Itaú Unibanco Holding S.A. (ITUB) Cash Flow Statement
Where ITUB’s cash came from and went, 2025
December 31, 2025 · Brazilian reais- Cash from operations
- R$129.38B
- Capital expenditures
- R$1.15B 0.3% of revenue
- Free cash flow
- R$128.23B 33.3% margin
- Returned to shareholders
- R$50.37B 39% of free cash flow
- Change in cash
- R$1.40B cash at year-end R$114.89B
Cash from operations
R$129.38B
Capital expenditures
−R$1.15B
Investments (net)
+R$25.94B
Acquisitions & other
−R$234.95B
Dividends
−R$47.35B
Share buybacks (net)
−R$3.02B
Net borrowing (repayment)
−R$1.46B
Shares issued
+R$947.0M
Other financing
+R$139.49B
Currency & other
−R$6.42B
Change in cash
R$1.40B
Drawn to scale: where the cash came from and how it was used. Hover for values.
ITUB operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
ITUB cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | R$30.31B2016 | R$129.38B2025 | +17.5%/yr | |
| Capital expenditures | R$2.07B2016 | R$1.15B2025 | −6.3%/yr | |
| Free cash flow | R$28.24B2016 | R$128.23B2025 | +18.3%/yr | |
| Free cash flow margin | 13.5%2016 | 33.3%2025 | +19.9 pts | |
| Operating cash flow / net income | 1.292016 | 2.942025 | +1.66 | |
| Stock-based compensation | R$69.0M2016 | R$178.0M2025 | +11.1%/yr | |
| Dividends paid | R$7.67B2016 | R$47.35B2025 | +22.4%/yr | |
| Share buybacks (net) | R$947.0M2016 | R$3.02B2025 | +13.8%/yr | |
| Capex / revenue | 1.0%2016 | 0.3%2025 | −0.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ITUB cash flow by activity
OperatingInvestingFinancingChange in cash
ITUB 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).
ITUB cash flow statement in Brazilian reais
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | R$43.98B | R$42.13B | R$33.88B | R$30.74B | R$28.38B | R$15.06B | R$27.81B | R$25.64B | R$24.27B | R$23.58B |
| Depreciation & amortization | R$7.39B | R$6.44B | R$5.65B | R$4.80B | R$4.23B | R$3.73B | R$3.56B | R$3.57B | R$3.17B | R$3.25B |
| Stock-based compensation | R$178.0M | R$818.0M | R$200.0M | R$234.0M | −R$20.0M | R$217.0M | −R$141.0M | −R$96.0M | R$81.0M | R$69.0M |
| Change in working capital | R$51.75B | −R$77.62B | −R$6.07B | R$47.57B | −R$27.31B | R$4.37B | −R$19.71B | −R$29.65B | −R$70.21B | −R$60.77B |
| Other non-cash items | R$26.10B | −R$68.08B | R$43.83B | R$46.62B | R$54.82B | R$36.12B | R$23.70B | R$23.25B | R$51.33B | R$64.18B |
| Cash from operating activities | R$129.38B | −R$96.32B | R$77.49B | R$129.97B | R$60.11B | R$59.49B | R$35.22B | R$22.71B | R$8.64B | R$30.31B |
| Investing activities | ||||||||||
| Capital expenditures | −R$1.15B | −R$1.83B | −R$9.19B | −R$8.49B | −R$9.08B | −R$5.31B | −R$4.31B | −R$2.86B | −R$3.59B | −R$2.07B |
| Investments (net) | R$25.94B | R$6.97B | −R$67.09B | −R$73.60B | R$3.98B | R$753.0M | −R$38.72B | R$20.13B | −R$3.84B | R$14.43B |
| Acquisitions & other investing | −R$234.95B | R$1.83B | R$45.05B | R$8.49B | R$257.0M | R$5.31B | R$4.38B | R$2.86B | R$3.59B | R$2.07B |
| Cash from investing activities | −R$210.16B | R$6.97B | −R$31.23B | −R$73.60B | −R$4.84B | R$753.0M | −R$38.66B | R$20.13B | −R$3.84B | R$14.43B |
| Financing activities | ||||||||||
| Dividends paid | −R$47.35B | −R$21.31B | −R$10.35B | −R$6.71B | −R$6.27B | −R$11.55B | −R$25.91B | −R$20.09B | −R$10.38B | −R$7.67B |
| Share repurchases & issuance (net) | −R$3.02B | −R$1.77B | −R$689.0M | R$0 | R$8.23B | R$5.26B | R$8.55B | −R$510.0M | −R$3.09B | −R$947.0M |
| Net borrowing (repayment) | −R$1.46B | R$341.0M | −R$10.81B | −R$22.20B | −R$24.16B | −R$5.32B | R$5.71B | −R$12.14B | −R$9.44B | −R$9.31B |
| Shares issued | R$947.0M | R$772.0M | R$666.0M | R$453.0M | R$510.0M | R$494.0M | R$742.0M | R$1.19B | R$0 | R$0 |
| Other financing | R$139.49B | R$103.67B | −R$1.27B | −R$3.26B | −R$9.77B | −R$2.44B | −R$10.39B | −R$26.0M | R$5.99B | −R$4.40B |
| Cash from financing activities | R$88.60B | R$81.69B | −R$22.45B | −R$31.71B | −R$31.46B | −R$13.55B | −R$21.30B | −R$31.58B | −R$16.92B | −R$22.33B |
| Summary | ||||||||||
| Net change in cash | R$1.40B | R$743.0M | R$12.29B | R$370.0M | R$3.86B | R$35.01B | −R$24.75B | R$12.24B | −R$12.80B | R$4.47B |
| Cash at end of period | R$114.89B | R$117.29B | R$116.54B | R$104.26B | R$109.69B | R$105.82B | R$70.81B | R$95.56B | R$83.31B | R$96.12B |
| Free cash flow | R$128.23B | −R$98.15B | R$68.30B | R$121.47B | R$51.02B | R$54.18B | R$30.91B | R$19.84B | R$5.05B | R$28.24B |
| Free cash flow margin | 33.3% | −30.1% | 22.3% | 48.0% | 26.6% | 31.2% | 16.4% | 11.6% | 2.7% | 13.5% |
| Capex / revenue | 0.3% | 0.6% | 3.0% | 3.4% | 4.7% | 3.1% | 2.3% | 1.7% | 2.0% | 1.0% |
| Operating cash flow / net income | 2.94 | −2.29 | 2.29 | 4.23 | 2.12 | 3.95 | 1.27 | 0.89 | 0.36 | 1.29 |
| 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$832.6M | R$11.42B | R$12.09B | R$11.88B | R$11.40B | R$10.71B | R$1.86B | R$10.60B | R$10.37B | R$10.04B | R$8.95B | R$8.47B |
| Depreciation & amortization | R$1.74B | R$1.88B | R$1.85B | R$2.24B | R$1.63B | R$1.67B | R$1.14B | R$1.66B | R$1.55B | R$1.55B | R$1.41B | R$1.34B |
| Stock-based compensation | R$255.0M | −R$682.0M | R$277.0M | R$269.0M | R$301.0M | −R$669.0M | R$236.0M | R$164.0M | R$279.0M | −R$466.0M | R$193.0M | R$149.0M |
| Change in working capital | R$54.34B | −R$28.59B | R$28.55B | R$50.22B | −R$12.20B | −R$22.37B | R$4.33B | −R$57.50B | R$3.93B | R$40.56B | −R$37.21B | R$19.24B |
| Other non-cash items | R$13.95B | R$10.54B | R$2.68B | R$11.10B | R$12.77B | −R$1.05B | −R$2.24B | R$9.18B | −R$16.79B | −R$3.70B | R$12.06B | R$5.22B |
| Cash from operating activities | R$71.12B | −R$5.44B | R$45.44B | R$75.70B | R$13.90B | −R$11.71B | R$5.32B | −R$35.91B | −R$661.0M | R$47.98B | −R$14.61B | R$34.42B |
| Investing activities | ||||||||||||
| Capital expenditures | −R$181.4M | −R$429.8M | −R$436.1M | −R$1.69B | −R$1.79B | −R$1.83B | −R$94.9M | −R$1.88B | −R$1.68B | −R$1.49B | −R$3.44B | −R$1.78B |
| Investments (net) | −R$14.13B | −R$52.83B | −R$2.99B | −R$5.30B | R$10.00B | R$19.64B | −R$9.99B | R$39.40B | −R$15.93B | −R$6.51B | R$8.49B | −R$15.81B |
| Acquisitions & other investing | −R$1.08B | R$11.98B | −R$175.41B | R$1.69B | R$1.79B | R$1.83B | R$2.27B | R$5.32B | R$1.68B | R$1.49B | R$3.44B | R$1.78B |
| Cash from investing activities | −R$15.39B | −R$41.27B | −R$178.83B | −R$5.30B | R$10.00B | R$19.64B | −R$7.81B | R$42.85B | −R$15.93B | −R$6.51B | R$8.49B | −R$15.81B |
| Financing activities | ||||||||||||
| Dividends paid | −R$3.21B | −R$3.83B | −R$20.50B | −R$6.95B | −R$476.0M | −R$20.39B | −R$31.0M | −R$4.61B | −R$446.0M | −R$15.81B | −R$447.0M | −R$4.91B |
| Share repurchases & issuance (net) | R$1.68B | −R$1.73B | −R$1.20B | −R$1.91B | R$0 | −R$83.0M | −R$101.3M | R$0 | −R$319.0M | −R$901.0M | R$0 | R$19.07B |
| Net borrowing (repayment) | R$3.03B | −R$634.0M | −R$1.49B | −R$8.54B | R$4.78B | R$3.79B | −R$1.34B | R$2.42B | — | — | — | −R$740.0M |
| Shares issued | R$15.0M | R$1.08B | R$0 | R$1.0M | R$7.0M | R$940.0M | R$15.0M | R$10.0M | R$0 | R$748.0M | R$23.0M | R$80.0M |
| Other financing | R$3.65B | R$53.07B | R$90.54B | −R$303.0M | −R$245.0M | −R$512.0M | R$1.61B | R$409.0M | R$125.0M | −R$1.28B | R$1.20B | −R$20.23B |
| Cash from financing activities | R$5.17B | R$47.96B | R$67.35B | −R$17.70B | R$4.07B | −R$16.25B | R$155.2M | −R$1.77B | −R$640.0M | −R$17.25B | R$776.0M | −R$6.73B |
| Summary | ||||||||||||
| Net change in cash | R$60.88B | −R$7.15B | −R$70.96B | R$51.78B | R$26.54B | −R$11.93B | −R$8.43B | R$2.68B | −R$10.49B | R$29.59B | −R$6.51B | R$10.64B |
| Cash at end of period | R$164.84B | R$103.97B | R$114.89B | R$183.68B | R$131.90B | R$105.36B | R$117.29B | R$138.32B | R$135.64B | R$146.13B | R$116.54B | R$123.06B |
| Free cash flow | R$71.30B | −R$5.87B | R$45.01B | R$74.01B | R$12.11B | −R$13.54B | R$5.22B | −R$37.78B | −R$2.35B | R$46.49B | −R$18.04B | R$32.64B |
| Free cash flow margin | 71.9% | −6.1% | 49.1% | 77.0% | 11.9% | −14.2% | 6.4% | −50.2% | −2.8% | 59.5% | −24.2% | 40.7% |
| Capex / revenue | 0.2% | 0.4% | 0.5% | 1.8% | 1.8% | 1.9% | 0.1% | 2.5% | 2.0% | 1.9% | 4.6% | 2.2% |
| Operating cash flow / net income | 85.42 | −0.48 | 3.76 | 6.37 | 1.22 | −1.09 | 2.87 | −3.39 | −0.06 | 4.78 | −1.63 | 4.06 |
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.
ITUB cash generation
In fiscal 2025 (ended December 31, 2025), Itaú Unibanco generated R$129.4 billion of cash from operations and spent R$1.2 billion on capital expenditures, leaving free cash flow of R$128.2 billion, 33.3% of revenue. It returned R$50.4 billion to shareholders through dividends (R$47.4 billion) and net share buybacks (R$3.0 billion). Cash and equivalents rose by R$1.4 billion over the year.
Related: ITUB income statement, ITUB balance sheet, ITUB dividend history. See the ITUB stock overview for the latest quote and news.
ITUB cash flow FAQ
What is Itaú Unibanco's free cash flow?
Itaú Unibanco's free cash flow was R$128.2 billion in fiscal 2025: R$129.4 billion of operating cash flow minus R$1.2 billion of capital expenditures It was -R$98.2 billion a year earlier..
How much cash does Itaú Unibanco generate from operations?
Itaú Unibanco generated R$129.4 billion of cash from operating activities in fiscal 2025, 2.94 times its net income of R$44.0 billion.
How much does Itaú Unibanco spend on capital expenditures?
Itaú Unibanco spent R$1.2 billion on capital expenditures in fiscal 2025, 0.3% of revenue, compared with R$1.8 billion the year before.
How much stock does Itaú Unibanco buy back?
Itaú Unibanco spent R$3.0 billion on net share repurchases in fiscal 2025.
How much does Itaú Unibanco pay in dividends?
Itaú Unibanco paid R$47.4 billion in dividends in fiscal 2025, 36.9% of free cash flow.