JBS N.V. (JBS) Cash Flow Statement
Where JBS’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $15.49B −34.2% vs 2024
- Capital expenditures
- $11.37B 2.4% of revenue
- Free cash flow
- $4.13B 0.9% margin
- Returned to shareholders
- $12.00B 291% of free cash flow
- Change in cash
- −$5.71B cash at year-end $25.11B
Drawn to scale: where the cash came from and how it was used. Hover for values.
JBS operating cash flow, capex and free cash flow
JBS cash flow trends, 2015–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $7.38B2015 | $15.49B2025 | +11.2%/yr | |
| Capital expenditures | $5.45B2015 | $11.37B2025 | +11.1%/yr | |
| Free cash flow | $1.93B2015 | $4.13B2025 | +11.5%/yr | |
| Free cash flow margin | 1.2%2015 | 0.9%2025 | −0.3 pts | |
| Operating cash flow / net income | 1.592015 | 1.402025 | −0.20 | |
| Stock-based compensation | $39.7M2015 | $28.9M2025 | −4.5%/yr | |
| Dividends paid | $482.7M2015 | $8.81B2025 | +51.4%/yr | |
| Share buybacks (net) | $1.78B2015 | $3.19B2025 | +8.7%/yr | |
| Capex / revenue | 3.3%2015 | 2.4%2025 | −0.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
JBS cash flow by activity
JBS 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).
JBS cash flow statement
| 2025 | 2024 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | $11.10B | $9.62B | $4.60B | $6.07B | $25.2M | $534.2M | $233.6M | $4.64B |
| Depreciation & amortization | $12.63B | $11.95B | $7.84B | $6.31B | $4.80B | $4.47B | $4.50B | $3.69B |
| Stock-based compensation | $28.9M | $85.6M | −$5.2M | $49.2M | $118.1M | $122.6M | $143.3M | $39.7M |
| Change in working capital | −$11.86B | −$7.34B | −$2.02B | −$3.37B | −$2.02B | −$1.87B | −$1.81B | −$797.6M |
| Other non-cash items | $3.60B | $9.24B | $13.37B | $4.71B | $4.52B | $1.95B | $599.9M | −$190.3M |
| Cash from operating activities | $15.49B | $23.56B | $23.78B | $13.77B | $7.44B | $5.20B | $3.67B | $7.38B |
| Investing activities | ||||||||
| Capital expenditures | −$11.37B | −$8.08B | −$5.99B | −$4.24B | −$2.83B | −$3.11B | −$3.48B | −$5.45B |
| Investments (net) | — | −$8.76B | — | — | — | — | — | — |
| Acquisitions & other investing | −$1.19B | $9.11B | −$1.85B | −$1.61B | $1.08B | $685.5M | −$59.2M | −$15.30B |
| Cash from investing activities | −$12.56B | −$7.73B | −$7.83B | −$5.85B | −$1.74B | −$2.43B | −$3.54B | −$20.76B |
| Financing activities | ||||||||
| Dividends paid | −$8.81B | −$4.44B | −$1.44B | −$6.0M | −$126.9M | −$93.4M | −$1.10B | −$482.7M |
| Share repurchases & issuance (net) | −$3.19B | −$44.5M | −$1.27B | — | −$498.2M | −$255.9M | −$821.1M | −$1.78B |
| Net borrowing (repayment) | $902.0M | −$431.8M | — | — | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $1.13B | −$2.38B | −$6.31B | −$6.44B | −$9.36B | −$285.1M | −$6.17B | $17.43B |
| Cash from financing activities | −$9.97B | −$7.30B | −$9.02B | −$6.44B | −$9.99B | −$634.4M | −$8.10B | $15.17B |
| Summary | ||||||||
| Net change in cash | −$5.71B | $12.64B | $9.65B | $1.10B | −$2.81B | $2.39B | −$9.49B | $3.93B |
| Cash at end of period | $25.11B | $34.76B | $19.68B | $10.03B | $8.94B | $11.74B | $9.36B | $18.84B |
| Free cash flow | $4.13B | $15.47B | $17.80B | $9.53B | $4.62B | $2.09B | $187.2M | $1.93B |
| Free cash flow margin | 0.9% | 3.7% | 6.6% | 4.7% | 2.5% | 1.3% | 0.1% | 1.2% |
| Capex / revenue | 2.4% | 1.9% | 2.2% | 2.1% | 1.6% | 1.9% | 2.0% | 3.3% |
| Operating cash flow / net income | 1.40 | 2.45 | 5.17 | 2.27 | 295.35 | 9.74 | 15.70 | 1.59 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Mar '25 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | −$96.2M | $1.14B | $2.27B | $3.13B | $2.92B | $82.6M | $572.7M |
| Depreciation & amortization | $3.23B | $3.23B | $3.41B | $4.56B | $3.13B | $2.86B | $2.62B |
| Stock-based compensation | $19.7M | $6.1M | $9.0M | $26.8M | $40.9M | $3.1M | $11.6M |
| Change in working capital | −$331.5M | −$7.06B | $2.94B | −$1.49B | −$6.38B | $1.86B | $704.8M |
| Other non-cash items | −$1.97B | −$1.38B | $2.02B | −$571.6M | −$2.95B | $2.07B | $1.36B |
| Cash from operating activities | $852.1M | −$4.07B | $10.66B | $5.65B | −$3.24B | $6.87B | $5.26B |
| Investing activities | |||||||
| Capital expenditures | −$612.5M | −$2.92B | −$4.66B | −$2.75B | −$1.55B | −$1.99B | −$1.83B |
| Investments (net) | — | — | — | −$584.1M | −$1.42B | — | — |
| Acquisitions & other investing | −$963,000 | $266.7M | −$100.7M | $221.7M | $1.55B | $275.7M | $4.8M |
| Cash from investing activities | −$613.5M | −$2.65B | −$4.76B | −$3.12B | −$1.42B | −$1.72B | −$1.83B |
| Financing activities | |||||||
| Dividends paid | −$1.04B | −$90.1M | −$90.1M | −$348.8M | −$2.22B | — | — |
| Share repurchases & issuance (net) | — | −$1.32B | −$1.32B | −$10.31B | — | — | — |
| Net borrowing (repayment) | $956.9M | −$12.8M | $236.9M | $1.06B | $336.9M | — | — |
| Shares issued | $0 | $1.2M | $0 | $0 | $0 | $0 | $0 |
| Other financing | $9.7M | $1.07B | $865.6M | $13.23B | $1.68B | −$9.28B | $9.99B |
| Cash from financing activities | −$73.7M | −$349.4M | −$307.9M | $3.63B | −$204.3M | −$9.28B | $9.99B |
| Summary | |||||||
| Net change in cash | $174.3M | −$6.66B | $5.64B | $5.60B | −$7.05B | −$4.67B | $14.05B |
| Cash at end of period | $3.47B | $16.99B | $25.11B | $18.98B | $27.71B | $22.12B | $26.79B |
| Free cash flow | $239.6M | −$6.99B | $6.00B | $2.90B | −$4.79B | $4.88B | $3.43B |
| Free cash flow margin | 1.0% | −6.3% | 4.7% | 2.4% | −4.2% | 5.1% | 3.8% |
| Capex / revenue | 2.6% | 2.6% | 3.7% | 2.3% | 1.4% | 2.1% | 2.0% |
| Operating cash flow / net income | — | −3.58 | 4.69 | 1.80 | −1.11 | 83.18 | 9.19 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
JBS cash generation
In fiscal 2025 (ended December 31, 2025), JBS generated $15.5 billion of cash from operations (down 34.2%) and spent $11.4 billion on capital expenditures, leaving free cash flow of $4.1 billion, 0.9% of revenue. It returned $12.0 billion to shareholders through dividends ($8.8 billion) and net share buybacks ($3.2 billion). Cash and equivalents fell by $5.7 billion over the year.
Related: JBS income statement, JBS balance sheet. See the JBS stock overview for the latest quote and news.
JBS cash flow FAQ
What is JBS's free cash flow?
JBS's free cash flow was $4.1 billion in fiscal 2025: $15.5 billion of operating cash flow minus $11.4 billion of capital expenditures It was $15.5 billion a year earlier..
How much cash does JBS generate from operations?
JBS generated $15.5 billion of cash from operating activities in fiscal 2025, 1.40 times its net income of $11.1 billion.
How much does JBS spend on capital expenditures?
JBS spent $11.4 billion on capital expenditures in fiscal 2025, 2.4% of revenue, compared with $8.1 billion the year before.
How much stock does JBS buy back?
JBS spent $3.2 billion on net share repurchases in fiscal 2025.
How much does JBS pay in dividends?
JBS paid $8.8 billion in dividends in fiscal 2025, 213.4% of free cash flow.