Karooooo Ltd. (KARO) Cash Flow Statement
Where KARO’s cash came from and went, FY2026
February 28, 2026 · South African rand- Cash from operations
- R 1.81B −8.4% vs FY2025
- Capital expenditures
- R 1.81B 33.0% of revenue
- Free cash flow
- R 1.97B 35.9% margin
- Returned to shareholders
- R 694.4M 35% of free cash flow
- Change in cash
- R 262.4M cash at year-end R 1.16B
Drawn to scale: where the cash came from and how it was used. Hover for values.
KARO operating cash flow, capex and free cash flow
KARO cash flow trends, FY2019–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | R 490.1MFY2019 | R 1.81BFY2026 | +20.5%/yr | |
| Capital expenditures | R 438.0MFY2019 | R 1.81BFY2026 | +22.4%/yr | |
| Free cash flow | R 52.1MFY2019 | R 1.97BFY2026 | +68.0%/yr | |
| Free cash flow margin | 3.1%FY2019 | 35.9%FY2026 | +32.8 pts | |
| Operating cash flow / net income | 2.54FY2019 | 1.98FY2026 | −0.56 | |
| Dividends paid | R 154.1MFY2019 | R 694.4MFY2026 | +24.0%/yr | |
| Share buybacks (net) | R 0FY2020 | R 0FY2026 | — | |
| Capex / revenue | 25.9%FY2019 | 33.0%FY2026 | +7.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
KARO cash flow by activity
KARO 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).
KARO cash flow statement in South African rand
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | R 912.8M | R 939.2M | R 751.9M | R 597.2M | R 460.1M | R 696.0M | R 616.7M | R 193.1M |
| Depreciation & amortization | R 799.6M | R 762.8M | R 707.0M | R 609.6M | R 561.9M | R 398.8M | R 295.8M | R 261.5M |
| Change in working capital | −R 123.1M | R 220.0M | −R 549.4M | −R 115.2M | −R 126.4M | −R 16.2M | R 98.2M | −R 123.9M |
| Other non-cash items | R 217.2M | R 49.4M | R 63.2M | R 35.0M | R 57.0M | −R 147.6M | −R 109.5M | R 159.4M |
| Cash from operating activities | R 1.81B | R 1.97B | R 972.8M | R 1.13B | R 952.6M | R 931.0M | R 901.2M | R 490.1M |
| Investing activities | ||||||||
| Capital expenditures | −R 1.81B | −R 1.04B | −R 892.6M | −R 626.3M | −R 565.0M | −R 523.3M | −R 423.0M | −R 438.0M |
| Investments (net) | — | −R 1.08B | −R 932.2M | −R 615.8M | −R 658.2M | −R 524.7M | −R 427.4M | −R 429.2M |
| Acquisitions & other investing | R 691.6M | R 1.02B | R 875.3M | R 619.9M | R 482.4M | R 523.3M | R 423.0M | R 421.8M |
| Cash from investing activities | −R 1.11B | −R 1.10B | −R 949.5M | −R 622.2M | −R 740.9M | −R 524.7M | −R 427.4M | −R 445.4M |
| Financing activities | ||||||||
| Dividends paid | −R 694.4M | −R 624.5M | −R 508.8M | −R 331.3M | −R 331.3M | −R 418.1M | −R 92.0M | −R 154.1M |
| Share repurchases & issuance (net) | R 0 | −R 3.5M | −R 24.3M | R 0 | R 0 | — | R 315.7M | — |
| Net borrowing (repayment) | R 18.5M | R 187.9M | −R 69.6M | −R 88.8M | −R 883.9M | R 820.4M | −R 276.2M | R 231.9M |
| Shares issued | R 0 | R 0 | R 0 | R 0 | R 450.7M | R 0 | R 10,000 | R 0 |
| Other financing | R 26.5M | −R 11.8M | −R 1.3M | −R 6.4M | R 321.5M | −R 11.8M | −R 315.7M | R 8.8M |
| Cash from financing activities | −R 649.3M | −R 452.0M | −R 604.0M | −R 426.4M | −R 442.9M | R 390.6M | −R 368.2M | R 86.6M |
| Summary | ||||||||
| Net change in cash | R 262.4M | R 600.1M | −R 545.6M | R 247.7M | R 614.0M | R 811.9M | R 108.4M | R 51.9M |
| Cash at end of period | R 1.16B | R 1.05B | R 456.0M | R 965.8M | R 719.2M | R 958.5M | R 146.6M | R 51.9M |
| Free cash flow | R 1.97B | R 928.9M | R 80.1M | R 500.4M | R 387.6M | R 407.8M | R 478.3M | R 52.1M |
| Free cash flow margin | 35.9% | 20.3% | 1.9% | 14.3% | 14.1% | 17.8% | 24.6% | 3.1% |
| Capex / revenue | 33.0% | 22.8% | 21.2% | 17.9% | 20.6% | 22.8% | 21.8% | 25.9% |
| Operating cash flow / net income | 1.98 | 2.10 | 1.29 | 1.89 | 2.07 | 1.34 | 1.46 | 2.54 |
| May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | Aug '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | R 299.0M | R 217.5M | R 260.8M | R 241.7M | R 257.4M | R 250.6M | R 241.9M | R 206.8M | R 221.9M | R 210.7M | R 194.4M | R 175.9M |
| Depreciation & amortization | R 232.5M | R 240.2M | R 215.9M | R 213.3M | R 186.9M | — | R 179.5M | R 156.7M | R 191.3M | R 110.8M | R 151.6M | R 168.2M |
| Change in working capital | −R 129.6M | −R 24.6M | −R 24.6M | −R 158.7M | R 75.8M | −R 144.4M | — | — | R 352.3M | −R 642.2M | −R 642.2M | — |
| Other non-cash items | R 135.4M | R 69.3M | R 87.8M | −R 13.5M | R 105.6M | R 154.3M | R 46.9M | R 32.6M | R 72.0M | R 188.8M | R 729.9M | −R 37.8M |
| Cash from operating activities | R 537.3M | R 502.3M | R 539.8M | R 283.0M | R 625.7M | R 260.5M | R 468.2M | R 396.2M | R 837.5M | −R 131.9M | R 433.7M | R 306.2M |
| Investing activities | ||||||||||||
| Capital expenditures | −R 477.6M | −R 502.3M | −R 539.8M | −R 283.0M | −R 625.7M | R 0 | −R 468.2M | −R 396.2M | −R 267.7M | −R 876.4M | −R 433.7M | −R 306.2M |
| Investments (net) | — | — | — | −R 262.3M | −R 317.1M | −R 288.3M | −R 268.6M | −R 241.1M | −R 279.4M | −R 195.4M | −R 293.8M | −R 245.6M |
| Acquisitions & other investing | −R 15.4M | R 199.0M | R 217.4M | R 276.6M | R 633.7M | — | R 457.1M | R 398.8M | R 267.3M | R 876.4M | R 439.9M | R 304.1M |
| Cash from investing activities | −R 493.1M | −R 303.3M | −R 322.5M | −R 268.7M | −R 309.1M | — | −R 279.7M | −R 238.5M | −R 279.8M | −R 195.4M | −R 287.6M | −R 247.8M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | −R 612.4M | — | — | — | −R 499.5M | −R 499.5M | −R 499.5M | — |
| Share repurchases & issuance (net) | — | — | — | — | −R 3.5M | — | — | — | −R 18.7M | −R 23.8M | −R 23.8M | — |
| Shares issued | R 0 | 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 49.0M | R 71.7M | −R 66.0M | −R 697.8M | R 581.5M | — | R 3.8M | −R 377.5M | R 480.1M | R 484.2M | R 511.3M | −R 523.9M |
| Cash from financing activities | −R 49.0M | R 71.7M | −R 66.0M | −R 697.8M | −R 34.4M | — | R 3.8M | −R 377.5M | −R 38.2M | −R 39.1M | −R 12.0M | −R 523.9M |
| Summary | ||||||||||||
| Net change in cash | R 9.3M | R 624.8M | R 167.8M | −R 657.6M | R 88.2M | −R 56.6M | R 202.5M | −R 233.4M | R 542.4M | −R 345.8M | R 128.4M | −R 432.6M |
| Cash at end of period | R 755.5M | R 1.16B | R 574.7M | R 419.5M | R 1.10B | R 837.6M | R 921.0M | R 709.5M | R 991.2M | R 436.2M | R 770.2M | R 646.5M |
| Free cash flow | R 59.7M | R 501.8M | R 556.5M | R 266.8M | R 642.0M | R 260.5M | R 442.4M | R 394.1M | R 569.8M | −R 1.01B | R 442.9M | R 303.9M |
| Free cash flow margin | 3.8% | 34.6% | 39.5% | 19.9% | 50.3% | 21.4% | 38.2% | 35.6% | 52.7% | −92.6% | 41.0% | 29.2% |
| Capex / revenue | 30.5% | 34.7% | 38.3% | 21.1% | 49.0% | 0.0% | 40.4% | 35.8% | 24.7% | 80.5% | 40.1% | 29.4% |
| Operating cash flow / net income | 1.80 | 2.31 | 2.07 | 1.17 | 2.43 | 1.04 | 1.94 | 1.92 | 3.77 | −0.63 | 2.23 | 1.74 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in South African rand as reported; data from EODHD.
KARO cash generation
In fiscal 2026 (ended February 28, 2026), Karooooo generated R 1.8 billion of cash from operations (down 8.4%) and spent R 1.8 billion on capital expenditures, leaving free cash flow of R 2.0 billion, 35.9% of revenue. It returned R 694.4 million to shareholders through dividends (R 694.4 million) and net share buybacks (R 0). Cash and equivalents rose by R 262.4 million over the year.
Related: KARO income statement, KARO balance sheet, KARO dividend history. See the KARO stock overview for the latest quote and news.
KARO cash flow FAQ
What is Karooooo's free cash flow?
Karooooo's free cash flow was R 2.0 billion in fiscal 2026: R 1.8 billion of operating cash flow minus R 1.8 billion of capital expenditures It was R 928.9 million a year earlier..
How much cash does Karooooo generate from operations?
Karooooo generated R 1.8 billion of cash from operating activities in fiscal 2026, 1.98 times its net income of R 912.8 million.
How much does Karooooo spend on capital expenditures?
Karooooo spent R 1.8 billion on capital expenditures in fiscal 2026, 33.0% of revenue, compared with R 1.0 billion the year before.
How much does Karooooo pay in dividends?
Karooooo paid R 694.4 million in dividends in fiscal 2026, 35.3% of free cash flow.