Empresa Distribuidora y Comercializadora Norte Sociedad Anónima (EDN) Cash Flow Statement
Where EDN’s cash came from and went, 2025
December 31, 2025 · Argentine pesos- Cash from operations
- ARS 192.04B −40.6% vs 2024
- Capital expenditures
- ARS 368.47B 12.3% of revenue
- Free cash flow
- −ARS 176.43B −5.9% margin
- Returned to shareholders
- —
- Change in cash
- ARS 182.62B cash at year-end ARS 141.12B
Cash from operations
ARS 192.04B
Capital expenditures
−ARS 368.47B
Investments (net)
−ARS 59.94B
Acquisitions & other
−ARS 33.15B
Net borrowing (repayment)
+ARS 541.81B
Other financing
−ARS 106.73B
Currency & other
+ARS 17.06B
Change in cash
ARS 182.62B
Drawn to scale: where the cash came from and how it was used. Hover for values.
EDN operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
EDN cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | ARS 4.97B2016 | ARS 192.04B2025 | +50.1%/yr | |
| Capital expenditures | ARS 4.23B2016 | ARS 368.47B2025 | +64.3%/yr | |
| Free cash flow | ARS 742.7M2016 | −ARS 176.43B2025 | — | |
| Free cash flow margin | 2.9%2016 | −5.9%2025 | −8.8 pts | |
| Operating cash flow / net income | 20.662016 | 0.802025 | −19.86 | |
| Stock-based compensation | ARS 32.8M2016 | ARS 60.0M2024 | +7.8%/yr | |
| Dividends paid | ARS 02016 | ARS 02025 | — | |
| Share buybacks (net) | ARS 02016 | ARS 02021 | — | |
| Capex / revenue | 16.4%2016 | 12.3%2025 | −4.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
EDN cash flow by activity
OperatingInvestingFinancingChange in cash
EDN 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).
EDN cash flow statement in Argentine pesos
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | ARS 239.24B | ARS 357.98B | ARS 251.77B | −ARS 44.01B | −ARS 129.47B | −ARS 52.02B | ARS 24.92B | ARS 8.99B | ARS 7.81B | ARS 240.8M |
| Depreciation & amortization | ARS 210.72B | ARS 217.29B | ARS 245.17B | ARS 130.38B | ARS 57.98B | ARS 20.05B | ARS 9.84B | ARS 5.36B | ARS 3.30B | ARS 2.15B |
| Stock-based compensation | — | ARS 60.0M | ARS 65.0M | — | ARS 2.37B | ARS 22.44B | ARS 4.31B | ARS 22.0M | ARS 17.6M | ARS 32.8M |
| Change in working capital | −ARS 163.84B | ARS 53.92B | ARS 288.44B | ARS 307.01B | ARS 78.19B | ARS 34.71B | ARS 2.80B | ARS 4.40B | ARS 3.13B | ARS 7.71B |
| Other non-cash items | −ARS 94.08B | −ARS 305.76B | −ARS 580.70B | −ARS 153.14B | ARS 120.44B | ARS 25.77B | −ARS 21.00B | ARS 1.35B | −ARS 3.09B | −ARS 5.16B |
| Cash from operating activities | ARS 192.04B | ARS 323.50B | ARS 204.74B | ARS 240.24B | ARS 129.50B | ARS 50.94B | ARS 20.87B | ARS 20.14B | ARS 11.17B | ARS 4.97B |
| Investing activities | ||||||||||
| Capital expenditures | −ARS 368.47B | −ARS 473.53B | −ARS 343.13B | −ARS 215.14B | −ARS 89.33B | −ARS 28.94B | −ARS 19.25B | −ARS 17.31B | −ARS 12.14B | −ARS 4.23B |
| Investments (net) | −ARS 59.94B | −ARS 567.25B | −ARS 33.92B | −ARS 37.36B | −ARS 10.82B | −ARS 7.22B | −ARS 5.16B | −ARS 8.33B | −ARS 4.05B | −ARS 2.37B |
| Acquisitions & other investing | −ARS 33.15B | ARS 294.57B | ARS 150.57B | −ARS 851.0M | −ARS 54.80B | −ARS 435.0M | ARS 19.87B | ARS 8.21B | ARS 3.11B | ARS 2.53B |
| Cash from investing activities | −ARS 461.55B | −ARS 746.20B | −ARS 226.48B | −ARS 253.35B | −ARS 154.96B | −ARS 36.60B | −ARS 4.53B | −ARS 17.43B | −ARS 13.08B | −ARS 4.07B |
| Financing activities | ||||||||||
| Dividends paid | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 |
| Share repurchases & issuance (net) | — | — | — | — | ARS 0 | ARS 136.8M | −ARS 1.23B | −ARS 2.24B | ARS 0 | ARS 0 |
| Net borrowing (repayment) | ARS 541.81B | ARS 314.72B | ARS 21.63B | −ARS 3.30B | −ARS 543.0M | −ARS 5.23B | −ARS 4.54B | −ARS 577.4M | ARS 1.98B | −ARS 430.6M |
| Shares issued | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 |
| Other financing | −ARS 106.73B | ARS 34.12B | −ARS 606.0M | −ARS 28.99B | −ARS 8.18B | −ARS 12.98B | −ARS 4.64B | −ARS 1.57B | −ARS 643.5M | −ARS 516.8M |
| Cash from financing activities | ARS 435.08B | ARS 348.84B | ARS 21.02B | −ARS 32.29B | −ARS 8.72B | −ARS 18.08B | −ARS 10.42B | −ARS 4.39B | ARS 1.33B | −ARS 947.4M |
| Summary | ||||||||||
| Net change in cash | ARS 182.62B | −ARS 67.65B | ARS 11.61B | −ARS 30.85B | −ARS 20.68B | ARS 19.0M | ARS 6.51B | −ARS 198.0M | −ARS 544.5M | ARS 238.8M |
| Cash at end of period | ARS 141.12B | −ARS 41.51B | ARS 26.15B | ARS 11.05B | ARS 19.24B | ARS 12.82B | ARS 6.57B | ARS 58.0M | ARS 188.1M | ARS 476.5M |
| Free cash flow | −ARS 176.43B | −ARS 150.03B | −ARS 138.38B | ARS 25.10B | ARS 40.17B | ARS 21.99B | ARS 1.62B | ARS 2.83B | −ARS 970.5M | ARS 742.7M |
| Free cash flow margin | −5.9% | −5.6% | −6.9% | 1.8% | 5.8% | 8.2% | 0.9% | 2.4% | −1.6% | 2.9% |
| Capex / revenue | 12.3% | 17.6% | 17.1% | 15.4% | 13.0% | 10.8% | 10.4% | 14.8% | 19.9% | 16.4% |
| Operating cash flow / net income | 0.80 | 0.90 | 0.81 | — | — | — | 0.84 | 2.24 | 1.43 | 20.66 |
| 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 | ARS 39.28B | ARS 117.85B | ARS 59.77B | ARS 83.38B | ARS 47.62B | ARS 37.06B | ARS 163.63B | ARS 74.57B | ARS 113.54B | −ARS 4.54B | ARS 227.21B |
| Depreciation & amortization | ARS 66.88B | ARS 56.22B | ARS 69.32B | ARS 62.92B | ARS 53.25B | ARS 53.69B | ARS 56.73B | ARS 48.72B | ARS 26.60B | ARS 47.73B | ARS 53.30B |
| Stock-based compensation | — | — | — | — | ARS 60.0M | ARS 60.0M | — | — | — | ARS 27.0M | ARS 25.67B |
| Change in working capital | ARS 6.08B | −ARS 110.14B | −ARS 49.70B | −ARS 48.23B | ARS 19.60B | −ARS 84.86B | −ARS 10.11B | −ARS 64.23B | ARS 33.98B | ARS 67.93B | ARS 35.16B |
| Other non-cash items | −ARS 16.11B | −ARS 3.10B | −ARS 23.47B | −ARS 88.90B | −ARS 21.79B | ARS 107.51B | −ARS 136.47B | −ARS 1.96B | −ARS 130.45B | −ARS 82.89B | −ARS 261.50B |
| Cash from operating activities | ARS 96.13B | ARS 60.83B | ARS 55.93B | ARS 9.17B | ARS 98.75B | ARS 113.46B | ARS 73.78B | ARS 57.10B | ARS 43.67B | ARS 28.24B | ARS 79.84B |
| Investing activities | |||||||||||
| Capital expenditures | −ARS 43.48B | −ARS 48.59B | −ARS 118.27B | −ARS 58.34B | −ARS 83.86B | −ARS 127.15B | −ARS 130.67B | −ARS 109.56B | −ARS 66.59B | −ARS 60.31B | −ARS 86.88B |
| Investments (net) | −ARS 48.41B | −ARS 22.15B | −ARS 87.07B | −ARS 6.80B | −ARS 31.55B | −ARS 215.15B | −ARS 161.52B | −ARS 100.10B | −ARS 90.47B | −ARS 30.11B | −ARS 28.77B |
| Acquisitions & other investing | −ARS 49.14B | ARS 0 | −ARS 2.42B | ARS 68.64B | ARS 73.57B | −ARS 224.95B | ARS 93.89B | ARS 85.03B | ARS 15.99B | ARS 60.31B | ARS 39.41B |
| Cash from investing activities | −ARS 141.04B | −ARS 70.74B | −ARS 207.75B | ARS 3.49B | −ARS 41.84B | −ARS 567.25B | −ARS 198.31B | −ARS 124.62B | −ARS 141.08B | −ARS 30.11B | −ARS 76.24B |
| Financing activities | |||||||||||
| Dividends paid | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 |
| Net borrowing (repayment) | ARS 451.56B | ARS 15.32B | ARS 335.03B | ARS 4.42B | −ARS 8.62B | ARS 126.48B | ARS 125.01B | — | — | — | ARS 1.69B |
| Shares issued | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 |
| Other financing | −ARS 87.42B | −ARS 29.69B | −ARS 61.09B | −ARS 14.97B | −ARS 14.88B | −ARS 28.10B | −ARS 10.32B | −ARS 9.39B | ARS 114.52B | −ARS 194.0M | −ARS 1.32B |
| Cash from financing activities | ARS 364.14B | −ARS 14.37B | ARS 273.94B | −ARS 10.54B | −ARS 23.50B | ARS 98.37B | ARS 114.69B | −ARS 9.39B | ARS 114.52B | −ARS 194.0M | ARS 370.0M |
| Summary | |||||||||||
| Net change in cash | ARS 356.07B | −ARS 39.78B | ARS 125.60B | ARS 11.53B | ARS 34.07B | ARS 1.31B | −ARS 8.47B | −ARS 74.14B | ARS 17.72B | ARS 1.40B | ARS 7.83B |
| Cash at end of period | ARS 470.73B | ARS 114.66B | ARS 141.12B | ARS 175.0M | −ARS 11.35B | −ARS 31.55B | −ARS 43.30B | −ARS 34.83B | ARS 39.30B | ARS 9.13B | ARS 23.88B |
| Free cash flow | ARS 52.64B | ARS 12.25B | −ARS 62.35B | −ARS 49.18B | ARS 14.89B | −ARS 13.69B | −ARS 56.89B | −ARS 52.46B | −ARS 22.91B | −ARS 32.07B | −ARS 7.04B |
| Free cash flow margin | 5.4% | 1.4% | −7.1% | −6.7% | 2.3% | −2.2% | −7.8% | −8.6% | −5.3% | −10.0% | −1.6% |
| Capex / revenue | 4.5% | 5.7% | 13.6% | 7.9% | 13.1% | 20.2% | 17.8% | 18.0% | 15.5% | 18.7% | 20.3% |
| Operating cash flow / net income | 2.45 | 0.52 | 0.94 | 0.11 | 2.07 | 3.06 | 0.45 | 0.77 | 0.38 | — | 0.35 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Argentine pesos as reported; data from EODHD.
EDN cash generation
In fiscal 2025 (ended December 31, 2025), Empresa Distribuidora y Comercializadora Norte Sociedad Anónima generated ARS 192.0 billion of cash from operations (down 40.6%) and spent ARS 368.5 billion on capital expenditures, leaving free cash flow of -ARS 176.4 billion, −5.9% of revenue. Cash and equivalents rose by ARS 182.6 billion over the year.
Related: EDN income statement, EDN balance sheet. See the EDN stock overview for the latest quote and news.
EDN cash flow FAQ
What is Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's free cash flow?
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's free cash flow was -ARS 176.4 billion in fiscal 2025: ARS 192.0 billion of operating cash flow minus ARS 368.5 billion of capital expenditures It was -ARS 150.0 billion a year earlier..
How much cash does Empresa Distribuidora y Comercializadora Norte Sociedad Anónima generate from operations?
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima generated ARS 192.0 billion of cash from operating activities in fiscal 2025, 0.80 times its net income of ARS 239.2 billion.
How much does Empresa Distribuidora y Comercializadora Norte Sociedad Anónima spend on capital expenditures?
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima spent ARS 368.5 billion on capital expenditures in fiscal 2025, 12.3% of revenue, compared with ARS 473.5 billion the year before.