Picpay Holdings Netherlands N.V. (PICS) Cash Flow Statement
Where PICS’s cash came from and went, 2025
December 31, 2025 · Brazilian reais- Cash from operations
- −R$3.74B −263.3% vs 2024
- Capital expenditures
- R$684.3M 6.7% of revenue
- Free cash flow
- −R$4.42B −43.0% margin
- Returned to shareholders
- —
- Change in cash
- −R$3.61B cash at year-end R$3.86B
Drawn to scale: where the cash came from and how it was used. Hover for values.
PICS operating cash flow, capex and free cash flow
PICS cash flow trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −R$2.51B2021 | −R$3.74B2025 | — | |
| Capital expenditures | R$243.9M2021 | R$684.3M2025 | +29.4%/yr | |
| Free cash flow | −R$2.75B2021 | −R$4.42B2025 | — | |
| Free cash flow margin | −224.7%2021 | −43.0%2025 | +181.7 pts | |
| Operating cash flow / net income | 41.952023 | −3.282025 | −45.22 | |
| Stock-based compensation | R$02023 | R$205.6M2025 | — | |
| Capex / revenue | 19.9%2021 | 6.7%2025 | −13.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PICS cash flow by activity
PICS 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).
PICS cash flow statement in Brazilian reais
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | R$1.14B | R$251.8M | R$37.4M | −R$692.9M | −R$1.90B |
| Depreciation & amortization | R$442.8M | R$292.9M | R$169.4M | R$74.4M | R$49.4M |
| Stock-based compensation | R$205.6M | R$0 | R$0 | — | — |
| Change in working capital | −R$3.79B | R$2.87B | R$2.85B | R$8.68B | −R$1.13B |
| Other non-cash items | −R$1.73B | −R$1.13B | −R$1.49B | −R$719.4M | R$477.9M |
| Cash from operating activities | −R$3.74B | R$2.29B | R$1.57B | R$7.34B | −R$2.51B |
| Investing activities | |||||
| Capital expenditures | −R$684.3M | −R$582.1M | −R$502.1M | −R$217.8M | −R$243.9M |
| Investments (net) | R$0 | −R$128.0M | R$0 | R$11,000 | −R$1,000 |
| Acquisitions & other investing | R$0 | −R$1.81B | −R$35.0M | R$154.5M | −R$54.8M |
| Cash from investing activities | −R$684.3M | −R$2.53B | −R$537.1M | −R$63.2M | −R$298.7M |
| Financing activities | |||||
| Net borrowing (repayment) | −R$8.0M | −R$8.4M | −R$12.2M | −R$2.37B | R$1.19B |
| Shares issued | R$1.18B | R$105.6M | R$0 | R$59.1M | R$282.1M |
| Other financing | −R$360.0M | R$230.0M | R$0 | R$1.25B | R$1.37B |
| Cash from financing activities | R$815.4M | R$327.2M | −R$12.2M | −R$1.06B | R$2.84B |
| Summary | |||||
| Net change in cash | −R$3.61B | R$92.6M | R$1.02B | R$6.21B | R$37.4M |
| Cash at end of period | R$3.86B | R$7.47B | R$7.38B | R$6.36B | R$149.3M |
| Free cash flow | −R$4.42B | R$1.71B | R$1.06B | R$7.12B | −R$2.75B |
| Free cash flow margin | −43.0% | 32.9% | 34.7% | 235.5% | −224.7% |
| Capex / revenue | 6.7% | 11.2% | 16.3% | 7.2% | 19.9% |
| Operating cash flow / net income | −3.28 | 9.10 | 41.95 | — | — |
| 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$276.3M | R$151.7M | R$827.8M | R$105.4M | R$104.8M | R$88.1M | R$141.8M | R$94.4M | R$51.7M | R$4.8M | R$23.4M | R$8.7M |
| Depreciation & amortization | R$121.3M | R$118.4M | R$117.0M | R$114.9M | R$107.9M | R$103.7M | R$118.1M | R$85.5M | R$60.8M | R$61.3M | R$66.1M | R$51.0M |
| Stock-based compensation | −R$65.0M | R$26.8M | — | — | R$0 | R$0 | — | — | — | — | — | — |
| Change in working capital | R$4.62B | −R$447.2M | −R$1.95B | R$751.2M | R$3.88B | −R$3.05B | −R$2.92B | R$103.2M | R$374.1M | −R$1.36B | R$558.1M | R$1.32B |
| Other non-cash items | −R$319.7M | −R$110.4M | −R$1.51B | R$348.3M | −R$553.4M | R$193.4M | R$1.89B | −R$353.8M | −R$550.5M | R$971.8M | −R$126.8M | −R$175.3M |
| Cash from operating activities | R$4.64B | −R$260.7M | −R$2.51B | R$1.32B | R$3.54B | −R$2.66B | −R$773.5M | −R$70.7M | −R$63.9M | −R$319.9M | R$520.9M | R$1.21B |
| Investing activities | ||||||||||||
| Capital expenditures | −R$19.4M | −R$162.9M | −R$137.9M | −R$187.9M | −R$44.1M | −R$175.5M | −R$141.7M | −R$17.2M | −R$11.9M | −R$9.2M | −R$25.5M | −R$28.4M |
| Acquisitions & other investing | −R$3.95B | R$0 | R$0 | R$0 | −R$3.56B | R$0 | −R$1.68B | −R$117.8M | −R$122.4M | −R$1.94B | −R$78.2M | −R$158.3M |
| Cash from investing activities | −R$3.97B | −R$162.9M | −R$137.9M | −R$187.9M | −R$3.61B | −R$175.5M | −R$1.83B | −R$135.0M | −R$134.3M | −R$1.95B | −R$103.7M | −R$186.7M |
| Financing activities | ||||||||||||
| Net borrowing (repayment) | −R$2.6M | −R$2.6M | −R$944,000 | −R$2.4M | −R$2.3M | −R$2.3M | R$1.4M | −R$5.1M | −R$1.4M | — | — | — |
| Shares issued | R$0 | R$2.04B | R$379.9M | R$257.8M | R$175.5M | R$370.2M | R$101.8M | R$3.8M | R$0 | R$0 | R$0 | R$0 |
| Other financing | R$39.9M | R$0 | −R$360.0M | R$0 | R$1.3M | R$0 | R$6.5M | R$130.0M | R$100.0M | −R$3.3M | −R$3.2M | −R$3.1M |
| Cash from financing activities | R$37.3M | R$2.04B | R$18.9M | R$255.4M | R$174.4M | R$367.9M | R$109.7M | R$128.7M | R$98.6M | −R$3.3M | −R$3.2M | −R$3.1M |
| Summary | ||||||||||||
| Net change in cash | R$539.7M | R$1.61B | −R$2.63B | R$1.39B | −R$263.6M | −R$2.47B | R$190.6M | −R$77.1M | −R$99.6M | −R$2.27B | R$414.0M | R$1.02B |
| Cash at end of period | R$2.10B | R$5.48B | R$3.86B | R$6.49B | R$1.25B | R$5.00B | R$7.47B | R$4.93B | R$5.01B | R$5.11B | R$7.38B | R$6.97B |
| Free cash flow | R$4.62B | −R$423.7M | −R$2.65B | R$1.13B | R$3.49B | −R$2.84B | −R$915.1M | −R$88.0M | −R$75.8M | −R$329.1M | R$546.4M | R$1.18B |
| Free cash flow margin | 112.0% | −12.1% | −139.6% | 43.1% | 150.4% | −137.5% | −54.7% | −6.7% | −6.5% | −29.0% | 57.4% | 125.0% |
| Capex / revenue | 0.5% | 4.6% | 7.3% | 7.2% | 1.9% | 8.5% | 8.5% | 1.3% | 1.0% | 0.8% | 2.7% | 3.0% |
| Operating cash flow / net income | 16.78 | −1.72 | −3.03 | 12.52 | 33.73 | −30.21 | −5.46 | −0.75 | −1.24 | −66.54 | 22.22 | 138.00 |
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.
PICS cash generation
In fiscal 2025 (ended December 31, 2025), Picpay Holdings Netherlands N.V. generated -R$3.7 billion of cash from operations (down 263.3%) and spent R$684.3 million on capital expenditures, leaving free cash flow of -R$4.4 billion, −43.0% of revenue. Cash and equivalents fell by R$3.6 billion over the year.
Related: PICS income statement, PICS balance sheet. See the PICS stock overview for the latest quote and news.
PICS cash flow FAQ
What is Picpay Holdings Netherlands N.V.'s free cash flow?
Picpay Holdings Netherlands N.V.'s free cash flow was -R$4.4 billion in fiscal 2025: -R$3.7 billion of operating cash flow minus R$684.3 million of capital expenditures It was R$1.7 billion a year earlier..
How much cash does Picpay Holdings Netherlands N.V. generate from operations?
Picpay Holdings Netherlands N.V. generated -R$3.7 billion of cash from operating activities in fiscal 2025, −3.28 times its net income of R$1.1 billion.
How much does Picpay Holdings Netherlands N.V. spend on capital expenditures?
Picpay Holdings Netherlands N.V. spent R$684.3 million on capital expenditures in fiscal 2025, 6.7% of revenue, compared with R$582.1 million the year before.