Shinhan Financial Group Co., Ltd. (SHG) Cash Flow Statement
Where SHG’s cash came from and went, 2025
December 31, 2025 · South Korean won- Cash from operations
- ₩9.73T +110.3% vs 2024
- Capital expenditures
- ₩637.07B 1.8% of revenue
- Free cash flow
- ₩9.09T 26.2% margin
- Returned to shareholders
- ₩2.54T 28% of free cash flow
- Change in cash
- ₩47.58B cash at year-end ₩35.30T
Drawn to scale: where the cash came from and how it was used. Hover for values.
SHG operating cash flow, capex and free cash flow
SHG cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | ₩3.80T2016 | ₩9.73T2025 | +11.0%/yr | |
| Capital expenditures | ₩340.96B2016 | ₩637.07B2025 | +7.2%/yr | |
| Free cash flow | ₩3.46T2016 | ₩9.09T2025 | +11.3%/yr | |
| Free cash flow margin | 25.6%2016 | 26.2%2025 | +0.6 pts | |
| Operating cash flow / net income | 1.202016 | 1.912025 | +0.72 | |
| Stock-based compensation | ₩27.94B2016 | ₩12.48B2024 | −9.6%/yr | |
| Dividends paid | ₩669.10B2016 | ₩1.29T2025 | +7.6%/yr | |
| Share buybacks (net) | ₩240.00B2016 | ₩1.25T2025 | +20.1%/yr | |
| Capex / revenue | 2.5%2016 | 1.8%2025 | −0.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SHG cash flow by activity
SHG 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).
SHG cash flow statement in South Korean won
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | ₩5.08T | ₩4.56T | ₩4.48T | ₩6.35T | ₩5.58T | ₩4.75T | ₩4.91T | ₩4.47T | ₩3.80T | ₩3.17T |
| Depreciation & amortization | ₩1.30T | ₩1.28T | ₩1.19T | ₩1.05T | ₩902.69B | ₩768.49B | ₩677.15B | ₩301.92B | ₩253.34B | ₩259.94B |
| Stock-based compensation | — | ₩12.48B | ₩11.86B | −₩1.61T | −₩1.47T | −₩4.21B | ₩37.30B | ₩10.58B | ₩19.17B | ₩27.94B |
| Change in working capital | ₩259.24B | −₩5.31T | −₩8.82T | −₩256.37B | ₩3.59T | −₩11.10T | −₩544.94B | −₩12.62T | −₩6.10T | −₩2.63T |
| Other non-cash items | ₩3.09T | ₩4.09T | ₩3.68T | ₩2.06T | ₩2.48T | ₩1.17T | ₩2.10T | ₩1.52T | ₩3.05T | ₩2.97T |
| Cash from operating activities | ₩9.73T | ₩4.63T | ₩529.85B | ₩7.59T | ₩11.08T | −₩4.41T | ₩7.18T | −₩6.32T | ₩1.02T | ₩3.80T |
| Investing activities | ||||||||||
| Capital expenditures | −₩637.07B | −₩778.77B | −₩716.24B | −₩943.13B | −₩890.21B | −₩642.07B | −₩589.32B | −₩300.09B | −₩266.44B | −₩340.96B |
| Investments (net) | −₩9.36T | ₩148.53B | −₩4.84T | −₩11.03T | −₩11.00T | −₩3.03T | −₩22.69T | −₩5.51T | −₩10.70T | −₩7.59T |
| Acquisitions & other investing | −₩902.64B | ₩778.77B | ₩1.28T | ₩943.13B | −₩136.74B | ₩642.07B | ₩589.32B | ₩300.09B | ₩266.44B | ₩340.96B |
| Cash from investing activities | −₩10.90T | ₩148.53B | −₩4.27T | −₩11.03T | −₩12.03T | −₩3.03T | −₩22.69T | −₩5.51T | −₩10.70T | −₩7.59T |
| Financing activities | ||||||||||
| Dividends paid | −₩1.29T | −₩1.27T | −₩1.46T | −₩1.54T | −₩1.22T | −₩968.85B | −₩830.77B | −₩714.71B | −₩706.57B | −₩669.10B |
| Share repurchases & issuance (net) | −₩1.25T | −₩700.10B | −₩486.03B | −₩300.06B | −₩79.0M | −₩150.18B | −₩444.08B | −₩151.99B | −₩300.00B | −₩240.00B |
| Net borrowing (repayment) | ₩4.09T | ₩1.07T | ₩11.76T | ₩4.54T | ₩4.99T | ₩6.65T | ₩15.95T | ₩13.57T | ₩10.83T | ₩7.32T |
| Shares issued | ₩0 | ₩297.0M | ₩0 | ₩0 | ₩23.59B | ₩161.86B | ₩747.79B | ₩0 | ₩0 | ₩0 |
| Other financing | −₩296.28B | ₩710.15B | −₩49.05B | ₩694.15B | ₩1.17T | ₩2.18T | ₩456.29B | ₩1.10T | ₩507.03B | −₩1.56T |
| Cash from financing activities | ₩1.25T | −₩182.65B | ₩9.76T | ₩3.39T | ₩4.96T | ₩7.88T | ₩15.88T | ₩13.81T | ₩10.33T | ₩4.84T |
| Summary | ||||||||||
| Net change in cash | ₩47.58B | ₩4.83T | ₩6.00T | −₩102.02B | ₩4.12T | ₩383.81B | ₩399.42B | ₩1.94T | ₩604.11B | ₩1.03T |
| Cash at end of period | ₩35.30T | ₩35.25T | ₩30.42T | ₩24.00T | ₩13.08T | ₩8.96T | ₩8.58T | ₩8.18T | ₩6.24T | ₩5.63T |
| Free cash flow | ₩9.09T | ₩3.85T | −₩186.39B | ₩6.65T | ₩10.19T | −₩5.05T | ₩6.59T | −₩6.62T | ₩754.89B | ₩3.46T |
| Free cash flow margin | 26.2% | 10.9% | −0.6% | 27.1% | 39.6% | −19.6% | 24.9% | −41.7% | 5.2% | 25.6% |
| Capex / revenue | 1.8% | 2.2% | 2.1% | 3.8% | 3.5% | 2.5% | 2.2% | 1.9% | 1.8% | 2.5% |
| Operating cash flow / net income | 1.91 | 1.01 | 0.12 | 1.20 | 1.98 | −0.93 | 1.46 | −1.41 | 0.27 | 1.20 |
| 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 | ₩1.82T | ₩1.65T | ₩538.05B | ₩1.45T | ₩1.58T | ₩1.52T | ₩406.10B | ₩1.33T | ₩1.45T | ₩1.35T | ₩1.29T | ₩316.77B |
| Depreciation & amortization | ₩304.93B | ₩313.18B | ₩324.22B | ₩312.20B | ₩326.98B | ₩331.68B | ₩332.99B | ₩332.24B | ₩308.91B | ₩306.24B | ₩190.22B | ₩299.30B |
| Stock-based compensation | −₩28.70B | — | — | ₩8.36B | — | −₩2.23B | −₩2.23B | ₩7.21B | ₩3.61B | ₩15.99B | ₩3.89B | ₩2.67B |
| Change in working capital | −₩3.21T | ₩10.33T | −₩6.48T | ₩9.55T | −₩6.69T | ₩3.88T | −₩9.09T | −₩9.18T | −₩4.57T | −₩3.54T | −₩5.14T | −₩8.44T |
| Other non-cash items | ₩2.25T | ₩1.16T | ₩685.19B | ₩1.09T | ₩537.21B | ₩775.48B | ₩4.02T | ₩14.29T | ₩1.38T | ₩631.64B | ₩821.79B | ₩1.71T |
| Cash from operating activities | ₩1.14T | ₩13.45T | −₩4.93T | ₩12.41T | −₩4.25T | ₩6.50T | −₩4.34T | ₩6.78T | −₩1.42T | −₩1.24T | −₩2.83T | −₩6.11T |
| Investing activities | ||||||||||||
| Capital expenditures | −₩68.13B | −₩302.35B | −₩179.23B | −₩125.99B | −₩172.85B | −₩159.00B | −₩99.67B | −₩180.26B | −₩217.23B | −₩181.56B | −₩181.56B | −₩229.92B |
| Investments (net) | −₩935.16B | −₩4.77T | −₩5.43T | −₩1.88T | −₩2.85T | ₩522.48B | −₩736.39B | −₩191.09B | −₩147.16B | ₩1.22T | −₩1.18T | −₩2.14T |
| Acquisitions & other investing | −₩218.07B | −₩56.60B | −₩200.91B | −₩771.40B | ₩172.85B | ₩159.00B | ₩984.58B | ₩180.26B | ₩217.23B | ₩181.56B | — | ₩172.80B |
| Cash from investing activities | −₩1.22T | −₩5.13T | −₩5.81T | −₩2.77T | −₩2.85T | ₩522.48B | ₩148.53B | −₩191.09B | −₩147.16B | ₩1.22T | — | −₩2.20T |
| Financing activities | ||||||||||||
| Dividends paid | −₩813.09B | −₩52.77B | −₩327.76B | −₩321.37B | −₩596.04B | −₩48.67B | −₩326.07B | −₩311.81B | −₩587.46B | −₩41.81B | −₩41.81B | −₩322.93B |
| Share repurchases & issuance (net) | −₩304.38B | −₩395.62B | −₩336.06B | −₩263.96B | −₩373.78B | −₩276.26B | −₩249.92B | −₩150.08B | −₩150.05B | −₩150.05B | −₩150.05B | −₩100.02B |
| Net borrowing (repayment) | ₩7.74T | −₩7.26T | ₩3.75T | −₩855.83B | ₩4.92T | −₩3.73T | −₩3.78T | ₩2.10T | ₩2.33T | — | — | ₩7.41T |
| Shares issued | ₩0 | ₩0 | ₩0 | ₩0 | ₩0 | ₩0 | ₩1.0M | ₩0 | ₩0 | ₩0 | ₩0 | ₩0 |
| Other financing | −₩652.77B | −₩10.73B | −₩270.60B | −₩367.37B | ₩158.88B | ₩182.81B | ₩4.89T | ₩826.09B | −₩236.64B | ₩493.76B | ₩13.42T | −₩92.94B |
| Cash from financing activities | ₩5.96T | −₩7.72T | ₩2.82T | −₩1.81T | ₩4.11T | −₩3.87T | ₩537.21B | ₩2.47T | ₩1.36T | ₩301.90B | ₩13.23T | ₩6.89T |
| Summary | ||||||||||||
| Net change in cash | ₩5.69T | ₩898.01B | −₩7.90T | ₩7.87T | −₩3.07T | ₩3.15T | −₩4.33T | ₩8.98T | −₩152.62B | ₩330.69B | ₩330.69B | −₩1.42T |
| Cash at end of period | ₩41.88T | ₩36.19T | ₩35.30T | ₩43.20T | ₩35.33T | ₩38.40T | ₩35.25T | ₩39.57T | ₩30.59T | ₩30.75T | ₩30.75T | ₩30.74T |
| Free cash flow | −₩467.59B | ₩13.14T | −₩5.11T | ₩12.28T | −₩4.42T | ₩6.35T | −₩4.44T | ₩6.60T | −₩1.64T | −₩1.42T | −₩3.02T | −₩6.34T |
| Free cash flow margin | −4.7% | 150.6% | −53.5% | 146.0% | −50.1% | 74.1% | −145.8% | 74.8% | −18.6% | −16.4% | −31.3% | −76.0% |
| Capex / revenue | 0.7% | 3.5% | 1.9% | 1.5% | 2.0% | 1.9% | 3.3% | 2.0% | 2.5% | 2.1% | 1.9% | 2.8% |
| Operating cash flow / net income | 0.62 | 8.15 | −9.17 | 8.54 | −2.69 | 4.29 | −10.69 | 5.12 | −0.98 | −0.92 | −2.20 | −19.30 |
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.
SHG cash generation
In fiscal 2025 (ended December 31, 2025), Shinhan Financial generated ₩9.73 trillion of cash from operations (up 110.3%) and spent ₩637.1 billion on capital expenditures, leaving free cash flow of ₩9.09 trillion, 26.2% of revenue. It returned ₩2.54 trillion to shareholders through dividends (₩1.29 trillion) and net share buybacks (₩1.25 trillion). Cash and equivalents rose by ₩47.6 billion over the year.
Related: SHG income statement, SHG balance sheet, SHG dividend history. See the SHG stock overview for the latest quote and news.
SHG cash flow FAQ
What is Shinhan Financial's free cash flow?
Shinhan Financial's free cash flow was ₩9.09 trillion in fiscal 2025: ₩9.73 trillion of operating cash flow minus ₩637.1 billion of capital expenditures It was ₩3.85 trillion a year earlier..
How much cash does Shinhan Financial generate from operations?
Shinhan Financial generated ₩9.73 trillion of cash from operating activities in fiscal 2025, 1.91 times its net income of ₩5.08 trillion.
How much does Shinhan Financial spend on capital expenditures?
Shinhan Financial spent ₩637.1 billion on capital expenditures in fiscal 2025, 1.8% of revenue, compared with ₩778.8 billion the year before.
How much stock does Shinhan Financial buy back?
Shinhan Financial spent ₩1.25 trillion on net share repurchases in fiscal 2025.
How much does Shinhan Financial pay in dividends?
Shinhan Financial paid ₩1.29 trillion in dividends in fiscal 2025, 14.2% of free cash flow.