POSCO Holdings Inc. (PKX) Cash Flow Statement
Where PKX’s cash came from and went, 2025
December 31, 2025 · South Korean won- Cash from operations
- ₩4.57T −31.4% vs 2024
- Capital expenditures
- ₩6.24T 9.0% of revenue
- Free cash flow
- −₩1.67T −2.4% margin
- Returned to shareholders
- ₩915.22B
- Change in cash
- ₩281.90B cash at year-end ₩7.05T
Cash from operations
₩4.57T
Capital expenditures
−₩6.24T
Investments (net)
−₩261.13B
Acquisitions & other
−₩184.97B
Dividends
−₩915.22B
Net borrowing (repayment)
+₩2.25T
Other financing
+₩1.07T
Change in cash
₩281.90B
Drawn to scale: where the cash came from and how it was used. Hover for values.
PKX operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
PKX cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | ₩5.27T2016 | ₩4.57T2025 | −1.6%/yr | |
| Capital expenditures | ₩2.46T2016 | ₩6.24T2025 | +10.9%/yr | |
| Free cash flow | ₩2.81T2016 | −₩1.67T2025 | — | |
| Free cash flow margin | 5.3%2016 | −2.4%2025 | −7.7 pts | |
| Operating cash flow / net income | 5.112016 | 8.672025 | +3.57 | |
| Stock-based compensation | ₩270.16B2016 | ₩305.86B2021 | +2.5%/yr | |
| Dividends paid | ₩708.97B2016 | ₩915.22B2025 | +2.9%/yr | |
| Share buybacks (net) | ₩02016 | ₩02025 | — | |
| Capex / revenue | 4.6%2016 | 9.0%2025 | +4.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PKX cash flow by activity
OperatingInvestingFinancingChange in cash
PKX 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).
PKX cash flow statement in South Korean won
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | ₩527.02B | ₩1.01T | ₩1.85T | ₩3.56T | ₩7.20T | ₩1.79T | ₩1.98T | ₩1.93T | ₩2.91T | ₩1.03T |
| Depreciation & amortization | ₩4.16T | ₩3.98T | ₩3.84T | ₩3.69T | ₩3.58T | ₩3.62T | ₩3.46T | ₩3.27T | ₩3.30T | ₩3.21T |
| Stock-based compensation | — | — | — | — | ₩305.86B | −₩2.66B | −₩908.37B | ₩441.58B | −₩52.95B | ₩270.16B |
| Change in working capital | −₩393.59B | ₩598.03B | −₩823.98B | −₩35.01B | −₩6.82T | ₩2.80T | ₩111.49B | −₩1.92T | −₩1.66T | −₩126.29B |
| Other non-cash items | ₩279.25B | ₩1.08T | ₩1.30T | −₩1.03T | ₩2.00T | ₩474.92B | ₩1.36T | ₩2.14T | ₩1.11T | ₩879.64B |
| Cash from operating activities | ₩4.57T | ₩6.66T | ₩6.17T | ₩6.19T | ₩6.26T | ₩8.69T | ₩6.00T | ₩5.87T | ₩5.61T | ₩5.27T |
| Investing activities | ||||||||||
| Capital expenditures | −₩6.24T | −₩8.16T | −₩7.23T | −₩5.42T | −₩3.51T | −₩3.50T | −₩2.77T | −₩2.58T | −₩2.63T | −₩2.46T |
| Investments (net) | −₩261.13B | −₩4.52T | −₩6.45T | −₩4.18T | −₩2.21T | −₩6.26T | −₩3.68T | −₩2.65T | −₩3.82T | −₩3.75T |
| Acquisitions & other investing | −₩184.97B | ₩8.20T | ₩6.29T | ₩5.38T | ₩115.08B | ₩3.50T | ₩2.77T | ₩2.58T | ₩2.63T | ₩2.46T |
| Cash from investing activities | −₩6.69T | −₩4.49T | −₩7.39T | −₩4.22T | −₩5.61T | −₩6.26T | −₩3.68T | −₩2.65T | −₩3.82T | −₩3.75T |
| Financing activities | ||||||||||
| Dividends paid | −₩915.22B | −₩844.20B | −₩815.45B | −₩1.22T | −₩1.31T | −₩659.14B | −₩946.22B | −₩723.93B | −₩863.45B | −₩708.97B |
| Share repurchases & issuance (net) | ₩0 | −₩92.31B | −₩340.00B | ₩0 | −₩116.77B | −₩1.16T | ₩0 | ₩0 | ₩0 | ₩0 |
| Net borrowing (repayment) | ₩2.25T | −₩2.05T | ₩609.20B | ₩1.91T | ₩58.37B | ₩584.54B | −₩462.02B | −₩1.26T | −₩851.95B | −₩3.17T |
| Shares issued | ₩0 | ₩0 | ₩0 | ₩0 | ₩0 | ₩0 | ₩0 | ₩0 | ₩0 | ₩0 |
| Other financing | ₩1.07T | ₩681.27B | ₩367.66B | ₩625.63B | ₩600.66B | ₩145.53B | −₩103.94B | −₩1.21T | ₩149.87B | −₩69.91B |
| Cash from financing activities | ₩2.40T | −₩2.30T | −₩178.59B | ₩1.32T | −₩768.67B | −₩1.09T | −₩1.51T | −₩3.20T | −₩1.57T | −₩3.95T |
| Summary | ||||||||||
| Net change in cash | ₩281.90B | ₩97.02B | −₩1.38T | ₩3.28T | ₩20.14B | ₩1.24T | ₩871.38B | ₩31.34B | ₩164.91B | −₩2.42T |
| Cash at end of period | ₩7.05T | ₩6.77T | ₩6.67T | ₩8.05T | ₩4.78T | ₩4.76T | ₩3.52T | ₩2.64T | ₩2.61T | ₩2.45T |
| Free cash flow | −₩1.67T | −₩1.50T | −₩1.06T | ₩766.31B | ₩2.75T | ₩5.19T | ₩3.24T | ₩3.29T | ₩2.98T | ₩2.81T |
| Free cash flow margin | −2.4% | −2.1% | −1.4% | 0.9% | 3.6% | 9.0% | 5.0% | 5.1% | 4.9% | 5.3% |
| Capex / revenue | 9.0% | 11.2% | 9.4% | 6.4% | 4.6% | 6.1% | 4.3% | 4.0% | 4.3% | 4.6% |
| Operating cash flow / net income | 8.67 | 6.63 | 3.34 | 1.74 | 0.87 | 4.86 | 3.03 | 3.04 | 1.93 | 5.11 |
| 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 | ₩506.0M | ₩543.39B | −₩287.97B | ₩386.91B | ₩83.85B | ₩344.24B | −₩428.39B | ₩496.82B | ₩546.22B | ₩607.82B | −₩206.26B | ₩488.20B |
| Depreciation & amortization | ₩1.09T | ₩1.05T | ₩1.09T | ₩1.03T | ₩1.01T | ₩1.02T | ₩1.00T | ₩1.06T | ₩921.12B | ₩1.00T | ₩972.88B | ₩983.48B |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | — | −₩158.90B |
| Change in working capital | −₩551.53B | −₩2.12T | ₩914.29B | −₩1.39T | ₩369.32B | −₩291.02B | ₩918.43B | −₩389.22B | ₩1.15T | −₩1.21T | ₩608.03B | ₩1.20T |
| Other non-cash items | ₩550.60B | ₩162.74B | ₩197.35B | ₩194.76B | ₩296.88B | −₩406.92B | ₩757.26B | ₩173.28B | ₩174.13B | −₩115.53B | ₩513.45B | −₩354.47B |
| Cash from operating activities | ₩1.09T | −₩359.30B | ₩1.92T | ₩223.76B | ₩1.76T | ₩668.78B | ₩2.25T | ₩1.34T | ₩2.79T | ₩285.14B | ₩1.89T | ₩2.15T |
| Investing activities | ||||||||||||
| Capital expenditures | −₩1.17T | −₩957.05B | −₩1.79T | −₩1.28T | −₩1.65T | −₩1.52T | −₩1.99T | −₩1.98T | −₩2.05T | −₩1.92T | −₩2.40T | −₩1.58T |
| Investments (net) | −₩373.28B | ₩879.71B | ₩131.03B | ₩53.14B | −₩2.60T | −₩1.97T | −₩1.79T | ₩555.71B | −₩1.80T | −₩1.49T | −₩821.31B | ₩524.98B |
| Acquisitions & other investing | −₩37.87B | −₩332.35B | −₩517.52B | ₩1.28T | ₩1.65T | ₩1.52T | −₩710.39B | ₩1.98T | ₩2.05T | ₩1.92T | ₩2.47T | ₩2.67B |
| Cash from investing activities | −₩1.58T | −₩409.69B | −₩2.18T | ₩53.14B | −₩2.60T | −₩1.97T | −₩4.49T | ₩555.71B | −₩1.80T | −₩1.49T | −₩750.44B | −₩1.05T |
| Financing activities | ||||||||||||
| Dividends paid | −₩409.98B | −₩1.88B | −₩189.61B | −₩244.84B | −₩477.49B | −₩3.28B | −₩189.06B | −₩192.51B | −₩461.89B | −₩734.0M | −₩190.78B | −₩197.77B |
| Share repurchases & issuance (net) | — | — | ₩0 | ₩0 | — | ₩85,300 | ₩85,300 | −₩92.31B | — | −₩340.00B | −₩340.00B | — |
| Net borrowing (repayment) | ₩116.69B | ₩935.52B | ₩78.51B | −₩507.45B | ₩1.62T | ₩1.06T | −₩1.70T | −₩2.05T | — | — | — | −₩129.38B |
| Shares issued | ₩0 | ₩0 | ₩0 | ₩0 | ₩0 | ₩0 | ₩0 | ₩0 | ₩0 | ₩0 | ₩0 | ₩0 |
| Other financing | −₩5.67B | −₩243.54B | ₩184.55B | ₩585.31B | ₩54.91B | ₩243.18B | ₩257.80B | ₩196.92B | ₩589.33B | ₩1.69T | −₩1.01T | −₩16.77B |
| Cash from financing activities | −₩298.96B | ₩690.10B | ₩73.44B | −₩166.98B | ₩1.19T | ₩1.30T | −₩1.63T | −₩2.14T | ₩127.44B | ₩1.35T | −₩1.54T | −₩343.91B |
| Summary | ||||||||||||
| Net change in cash | −₩780.39B | ₩19.98B | −₩119.05B | ₩166.56B | ₩229.74B | ₩4.64B | −₩961.03B | −₩305.49B | ₩1.16T | ₩202.72B | −₩1.95T | ₩796.86B |
| Cash at end of period | ₩6.16T | ₩7.07T | ₩7.05T | ₩7.17T | ₩7.00T | ₩6.77T | ₩6.77T | ₩7.73T | ₩8.03T | ₩6.87T | ₩5.20T | ₩7.15T |
| Free cash flow | −₩82.32B | −₩1.32T | ₩126.70B | −₩1.06T | ₩113.06B | −₩851.36B | ₩258.57B | −₩641.87B | ₩744.88B | −₩1.64T | −₩508.98B | ₩576.10B |
| Free cash flow margin | −0.4% | −7.4% | 0.8% | −6.1% | 0.6% | −4.9% | 1.5% | −3.5% | 4.0% | −9.1% | −2.7% | 3.0% |
| Capex / revenue | 6.1% | 5.4% | 10.6% | 7.4% | 9.4% | 8.7% | 11.2% | 10.8% | 11.1% | 10.6% | 12.8% | 8.3% |
| Operating cash flow / net income | 2,151.14 | −0.66 | — | 0.58 | 21.04 | 1.94 | — | 2.69 | 5.11 | 0.47 | — | 4.41 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in South Korean won as reported; data from EODHD.
PKX cash generation
In fiscal 2025 (ended December 31, 2025), POSCO generated ₩4.57 trillion of cash from operations (down 31.4%) and spent ₩6.24 trillion on capital expenditures, leaving free cash flow of -₩1.67 trillion, −2.4% of revenue. It returned ₩915.2 billion to shareholders through dividends (₩915.2 billion) and net share buybacks (₩0). Cash and equivalents rose by ₩281.9 billion over the year.
Related: PKX income statement, PKX balance sheet, PKX dividend history. See the PKX stock overview for the latest quote and news.
PKX cash flow FAQ
What is POSCO's free cash flow?
POSCO's free cash flow was -₩1.67 trillion in fiscal 2025: ₩4.57 trillion of operating cash flow minus ₩6.24 trillion of capital expenditures It was -₩1.50 trillion a year earlier..
How much cash does POSCO generate from operations?
POSCO generated ₩4.57 trillion of cash from operating activities in fiscal 2025, 8.67 times its net income of ₩527.0 billion.
How much does POSCO spend on capital expenditures?
POSCO spent ₩6.24 trillion on capital expenditures in fiscal 2025, 9.0% of revenue, compared with ₩8.16 trillion the year before.
How much does POSCO pay in dividends?
POSCO paid ₩915.2 billion in dividends in fiscal 2025.