Gerdau S.A. (GGB) Cash Flow Statement
Where GGB’s cash came from and went, 2025
December 31, 2025 · Brazilian reais- Cash from operations
- R$7.99B −29.8% vs 2024
- Capital expenditures
- R$6.85B 9.8% of revenue
- Free cash flow
- R$1.13B 1.6% margin
- Returned to shareholders
- R$2.45B 216% of free cash flow
- Change in cash
- −R$1.84B cash at year-end R$5.93B
Drawn to scale: where the cash came from and how it was used. Hover for values.
GGB operating cash flow, capex and free cash flow
GGB cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | R$3.52B2016 | R$7.99B2025 | +9.5%/yr | |
| Capital expenditures | R$1.38B2016 | R$6.85B2025 | +19.5%/yr | |
| Free cash flow | R$2.14B2016 | R$1.13B2025 | −6.8%/yr | |
| Free cash flow margin | 5.7%2016 | 1.6%2025 | −4.1 pts | |
| Operating cash flow / net income | 0.862018 | 5.632025 | +4.77 | |
| Stock-based compensation | R$46.7M2016 | R$158.0M2023 | +19.0%/yr | |
| Dividends paid | R$86.0M2016 | R$1.29B2025 | +35.1%/yr | |
| Share buybacks (net) | R$95.3M2016 | R$1.17B2025 | +32.1%/yr | |
| Capex / revenue | 3.7%2016 | 9.8%2025 | +6.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GGB cash flow by activity
GGB 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).
GGB cash flow statement in Brazilian reais
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | R$1.42B | R$4.60B | R$7.54B | R$11.48B | R$15.56B | R$2.39B | R$1.22B | R$2.33B | −R$338.7M | −R$2.89B |
| Depreciation & amortization | R$3.68B | R$3.13B | R$3.05B | R$2.87B | R$2.66B | R$2.50B | R$2.07B | R$1.89B | R$2.09B | R$2.54B |
| Stock-based compensation | — | — | R$158.0M | R$104.7M | −R$4.18B | −R$931.9M | R$43.9M | R$41.2M | R$35.6M | R$46.7M |
| Change in working capital | R$613.8M | R$1.37B | R$114.2M | −R$4.54B | −R$6.81B | R$610.8M | R$1.17B | −R$2.74B | −R$952.6M | R$406.4M |
| Other non-cash items | R$2.27B | R$2.28B | R$282.3M | R$1.24B | R$5.29B | R$1.84B | −R$2.86B | R$475.4M | R$1.24B | R$3.41B |
| Cash from operating activities | R$7.99B | R$11.38B | R$11.14B | R$11.15B | R$12.52B | R$6.41B | R$1.64B | R$2.00B | R$2.08B | R$3.52B |
| Investing activities | ||||||||||
| Capital expenditures | −R$6.85B | −R$5.95B | −R$5.34B | −R$4.48B | −R$3.19B | −R$1.81B | −R$1.85B | −R$1.26B | −R$911.3M | −R$1.38B |
| Investments (net) | — | −R$5.03B | −R$5.53B | −R$4.46B | R$113.6M | −R$2.23B | −R$1.90B | R$2.38B | −R$535.5M | −R$1.07B |
| Acquisitions & other investing | −R$720.8M | R$5.95B | R$5.10B | R$4.48B | R$82.6M | R$1.81B | R$1.85B | R$1.26B | R$911.3M | R$1.38B |
| Cash from investing activities | −R$7.57B | −R$5.03B | −R$5.77B | −R$4.46B | −R$3.00B | −R$2.23B | −R$1.90B | R$2.38B | −R$535.5M | −R$1.07B |
| Financing activities | ||||||||||
| Dividends paid | −R$1.29B | −R$1.66B | −R$2.68B | −R$5.89B | −R$5.34B | −R$274.8M | −R$484.2M | −R$599.1M | −R$86.4M | −R$86.0M |
| Share repurchases & issuance (net) | −R$1.17B | −R$1.19B | −R$157.0M | −R$1.07B | R$0 | R$0 | R$0 | −R$243.4M | R$0 | −R$95.3M |
| Net borrowing (repayment) | R$738.8M | R$163.9M | −R$1.44B | −R$1.25B | −R$4.78B | −R$2.21B | R$538.7M | −R$3.44B | −R$3.98B | −R$2.15B |
| Shares issued | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 |
| Other financing | R$0 | R$0 | R$157.0M | −R$43.4M | R$139.6M | −R$7.8M | −R$64.1M | R$25.8M | R$5.8M | −R$6.5M |
| Cash from financing activities | −R$1.72B | −R$2.69B | −R$4.13B | −R$8.26B | −R$9.98B | −R$2.49B | −R$9.6M | −R$4.26B | −R$4.06B | −R$2.34B |
| Summary | ||||||||||
| Net change in cash | −R$1.84B | R$4.76B | R$529.8M | −R$1.68B | −R$456.6M | R$1.98B | −R$248.5M | R$334.8M | −R$2.51B | −R$584.7M |
| Cash at end of period | R$5.93B | R$7.77B | R$3.01B | R$2.48B | R$4.16B | R$4.62B | R$2.64B | R$2.89B | R$2.56B | R$5.06B |
| Free cash flow | R$1.13B | R$5.43B | R$5.80B | R$6.67B | R$9.32B | R$4.60B | −R$204.1M | R$737.4M | R$1.16B | R$2.14B |
| Free cash flow margin | 1.6% | 8.1% | 8.4% | 8.1% | 11.9% | 10.5% | −0.5% | 1.6% | 3.2% | 5.7% |
| Capex / revenue | 9.8% | 8.9% | 7.7% | 5.4% | 4.1% | 4.1% | 4.7% | 2.7% | 2.5% | 3.7% |
| Operating cash flow / net income | 5.63 | 2.47 | 1.48 | 0.97 | 0.80 | 2.68 | 1.35 | 0.86 | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||
| Net income | R$1.47B | R$1.01B | −R$1.29B | R$1.09B | R$757.8M | R$323.0M | R$1.36B | R$867.0M | R$2.05B | R$586.8M | R$1.59B |
| Depreciation & amortization | R$920.8M | R$902.4M | R$935.7M | R$937.6M | R$873.8M | R$832.9M | R$796.3M | R$771.3M | R$725.8M | R$790.8M | R$789.1M |
| Stock-based compensation | — | — | −R$120.1M | — | — | — | — | — | R$35.5M | R$35.2M | R$5.5M |
| Change in working capital | −R$802.5M | −R$1.30B | R$1.86B | R$406.8M | −R$1.23B | R$762.4M | R$2.04B | −R$27.6M | −R$1.40B | R$1.16B | R$1.02B |
| Other non-cash items | −R$49.3M | R$895.6M | R$1.77B | R$490.9M | R$500.5M | R$868.4M | R$1.63B | R$324.8M | −R$579.1M | R$1.04B | −R$1.06B |
| Cash from operating activities | R$1.54B | R$1.51B | R$3.15B | R$2.93B | R$900.9M | R$2.79B | R$5.83B | R$1.94B | R$831.3M | R$3.61B | R$2.34B |
| Investing activities | |||||||||||
| Capital expenditures | −R$1.10B | −R$1.21B | −R$1.52B | −R$1.76B | −R$1.87B | −R$1.91B | −R$1.70B | −R$1.23B | −R$1.11B | −R$1.58B | −R$1.52B |
| Investments (net) | — | — | — | −R$1.73B | −R$2.38B | −R$2.42B | −R$1.72B | −R$1.26B | R$362.6M | −R$1.97B | −R$1.51B |
| Acquisitions & other investing | R$5.2M | R$4.2M | −R$21.8M | R$1.76B | R$1.87B | R$1.91B | R$1.70B | R$1.23B | R$1.11B | R$1.58B | −R$768.3M |
| Cash from investing activities | −R$1.10B | −R$1.20B | −R$1.54B | −R$1.73B | −R$2.38B | −R$2.42B | −R$1.72B | −R$1.26B | R$362.6M | −R$1.97B | −R$3.80B |
| Financing activities | |||||||||||
| Dividends paid | −R$363.0M | −R$187.0M | −R$574.0M | −R$248.3M | −R$202.6M | −R$643.4M | −R$251.7M | −R$586.7M | −R$174.7M | −R$828.3M | −R$750.7M |
| Share repurchases & issuance (net) | −R$104.9M | −R$206.4M | −R$183.5M | −R$213.3M | −R$280.9M | −R$844.9M | −R$349.8M | R$0 | R$0 | R$0 | R$0 |
| Net borrowing (repayment) | −R$71.1M | −R$329.9M | −R$4.62B | R$358.3M | R$1.08B | R$70.3M | −R$236.7M | — | — | — | R$218.4M |
| 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$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$671.8M | −R$341.4M | −R$99.8M | R$436,000 |
| Cash from financing activities | −R$539.0M | −R$723.4M | −R$5.38B | −R$103.3M | R$594.4M | −R$1.42B | −R$838.2M | R$85.0M | −R$516.1M | −R$928.1M | −R$531.9M |
| Summary | |||||||||||
| Net change in cash | −R$120.7M | −R$653.3M | −R$3.46B | R$888.6M | −R$1.29B | −R$306.3M | R$3.18B | R$1.15B | R$737.5M | R$91.1M | R$358.5M |
| Cash at end of period | R$5.16B | R$5.28B | R$5.93B | R$9.39B | R$6.48B | R$7.77B | R$8.07B | R$4.89B | R$3.74B | R$3.01B | R$2.91B |
| Free cash flow | R$432.5M | R$304.2M | R$1.63B | R$1.16B | −R$971.2M | R$875.1M | R$4.13B | R$710.0M | −R$278.2M | R$2.04B | R$827.6M |
| Free cash flow margin | 2.4% | 1.8% | 9.6% | 6.5% | −5.6% | 5.2% | 23.8% | 4.3% | −1.7% | 13.8% | 4.9% |
| Capex / revenue | 6.2% | 7.2% | 8.9% | 9.8% | 10.8% | 11.4% | 9.8% | 7.4% | 6.8% | 10.7% | 8.9% |
| Operating cash flow / net income | 1.05 | 1.49 | — | 2.68 | 1.19 | 8.63 | 4.30 | 2.23 | 0.40 | 6.16 | 1.47 |
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.
GGB cash generation
In fiscal 2025 (ended December 31, 2025), Gerdau generated R$8.0 billion of cash from operations (down 29.8%) and spent R$6.9 billion on capital expenditures, leaving free cash flow of R$1.1 billion, 1.6% of revenue. It returned R$2.5 billion to shareholders through dividends (R$1.3 billion) and net share buybacks (R$1.2 billion). Cash and equivalents fell by R$1.8 billion over the year.
Related: GGB income statement, GGB balance sheet, GGB dividend history. See the GGB stock overview for the latest quote and news.
GGB cash flow FAQ
What is Gerdau's free cash flow?
Gerdau's free cash flow was R$1.1 billion in fiscal 2025: R$8.0 billion of operating cash flow minus R$6.9 billion of capital expenditures It was R$5.4 billion a year earlier..
How much cash does Gerdau generate from operations?
Gerdau generated R$8.0 billion of cash from operating activities in fiscal 2025, 5.63 times its net income of R$1.4 billion.
How much does Gerdau spend on capital expenditures?
Gerdau spent R$6.9 billion on capital expenditures in fiscal 2025, 9.8% of revenue, compared with R$5.9 billion the year before.
How much stock does Gerdau buy back?
Gerdau spent R$1.2 billion on net share repurchases in fiscal 2025.
How much does Gerdau pay in dividends?
Gerdau paid R$1.3 billion in dividends in fiscal 2025, 113.3% of free cash flow.