Embraer S.A. (EMBJ) Cash Flow Statement
Where EMBJ’s cash came from and went, 2025
December 31, 2025 · Brazilian reais- Cash from operations
- R$4.76B −11.6% vs 2024
- Capital expenditures
- R$2.65B 6.4% of revenue
- Free cash flow
- R$2.11B 5.1% margin
- Returned to shareholders
- R$1.15B 54% of free cash flow
- Change in cash
- R$2.12B cash at year-end R$10.68B
Drawn to scale: where the cash came from and how it was used. Hover for values.
EMBJ operating cash flow, capex and free cash flow
EMBJ cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −R$309.0M2016 | R$4.76B2025 | — | |
| Capital expenditures | R$1.35B2016 | R$2.65B2025 | +7.8%/yr | |
| Free cash flow | −R$1.66B2016 | R$2.11B2025 | — | |
| Free cash flow margin | −8.2%2016 | 5.1%2025 | +13.3 pts | |
| Operating cash flow / net income | −0.532016 | 2.422025 | +2.95 | |
| Stock-based compensation | R$4.8M2016 | R$15.5M2022 | +21.6%/yr | |
| Dividends paid | R$99.8M2016 | R$129.3M2025 | +2.9%/yr | |
| Share buybacks (net) | R$60.0M2016 | R$1.02B2025 | +37.0%/yr | |
| Capex / revenue | 6.7%2016 | 6.4%2025 | −0.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
EMBJ cash flow by activity
EMBJ 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).
EMBJ cash flow statement in Brazilian reais
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | R$1.97B | R$2.19B | R$164.3M | −R$1.09B | −R$43.5M | −R$3.62B | −R$1.21B | −R$570.0M | R$850.7M | R$585.4M |
| Depreciation & amortization | R$1.42B | R$1.51B | R$1.17B | R$1.13B | R$208.6M | R$1.56B | R$802.4M | — | R$1.10B | R$1.28B |
| Stock-based compensation | — | — | — | R$15.5M | R$0 | −R$1.7M | — | — | R$7.6M | R$4.8M |
| Change in working capital | R$2.18B | R$585.0M | R$439.5M | R$3.17B | R$469.3M | −R$3.20B | R$3.30B | R$2.74B | R$1.04B | −R$734.5M |
| Other non-cash items | −R$805.1M | R$1.10B | −R$1.15B | R$801.4M | −R$119.1M | −R$1.45B | R$528.8M | R$1.84B | −R$500.9M | −R$1.44B |
| Cash from operating activities | R$4.76B | R$5.39B | R$617.0M | R$4.02B | R$515.3M | −R$6.71B | R$3.42B | R$4.01B | R$2.50B | −R$309.0M |
| Investing activities | ||||||||||
| Capital expenditures | −R$2.65B | −R$2.88B | −R$430.8M | −R$1.37B | −R$268.2M | −R$1.16B | −R$2.17B | −R$565.1M | −R$762.8M | −R$1.35B |
| Investments (net) | −R$39.1M | −R$599.7M | −R$447.6M | −R$109.5M | −R$131.6M | — | — | — | — | — |
| Acquisitions & other investing | −R$660.9M | −R$225.9M | R$430.8M | R$893.2M | R$268.2M | R$615.6M | R$3.73B | −R$1.35B | −R$2.70B | −R$2.03B |
| Cash from investing activities | −R$3.35B | −R$3.71B | −R$447.6M | −R$585.8M | −R$131.6M | −R$547.5M | R$1.56B | −R$1.92B | −R$3.46B | −R$3.38B |
| Financing activities | ||||||||||
| Dividends paid | −R$129.3M | R$0 | −R$13.4M | R$0 | R$0 | — | −R$7.7M | −R$148.1M | −R$173.0M | −R$99.8M |
| Share repurchases & issuance (net) | −R$1.02B | R$0 | R$0 | R$0 | −R$2.5M | — | — | — | −R$48.4M | −R$60.0M |
| Net borrowing (repayment) | R$119.0M | −R$398.9M | −R$344.8M | −R$828.3M | −R$428.1M | — | — | — | — | — |
| Shares issued | R$0 | R$0 | R$9.5M | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 |
| Other financing | R$1.83B | −R$1.68B | R$0 | −R$2.75B | R$0 | R$5.24B | −R$975.8M | −R$1.74B | R$1.33B | R$174.4M |
| Cash from financing activities | R$800.2M | −R$2.08B | −R$348.7M | −R$3.58B | −R$430.6M | R$5.24B | −R$983.4M | −R$1.89B | R$1.10B | R$14.7M |
| Summary | ||||||||||
| Net change in cash | R$2.12B | −R$391.4M | −R$189.3M | −R$123.0M | −R$44.5M | −R$2.21B | R$3.93B | R$759.3M | R$157.5M | −R$4.41B |
| Cash at end of period | R$10.68B | R$9.67B | R$1.63B | R$9.71B | R$1.84B | R$9.79B | R$8.83B | R$4.96B | R$4.20B | R$4.05B |
| Free cash flow | R$2.11B | R$2.50B | R$186.2M | R$2.65B | R$247.1M | −R$7.87B | R$1.25B | R$3.45B | R$1.73B | −R$1.66B |
| Free cash flow margin | 5.1% | 6.3% | 0.7% | 10.9% | 1.1% | −40.1% | 6.0% | 41.2% | 9.2% | −8.2% |
| Capex / revenue | 6.4% | 7.3% | 1.7% | 5.6% | 1.2% | 5.9% | 10.4% | 6.8% | 4.1% | 6.7% |
| Operating cash flow / net income | 2.42 | 2.46 | 3.76 | — | — | — | — | — | 2.94 | −0.53 |
| Sep '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||
| Net income | R$1.11B | R$171.6M | R$444.2M | R$622.7M | R$79.2M | R$466.0M | R$977.1M | R$991.5M | R$572.5M | R$142.8M | R$194.5M |
| Depreciation & amortization | R$339.4M | R$274.4M | R$426.1M | R$385.0M | R$59.6M | R$295.5M | R$413.9M | R$375.1M | R$324.5M | R$217.2M | R$85.7M |
| Stock-based compensation | — | — | — | R$2.8M | — | — | — | R$16.4M | — | R$4.7M | −R$1.5M |
| Change in working capital | R$416.7M | −R$2.17B | R$3.98B | R$525.3M | −R$216.2M | −R$913.4M | R$3.19B | −R$3.01B | −R$1.23B | −R$1.68B | R$466.5M |
| Other non-cash items | R$363.6M | −R$300.5M | −R$152.8M | −R$76.3M | −R$13.1M | −R$921.6M | −R$628.6M | R$2.58B | R$105.0M | −R$236.3M | R$67.6M |
| Cash from operating activities | R$2.23B | −R$2.03B | R$4.69B | R$1.46B | −R$90.6M | −R$1.07B | R$3.95B | R$952.8M | −R$224.5M | −R$1.56B | R$812.8M |
| Investing activities | |||||||||||
| Capital expenditures | −R$334.3M | −R$391.0M | −R$494.0M | −R$328.6M | −R$40.9M | −R$805.3M | −R$764.3M | −R$379.6M | −R$690.9M | −R$545.9M | −R$92.0M |
| Investments (net) | — | R$4.5M | −R$200,000 | — | −R$187.4M | −R$134.1M | −R$138.5M | −R$126.9M | −R$146.0M | — | — |
| Acquisitions & other investing | −R$37.3M | −R$412.7M | −R$283.0M | −R$473.8M | R$40.9M | R$156.3M | R$36.9M | −R$198.0M | R$21.4M | −R$405.4M | −R$87.3M |
| Cash from investing activities | −R$371.5M | −R$799.2M | −R$777.2M | −R$802.4M | −R$187.4M | −R$783.1M | −R$865.9M | −R$704.5M | −R$815.5M | −R$951.3M | −R$179.3M |
| Financing activities | |||||||||||
| Dividends paid | −R$318.0M | −R$66.8M | −R$79.4M | −R$66,000 | −R$9.0M | R$0 | −R$66.6M | — | R$0 | — | −R$13.7M |
| Share repurchases & issuance (net) | −R$26.2M | −R$939.6M | −R$943.7M | — | −R$287,170 | −R$84.7M | — | — | R$0 | — | — |
| Net borrowing (repayment) | — | R$98.7M | R$333.0M | — | R$114.7M | −R$417.9M | −R$178.1M | R$4.2M | −R$5.4M | — | — |
| Shares issued | 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$1.28B | R$418.3M | R$1.71B | R$1.60B | −R$2.8M | −R$2.02B | R$149.4M | R$371.0M | −R$24.8M | −R$1.11B | −R$6.0M |
| Cash from financing activities | −R$1.62B | −R$489.3M | R$1.02B | R$1.60B | R$102.6M | −R$2.53B | −R$95.4M | R$375.2M | −R$30.2M | −R$1.11B | −R$19.7M |
| Summary | |||||||||||
| Net change in cash | R$400.7M | −R$3.32B | R$4.85B | R$2.10B | −R$161.2M | −R$4.38B | R$2.96B | R$511.5M | −R$1.10B | −R$3.61B | R$603.0M |
| Cash at end of period | R$7.20B | R$6.78B | R$10.68B | R$5.66B | R$653.9M | R$4.75B | R$7.99B | R$4.49B | R$4.00B | R$4.61B | R$1.62B |
| Free cash flow | R$1.89B | −R$2.42B | R$4.20B | R$1.13B | −R$131.5M | −R$1.88B | R$3.18B | R$573.2M | −R$915.4M | −R$2.10B | R$720.8M |
| Free cash flow margin | 16.3% | −32.5% | 28.9% | 10.4% | −1.3% | −29.2% | 32.8% | 6.2% | −11.0% | −46.3% | 35.9% |
| Capex / revenue | 2.9% | 5.3% | 3.4% | 3.0% | 0.4% | 12.5% | 7.9% | 4.1% | 8.3% | 12.0% | 4.6% |
| Operating cash flow / net income | 2.01 | −11.81 | 10.57 | 2.34 | −1.14 | −2.30 | 4.04 | 0.96 | −0.39 | −10.89 | 4.18 |
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.
EMBJ cash generation
In fiscal 2025 (ended December 31, 2025), Embraer generated R$4.8 billion of cash from operations (down 11.6%) and spent R$2.7 billion on capital expenditures, leaving free cash flow of R$2.1 billion, 5.1% of revenue. It returned R$1.2 billion to shareholders through dividends (R$129.3 million) and net share buybacks (R$1.0 billion). Cash and equivalents rose by R$2.1 billion over the year.
Related: EMBJ income statement, EMBJ balance sheet, EMBJ dividend history. See the EMBJ stock overview for the latest quote and news.
EMBJ cash flow FAQ
What is Embraer's free cash flow?
Embraer's free cash flow was R$2.1 billion in fiscal 2025: R$4.8 billion of operating cash flow minus R$2.7 billion of capital expenditures It was R$2.5 billion a year earlier..
How much cash does Embraer generate from operations?
Embraer generated R$4.8 billion of cash from operating activities in fiscal 2025, 2.42 times its net income of R$2.0 billion.
How much does Embraer spend on capital expenditures?
Embraer spent R$2.7 billion on capital expenditures in fiscal 2025, 6.4% of revenue, compared with R$2.9 billion the year before.
How much stock does Embraer buy back?
Embraer spent R$1.0 billion on net share repurchases in fiscal 2025.
How much does Embraer pay in dividends?
Embraer paid R$129.3 million in dividends in fiscal 2025, 6.1% of free cash flow.