Gold Fields Limited (GFI) Cash Flow Statement
Where GFI’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $4.55B +132.3% vs 2024
- Capital expenditures
- $1.43B 16.3% of revenue
- Free cash flow
- $3.12B 35.6% margin
- Returned to shareholders
- $746.4M 24% of free cash flow
- Change in cash
- $919.1M cash at year-end $1.78B
Drawn to scale: where the cash came from and how it was used. Hover for values.
GFI operating cash flow, capex and free cash flow
GFI cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $956.7M2016 | $4.55B2025 | +18.9%/yr | |
| Capital expenditures | $825.6M2016 | $1.43B2025 | +6.3%/yr | |
| Free cash flow | $131.1M2016 | $3.12B2025 | +42.2%/yr | |
| Free cash flow margin | 4.9%2016 | 35.6%2025 | +30.6 pts | |
| Operating cash flow / net income | 6.052016 | 1.272025 | −4.78 | |
| Stock-based compensation | $14.0M2016 | $25.4M2025 | +6.8%/yr | |
| Dividends paid | $39.2M2016 | $710.0M2025 | +38.0%/yr | |
| Share buybacks (net) | $02016 | $36.4M2025 | — | |
| Capex / revenue | 31.0%2016 | 16.3%2025 | −14.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GFI cash flow by activity
GFI 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).
GFI cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $3.58B | $1.25B | $703.3M | $711.0M | $789.3M | $723.0M | $161.6M | −$348.2M | −$18.7M | $158.2M |
| Depreciation & amortization | $920.4M | $627.4M | $795.3M | $844.3M | $744.5M | $688.0M | $640.0M | $708.0M | $749.7M | $781.6M |
| Stock-based compensation | $25.4M | $4.4M | $9.1M | $6.9M | $12.7M | $14.5M | $20.5M | $37.5M | $26.8M | $14.0M |
| Change in working capital | $188.0M | −$81.5M | −$214.5M | −$156.6M | −$84.4M | −$177.9M | −$61.8M | $300,000 | −$74.7M | −$36.4M |
| Other non-cash items | −$164.1M | $162.6M | $268.2M | $278.0M | $90.4M | $1.5M | $130.2M | $216.6M | $111.7M | $39.3M |
| Cash from operating activities | $4.55B | $1.96B | $1.56B | $1.68B | $1.55B | $1.25B | $890.5M | $614.2M | $794.8M | $956.7M |
| Investing activities | ||||||||||
| Capital expenditures | −$1.43B | −$1.25B | −$1.12B | −$1.07B | −$1.09B | −$583.7M | −$612.5M | −$814.2M | −$833.6M | −$825.6M |
| Investments (net) | $778.5M | −$2.59B | −$1.37B | −$1.07B | −$3.2M | −$607.4M | −$446.8M | −$886.8M | −$908.6M | −$867.9M |
| Acquisitions & other investing | −$2.13B | $1.25B | $1.12B | $1.07B | $21.4M | $583.7M | $612.5M | $814.2M | $833.6M | $825.6M |
| Cash from investing activities | −$2.77B | −$2.59B | −$1.37B | −$1.07B | −$1.07B | −$607.4M | −$446.8M | −$886.8M | −$908.6M | −$867.9M |
| Financing activities | ||||||||||
| Dividends paid | −$710.0M | −$350.9M | −$368.6M | −$304.4M | −$322.3M | −$137.7M | −$45.5M | −$45.5M | −$62.8M | −$39.2M |
| Share repurchases & issuance (net) | −$36.4M | $0 | $0 | $0 | $0 | $137.7M | $0 | — | $0 | $151.5M |
| Net borrowing (repayment) | −$137.0M | $1.21B | $82.4M | −$56.9M | −$510.5M | −$388.8M | −$104.6M | $151.6M | $85.1M | −$114.5M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $249.0M | $0 | $0 | $0 | $0 |
| Other financing | −$54.7M | $0 | $0 | $0 | $0 | −$137.7M | $0 | $0 | $0 | $0 |
| Cash from financing activities | −$938.1M | $861.7M | −$286.2M | −$361.3M | −$832.8M | −$277.5M | −$150.1M | $106.1M | $22.3M | −$2.2M |
| Summary | ||||||||||
| Net change in cash | $919.1M | $211.5M | −$120.7M | $244.7M | −$362.1M | $371.8M | $295.3M | −$79.3M | −$47.7M | $86.7M |
| Cash at end of period | $1.78B | $860.2M | $648.7M | $769.4M | $524.7M | $886.8M | $515.0M | $399.7M | $479.0M | $526.7M |
| Free cash flow | $3.12B | $709.2M | $437.6M | $614.3M | $463.8M | $665.4M | $278.0M | −$200.0M | −$38.8M | $131.1M |
| Free cash flow margin | 35.6% | 13.6% | 9.7% | 14.3% | 11.1% | 17.1% | 9.4% | −7.8% | −1.4% | 4.9% |
| Capex / revenue | 16.3% | 24.0% | 25.0% | 24.9% | 26.0% | 15.0% | 20.6% | 31.6% | 30.2% | 31.0% |
| Operating cash flow / net income | 1.27 | 1.57 | 2.22 | 2.37 | 1.97 | 1.73 | 5.51 | — | — | 6.05 |
| Jun '26 | Dec '25 | Jun '25 | Dec '24 | Jun '24 | Dec '23 | Jun '23 | Mar '23 | Dec '22 | Sep '22 | Jun '22 | Mar '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.88B | $2.55B | $1.03B | $856.0M | $389.0M | $267.7M | $457.8M | $228.9M | $212.9M | $100.7M | $509.7M | $254.8M |
| Depreciation & amortization | $644.7M | $559.8M | $392.2M | $358.8M | $281.0M | $385.0M | $423.5M | $211.8M | $472.3M | $233.2M | $377.8M | $188.9M |
| Stock-based compensation | — | — | — | $900,000 | — | −$774.8M | $4.7M | $2.4M | $2.4M | $1.4M | $4.1M | — |
| Change in working capital | $209.7M | $73.9M | $114.0M | −$167.7M | $79.9M | −$42.3M | −$159.3M | −$79.7M | −$151.1M | −$4.5M | $9.1M | — |
| Other non-cash items | $381.3M | −$327.4M | $156.8M | $281.0M | −$104.7M | $1.02B | $0 | $0 | $405.5M | $82.8M | −$44.3M | −$15.6M |
| Cash from operating activities | $3.11B | $2.85B | $1.69B | $1.33B | $645.2M | $859.5M | $726.7M | $363.4M | $942.1M | $413.6M | $856.4M | $428.2M |
| Investing activities | ||||||||||||
| Capital expenditures | −$710.4M | −$755.6M | −$670.6M | −$647.9M | −$600.8M | −$560.4M | −$507.5M | −$253.8M | −$586.1M | −$262.1M | −$545.0M | −$272.5M |
| Investments (net) | — | — | — | — | — | — | — | — | −$6.8M | −$6.8M | −$3.2M | −$3.2M |
| Acquisitions & other investing | $123.8M | −$1.36B | $12.7M | −$1.43B | $87.5M | −$53.5M | −$265.5M | — | $10.4M | $8.7M | −$3.4M | −$100,000 |
| Cash from investing activities | −$586.5M | −$2.12B | −$657.8M | −$2.08B | −$513.3M | −$613.9M | −$773.0M | — | −$582.6M | −$260.3M | −$551.6M | −$275.8M |
| Financing activities | ||||||||||||
| Dividends paid | −$1.28B | −$362.0M | −$347.7M | −$152.4M | −$199.2M | −$157.8M | −$215.4M | −$107.3M | −$167.9M | −$75.6M | −$153.2M | −$76.6M |
| Share repurchases & issuance (net) | −$120.4M | −$26.8M | −$9.6M | — | — | — | — | — | $0 | — | — | — |
| Net borrowing (repayment) | — | — | — | — | — | — | — | — | −$62.8M | −$62.8M | $34.3M | $34.3M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$700.7M | $326.5M | −$518.2M | $1.25B | −$50.6M | −$81.2M | $159.5M | $79.4M | −$84.4M | $0 | $34.3M | $0 |
| Cash from financing activities | −$2.10B | −$62.2M | −$875.5M | $1.10B | −$249.8M | −$239.1M | −$55.9M | −$27.9M | −$315.1M | −$138.3M | −$84.6M | −$42.3M |
| Summary | ||||||||||||
| Net change in cash | $417.8M | $712.7M | $206.4M | −$527.7M | −$121.0M | −$1.8M | −$118.9M | −$59.5M | $45.3M | $22.6M | $199.4M | $99.7M |
| Cash at end of period | $2.20B | $1.78B | $1.07B | $860.1M | $527.7M | $648.7M | $650.5M | −$59.5M | $769.4M | $746.8M | $724.1M | $524.7M |
| Free cash flow | $2.40B | $2.10B | $1.02B | $681.1M | $44.4M | $299.0M | $219.2M | $109.6M | $355.9M | $151.5M | $311.4M | $155.7M |
| Free cash flow margin | 40.4% | 39.7% | 29.3% | 22.1% | 2.1% | 13.4% | 9.7% | 9.7% | 17.4% | 14.8% | 13.9% | — |
| Capex / revenue | 11.9% | 14.3% | 19.2% | 21.1% | 28.3% | 25.1% | 22.4% | 22.4% | 28.6% | 25.6% | 24.4% | — |
| Operating cash flow / net income | 1.66 | 1.12 | 1.64 | 1.55 | 1.66 | 3.21 | 1.59 | 1.59 | 4.42 | 4.11 | 1.68 | 1.68 |
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.
GFI cash generation
In fiscal 2025 (ended December 31, 2025), Gold Fields generated $4.5 billion of cash from operations (up 132.3%) and spent $1.4 billion on capital expenditures, leaving free cash flow of $3.1 billion, 35.6% of revenue. It returned $746.4 million to shareholders through dividends ($710.0 million) and net share buybacks ($36.4 million). Cash and equivalents rose by $919.1 million over the year.
Related: GFI income statement, GFI balance sheet, GFI dividend history. See the GFI stock overview for the latest quote and news.
GFI cash flow FAQ
What is Gold Fields's free cash flow?
Gold Fields's free cash flow was $3.1 billion in fiscal 2025: $4.5 billion of operating cash flow minus $1.4 billion of capital expenditures It was $709.2 million a year earlier..
How much cash does Gold Fields generate from operations?
Gold Fields generated $4.5 billion of cash from operating activities in fiscal 2025, 1.27 times its net income of $3.6 billion.
How much does Gold Fields spend on capital expenditures?
Gold Fields spent $1.4 billion on capital expenditures in fiscal 2025, 16.3% of revenue, compared with $1.2 billion the year before.
How much stock does Gold Fields buy back?
Gold Fields spent $36.4 million on net share repurchases in fiscal 2025.
How much does Gold Fields pay in dividends?
Gold Fields paid $710.0 million in dividends in fiscal 2025, 22.7% of free cash flow.