | −R 36.7M |
| Depreciation & amortization | R 508.0M | R 459.2M | R 317.2M | R 217.5M | R 267.6M | R 252.5M | R 270.8M | R 240.4M | R 205.4M | R 228.4M |
| Stock-based compensation | R 41.7M | R 30.1M | R 26.4M | R 22.0M | R 18.4M | −R 28.3M | R 224.1M | R 21.4M | R 17.2M | R 10.0M |
| Change in working capital | −R 211.4M | R 55.5M | −R 111.0M | R 56.8M | R 78.1M | −R 194.9M | −R 92.0M | R 73.8M | R 14.6M | −R 117.8M |
| Other non-cash items | R 1.03B | R 723.6M | R 283.9M | R 77.9M | R 9.9M | R 104.2M | −R 252.9M | −R 152.4M | −R 35.8M | −R 32.3M |
| Cash from operating activities | R 5.46B | R 3.51B | R 1.85B | R 1.66B | R 1.50B | R 1.57B | R 1.13B | R 288.3M | R 233.8M | R 51.6M |
| Investing activities | ||||||||||
| Capital expenditures | −R 3.40B | −R 2.25B | −R 2.99B | −R 1.15B | −R 584.1M | −R 395.7M | −R 181.1M | −R 347.4M | −R 125.9M | −R 110.6M |
| Investments (net) | R 0 | — | −R 3.04B | −R 1.19B | −R 28.9M | −R 446.6M | −R 202.5M | −R 303.0M | −R 140.4M | −R 96.7M |
| Acquisitions & other investing | R 118.0M | −R 28.4M | R 2.99B | R 1.15B | −R 13.2M | R 395.7M | R 181.1M | R 347.4M | R 125.9M | R 110.6M |
| Cash from investing activities | −R 3.28B | −R 2.28B | −R 3.04B | −R 1.19B | −R 626.2M | −R 446.6M | −R 202.5M | −R 303.0M | −R 140.4M | −R 96.7M |
| Financing activities | ||||||||||
| Dividends paid | −R 749.5M | −R 431.0M | −R 731.7M | −R 515.3M | −R 513.3M | −R 640.9M | −R 564.5M | −R 564.5M | −R 42.2M | −R 50.6M |
| Share repurchases & issuance (net) | — | — | — | — | — | −R 1.0M | R 1.09B | −R 300,000 | R 0 | R 0 |
| Net borrowing (repayment) | −R 8.1M | — | −R 19.0M | −R 16.9M | −R 19.7M | −R 11.6M | −R 11.4M | −R 3.7M | −R 2.8M | −R 2.4M |
| Shares issued | R 0 | R 0 | R 0 | R 0 | R 0 | R 0 | R 1.09B | R 0 | R 0 | R 0 |
| Other financing | −R 14.3M | −R 12.1M | R 0 | R 0 | R 0 | R 0 | −R 1.09B | R 560.6M | R 0 | R 0 |
| Cash from financing activities | −R 771.9M | −R 443.1M | −R 750.7M | −R 532.2M | −R 533.0M | −R 653.5M | R 509.2M | −R 7.9M | −R 45.0M | −R 53.0M |
| Summary | ||||||||||
| Net change in cash | R 1.55B | R 784.7M | −R 1.95B | −R 54.2M | R 345.6M | R 464.9M | R 1.44B | −R 22.6M | R 48.4M | −R 98.1M |
| Cash at end of period | R 2.75B | R 1.31B | R 521.5M | R 2.47B | R 2.53B | R 2.18B | R 1.72B | R 279.5M | R 302.1M | R 253.7M |
| Free cash flow | R 2.06B | R 1.26B | −R 1.14B | R 510.4M | R 913.7M | R 1.18B | R 947.8M | −R 59.1M | R 107.9M | −R 59.0M |
| Free cash flow margin | 19.2% | 15.9% | −18.3% | 9.3% | 17.9% | 22.4% | 22.6% | −2.1% | 4.3% | −2.5% |
| Capex / revenue | 31.6% | 28.6% | 47.9% | 20.8% | 11.4% | 7.5% | 4.3% | 12.6% | 5.1% | 4.7% |
| Operating cash flow / net income | 1.33 | 1.57 | 1.39 | 1.29 | 1.33 | 1.09 | 1.15 | 2.74 | 7.22 | — |
| Sep '26 | Jun '26 | Dec '25 | Jun '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | R 2.31B | R 2.31B | R 1.93B | R 1.27B | R 970.1M | R 739.4M | R 739.4M | R 369.7M | R 589.3M | R 294.6M | R 746.4M | R 373.2M |
| Depreciation & amortization | R 259.6M | R 259.6M | R 239.2M | R 219.6M | R 271.7M | R 129.2M | R 129.2M | R 64.6M | R 141.2M | R 70.6M | R 128.3M | R 77.4M |
| Stock-based compensation | — | — | R 24.1M | R 16.1M | R 7.0M | R 12.8M | R 12.8M | R 6.4M | R 13.6M | R 6.8M | R 5.9M | R 5.9M |
| Change in working capital | −R 78.2M | −R 78.2M | −R 149.2M | R 70.6M | −R 272.6M | −R 240.5M | −R 240.5M | −R 120.2M | −R 179.3M | −R 40.7M | R 206.0M | R 36.9M |
| Other non-cash items | R 974.5M | R 974.5M | R 267.3M | R 649.2M | R 306.8M | R 467.8M | R 467.8M | R 233.9M | R 171.7M | R 36.9M | −R 67.9M | R 15.9M |
| Cash from operating activities | R 3.46B | R 3.46B | R 2.31B | R 2.23B | R 1.28B | R 1.11B | R 1.11B | R 554.4M | R 736.5M | R 368.2M | R 1.02B | R 509.4M |
| Investing activities | ||||||||||||
| Capital expenditures | −R 1.95B | −R 1.95B | −R 1.65B | −R 1.31B | −R 947.6M | −R 1.91B | −R 1.91B | −R 955.5M | −R 1.07B | −R 537.4M | −R 757.9M | −R 378.9M |
| Investments (net) | — | — | — | — | — | — | — | — | — | — | R 450,000 | R 450,000 |
| Acquisitions & other investing | −R 5.0M | −R 5.0M | R 135.3M | −R 12.0M | −R 16.4M | −R 24.4M | −R 24.4M | −R 12.2M | −R 32.5M | −R 16.2M | −R 7.5M | −R 4.0M |
| Cash from investing activities | −R 1.96B | −R 1.96B | −R 1.52B | −R 1.32B | −R 964.0M | −R 1.94B | −R 1.94B | −R 967.7M | −R 1.11B | −R 553.6M | −R 765.0M | −R 382.5M |
| Financing activities | ||||||||||||
| Dividends paid | −R 448.6M | −R 448.6M | −R 345.7M | −R 258.7M | −R 172.3M | −R 172.3M | −R 172.3M | −R 86.2M | −R 559.4M | −R 279.7M | −R 172.8M | −R 86.4M |
| Net borrowing (repayment) | — | — | — | — | — | — | — | — | — | — | −R 4.0M | −R 4.0M |
| Shares issued | R 0 | 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 5.1M | −R 5.1M | −R 19.2M | −R 5.1M | −R 7.0M | −R 9.2M | −R 190.7M | −R 4.6M | −R 9.8M | −R 4.9M | −R 4.0M | R 0 |
| Cash from financing activities | −R 453.7M | −R 453.7M | −R 364.9M | −R 263.8M | −R 179.3M | −R 181.5M | −R 363.0M | −R 90.8M | −R 569.2M | −R 284.6M | −R 180.8M | −R 90.4M |
| Summary | ||||||||||||
| Net change in cash | R 1.05B | R 1.05B | R 428.2M | −R 661.2M | R 661.2M | −R 1.01B | −R 1.01B | −R 503.9M | −R 942.0M | −R 471.0M | R 79.2M | −R 2.35B |
| Cash at end of period | R 2.75B | R 2.75B | R 1.73B | R 73.5M | R 661.2M | R 521.5M | R 521.5M | −R 503.9M | R 1.53B | −R 471.0M | R 2.47B | R 39.6M |
| Free cash flow | R 1.51B | R 1.51B | R 657.8M | R 920.8M | R 335.4M | −R 802.3M | −R 802.3M | −R 401.1M | −R 338.2M | −R 169.1M | R 260.8M | R 130.4M |
| Free cash flow margin | 24.9% | 24.9% | 13.7% | 22.6% | 8.8% | −24.6% | −24.6% | −24.6% | −11.4% | −11.4% | 9.2% | 9.2% |
| Capex / revenue | 32.3% | 32.3% | 34.3% | 32.1% | 24.9% | 58.5% | 58.5% | 58.5% | 36.1% | 36.1% | 26.7% | 26.7% |
| Operating cash flow / net income | 1.50 | 1.50 | 1.20 | 1.75 | 1.32 | 1.50 | 1.50 | 1.50 | 1.25 | 1.25 | 1.36 | 1.36 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in South African rand as reported; data from EODHD.
DRD cash generation
In fiscal 2026 (ended June 30, 2026), DRDGOLD generated R 5.5 billion of cash from operations (up 55.5%) and spent R 3.4 billion on capital expenditures, leaving free cash flow of R 2.1 billion, 19.2% of revenue. It returned R 749.5 million to shareholders through dividends (R 749.5 million) and net share buybacks (R 0). Cash and equivalents rose by R 1.6 billion over the year.
Related: DRD income statement, DRD balance sheet, DRD dividend history. See the DRD stock overview for the latest quote and news.
DRD cash flow FAQ
What is DRDGOLD's free cash flow?
DRDGOLD's free cash flow was R 2.1 billion in fiscal 2026: R 5.5 billion of operating cash flow minus R 3.4 billion of capital expenditures It was R 1.3 billion a year earlier..
How much cash does DRDGOLD generate from operations?
DRDGOLD generated R 5.5 billion of cash from operating activities in fiscal 2026, 1.33 times its net income of R 4.1 billion.
How much does DRDGOLD spend on capital expenditures?
DRDGOLD spent R 3.4 billion on capital expenditures in fiscal 2026, 31.6% of revenue, compared with R 2.3 billion the year before.
How much does DRDGOLD pay in dividends?
DRDGOLD paid R 749.5 million in dividends in fiscal 2026, 36.4% of free cash flow.