Grupo Financiero Galicia S.A. (GGAL) Cash Flow Statement
Where GGAL’s cash came from and went, 2025
December 31, 2025 · Argentine pesos- Cash from operations
- −ARS 1.61T
- Capital expenditures
- ARS 286.50B 2.3% of revenue
- Free cash flow
- ARS 40.27B 0.3% margin
- Returned to shareholders
- ARS 383.46B 952% of free cash flow
- Change in cash
- ARS 788.58B cash at year-end ARS 10.27T
Cash from operations
−ARS 1.61T
Capital expenditures
−ARS 286.50B
Acquisitions & other
−ARS 12.26T
Dividends
−ARS 383.46B
Net borrowing (repayment)
+ARS 1.08T
Shares issued
+ARS 126.05B
Other financing
+ARS 54.32B
Currency & other
+ARS 14.06T
Change in cash
ARS 788.58B
Drawn to scale: where the cash came from and how it was used. Hover for values.
GGAL operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
GGAL cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | ARS 25.01B2016 | −ARS 1.61T2025 | — | |
| Capital expenditures | ARS 900.5M2016 | ARS 286.50B2025 | +89.7%/yr | |
| Free cash flow | ARS 24.11B2016 | ARS 40.27B2025 | +5.9%/yr | |
| Free cash flow margin | 48.9%2016 | 0.3%2025 | −48.6 pts | |
| Operating cash flow / net income | 4.162016 | −5.282025 | −9.44 | |
| Dividends paid | ARS 150.0M2016 | ARS 383.46B2025 | +139.1%/yr | |
| Share buybacks (net) | ARS 02016 | ARS 979.3M2024 | — | |
| Capex / revenue | 1.8%2016 | 2.3%2025 | +0.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GGAL cash flow by activity
OperatingInvestingFinancingChange in cash
GGAL 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).
GGAL cash flow statement in Argentine pesos
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | ARS 303.85B | ARS 747.07B | ARS 732.22B | ARS 65.64B | ARS 47.50B | ARS 43.38B | ARS 51.02B | −ARS 5.33B | ARS 10.45B | ARS 6.02B |
| Depreciation & amortization | ARS 304.59B | ARS 188.07B | ARS 241.43B | ARS 27.88B | ARS 14.50B | ARS 8.28B | ARS 2.56B | ARS 3.46B | ARS 2.21B | ARS 301.4M |
| Change in working capital | −ARS 4.80T | −ARS 8.47T | −ARS 1.24T | ARS 11.35B | ARS 10.64B | ARS 51.72B | −ARS 108.64B | −ARS 14.13B | −ARS 82.07B | — |
| Other non-cash items | ARS 2.59T | ARS 4.83T | ARS 6.49T | ARS 475.36B | ARS 210.18B | ARS 80.38B | ARS 6.62B | ARS 39.90B | ARS 25.92B | ARS 18.69B |
| Cash from operating activities | −ARS 1.61T | −ARS 2.70T | ARS 6.22T | ARS 580.22B | ARS 282.81B | ARS 183.75B | −ARS 48.43B | ARS 23.89B | −ARS 43.48B | ARS 25.01B |
| Investing activities | ||||||||||
| Capital expenditures | −ARS 286.50B | −ARS 214.70B | −ARS 72.64B | −ARS 18.53B | −ARS 9.94B | −ARS 7.12B | −ARS 5.52B | −ARS 5.67B | −ARS 5.01B | −ARS 900.5M |
| Investments (net) | — | ARS 865.18B | −ARS 81.86B | −ARS 18.70B | −ARS 163.9M | −ARS 102.3M | −ARS 5.22B | −ARS 2.21B | −ARS 1.75B | −ARS 1.48B |
| Acquisitions & other investing | −ARS 12.26T | ARS 288.84B | −ARS 23.76B | −ARS 21.00B | ARS 1.09B | ARS 444.2M | ARS 3.64B | ARS 2.36B | ARS 807.7M | ARS 900.5M |
| Cash from investing activities | −ARS 12.54T | ARS 939.32B | −ARS 178.26B | −ARS 58.23B | −ARS 9.02B | −ARS 6.78B | −ARS 7.10B | −ARS 5.52B | −ARS 5.95B | −ARS 1.48B |
| Financing activities | ||||||||||
| Dividends paid | −ARS 383.46B | −ARS 614.94B | −ARS 179.28B | −ARS 25.17B | −ARS 1.93B | −ARS 2.04B | −ARS 2.00B | −ARS 2.49B | −ARS 859.2M | −ARS 150.0M |
| Share repurchases & issuance (net) | — | −ARS 979.3M | — | — | — | — | −ARS 127.0M | ARS 0 | −ARS 8.83B | ARS 9.1M |
| Net borrowing (repayment) | ARS 1.08T | ARS 1.03T | −ARS 109.94B | ARS 327.02B | ARS 10.35B | −ARS 33.07B | −ARS 21.66B | ARS 31.03B | −ARS 4.66B | ARS 2.86B |
| Shares issued | ARS 126.05B | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 |
| Other financing | ARS 54.32B | ARS 0 | −ARS 211.12B | −ARS 278.80B | ARS 0 | ARS 0 | ARS 14.31B | −ARS 12.13B | ARS 34.96B | −ARS 57.4M |
| Cash from financing activities | ARS 873.80B | ARS 413.52B | −ARS 500.34B | ARS 23.05B | ARS 8.43B | −ARS 35.11B | −ARS 9.47B | ARS 16.41B | ARS 20.60B | ARS 2.66B |
| Summary | ||||||||||
| Net change in cash | ARS 788.58B | ARS 291.34B | −ARS 1.88T | ARS 76.37B | ARS 70.16B | ARS 62.81B | ARS 6.13B | ARS 144.46B | −ARS 17.97B | ARS 30.11B |
| Cash at end of period | ARS 10.27T | ARS 7.41T | ARS 3.27T | ARS 1.33T | ARS 641.96B | ARS 378.82B | ARS 231.99B | ARS 347.46B | ARS 202.99B | ARS 73.09B |
| Free cash flow | ARS 40.27B | −ARS 2.92T | ARS 1.59T | ARS 561.69B | ARS 272.87B | ARS 176.63B | −ARS 53.95B | ARS 18.22B | −ARS 48.50B | ARS 24.11B |
| Free cash flow margin | 0.3% | −27.4% | 11.5% | 6.6% | 9.5% | 20.4% | −10.6% | 16.3% | −32.7% | 48.9% |
| Capex / revenue | 2.3% | 2.0% | 0.5% | 0.2% | 0.3% | 0.8% | 1.1% | 5.1% | 3.4% | 1.8% |
| Operating cash flow / net income | −5.28 | −3.62 | 8.49 | 8.84 | 5.95 | 4.24 | −0.95 | — | −4.16 | 4.16 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | ARS 258.32B | ARS 65.18B | −ARS 63.79B | −ARS 87.71B | ARS 172.64B | ARS 235.21B | ARS 651.98B | ARS 168.38B | ARS 573.71B | ARS 586.17B | ARS 173.62B | ARS 54.22B |
| Depreciation & amortization | ARS 92.27B | ARS 75.15B | — | ARS 74.67B | ARS 88.60B | ARS 62.03B | ARS 80.66B | ARS 49.64B | ARS 49.39B | ARS 45.72B | ARS 43.73B | ARS 44.45B |
| Change in working capital | −ARS 2.32T | −ARS 437.95B | −ARS 4.61T | ARS 5.47T | −ARS 2.53T | −ARS 1.32T | −ARS 7.04T | −ARS 2.82T | −ARS 4.69T | −ARS 902.74B | −ARS 1.56T | −ARS 840.78B |
| Other non-cash items | ARS 1.35T | ARS 1.08T | ARS 1.90T | ARS 2.22T | ARS 877.81B | −ARS 52.27B | −ARS 1.45T | ARS 608.32B | ARS 5.37T | ARS 456.18B | −ARS 576.20B | −ARS 16.97B |
| Cash from operating activities | −ARS 621.74B | ARS 781.42B | −ARS 2.77T | ARS 7.68T | −ARS 1.39T | −ARS 1.07T | −ARS 7.76T | −ARS 2.00T | ARS 1.30T | ARS 185.34B | −ARS 1.91T | −ARS 759.07B |
| Investing activities | ||||||||||||
| Capital expenditures | −ARS 77.73B | −ARS 69.56B | −ARS 69.41B | −ARS 98.29B | −ARS 20.94B | −ARS 100.64B | −ARS 79.54B | −ARS 92.02B | −ARS 50.45B | −ARS 35.02B | −ARS 58.65B | −ARS 7.28B |
| Investments (net) | — | — | — | — | — | −ARS 72.23B | ARS 995.03B | — | — | — | ARS 12.25B | — |
| Acquisitions & other investing | −ARS 2.13T | −ARS 993.64B | −ARS 4.76T | ARS 57.72B | −ARS 33.33B | ARS 100.64B | — | ARS 39.79B | −ARS 3.80T | −ARS 67.87B | — | −ARS 8.14B |
| Cash from investing activities | −ARS 2.21T | −ARS 1.06T | −ARS 4.83T | −ARS 40.57B | −ARS 54.27B | −ARS 72.23B | — | −ARS 52.23B | −ARS 3.85T | −ARS 102.89B | — | −ARS 15.42B |
| Financing activities | ||||||||||||
| Dividends paid | −ARS 204.18B | −ARS 119.81B | −ARS 139.55B | −ARS 111.10B | −ARS 89.42B | −ARS 45.70B | −ARS 45.70B | −ARS 208.47B | −ARS 360.77B | −ARS 61.86B | −ARS 61.86B | −ARS 61.81B |
| Share repurchases & issuance (net) | — | — | — | — | — | −ARS 979.3M | −ARS 979.3M | — | — | — | — | — |
| Net borrowing (repayment) | — | — | — | — | — | ARS 59.94B | ARS 906.53B | — | — | — | — | — |
| Shares issued | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 104.03B | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 |
| Other financing | ARS 2.57T | −ARS 2.03T | ARS 4.16T | −ARS 5.06T | ARS 2.40T | ARS 46.68B | ARS 5.60T | ARS 5.49T | ARS 2.19T | ARS 113.92B | ARS 2.91T | ARS 1.23T |
| Cash from financing activities | ARS 2.36T | −ARS 2.15T | ARS 4.02T | −ARS 5.17T | ARS 2.31T | ARS 163.97B | ARS 6.46T | ARS 5.28T | ARS 1.83T | ARS 52.06B | ARS 2.85T | ARS 1.17T |
| Summary | ||||||||||||
| Net change in cash | −ARS 7.49T | −ARS 2.79T | — | ARS 1.81T | ARS 1.40T | −ARS 1.29T | ARS 239.01B | ARS 1.95T | −ARS 715.47B | −ARS 1.12T | ARS 1.07T | ARS 380.30B |
| Cash at end of period | — | ARS 7.49T | ARS 10.27T | ARS 9.64T | ARS 7.83T | ARS 6.75T | ARS 7.21T | ARS 6.97T | −ARS 715.47B | ARS 6.61T | ARS 3.27T | ARS 2.19T |
| Free cash flow | −ARS 699.47B | ARS 711.85B | −ARS 2.84T | ARS 7.58T | −ARS 1.37T | −ARS 1.17T | −ARS 7.84T | −ARS 2.09T | ARS 1.25T | ARS 152.70B | −ARS 1.97T | −ARS 766.35B |
| Free cash flow margin | −25.3% | 27.9% | −40.8% | 384.4% | −65.7% | −46.4% | −471.3% | −114.1% | 50.2% | 3.6% | −91.7% | −22.2% |
| Capex / revenue | 2.8% | 2.7% | 1.0% | 5.0% | 1.0% | 4.0% | 4.8% | 5.0% | 2.0% | 0.8% | 2.7% | 0.2% |
| Operating cash flow / net income | −2.41 | 11.99 | — | — | −8.06 | −4.56 | −11.90 | −11.86 | 2.27 | 0.32 | −11.02 | −14.00 |
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.
GGAL cash generation
In fiscal 2025 (ended December 31, 2025), Grupo Financiero Galicia generated -ARS 1.61 trillion of cash from operations and spent ARS 286.5 billion on capital expenditures, leaving free cash flow of ARS 40.3 billion, 0.3% of revenue. It returned ARS 383.5 billion to shareholders through dividends (ARS 383.5 billion) and net share buybacks (ARS 0). Cash and equivalents rose by ARS 788.6 billion over the year.
Related: GGAL income statement, GGAL balance sheet, GGAL dividend history. See the GGAL stock overview for the latest quote and news.
GGAL cash flow FAQ
What is Grupo Financiero Galicia's free cash flow?
Grupo Financiero Galicia's free cash flow was ARS 40.3 billion in fiscal 2025: -ARS 1.61 trillion of operating cash flow minus ARS 286.5 billion of capital expenditures It was -ARS 2.92 trillion a year earlier..
How much cash does Grupo Financiero Galicia generate from operations?
Grupo Financiero Galicia generated -ARS 1.61 trillion of cash from operating activities in fiscal 2025, −5.28 times its net income of ARS 303.9 billion.
How much does Grupo Financiero Galicia spend on capital expenditures?
Grupo Financiero Galicia spent ARS 286.5 billion on capital expenditures in fiscal 2025, 2.3% of revenue, compared with ARS 214.7 billion the year before.
How much does Grupo Financiero Galicia pay in dividends?
Grupo Financiero Galicia paid ARS 383.5 billion in dividends in fiscal 2025, 952.2% of free cash flow.