Inter & Co, Inc. (INTR) Cash Flow Statement
Where INTR’s cash came from and went, 2025
December 31, 2025 · Brazilian reais- Cash from operations
- R$3.11B −17.4% vs 2024
- Capital expenditures
- R$107.4M 0.7% of revenue
- Free cash flow
- R$3.00B 20.9% margin
- Returned to shareholders
- R$265.5M 9% of free cash flow
- Change in cash
- R$2.56B cash at year-end R$3.80B
Drawn to scale: where the cash came from and how it was used. Hover for values.
INTR operating cash flow, capex and free cash flow
INTR cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | R$441.5M2016 | R$3.11B2025 | +24.2%/yr | |
| Capital expenditures | R$1.4M2016 | R$107.4M2025 | +62.3%/yr | |
| Free cash flow | R$440.1M2016 | R$3.00B2025 | +23.8%/yr | |
| Free cash flow margin | 74.2%2016 | 20.9%2025 | −53.3 pts | |
| Operating cash flow / net income | 17.092016 | 2.412025 | −14.68 | |
| Stock-based compensation | R$54.7M2016 | R$28.8M2024 | −7.7%/yr | |
| Dividends paid | R$7.4M2016 | R$238.9M2025 | +47.2%/yr | |
| Share buybacks (net) | R$646,0002016 | R$26.6M2025 | +51.1%/yr | |
| Capex / revenue | 0.2%2016 | 0.7%2025 | +0.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
INTR cash flow by activity
INTR 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).
INTR cash flow statement in Brazilian reais
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | R$1.29B | R$972.8M | R$352.3M | −R$14.1M | −R$55.1M | R$30.7M | R$81.6M | R$69.8M | R$53.8M | R$25.8M |
| Depreciation & amortization | R$340.7M | R$208.8M | R$160.4M | R$164.0M | R$58.3M | R$43.7M | R$14.1M | R$2.6M | R$1.4M | R$1.3M |
| Stock-based compensation | — | R$28.8M | R$32.7M | R$7.0M | R$469.3M | R$199.0M | R$103,000 | R$1.3M | R$19.9M | R$54.7M |
| Change in working capital | −R$294.4M | R$1.25B | R$5.90B | R$1.48B | R$572.8M | R$2.73B | R$664.1M | R$462.5M | −R$96.3M | R$362.8M |
| Other non-cash items | R$1.77B | R$1.30B | R$1.10B | R$605.4M | −R$953.7M | −R$27.3M | R$99.7M | R$68.1M | R$41.0M | −R$3.2M |
| Cash from operating activities | R$3.11B | R$3.76B | R$7.54B | R$2.24B | R$91.6M | R$2.98B | R$859.5M | R$604.3M | R$19.7M | R$441.5M |
| Investing activities | ||||||||||
| Capital expenditures | −R$107.4M | −R$509.7M | −R$274.1M | −R$290.2M | −R$288.0M | −R$152.9M | −R$76.2M | −R$29.6M | −R$2.7M | −R$1.4M |
| Investments (net) | −R$4.33B | −R$7.73B | −R$4.67B | −R$187.6M | −R$7.19B | −R$4.65B | −R$538.7M | −R$32.0M | −R$68.9M | — |
| Acquisitions & other investing | −R$10.03B | R$509.7M | R$274.1M | R$290.2M | R$304.2M | −R$245.4M | R$76.2M | R$29.6M | R$0 | −R$130.3M |
| Cash from investing activities | −R$14.47B | −R$7.73B | −R$4.67B | −R$187.6M | −R$7.18B | −R$5.05B | −R$538.7M | −R$32.0M | −R$71.6M | −R$131.6M |
| Financing activities | ||||||||||
| Dividends paid | −R$238.9M | −R$68.8M | −R$23.6M | −R$1.22B | −R$3.1M | −R$37.9M | −R$43.6M | −R$23.4M | −R$7.3M | −R$7.4M |
| Share repurchases & issuance (net) | −R$26.6M | −R$19.0M | −R$16.4M | −R$16.4M | −R$29.3M | −R$153.1M | R$347.9M | −R$53,000 | −R$280,000 | −R$646,000 |
| Shares issued | R$0 | R$823.0M | R$0 | R$0 | R$5.40B | R$1.27B | R$1.29B | R$523.4M | R$0 | R$0 |
| Other financing | R$14.14B | −R$52.2M | R$1.3M | R$16.4M | R$64.2M | R$31.6M | −R$347.9M | R$0 | R$175,000 | R$4,000 |
| Cash from financing activities | R$13.87B | R$683.0M | −R$38.7M | −R$1.22B | R$5.43B | R$1.11B | R$1.24B | R$499.9M | −R$7.4M | −R$8.0M |
| Summary | ||||||||||
| Net change in cash | R$2.56B | −R$3.15B | R$2.93B | R$831.2M | −R$1.65B | −R$960.1M | R$1.57B | R$1.07B | −R$59.9M | R$301.9M |
| Cash at end of period | R$3.80B | R$1.11B | R$4.26B | R$1.33B | R$500.4M | R$2.15B | R$3.11B | R$1.55B | R$472.3M | R$532.1M |
| Free cash flow | R$3.00B | R$3.25B | R$7.27B | R$1.95B | −R$196.3M | R$2.83B | R$783.3M | R$574.7M | R$17.0M | R$440.1M |
| Free cash flow margin | 20.9% | 33.5% | 95.2% | 35.2% | −7.1% | 252.3% | 77.6% | 83.4% | 3.0% | 74.2% |
| Capex / revenue | 0.7% | 5.2% | 3.6% | 5.2% | 10.4% | 13.6% | 7.6% | 4.3% | 0.5% | 0.2% |
| Operating cash flow / net income | 2.41 | 3.86 | 21.42 | — | — | 97.14 | 10.54 | 8.65 | 0.37 | 17.09 |
| 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 | R$445.7M | R$387.4M | R$380.1M | R$336.3M | R$332.2M | R$306.8M | R$295.0M | R$43.8M | R$222.7M | R$195.2M | R$159.7M | R$104.2M |
| Depreciation & amortization | R$110.3M | R$93.4M | R$112.1M | R$84.5M | R$76.6M | R$67.4M | R$60.5M | R$53.3M | R$53.0M | R$41.9M | R$41.2M | R$40.6M |
| Stock-based compensation | — | — | — | R$24.9M | — | R$16.8M | −R$26.9M | R$26.1M | R$24.8M | R$4.8M | R$32.7M | R$275.9M |
| Change in working capital | −R$4.71B | −R$876.0M | R$412.3M | −R$2.04B | R$1.82B | −R$37.5M | R$1.66B | R$67.4M | R$126.9M | −R$1.78B | R$1.10B | R$1.45B |
| Other non-cash items | R$893.4M | R$714.9M | R$327.6M | R$731.4M | R$336.0M | R$989.5M | R$319.1M | −R$12.6M | R$260.5M | R$404.9M | R$250.4M | −R$36.2M |
| Cash from operating activities | −R$3.26B | R$319.7M | R$1.23B | −R$858.9M | R$2.56B | R$1.34B | R$2.30B | R$178.0M | R$688.0M | −R$1.13B | R$1.58B | R$1.83B |
| Investing activities | ||||||||||||
| Capital expenditures | −R$16.3M | −R$5.4M | −R$45.8M | −R$12.0M | −R$154.5M | −R$148.0M | −R$149.0M | −R$4.6M | −R$328.8M | −R$115.0M | −R$66.9M | −R$63.6M |
| Investments (net) | R$2.31B | −R$517.6M | −R$1.75B | −R$3.12B | R$822.1M | −R$720.7M | −R$3.52B | −R$2.47B | −R$643.9M | −R$1.09B | −R$1.65B | −R$1.22B |
| Acquisitions & other investing | −R$121.2M | R$943.7M | −R$6.17B | R$12.0M | R$154.5M | R$148.0M | R$149.0M | R$1.73B | R$328.8M | R$115.0M | R$66.9M | R$63.6M |
| Cash from investing activities | R$2.17B | R$420.7M | −R$7.96B | −R$3.12B | R$822.1M | −R$720.7M | −R$3.52B | −R$748.3M | −R$643.9M | −R$1.09B | −R$1.65B | −R$1.22B |
| Financing activities | ||||||||||||
| Dividends paid | −R$3.6M | −R$288.4M | −R$7.8M | −R$34.8M | −R$4.6M | −R$208.1M | −R$9.7M | −R$141,174 | −R$66.5M | −R$2.3M | −R$23.6M | −R$3.7M |
| Share repurchases & issuance (net) | — | — | −R$271,768 | −R$33.0M | R$5.8M | — | R$0 | R$217,867 | −R$2.5M | −R$16.4M | R$10.2M | −R$10.2M |
| Shares issued | R$0 | R$0 | R$0 | R$0 | R$32.9M | R$121,000 | R$39.5M | R$1.8M | R$0 | R$782.0M | R$0 | R$0 |
| Other financing | −R$135.5M | R$57.0M | R$4.79B | R$4.87B | −R$59.5M | −R$80.5M | −R$31.8M | R$279.1M | −R$19.2M | R$10.9M | R$21.0M | −R$4.8M |
| Cash from financing activities | −R$139.1M | −R$231.4M | R$4.78B | R$4.81B | −R$25.3M | −R$288.5M | −R$1.9M | R$280.9M | −R$88.3M | R$774.3M | R$7.7M | −R$18.7M |
| Summary | ||||||||||||
| Net change in cash | −R$1.19B | R$498.6M | −R$1.96B | R$861.2M | R$3.38B | R$350.2M | −R$1.17B | −R$524.8M | −R$31.9M | −R$1.43B | −R$37.7M | R$624.9M |
| Cash at end of period | R$3.11B | R$4.30B | R$3.80B | R$5.70B | R$4.83B | R$1.46B | R$1.11B | R$2.27B | R$2.80B | R$2.83B | R$4.26B | R$4.30B |
| Free cash flow | −R$3.28B | R$314.4M | R$1.19B | −R$870.9M | R$2.41B | R$1.19B | R$2.15B | R$173.3M | R$359.2M | −R$1.25B | R$1.52B | R$1.77B |
| Free cash flow margin | −71.6% | 7.5% | 28.8% | −22.8% | 70.2% | 39.6% | 77.3% | 6.9% | 16.0% | −57.7% | 73.5% | 86.9% |
| Capex / revenue | 0.4% | 0.1% | 1.1% | 0.3% | 4.5% | 4.9% | 5.3% | 0.2% | 14.6% | 5.3% | 3.2% | 3.1% |
| Operating cash flow / net income | −7.32 | 0.83 | 3.24 | −2.55 | 7.71 | 4.38 | 7.81 | 4.07 | 3.09 | −5.80 | 9.92 | 17.59 |
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.
INTR cash generation
In fiscal 2025 (ended December 31, 2025), Inter generated R$3.1 billion of cash from operations (down 17.4%) and spent R$107.4 million on capital expenditures, leaving free cash flow of R$3.0 billion, 20.9% of revenue. It returned R$265.5 million to shareholders through dividends (R$238.9 million) and net share buybacks (R$26.6 million). Cash and equivalents rose by R$2.6 billion over the year.
Related: INTR income statement, INTR balance sheet, INTR dividend history. See the INTR stock overview for the latest quote and news.
INTR cash flow FAQ
What is Inter's free cash flow?
Inter's free cash flow was R$3.0 billion in fiscal 2025: R$3.1 billion of operating cash flow minus R$107.4 million of capital expenditures It was R$3.2 billion a year earlier..
How much cash does Inter generate from operations?
Inter generated R$3.1 billion of cash from operating activities in fiscal 2025, 2.41 times its net income of R$1.3 billion.
How much does Inter spend on capital expenditures?
Inter spent R$107.4 million on capital expenditures in fiscal 2025, 0.7% of revenue, compared with R$509.7 million the year before.
How much stock does Inter buy back?
Inter spent R$26.6 million on net share repurchases in fiscal 2025.
How much does Inter pay in dividends?
Inter paid R$238.9 million in dividends in fiscal 2025, 8.0% of free cash flow.