Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) Cash Flow Statement
Where SBS’s cash came from and went, 2025
December 31, 2025 · Brazilian reais- Cash from operations
- R$8.21B +10.9% vs 2024
- Capital expenditures
- R$286.3M 0.8% of revenue
- Free cash flow
- R$7.93B 21.2% margin
- Returned to shareholders
- R$2.78B 35% of free cash flow
- Change in cash
- R$3.15B cash at year-end R$4.67B
Drawn to scale: where the cash came from and how it was used. Hover for values.
SBS operating cash flow, capex and free cash flow
SBS cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | R$3.00B2016 | R$8.21B2025 | +11.8%/yr | |
| Capital expenditures | R$2.14B2016 | R$286.3M2025 | −20.0%/yr | |
| Free cash flow | R$867.8M2016 | R$7.93B2025 | +27.9%/yr | |
| Free cash flow margin | 6.2%2016 | 21.2%2025 | +15.1 pts | |
| Operating cash flow / net income | 0.732016 | 0.992025 | +0.26 | |
| Dividends paid | R$139.4M2016 | R$2.32B2025 | +36.7%/yr | |
| Share buybacks (net) | R$02016 | R$466.0M2025 | — | |
| Capex / revenue | 15.1%2016 | 0.8%2025 | −14.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SBS cash flow by activity
SBS 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).
SBS cash flow statement in Brazilian reais
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | R$8.30B | R$13.64B | R$4.75B | R$4.27B | R$2.31B | R$1.33B | R$4.68B | R$3.91B | R$3.50B | R$4.13B |
| Depreciation & amortization | R$2.21B | R$2.68B | R$2.79B | R$2.45B | R$2.25B | R$2.04B | R$1.78B | R$1.39B | R$1.30B | R$1.15B |
| Change in working capital | −R$100.0M | −R$1.07B | −R$2.66B | −R$2.11B | −R$1.22B | −R$1.08B | −R$620.0M | −R$862.2M | −R$968.2M | −R$171.8M |
| Other non-cash items | −R$2.19B | −R$7.84B | −R$32.0M | −R$647.3M | R$572.3M | R$2.69B | −R$1.64B | −R$599.7M | −R$535.4M | −R$2.10B |
| Cash from operating activities | R$8.21B | R$7.40B | R$4.85B | R$3.97B | R$3.91B | R$4.98B | R$4.20B | R$3.84B | R$3.30B | R$3.00B |
| Investing activities | ||||||||||
| Capital expenditures | −R$286.3M | −R$100.7M | −R$147.2M | −R$73.7M | −R$50.3M | −R$42.4M | −R$78.2M | −R$50.6M | −R$1.98B | −R$2.14B |
| Investments (net) | −R$1.95B | −R$9.98B | −R$3.14B | −R$2.88B | −R$2.66B | −R$3.42B | −R$3.27B | −R$2.19B | −R$1.97B | −R$2.13B |
| Acquisitions & other investing | −R$13.17B | R$100.7M | −R$1.62B | R$73.7M | R$50.3M | −R$3.31B | R$78.2M | R$50.6M | R$1.98B | R$2.14B |
| Cash from investing activities | −R$15.41B | −R$9.98B | −R$4.91B | −R$2.88B | −R$2.66B | −R$6.77B | −R$3.27B | −R$2.19B | −R$1.97B | −R$2.13B |
| Financing activities | ||||||||||
| Dividends paid | −R$2.32B | −R$928.9M | −R$823.7M | −R$603.5M | −R$254.2M | −R$890.1M | −R$740.0M | −R$653.4M | −R$765.9M | −R$139.4M |
| Share repurchases & issuance (net) | −R$466.0M | R$0 | R$811,000 | — | — | — | R$0 | R$0 | R$0 | R$0 |
| Net borrowing (repayment) | R$14.04B | R$4.62B | R$600.0M | R$1.27B | R$26.2M | R$1.53B | −R$354.8M | −R$44.2M | −R$91.0M | −R$284.8M |
| Shares issued | R$0 | R$0 | R$811,000 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 |
| Other financing | −R$1.14B | −R$280.4M | −R$755.8M | −R$606.5M | −R$701.0M | −R$709.6M | −R$611.1M | −R$209.9M | −R$76.7M | −R$201.7M |
| Cash from financing activities | R$10.12B | R$3.42B | −R$977.8M | R$60.3M | −R$929.0M | −R$66.3M | −R$1.71B | −R$907.5M | −R$933.6M | −R$625.9M |
| Summary | ||||||||||
| Net change in cash | R$3.15B | R$844.1M | −R$1.03B | R$1.15B | R$321.5M | −R$1.86B | −R$776.0M | R$746.1M | R$396.8M | R$247.0M |
| Cash at end of period | R$4.67B | R$1.68B | R$838.5M | R$1.87B | R$717.9M | R$396.4M | R$2.25B | R$3.03B | R$2.28B | R$1.89B |
| Free cash flow | R$7.93B | R$7.30B | R$4.71B | R$3.89B | R$3.86B | R$4.94B | R$4.12B | R$3.79B | R$1.33B | R$867.8M |
| Free cash flow margin | 21.2% | 20.2% | 18.4% | 17.7% | 19.8% | 27.7% | 22.9% | 23.6% | 9.1% | 6.2% |
| Capex / revenue | 0.8% | 0.3% | 0.6% | 0.3% | 0.3% | 0.2% | 0.4% | 0.3% | 13.5% | 15.1% |
| Operating cash flow / net income | 0.99 | 0.54 | 1.02 | 0.93 | 1.70 | 3.75 | 0.90 | 0.98 | 0.94 | 0.73 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||
| Net income | R$1.48B | R$1.72B | R$2.52B | R$2.16B | R$2.14B | R$1.23B | R$6.11B | R$1.21B | R$1.32B | R$1.19B | R$1.28B |
| Depreciation & amortization | R$755.0M | R$684.4M | R$503.4M | R$535.1M | R$543.4M | R$520.5M | R$592.9M | R$789.4M | R$773.8M | R$749.2M | R$713.5M |
| Change in working capital | R$1.25B | −R$1.58B | −R$772.4M | R$1.41B | −R$832.0M | −R$603.4M | R$568.7M | −R$217.5M | −R$631.6M | −R$343.3M | −R$185.4M |
| Other non-cash items | R$767.2M | −R$66.5M | −R$1.34B | −R$928.6M | R$1.33B | R$1.52B | −R$5.70B | −R$8.8M | −R$68.6M | R$117.0M | −R$173.6M |
| Cash from operating activities | R$4.26B | R$755.4M | R$906.8M | R$3.17B | R$3.18B | R$2.66B | R$1.57B | R$1.77B | R$1.40B | R$1.71B | R$1.63B |
| Investing activities | |||||||||||
| Capital expenditures | −R$8.59B | −R$33.3M | −R$9.13B | −R$3.78B | −R$60.7M | −R$38.0M | −R$26.2M | −R$15.9M | −R$15.9M | −R$1.69B | −R$48.0M |
| Investments (net) | R$2.13B | −R$7.41B | −R$660.1M | −R$6.47B | R$1.32B | −R$4.46B | −R$3.91B | R$676.4M | −R$2.28B | −R$2.92B | −R$1.26B |
| Acquisitions & other investing | R$4.68B | −R$5.82B | R$5.06B | R$3.78B | −R$4.29B | −R$5.48B | R$26.2M | R$15.9M | R$15.9M | R$1.84B | −R$100.0M |
| Cash from investing activities | −R$1.78B | −R$13.27B | −R$4.72B | −R$6.47B | −R$3.03B | −R$9.98B | −R$3.91B | R$676.4M | −R$2.28B | −R$2.77B | −R$1.41B |
| Financing activities | |||||||||||
| Dividends paid | R$0 | −R$46.4M | −R$46.4M | −R$2.36B | −R$2.36B | −R$928.9M | −R$77,000 | −R$928.8M | — | R$0 | −R$823.7M |
| Share repurchases & issuance (net) | −R$1.83B | −R$121.1M | −R$466.0M | — | — | — | — | — | — | — | R$823.7M |
| Net borrowing (repayment) | R$368.0M | R$13.87B | R$4.31B | R$2.54B | R$3.55B | R$856.7M | R$688.0M | R$800.1M | — | — | R$200.5M |
| Shares issued | 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$330.9M | −R$2.30B | −R$283.7M | R$3.53B | −R$413.6M | R$1.16B | R$1.23B | −R$1.53B | R$2.07B | R$308.7M | −R$157.5M |
| Cash from financing activities | −R$1.80B | R$11.41B | R$3.51B | R$3.71B | R$773.3M | R$1.09B | R$1.92B | −R$1.66B | R$2.07B | R$308.7M | R$43.0M |
| Summary | |||||||||||
| Net change in cash | R$743.4M | −R$883.9M | −R$305.8M | R$408.0M | R$920.9M | −R$710.7M | −R$416.1M | R$790.0M | R$1.18B | −R$754.0M | R$266.5M |
| Cash at end of period | R$4.26B | R$3.51B | R$4.67B | R$4.97B | R$4.56B | R$1.68B | R$2.39B | R$2.81B | R$2.02B | R$893.4M | R$1.59B |
| Free cash flow | −R$4.33B | R$722.1M | R$10.12B | R$3.17B | R$3.24B | R$2.63B | R$1.54B | R$1.79B | R$1.38B | R$16.4M | R$1.58B |
| Free cash flow margin | −41.5% | 7.4% | 96.1% | 33.7% | 36.2% | 18.2% | 10.3% | 26.5% | 21.1% | 0.2% | 24.5% |
| Capex / revenue | 82.3% | 0.3% | 86.7% | 40.1% | 0.7% | 0.3% | 0.2% | 0.2% | 0.2% | 23.3% | 0.7% |
| Operating cash flow / net income | 2.88 | 0.44 | 0.36 | 1.47 | 1.49 | 2.17 | 0.26 | 1.47 | 1.06 | 1.44 | 1.28 |
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.
SBS cash generation
In fiscal 2025 (ended December 31, 2025), Companhia de Saneamento Básico do Estado de São Paulo - SABESP generated R$8.2 billion of cash from operations (up 10.9%) and spent R$286.3 million on capital expenditures, leaving free cash flow of R$7.9 billion, 21.2% of revenue. It returned R$2.8 billion to shareholders through dividends (R$2.3 billion) and net share buybacks (R$466.0 million). Cash and equivalents rose by R$3.1 billion over the year.
Related: SBS income statement, SBS balance sheet, SBS dividend history. See the SBS stock overview for the latest quote and news.
SBS cash flow FAQ
What is Companhia de Saneamento Básico do Estado de São Paulo - SABESP's free cash flow?
Companhia de Saneamento Básico do Estado de São Paulo - SABESP's free cash flow was R$7.9 billion in fiscal 2025: R$8.2 billion of operating cash flow minus R$286.3 million of capital expenditures It was R$7.3 billion a year earlier..
How much cash does Companhia de Saneamento Básico do Estado de São Paulo - SABESP generate from operations?
Companhia de Saneamento Básico do Estado de São Paulo - SABESP generated R$8.2 billion of cash from operating activities in fiscal 2025, 0.99 times its net income of R$8.3 billion.
How much does Companhia de Saneamento Básico do Estado de São Paulo - SABESP spend on capital expenditures?
Companhia de Saneamento Básico do Estado de São Paulo - SABESP spent R$286.3 million on capital expenditures in fiscal 2025, 0.8% of revenue, compared with R$100.7 million the year before.
How much stock does Companhia de Saneamento Básico do Estado de São Paulo - SABESP buy back?
Companhia de Saneamento Básico do Estado de São Paulo - SABESP spent R$466.0 million on net share repurchases in fiscal 2025.
How much does Companhia de Saneamento Básico do Estado de São Paulo - SABESP pay in dividends?
Companhia de Saneamento Básico do Estado de São Paulo - SABESP paid R$2.3 billion in dividends in fiscal 2025, 29.2% of free cash flow.