Klarna Group plc (KLAR) Cash Flow Statement
Where KLAR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$1.03B −275.8% vs 2024
- Capital expenditures
- $3.0M 0.1% of revenue
- Free cash flow
- −$1.03B −29.5% margin
- Returned to shareholders
- —
- Change in cash
- $560.0M cash at year-end $3.80B
Cash from operations
−$1.03B
Acquisitions & other
−$27.0M
Net borrowing (repayment)
+$797.0M
Shares issued
+$191.0M
Currency & other
+$631.0M
Change in cash
$560.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
KLAR operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
KLAR cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $47.6M2016 | −$1.03B2025 | — | |
| Capital expenditures | $2.7M2016 | $3.0M2025 | +1.1%/yr | |
| Free cash flow | $44.9M2016 | −$1.03B2025 | — | |
| Free cash flow margin | 11.5%2016 | −29.5%2025 | −41.0 pts | |
| Operating cash flow / net income | 3.832016 | 17.792024 | +13.96 | |
| Stock-based compensation | $2.3M2016 | $157.0M2025 | +60.0%/yr | |
| Capex / revenue | 0.7%2016 | 0.1%2025 | −0.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
KLAR cash flow by activity
OperatingInvestingFinancingChange in cash
KLAR 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).
KLAR cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$241.0M | $33.0M | −$304.0M | −$1.04B | −$775.7M | −$153.9M | −$92.4M | $11.6M | $42.0M | $12.4M |
| Depreciation & amortization | $125.0M | $189.0M | $227.0M | $162.0M | $82.5M | $48.7M | $31.9M | $16.1M | $15.5M | $12.4M |
| Stock-based compensation | $157.0M | $92.0M | $43.0M | $56.0M | $58.5M | $10.9M | $511,268 | $868,751 | −$63,633 | $2.3M |
| Change in working capital | −$2.49B | −$165.0M | $367.0M | $88.0M | $36.1M | $273.7M | −$877.6M | $24.5M | −$425.8M | $2.6M |
| Other non-cash items | $1.41B | $438.0M | $475.0M | $1.07B | $233.1M | $18.8M | $34.6M | $28.7M | $51.8M | $18.0M |
| Cash from operating activities | −$1.03B | $587.0M | $808.0M | $336.0M | −$365.5M | $198.2M | −$902.9M | $81.7M | −$316.5M | $47.6M |
| Investing activities | ||||||||||
| Capital expenditures | −$3.0M | −$45.0M | −$85.0M | −$105.0M | −$27.1M | −$7.8M | −$19.9M | −$6.0M | −$4.0M | −$2.7M |
| Investments (net) | — | $154.0M | −$83.0M | −$459.0M | — | — | — | — | — | — |
| Acquisitions & other investing | −$27.0M | $45.0M | $85.0M | $105.0M | −$462.3M | −$49.5M | −$127.4M | −$28.3M | −$64.4M | −$7.6M |
| Cash from investing activities | −$30.0M | $154.0M | −$83.0M | −$459.0M | −$489.4M | −$57.3M | −$147.3M | −$34.3M | −$68.4M | −$10.3M |
| Financing activities | ||||||||||
| Net borrowing (repayment) | $797.0M | $170.0M | −$78.0M | −$782.0M | — | — | — | — | — | — |
| Shares issued | $191.0M | $0 | $39.0M | $799.0M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $142.0M | −$23.0M | $1.0M | $2.14B | $535.2M | $976.7M | $82.9M | $372.5M | $43.3M |
| Cash from financing activities | $988.0M | $312.0M | −$62.0M | $18.0M | $2.14B | $535.2M | $976.7M | $82.9M | $372.5M | $43.3M |
| Summary | ||||||||||
| Net change in cash | $560.0M | $852.0M | $697.0M | −$377.0M | $1.23B | $667.8M | −$82.9M | $124.6M | $3.0M | $128.6M |
| Cash at end of period | $3.80B | $3.24B | $2.39B | $1.69B | $2.07B | $841.2M | $173.4M | $256.3M | $131.7M | $128.6M |
| Free cash flow | −$1.03B | $542.0M | $723.0M | $231.0M | −$392.6M | $190.5M | −$922.8M | $75.7M | −$320.5M | $44.9M |
| Free cash flow margin | −29.5% | 20.3% | 32.8% | 12.2% | −24.2% | 14.3% | −108.6% | 11.2% | −58.5% | 11.5% |
| Capex / revenue | 0.1% | 1.7% | 3.9% | 5.6% | 1.7% | 0.6% | 2.3% | 0.9% | 0.7% | 0.7% |
| Operating cash flow / net income | — | 17.79 | — | — | — | — | — | 7.03 | −7.54 | 3.83 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Dec '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||
| Net income | $4.0M | $15.0M | −$47.0M | −$95.0M | −$46.0M | −$92.0M | −$2.0M | −$25.0M | −$24.8M | −$15.4M | −$239.2M |
| Depreciation & amortization | $27.0M | $17.0M | $23.0M | $49.0M | $51.0M | $26.0M | $38.0M | $36.0M | $33.9M | $38.3M | $49.4M |
| Stock-based compensation | — | $29.0M | $33.0M | $39.0M | $26.0M | $59.0M | $9.0M | $5.0M | $2.6M | $11.8M | −$5.9M |
| Change in working capital | −$745.0M | −$1.49B | −$3.83B | $259.0M | $684.0M | $400.0M | −$545.0M | $1.04B | $8.6M | $573.8M | −$495.3M |
| Other non-cash items | $453.0M | $474.0M | $782.0M | $220.0M | $212.0M | $214.0M | $150.0M | $123.0M | $544.2M | −$50.0M | $1.03B |
| Cash from operating activities | −$261.0M | −$952.0M | −$3.04B | $472.0M | $927.0M | $607.0M | −$350.0M | $1.18B | $564.6M | $558.5M | $334.2M |
| Investing activities | |||||||||||
| Capital expenditures | $0 | −$8.0M | −$2.0M | −$8.0M | −$7.0M | −$7.0M | −$12.0M | −$11.0M | −$453,102 | −$137,300 | −$591,378 |
| Investments (net) | — | — | — | — | −$7.0M | −$7.0M | −$12.0M | −$11.0M | — | — | — |
| Acquisitions & other investing | −$8.0M | $0 | −$6.0M | $0 | $7.0M | $7.0M | $12.0M | $11.0M | −$15.6M | −$18.2M | −$41.2M |
| Cash from investing activities | −$8.0M | −$8.0M | −$8.0M | −$8.0M | −$7.0M | −$7.0M | −$12.0M | −$11.0M | −$16.1M | −$18.3M | −$41.8M |
| Financing activities | |||||||||||
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | −$9.8M | −$13.1M | −$1.0M |
| Net borrowing (repayment) | — | $25.0M | $26.0M | $617.0M | $145.0M | $9.0M | $162.0M | $19.0M | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $159.0M | $0 | −$1.0M | $192.0M | $0 | $0 | −$1.0M | $144.0M | −$9.5M | −$9.2M | $157.1M |
| Cash from financing activities | $159.0M | $25.0M | $25.0M | $809.0M | $145.0M | $9.0M | $161.0M | $163.0M | −$19.3M | −$22.3M | $156.0M |
| Summary | |||||||||||
| Net change in cash | −$134.0M | −$997.0M | −$2.99B | $1.29B | $1.40B | $862.0M | −$210.0M | $1.24B | $2.39B | — | $1.69B |
| Cash at end of period | $2.67B | $2.81B | $3.80B | $6.79B | $5.50B | $4.11B | $3.42B | $3.63B | $2.39B | — | $1.69B |
| Free cash flow | −$261.0M | −$960.0M | −$3.04B | $464.0M | $920.0M | $600.0M | −$362.0M | $1.16B | $564.1M | $558.4M | $333.6M |
| Free cash flow margin | −25.0% | −94.9% | −281.0% | 51.4% | 111.8% | 89.7% | −56.4% | 191.4% | 82.8% | 97.3% | 45.7% |
| Capex / revenue | 0.0% | 0.8% | 0.2% | 0.9% | 0.9% | 1.0% | 1.9% | 1.8% | 0.1% | 0.0% | 0.1% |
| Operating cash flow / net income | −65.25 | −63.47 | — | — | — | — | — | — | — | — | — |
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.
KLAR cash generation
In fiscal 2025 (ended December 31, 2025), Klarna generated -$1.0 billion of cash from operations (down 275.8%) and spent $3.0 million on capital expenditures, leaving free cash flow of -$1.0 billion, −29.5% of revenue. Cash and equivalents rose by $560.0 million over the year.
Related: KLAR income statement, KLAR balance sheet. See the KLAR stock overview for the latest quote and news.
KLAR cash flow FAQ
What is Klarna's free cash flow?
Klarna's free cash flow was -$1.0 billion in fiscal 2025: -$1.0 billion of operating cash flow minus $3.0 million of capital expenditures It was $542.0 million a year earlier..
How much cash does Klarna generate from operations?
Klarna generated -$1.0 billion of cash from operating activities in fiscal 2025.
How much does Klarna spend on capital expenditures?
Klarna spent $3.0 million on capital expenditures in fiscal 2025, 0.1% of revenue, compared with $45.0 million the year before.