PagSeguro Digital Ltd. (PAGS) Cash Flow Statement
Where PAGS’s cash came from and went, 2025
December 31, 2025 · Brazilian reais- Cash from operations
- R$2.57B
- Capital expenditures
- R$1.02B 5.3% of revenue
- Free cash flow
- R$1.55B 8.0% margin
- Returned to shareholders
- R$1.91B 123% of free cash flow
- Change in cash
- R$1.03B cash at year-end R$1.86B
Cash from operations
R$2.57B
Capital expenditures
−R$1.02B
Investments (net)
−R$22.9M
Acquisitions & other
−R$1.21B
Dividends
−R$604.9M
Share buybacks (net)
−R$1.30B
Net borrowing (repayment)
−R$2.33B
Other financing
+R$3.79B
Currency & other
+R$1.16B
Change in cash
R$1.03B
Drawn to scale: where the cash came from and how it was used. Hover for values.
PAGS operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
PAGS cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | R$71.9M2016 | R$2.57B2025 | +48.8%/yr | |
| Capital expenditures | R$67.6M2016 | R$1.02B2025 | +35.2%/yr | |
| Free cash flow | R$4.3M2016 | R$1.55B2025 | +92.4%/yr | |
| Free cash flow margin | 0.4%2016 | 8.0%2025 | +7.7 pts | |
| Operating cash flow / net income | 0.612016 | 1.242025 | +0.63 | |
| Stock-based compensation | R$68.2M2018 | R$112.1M2025 | +7.3%/yr | |
| Dividends paid | R$3702016 | R$604.9M2025 | +390.2%/yr | |
| Share buybacks (net) | R$02016 | R$1.30B2025 | — | |
| Capex / revenue | 6.0%2016 | 5.3%2025 | −0.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PAGS cash flow by activity
OperatingInvestingFinancingChange in cash
PAGS 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).
PAGS cash flow statement in Brazilian reais
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | R$2.08B | R$2.38B | R$2.02B | R$1.76B | R$1.49B | R$1.77B | R$1.39B | R$963.8M | R$497.5M | R$118.8M |
| Depreciation & amortization | R$1.77B | R$1.60B | R$1.36B | R$1.13B | R$768.6M | R$376.3M | R$128.3M | R$95.4M | R$51.6M | R$31.2M |
| Stock-based compensation | R$112.1M | R$178.7M | R$144.6M | R$127.4M | R$370.6M | R$122.9M | R$23.2M | R$68.2M | — | — |
| Change in working capital | −R$7.72B | −R$11.06B | −R$3.49B | −R$4.00B | −R$3.78B | −R$570.5M | −R$2.24B | −R$3.84B | −R$380.9M | −R$263.5M |
| Other non-cash items | R$6.33B | R$3.49B | R$3.97B | R$4.53B | R$2.05B | R$449.3M | R$1.18B | R$847.9M | R$303.1M | R$185.4M |
| Cash from operating activities | R$2.57B | −R$3.42B | R$4.00B | R$3.55B | R$898.0M | R$2.15B | R$489.1M | −R$1.87B | R$471.3M | R$71.9M |
| Investing activities | ||||||||||
| Capital expenditures | −R$1.02B | −R$2.32B | −R$1.99B | −R$2.14B | −R$1.75B | −R$2.05B | −R$707.1M | −R$268.8M | −R$111.7M | −R$67.6M |
| Investments (net) | −R$22.9M | −R$1.83B | −R$2.04B | −R$2.18B | R$324.2M | −R$1.86B | −R$1.11B | −R$44.3M | −R$77.5M | −R$203.3M |
| Acquisitions & other investing | −R$1.21B | R$2.32B | R$1.33B | R$2.14B | −R$43.4M | R$2.05B | −R$56.6M | R$282.4M | −R$26.1M | R$81.1M |
| Cash from investing activities | −R$2.25B | −R$1.83B | −R$2.70B | −R$2.18B | −R$1.47B | −R$1.86B | −R$1.87B | −R$30.7M | −R$215.3M | −R$189.8M |
| Financing activities | ||||||||||
| Dividends paid | −R$604.9M | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | −R$56.4M | −R$370 |
| Share repurchases & issuance (net) | −R$1.30B | −R$784.5M | −R$399.4M | −R$291.4M | −R$258.0M | −R$44.8M | −R$1.7M | −R$39.5M | R$0 | R$0 |
| Net borrowing (repayment) | −R$2.33B | R$4.14B | R$183.0M | −R$981.3M | R$996.9M | R$996.9M | R$996.9M | R$996.9M | −R$199.5M | R$199.4M |
| Shares issued | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$4.72B | R$0 | R$0 |
| Other financing | R$3.79B | −R$82.0M | −R$9.6M | −R$56.9M | −R$11.7M | −R$1.01B | −R$997.0M | −R$917.4M | −R$13.8M | −R$13.2M |
| Cash from financing activities | −R$443.3M | R$3.27B | −R$226.0M | −R$1.33B | R$727.2M | −R$55.1M | −R$1.8M | R$4.76B | −R$269.7M | R$186.2M |
| Summary | ||||||||||
| Net change in cash | R$1.03B | −R$1.97B | R$1.07B | R$34.7M | R$154.3M | R$236.1M | −R$1.36B | R$2.70B | −R$13.2M | R$73.1M |
| Cash at end of period | R$1.86B | R$927.7M | R$2.90B | R$1.83B | R$1.79B | R$1.64B | R$1.40B | R$2.76B | R$66.8M | R$80.0M |
| Free cash flow | R$1.55B | −R$5.74B | R$2.01B | R$1.41B | −R$853.8M | R$106.1M | −R$218.0M | −R$2.14B | R$359.6M | R$4.3M |
| Free cash flow margin | 8.0% | −31.3% | 12.8% | 9.3% | −8.3% | 1.6% | −3.9% | −52.7% | 14.3% | 0.4% |
| Capex / revenue | 5.3% | 12.7% | 12.7% | 14.1% | 17.0% | 30.6% | 12.7% | 6.6% | 4.4% | 6.0% |
| Operating cash flow / net income | 1.24 | −1.44 | 1.98 | 2.02 | 0.60 | 1.21 | 0.35 | −1.94 | 0.95 | 0.61 |
| 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$549.1M | R$535.3M | R$509.7M | R$636.4M | R$616.2M | R$579.9M | R$599.0M | R$593.5M | R$577.7M | R$572.4M | R$488.0M | R$512.1M |
| Depreciation & amortization | R$478.0M | R$453.2M | R$465.7M | R$457.9M | R$451.8M | R$439.0M | R$425.2M | R$413.0M | R$391.2M | R$371.5M | R$366.0M | R$346.5M |
| Stock-based compensation | R$35.6M | R$35.9M | R$49.3M | R$5.1M | R$27.9M | R$29.8M | R$43.7M | R$44.1M | R$44.1M | R$46.8M | R$35.0M | R$36.1M |
| Change in working capital | −R$1.52B | −R$2.20B | −R$5.77B | −R$812.6M | −R$410.9M | −R$985.1M | −R$4.05B | −R$2.56B | −R$6.22B | R$451.3M | −R$147.0M | −R$1.04B |
| Other non-cash items | R$1.47B | R$1.64B | R$1.75B | R$1.90B | R$1.55B | R$1.15B | R$2.38B | R$820.2M | R$656.6M | R$986.6M | R$1.42B | R$1.11B |
| Cash from operating activities | R$1.01B | R$460.8M | −R$3.00B | R$2.18B | R$2.24B | R$1.22B | −R$600.9M | −R$688.8M | −R$4.56B | R$2.43B | R$2.17B | R$972.3M |
| Investing activities | ||||||||||||
| Capital expenditures | −R$227.5M | −R$240.9M | −R$238.2M | −R$512.7M | −R$529.0M | −R$648.6M | −R$215.8M | −R$585.5M | −R$636.7M | −R$558.3M | −R$259.0M | −R$528.2M |
| Investments (net) | −R$134.0M | R$1.7M | −R$113.8M | −R$497.7M | −R$300.2M | −R$801.6M | −R$282.2M | R$26.5M | R$69.0M | −R$1.64B | −R$1.09B | −R$503.3M |
| Acquisitions & other investing | −R$289.9M | −R$314.5M | −R$375.0M | R$512.7M | R$529.0M | R$648.6M | — | R$585.5M | R$636.7M | R$558.3M | — | R$528.2M |
| Cash from investing activities | −R$651.4M | −R$553.6M | −R$727.0M | −R$497.7M | −R$300.2M | −R$801.6M | — | R$26.5M | R$69.0M | −R$1.64B | — | −R$503.3M |
| Financing activities | ||||||||||||
| Dividends paid | −R$363.2M | −R$168.8M | −R$193.0M | −R$195.2M | −R$236.0M | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 |
| Share repurchases & issuance (net) | −R$94.4M | −R$277.5M | −R$602.4M | −R$47.9M | −R$467.9M | −R$228.3M | −R$356.7M | R$427.7M | R$0 | −R$150.6M | −R$151.0M | −R$105.2M |
| Net borrowing (repayment) | −R$834.0M | −R$63.3M | R$7.2M | −R$1.11B | −R$1.06B | −R$159.9M | R$1.45B | R$439.4M | — | — | — | −R$103.7M |
| 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$32.2M | R$472.0M | R$3.88B | −R$28.0M | R$0 | R$0 | R$85,000 | −R$859.0M | R$1.49B | R$832.7M | −R$4.0M | −R$9.6M |
| Cash from financing activities | −R$1.32B | −R$37.6M | R$3.09B | −R$1.39B | −R$1.76B | −R$388.2M | R$1.09B | R$8.1M | R$1.49B | R$682.1M | −R$155.0M | −R$218.5M |
| Summary | ||||||||||||
| Net change in cash | −R$966.5M | −R$177.7M | R$388.7M | R$299.1M | R$174.1M | R$26.5M | R$207.6M | −R$654.1M | −R$2.99B | R$1.47B | R$924.4M | R$250.5M |
| Cash at end of period | R$623.7M | R$1.57B | R$1.86B | R$1.43B | R$1.13B | R$954.1M | R$927.7M | R$720.1M | R$1.37B | R$4.37B | R$2.90B | R$1.97B |
| Free cash flow | R$781.1M | R$220.0M | −R$3.24B | R$1.67B | R$1.71B | R$567.6M | −R$816.7M | −R$1.27B | −R$5.19B | R$1.87B | R$1.91B | R$444.1M |
| Free cash flow margin | 16.0% | 4.7% | −61.0% | 34.0% | 34.9% | 12.0% | −16.3% | −27.1% | −117.3% | 44.5% | 44.6% | 11.2% |
| Capex / revenue | 4.7% | 5.1% | 4.5% | 10.4% | 10.8% | 13.8% | 4.3% | 12.4% | 14.4% | 13.3% | 6.1% | 13.3% |
| Operating cash flow / net income | 1.84 | 0.86 | −5.88 | 3.43 | 3.63 | 2.10 | −1.00 | −1.16 | −7.88 | 4.24 | 4.44 | 1.90 |
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.
PAGS cash generation
In fiscal 2025 (ended December 31, 2025), PagSeguro Digital generated R$2.6 billion of cash from operations and spent R$1.0 billion on capital expenditures, leaving free cash flow of R$1.6 billion, 8.0% of revenue. It returned R$1.9 billion to shareholders through dividends (R$604.9 million) and net share buybacks (R$1.3 billion). Cash and equivalents rose by R$1.0 billion over the year.
Related: PAGS income statement, PAGS balance sheet, PAGS dividend history. See the PAGS stock overview for the latest quote and news.
PAGS cash flow FAQ
What is PagSeguro Digital's free cash flow?
PagSeguro Digital's free cash flow was R$1.6 billion in fiscal 2025: R$2.6 billion of operating cash flow minus R$1.0 billion of capital expenditures It was -R$5.7 billion a year earlier..
How much cash does PagSeguro Digital generate from operations?
PagSeguro Digital generated R$2.6 billion of cash from operating activities in fiscal 2025, 1.24 times its net income of R$2.1 billion.
How much does PagSeguro Digital spend on capital expenditures?
PagSeguro Digital spent R$1.0 billion on capital expenditures in fiscal 2025, 5.3% of revenue, compared with R$2.3 billion the year before.
How much stock does PagSeguro Digital buy back?
PagSeguro Digital spent R$1.3 billion on net share repurchases in fiscal 2025.
How much does PagSeguro Digital pay in dividends?
PagSeguro Digital paid R$604.9 million in dividends in fiscal 2025, 38.9% of free cash flow.