Lloyds Banking Group plc (LYG) Cash Flow Statement

NYSE: LYGOperating cash, capex, free cash flow and buybacks.

Where LYG’s cash came from and went, 2025

December 31, 2025 · U.S. dollars
Cash from operations
$4.33B
−84.0% vs 2020
Capital expenditures
$4.96B
7.6% of revenue
Free cash flow
−$625.0M
−1.0% margin
Returned to shareholders
$3.63B
Change in cash
−$10.22B
cash at year-end $60.59B
Cash from operations: $4.33BCash from operations$4.33BDrawn from cash: $10.22BDrawn from cash$10.22BAcquisitions & other, Shares issued: $546.2MOther sources$546.2MInvestments (net): $5.45BInvestments (net)$5.45B · 36%Capital expenditures: $4.96BCapital expenditures$4.96B · 33%Dividends: $1.96BDividends$1.96B · 13%Share buybacks: $1.67BShare buybacks$1.67B · 11%Currency & other: $593.7MCurrency & other$593.7M · 4%Other financing, Debt repayment: $468.7MOther uses$468.7M · 3%$15.10B
Cash from operations
$4.33B
Capital expenditures
−$4.96B
Investments (net)
−$5.45B
Acquisitions & other
+$447.2M
Dividends
−$1.96B
Share buybacks (net)
−$1.67B
Net borrowing (repayment)
−$171.0M
Shares issued
+$99.0M
Other financing
−$297.7M
Currency & other
−$593.7M
Change in cash
−$10.22B

Drawn to scale: where the cash came from and how it was used. Hover for values.

LYG operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

LYG cash flow trends, 2016–2025

MetricTrendThenLatestChange
Operating cash flow$2.07B2016$4.33B2025+13.1%/yr
Capital expenditures$3.76B2016$4.96B2025+4.7%/yr
Free cash flow−$1.69B2016−$625.0M2025—
Free cash flow margin−6.9%2016−1.0%2025+6.0 pts
Operating cash flow / net income0.4920161.062025+0.57
Stock-based compensation$442.0M2016$373.0M2019−4.2%/yr
Dividends paid$2.01B2016$1.96B2025−0.5%/yr
Share buybacks (net)$02016$1.67B2025—
Capex / revenue15.4%20167.6%2025−7.8 pts

Change is the average annual growth (CAGR) or the difference between the first and latest year.

LYG cash flow by activity

OperatingInvestingFinancingChange in cash

LYG 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).

LYG cash flow statement

2025202020192018201720172016
Operating activities
Net income$4.10B$1.23B$4.39B$5.96B$5.28B$9.75B$4.24B
Depreciation & amortization$3.48B$2.73B$2.66B$2.40B$2.37B$1.85B$2.38B
Stock-based compensation——$373.0M$443.0M$437.0M—$442.0M
Change in working capital−$5.17B$17.09B−$7.41B−$13.14B−$19.77B—−$14.88B
Other non-cash items$1.92B$6.13B$11.26B−$6.77B$8.50B−$5.06B$9.89B
Cash from operating activities$4.33B$27.17B$11.28B−$11.11B−$3.19B$6.54B$2.07B
Investing activities
Capital expenditures−$4.96B−$2.90B−$3.44B−$3.51B−$3.65B−$4.12B−$3.76B
Investments (net)−$5.45B−$4.00B−$2.13B$11.92B$6.81B−$290.0M−$686.0M
Acquisitions & other investing$447.2M$2.90B$3.44B$3.51B$3.65B−$983.0M$3.76B
Cash from investing activities−$9.97B−$4.00B−$2.13B$11.92B$6.81B−$5.39B−$686.0M
Financing activities
Dividends paid−$1.96B−$453.0M−$2.31B−$2.24B−$2.28B−$1.83B−$2.01B
Share repurchases & issuance (net)−$1.67B−$683.0M−$1.09B−$1.00B−$1.33B−$221.0M$1000000.00T
Net borrowing (repayment)−$171.0M−$3.87B−$818.0M−$527.0M−$1.01B$1.17B−$6.82B
Shares issued$99.0M$144.0M$36.0M$102.0M$0$0$0
Other financing−$297.7M−$453.0M−$2.37B−$631.0M−$401.0M$964.0M−$1000000.00T
Cash from financing activities−$4.00B−$5.32B−$6.56B−$4.30B−$5.02B$86.0M−$10.97B
Summary
Net change in cash−$10.22B$17.66B$2.59B−$3.48B−$1.41B$1.23B−$9.56B
Cash at end of period$60.59B$75.47B$57.81B$55.22B$60.98B$62.39B$62.39B
Free cash flow−$625.0M$24.27B$7.84B−$14.62B−$6.85B$2.42B−$1.69B
Free cash flow margin−1.0%129.9%31.6%−67.7%−28.9%12.9%−6.9%
Capex / revenue7.6%15.5%13.9%16.3%15.4%21.9%15.4%
Operating cash flow / net income1.0622.162.57−1.86−0.610.670.49

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.

LYG cash generation

In fiscal 2025 (ended December 31, 2025), Lloyds Banking generated $4.3 billion of cash from operations (down 84.0%) and spent $5.0 billion on capital expenditures, leaving free cash flow of -$625.0 million, −1.0% of revenue. It returned $3.6 billion to shareholders through dividends ($2.0 billion) and net share buybacks ($1.7 billion). Cash and equivalents fell by $10.2 billion over the year.

Related: LYG income statement, LYG balance sheet, LYG dividend history. See the LYG stock overview for the latest quote and news.

LYG cash flow FAQ

What is Lloyds Banking's free cash flow?

Lloyds Banking's free cash flow was -$625.0 million in fiscal 2025: $4.3 billion of operating cash flow minus $5.0 billion of capital expenditures It was $24.3 billion a year earlier..

How much cash does Lloyds Banking generate from operations?

Lloyds Banking generated $4.3 billion of cash from operating activities in fiscal 2025, 1.06 times its net income of $4.1 billion.

How much does Lloyds Banking spend on capital expenditures?

Lloyds Banking spent $5.0 billion on capital expenditures in fiscal 2025, 7.6% of revenue, compared with $2.9 billion the year before.

How much stock does Lloyds Banking buy back?

Lloyds Banking spent $1.7 billion on net share repurchases in fiscal 2025.

How much does Lloyds Banking pay in dividends?

Lloyds Banking paid $2.0 billion in dividends in fiscal 2025.

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