IRSA Inversiones y Representaciones SA (IRS) Cash Flow Statement
Where IRS’s cash came from and went, FY2026
June 30, 2026 · Argentine pesos- Cash from operations
- ARS 136.33B −5.5% vs FY2024
- Capital expenditures
- ARS 11.21B 1.7% of revenue
- Free cash flow
- ARS 125.12B 19.0% margin
- Returned to shareholders
- ARS 165.84B 133% of free cash flow
- Change in cash
- −ARS 104.86B cash at year-end ARS 110.65B
Cash from operations
ARS 136.33B
Capital expenditures
−ARS 11.21B
Investments (net)
−ARS 233.25B
Acquisitions & other
−ARS 100.96B
Dividends
−ARS 165.84B
Net borrowing (repayment)
+ARS 240.10B
Other financing
+ARS 10.52B
Currency & other
+ARS 19.46B
Change in cash
−ARS 104.86B
Drawn to scale: where the cash came from and how it was used. Hover for values.
IRS operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
IRS cash flow trends, FY2016–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | ARS 4.13BFY2016 | ARS 136.33BFY2026 | +47.5%/yr | |
| Capital expenditures | ARS 563.0MFY2016 | ARS 11.21BFY2026 | +39.4%/yr | |
| Free cash flow | ARS 3.56BFY2016 | ARS 125.12BFY2026 | +48.5%/yr | |
| Free cash flow margin | 27.6%FY2016 | 19.0%FY2026 | −8.6 pts | |
| Operating cash flow / net income | 0.45FY2016 | 0.32FY2026 | −0.12 | |
| Stock-based compensation | ARS 41.0MFY2016 | ARS 57.54BFY2023 | +181.6%/yr | |
| Dividends paid | ARS 106.0MFY2016 | ARS 165.84BFY2026 | +126.4%/yr | |
| Share buybacks (net) | ARS 16.4MFY2016 | ARS 0FY2026 | −100.0% | |
| Capex / revenue | 4.4%FY2016 | 1.7%FY2026 | −2.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
IRS cash flow by activity
OperatingInvestingFinancingChange in cash
IRS 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).
IRS cash flow statement in Argentine pesos
| FY2026 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | ARS 420.98B | −ARS 47.13B | ARS 60.99B | ARS 279.47B | −ARS 101.34B | −ARS 101.34B | −ARS 55.25B | −ARS 3.23B | −ARS 5.79B | ARS 9.26B |
| Depreciation & amortization | ARS 27.98B | ARS 9.13B | ARS 1.90B | ARS 7.45B | ARS 2.27B | ARS 2.27B | ARS 560.0M | ARS 9.63B | ARS 7.61B | ARS 1.53B |
| Stock-based compensation | — | — | ARS 57.54B | — | ARS 15.54B | ARS 211.0M | ARS 94.0M | ARS 66.0M | ARS 163.0M | ARS 41.0M |
| Change in working capital | ARS 15.52B | −ARS 66.72B | −ARS 112.0M | ARS 4.88B | −ARS 6.82B | −ARS 6.82B | −ARS 3.48B | ARS 2.33B | −ARS 695.0M | −ARS 289.0M |
| Other non-cash items | −ARS 328.14B | ARS 249.02B | −ARS 83.82B | −ARS 190.27B | ARS 95.50B | ARS 110.83B | ARS 98.69B | ARS 11.62B | ARS 11.95B | −ARS 6.42B |
| Cash from operating activities | ARS 136.33B | ARS 144.31B | ARS 36.49B | ARS 101.53B | ARS 5.15B | ARS 5.15B | ARS 40.62B | ARS 20.42B | ARS 13.24B | ARS 4.13B |
| Investing activities | ||||||||||
| Capital expenditures | −ARS 11.21B | −ARS 5.66B | −ARS 936.0M | −ARS 3.20B | −ARS 1.27B | −ARS 1.27B | −ARS 517.0M | −ARS 7.16B | −ARS 3.87B | −ARS 563.0M |
| Investments (net) | −ARS 233.25B | ARS 83.25B | ARS 26.44B | −ARS 12.55B | ARS 5.95B | ARS 40.64B | ARS 7.83B | −ARS 11.57B | −ARS 2.07B | ARS 8.21B |
| Acquisitions & other investing | −ARS 100.96B | ARS 38.47B | ARS 936.0M | ARS 105.42B | ARS 233.43B | ARS 198.74B | ARS 9.49B | −ARS 11.80B | ARS 1.99B | ARS 576.0M |
| Cash from investing activities | −ARS 345.43B | ARS 116.06B | ARS 26.44B | ARS 89.67B | ARS 238.12B | ARS 238.12B | ARS 16.81B | −ARS 30.53B | −ARS 3.95B | ARS 8.22B |
| Financing activities | ||||||||||
| Dividends paid | −ARS 165.84B | −ARS 212.50B | −ARS 32.28B | −ARS 1.45B | −ARS 9.14B | −ARS 9.14B | ARS 0 | −ARS 1.39B | −ARS 147.0M | −ARS 106.0M |
| Share repurchases & issuance (net) | ARS 0 | −ARS 37.24B | −ARS 1.74B | −ARS 2.60B | ARS 9.14B | −ARS 11.17B | −ARS 7.38B | −ARS 1.99B | ARS 241.0M | −ARS 16.4M |
| Net borrowing (repayment) | ARS 240.10B | ARS 66.63B | −ARS 34.03B | −ARS 5.01B | −ARS 23.43B | −ARS 48.21B | −ARS 9.64B | ARS 711.0M | ARS 17.27B | ARS 1.75B |
| Shares issued | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 4.13B | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 |
| Other financing | ARS 10.52B | −ARS 83.09B | −ARS 13.07B | −ARS 100.37B | −ARS 151.51B | −ARS 102.28B | −ARS 24.67B | −ARS 3.49B | −ARS 13.91B | −ARS 5.59B |
| Cash from financing activities | ARS 84.78B | −ARS 266.21B | −ARS 81.12B | −ARS 109.43B | −ARS 170.81B | −ARS 170.81B | −ARS 41.69B | −ARS 6.16B | ARS 3.45B | −ARS 3.97B |
| Summary | ||||||||||
| Net change in cash | −ARS 104.86B | −ARS 5.79B | −ARS 18.81B | ARS 76.97B | −ARS 472.96B | −ARS 472.96B | ARS 5.21B | ARS 11.43B | ARS 16.91B | ARS 13.49B |
| Cash at end of period | ARS 110.65B | ARS 39.45B | ARS 8.73B | ARS 102.33B | ARS 6.83B | ARS 6.83B | ARS 129.84B | ARS 82.97B | ARS 50.06B | ARS 13.87B |
| Free cash flow | ARS 125.12B | ARS 138.65B | ARS 35.56B | ARS 98.33B | ARS 3.88B | ARS 3.88B | ARS 40.10B | ARS 13.26B | ARS 9.37B | ARS 3.56B |
| Free cash flow margin | 19.0% | 30.3% | 7.7% | 38.3% | 8.5% | 8.5% | 143.2% | 17.0% | 18.4% | 27.6% |
| Capex / revenue | 1.7% | 1.2% | 0.2% | 1.2% | 2.8% | 2.8% | 1.8% | 9.2% | 7.6% | 4.4% |
| Operating cash flow / net income | 0.32 | — | 0.60 | 0.36 | — | — | — | — | — | 0.45 |
| Jun '26 | Mar '26 | Sep '25 | Mar '25 | Dec '24 | Sep '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||
| Net income | ARS 181.24B | −ARS 9.08B | ARS 115.8M | ARS 72.6M | ARS 74.4M | −ARS 112.3M | ARS 76.03B | ARS 68.06B | ARS 29.22B |
| Depreciation & amortization | ARS 17.07B | ARS 4.39B | ARS 2.81B | ARS 3.87B | ARS 3.22B | ARS 2.61B | ARS 2.88B | ARS 2.46B | ARS 717.0M |
| Stock-based compensation | — | — | — | — | — | — | — | −ARS 20.05B | ARS 20.49B |
| Change in working capital | ARS 6.80B | ARS 3.80B | ARS 1.6M | −ARS 2.1M | −ARS 17.4M | ARS 5.2M | −ARS 2.45B | −ARS 16.71B | ARS 2.18B |
| Other non-cash items | −ARS 171.88B | ARS 35.42B | −ARS 2.87B | −ARS 3.90B | −ARS 3.27B | −ARS 2.46B | −ARS 32.95B | −ARS 2.35B | −ARS 36.42B |
| Cash from operating activities | ARS 33.23B | ARS 34.53B | ARS 58.2M | ARS 38.3M | ARS 12.8M | ARS 48.9M | ARS 43.52B | ARS 31.41B | ARS 16.19B |
| Investing activities | |||||||||
| Capital expenditures | −ARS 3.58B | −ARS 3.47B | −ARS 1.2M | −ARS 2.9M | −ARS 1.4M | −ARS 1.3M | −ARS 3.34B | −ARS 1.88B | −ARS 481.0M |
| Investments (net) | ARS 716.0M | −ARS 162.68B | −ARS 115.35B | −ARS 4.34B | ARS 5.80B | −ARS 20.64B | ARS 35.33B | ARS 44.71B | ARS 6.91B |
| Acquisitions & other investing | −ARS 20.93B | −ARS 70.88B | ARS 115.25B | ARS 4.33B | −ARS 5.79B | ARS 20.62B | −ARS 36.33B | −ARS 37.03B | ARS 481.0M |
| Cash from investing activities | −ARS 23.80B | −ARS 237.03B | −ARS 100.4M | −ARS 14.9M | ARS 5.4M | −ARS 25.6M | −ARS 4.34B | ARS 5.80B | ARS 6.91B |
| Financing activities | |||||||||
| Dividends paid | −ARS 10.51B | −ARS 13.58B | −ARS 3.5M | −ARS 3.9M | −ARS 72.2M | −ARS 18.98B | −ARS 6.01B | −ARS 70.07B | −ARS 27.04B |
| Share repurchases & issuance (net) | ARS 0 | ARS 0 | −ARS 841,322 | −ARS 940,118 | −ARS 798,721 | −ARS 16.7M | −ARS 1.45B | −ARS 1.26B | −ARS 761.0M |
| Net borrowing (repayment) | ARS 42.38B | −ARS 9.86B | −ARS 42.27B | ARS 227.12B | ARS 53.16B | −ARS 4.66B | — | — | −ARS 3.95B |
| Shares issued | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 |
| Other financing | ARS 1.58B | −ARS 32.74B | ARS 42.25B | −ARS 226.89B | −ARS 53.10B | ARS 23.64B | ARS 218.71B | ARS 38.72B | −ARS 646.0M |
| Cash from financing activities | ARS 33.44B | −ARS 56.17B | −ARS 28.7M | ARS 224.3M | −ARS 18.7M | −ARS 18.6M | ARS 211.25B | −ARS 32.61B | −ARS 32.40B |
| Summary | |||||||||
| Net change in cash | ARS 51.40B | −ARS 241.67B | −ARS 81.2M | ARS 232.8M | ARS 4.4M | ARS 158,430 | ARS 251.29B | ARS 6.42B | −ARS 6.25B |
| Cash at end of period | ARS 106.34B | ARS 54.47B | ARS 67.3M | ARS 268.3M | ARS 35.6M | ARS 31.2M | ARS 287.95B | ARS 36.66B | ARS 8.73B |
| Free cash flow | ARS 29.65B | ARS 31.07B | ARS 57.0M | ARS 35.4M | ARS 11.4M | ARS 47.6M | ARS 40.18B | ARS 29.52B | ARS 15.71B |
| Free cash flow margin | 15.3% | 22.0% | 0.0% | 0.0% | 0.0% | 0.0% | 38.0% | 25.7% | 17.5% |
| Capex / revenue | 1.9% | 2.4% | 0.0% | 0.0% | 0.0% | 0.0% | 3.2% | 1.6% | 0.5% |
| Operating cash flow / net income | 0.18 | — | 0.50 | 0.53 | 0.17 | — | 0.57 | 0.46 | 0.55 |
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.
IRS cash generation
In fiscal 2026 (ended June 30, 2026), IRSA Inversiones y Representaciones generated ARS 136.3 billion of cash from operations (down 5.5%) and spent ARS 11.2 billion on capital expenditures, leaving free cash flow of ARS 125.1 billion, 19.0% of revenue. It returned ARS 165.8 billion to shareholders through dividends (ARS 165.8 billion) and net share buybacks (ARS 0). Cash and equivalents fell by ARS 104.9 billion over the year.
Related: IRS income statement, IRS balance sheet, IRS dividend history. See the IRS stock overview for the latest quote and news.
IRS cash flow FAQ
What is IRSA Inversiones y Representaciones's free cash flow?
IRSA Inversiones y Representaciones's free cash flow was ARS 125.1 billion in fiscal 2026: ARS 136.3 billion of operating cash flow minus ARS 11.2 billion of capital expenditures It was ARS 138.7 billion a year earlier..
How much cash does IRSA Inversiones y Representaciones generate from operations?
IRSA Inversiones y Representaciones generated ARS 136.3 billion of cash from operating activities in fiscal 2026, 0.32 times its net income of ARS 421.0 billion.
How much does IRSA Inversiones y Representaciones spend on capital expenditures?
IRSA Inversiones y Representaciones spent ARS 11.2 billion on capital expenditures in fiscal 2026, 1.7% of revenue, compared with ARS 5.7 billion the year before.
How much does IRSA Inversiones y Representaciones pay in dividends?
IRSA Inversiones y Representaciones paid ARS 165.8 billion in dividends in fiscal 2026, 132.5% of free cash flow.