Companhia Paranaense de Energia - COPEL (ELPC) Cash Flow Statement

NYSE: ELPCOperating cash, capex, free cash flow and buybacks.

Where ELPC’s cash came from and went, FY2026

September 30, 2026 · U.S. dollars

Cash from operations: $2.97B
Capital expenditures: $158.9M
Free cash flow: $2.81B
Returned to shareholders: $2.54B
Change in cash: −$561.0M

Cash from operations

$2.97B

Capital expenditures

−$158.9M

Acquisitions & other

−$1.57B

Dividends

−$2.47B

Share buybacks (net)

−$68.7M

Other financing

+$286.4M

Currency & other

+$450.3M

Change in cash

−$561.0M

Drawn to scale: where the cash came from and how it was used. Hover for values.

ELPC operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

ELPC cash flow trends, FY2016–FY2026

Companhia Paranaense de Energia - COPEL cash flow trends
Metric	Then	Latest	Change
Operating cash flow	$1.48BFY2016	$2.97BFY2026	+19.1%/yr
Capital expenditures	$2.21BFY2016	$158.9MFY2026	−48.2%/yr
Free cash flow	−$736.3MFY2016	$2.81BFY2026	—
Free cash flow margin	−5.6%FY2016	11.0%FY2026	+16.6 pts
Operating cash flow / net income	1.69FY2016	1.13FY2026	−0.55
Dividends paid	$369.0MFY2016	$2.47BFY2026	+60.9%/yr
Capex / revenue	16.9%FY2016	0.6%FY2026	−16.3 pts

Change is the average annual growth (CAGR) or the difference between the first and latest year.

ELPC cash flow by activity

OperatingInvestingFinancingChange in cash

ELPC 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).

ELPC cash flow statement

Companhia Paranaense de Energia - COPEL annual cash flow statement
	FY2026	FY2019	FY2018	FY2017	FY2016
Operating activities
Net income	$2.62B	$2.06B	$1.44B	$1.12B	$874.5M
Depreciation & amortization	$1.45B	$950.7M	$696.9M	$731.6M	$708.3M
Change in working capital	$1.11B	$78.0M	$342.1M	$249.3M	−$1.07B
Other non-cash items	−$2.21B	−$146.6M	−$712.1M	−$1.11B	$962.1M
Cash from operating activities	$2.97B	$2.95B	$1.77B	$989.2M	$1.48B
Investing activities
Capital expenditures	−$158.9M	−$372.6M	−$1.22B	−$2.01B	−$2.21B
Investments (net)	—	−$53.7M	—	—	—
Acquisitions & other investing	−$1.57B	−$1.24B	−$933.0M	$430.6M	−$297.9M
Cash from investing activities	−$1.72B	−$1.66B	−$2.15B	−$1.58B	−$2.51B
Financing activities
Dividends paid	−$2.47B	−$380.4M	−$300.7M	−$506.4M	−$369.0M
Share repurchases & issuance (net)	−$68.7M	—	—	—	—
Net borrowing (repayment)	—	−$108.4M	—	—	—
Shares issued	$0	$0	$0	$0	$0
Other financing	$286.4M	$200.7M	$1.59B	$1.16B	$904.6M
Cash from financing activities	−$2.26B	−$288.0M	$1.29B	$650.0M	$535.6M
Summary
Net change in cash	−$561.0M	$993.3M	$908.3M	$58.0M	−$498.7M
Cash at end of period	$3.13B	$2.94B	$1.95B	$1.04B	$982.1M
Free cash flow	$2.81B	$2.57B	$554.9M	−$1.02B	−$736.3M
Free cash flow margin	11.0%	16.2%	3.8%	−7.3%	−5.6%
Capex / revenue	0.6%	2.3%	8.4%	14.3%	16.9%
Operating cash flow / net income	1.13	1.43	1.23	0.88	1.69

Companhia Paranaense de Energia - COPEL quarterly cash flow statement
	Sep '23
Operating activities
Net income	$88.3M
Depreciation & amortization	$71.2M
Change in working capital	−$21.3M
Other non-cash items	$58.0M
Cash from operating activities	$196.2M
Investing activities
Capital expenditures	−$5.1M
Investments (net)	−$557.3M
Acquisitions & other investing	$448.3M
Cash from investing activities	−$114.0M
Financing activities
Dividends paid	−$3.7M
Shares issued	$0
Other financing	$192.5M
Cash from financing activities	$188.8M
Summary
Net change in cash	$188.5M
Cash at end of period	$1.11B
Free cash flow	$191.1M
Free cash flow margin	3.4%
Capex / revenue	0.1%
Operating cash flow / net income	2.22

Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.

ELPC cash generation

In fiscal 2026 (ended September 30, 2026), Companhia Paranaense de Energia - COPEL generated $3.0 billion of cash from operations (up 0.8%) and spent $158.9 million on capital expenditures, leaving free cash flow of $2.8 billion, 11.0% of revenue. It returned $2.5 billion to shareholders through dividends ($2.5 billion) and net share buybacks ($68.7 million). Cash and equivalents fell by $561.0 million over the year.

Related: ELPC income statement, ELPC balance sheet, ELPC dividend history. See the ELPC stock overview for the latest quote and news.

ELPC cash flow FAQ

What is Companhia Paranaense de Energia - COPEL's free cash flow?

Companhia Paranaense de Energia - COPEL's free cash flow was $2.8 billion in fiscal 2026: $3.0 billion of operating cash flow minus $158.9 million of capital expenditures It was $2.6 billion a year earlier..

How much cash does Companhia Paranaense de Energia - COPEL generate from operations?

Companhia Paranaense de Energia - COPEL generated $3.0 billion of cash from operating activities in fiscal 2026, 1.13 times its net income of $2.6 billion.

How much does Companhia Paranaense de Energia - COPEL spend on capital expenditures?

Companhia Paranaense de Energia - COPEL spent $158.9 million on capital expenditures in fiscal 2026, 0.6% of revenue, compared with $372.6 million the year before.

How much stock does Companhia Paranaense de Energia - COPEL buy back?

Companhia Paranaense de Energia - COPEL spent $68.7 million on net share repurchases in fiscal 2026.

How much does Companhia Paranaense de Energia - COPEL pay in dividends?

Companhia Paranaense de Energia - COPEL paid $2.5 billion in dividends in fiscal 2026, 88.0% of free cash flow.