Sociedad Química y Minera de Chile S.A. (SQM) Cash Flow Statement
Where SQM’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.31B +3.1% vs 2024
- Capital expenditures
- $876.7M 19.2% of revenue
- Free cash flow
- $437.7M 9.6% margin
- Returned to shareholders
- $4.3M 1% of free cash flow
- Change in cash
- $372.5M cash at year-end $1.75B
Drawn to scale: where the cash came from and how it was used. Hover for values.
SQM operating cash flow, capex and free cash flow
SQM cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $633.7M2016 | $1.31B2025 | +8.4%/yr | |
| Capital expenditures | $133.3M2016 | $876.7M2025 | +23.3%/yr | |
| Free cash flow | $500.3M2016 | $437.7M2025 | −1.5%/yr | |
| Free cash flow margin | 25.8%2016 | 9.6%2025 | −16.2 pts | |
| Operating cash flow / net income | 2.282016 | 2.232025 | −0.04 | |
| Dividends paid | $399.4M2016 | $4.3M2025 | −39.6%/yr | |
| Capex / revenue | 6.9%2016 | 19.2%2025 | +12.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SQM cash flow by activity
SQM 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).
SQM cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $588.1M | −$400.8M | $2.01B | $3.91B | $585.5M | $164.5M | $278.1M | $108.6M | $110.5M | $278.3M |
| Depreciation & amortization | $426.9M | $337.3M | $278.4M | $2.8M | $212.6M | $2.8M | $2.6M | $221.4M | $240.7M | $251.7M |
| Change in working capital | $258.5M | $48.7M | −$271.0M | $137.2M | $56.0M | −$131.8M | −$91.0M | −$260.5M | −$254.6M | −$224.4M |
| Other non-cash items | $40.9M | $1.29B | −$2.22B | −$137.2M | −$31.5M | $146.7M | $237.3M | $455.2M | $661.7M | $328.1M |
| Cash from operating activities | $1.31B | $1.27B | −$196.6M | $3.91B | $822.5M | $182.2M | $427.0M | $524.8M | $758.3M | $633.7M |
| Investing activities | ||||||||||
| Capital expenditures | −$876.7M | −$971.8M | −$1.10B | −$905.2M | −$464.7M | −$322.2M | −$323.8M | −$319.1M | −$142.1M | −$133.3M |
| Investments (net) | −$228,000 | −$1.21B | −$1.48B | −$909.4M | −$565.0M | −$167.1M | −$485.5M | −$187.0M | −$248.1M | $162.4M |
| Acquisitions & other investing | $105.1M | $971.8M | $1.10B | $905.2M | $22.8M | $322.2M | $323.8M | $319.1M | $142.1M | $133.3M |
| Cash from investing activities | −$771.8M | −$1.21B | −$1.48B | −$909.4M | −$1.01B | −$167.1M | −$485.5M | −$187.0M | −$248.1M | $162.4M |
| Financing activities | ||||||||||
| Dividends paid | −$4.3M | −$67.2M | −$1.47B | −$2.24B | −$571.7M | −$222.0M | −$329.8M | −$550.4M | −$373.9M | −$399.4M |
| Share repurchases & issuance (net) | — | — | — | — | $1.10B | — | — | — | — | — |
| Net borrowing (repayment) | −$117.6M | $371.1M | $1.55B | $235.4M | $677.9M | $127.9M | $435.7M | $163.0M | $16.3M | −$417.0M |
| Shares issued | $0 | $0 | $0 | $0 | $1.10B | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$25.1M | −$21.5M | −$15.9M | $0 | −$1.10B | $0 | $0 | $0 | −$54.3M | $0 |
| Cash from financing activities | −$147.0M | $282.4M | $66.3M | −$2.00B | $1.21B | −$94.1M | $105.9M | −$387.3M | −$411.9M | −$816.4M |
| Summary | ||||||||||
| Net change in cash | $372.5M | $336.5M | −$1.61B | $1.14B | $1.01B | −$79.4M | $32.5M | −$74.4M | $115.8M | −$12.6M |
| Cash at end of period | $1.75B | $1.38B | $1.04B | $2.66B | $1.52B | $509.1M | $588.5M | $556.1M | $630.4M | $514.7M |
| Free cash flow | $437.7M | $302.9M | −$1.30B | $3.00B | $357.8M | −$140.0M | $103.2M | $120.8M | $285.6M | $500.3M |
| Free cash flow margin | 9.6% | 6.7% | −17.4% | 28.0% | 12.5% | −7.7% | 5.3% | 5.3% | 13.2% | 25.8% |
| Capex / revenue | 19.2% | 21.5% | 14.8% | 8.5% | 16.2% | 17.7% | 16.7% | 14.1% | 6.6% | 6.9% |
| Operating cash flow / net income | 2.23 | — | −0.10 | 1.00 | 1.40 | 1.11 | 1.54 | 4.83 | 6.87 | 2.28 |
| 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 | $660.1M | $362.1M | $183.8M | $178.4M | $88.4M | $137.5M | $120.1M | $131.4M | $213.6M | −$869.5M | $203.2M | $479.4M |
| Depreciation & amortization | $108.0M | $106.5M | $115.5M | $109.3M | $100.9M | $102.2M | — | $100.6M | $76.3M | $70.8M | $78.8M | $75.1M |
| Change in working capital | — | — | $258.5M | $175.5M | $126.3M | $133.9M | $48.7M | $96.3M | — | — | — | — |
| Other non-cash items | $138.4M | $387.9M | $598,635 | −$31.4M | −$207.2M | −$157.8M | $1.11B | −$61.0M | $268.9M | $949.3M | −$869.4M | −$134.6M |
| Cash from operating activities | $906.5M | $856.5M | $558.3M | $431.8M | $108.4M | $215.9M | $1.27B | $267.3M | $558.8M | $150.6M | −$587.5M | $419.9M |
| Investing activities | ||||||||||||
| Capital expenditures | −$145.6M | −$177.1M | −$241.7M | −$243.9M | −$213.3M | −$177.8M | −$353.5M | −$220.5M | −$224.2M | −$175.3M | −$305.9M | −$281.1M |
| Investments (net) | — | — | −$228,000 | −$478.7M | −$184.1M | $181.1M | −$464.0M | −$70.4M | −$830.4M | $150.8M | −$40.3M | −$1.32B |
| Acquisitions & other investing | $56.6M | −$63.3M | −$48.1M | $243.9M | $213.3M | $177.8M | −$396.5M | $220.5M | $224.2M | $175.3M | $305.9M | $281.1M |
| Cash from investing activities | −$89.0M | −$240.4M | −$290.1M | −$478.7M | −$184.1M | $181.1M | −$1.21B | −$70.4M | −$830.4M | $150.8M | −$40.3M | −$1.32B |
| Financing activities | ||||||||||||
| Dividends paid | −$342.2M | −$406,107 | −$1.0M | −$612,000 | −$611,000 | −$4.1M | −$607,000 | −$607,000 | −$66.0M | −$607,000 | −$318.8M | −$225.9M |
| Net borrowing (repayment) | — | — | −$2.0M | −$7.5M | $6.7M | −$108.1M | −$14.0M | $342.2M | — | — | — | $266.5M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $68.2M | $441.9M | −$4.4M | −$5.8M | −$12.8M | −$6.7M | −$5.9M | −$6.3M | $46.1M | −$11.8M | $777.1M | $0 |
| Cash from financing activities | −$274.0M | $441.5M | −$7.4M | −$13.9M | −$6.8M | −$118.8M | −$20.5M | $335.3M | −$19.9M | −$12.4M | $458.4M | $40.6M |
| Summary | ||||||||||||
| Net change in cash | $536.1M | $1.08B | $259.1M | −$74.4M | −$90.5M | $278.2M | −$1.57B | $532.3M | −$282.7M | $274.4M | −$144.0M | −$877.4M |
| Cash at end of period | $3.36B | $2.83B | $1.75B | $1.49B | $1.57B | $1.66B | $1.38B | $1.57B | $1.03B | $1.32B | $1.04B | $1.19B |
| Free cash flow | $760.9M | $679.4M | $316.6M | $187.9M | −$104.9M | $38.1M | −$55.4M | $46.8M | $334.5M | −$24.7M | −$893.3M | $138.8M |
| Free cash flow margin | 30.8% | 38.6% | 23.7% | 16.0% | −10.1% | 3.7% | −5.2% | 4.3% | 25.9% | −2.3% | −68.1% | 7.5% |
| Capex / revenue | 5.9% | 10.1% | 18.1% | 20.8% | 20.5% | 17.1% | 32.9% | 20.5% | 17.3% | 16.2% | 23.3% | 15.3% |
| Operating cash flow / net income | 1.37 | 2.37 | 3.04 | 2.42 | 1.23 | 1.57 | 10.61 | 2.03 | 2.62 | — | −2.89 | 0.88 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
SQM cash generation
In fiscal 2025 (ended December 31, 2025), Sociedad Química y Minera de Chile generated $1.3 billion of cash from operations (up 3.1%) and spent $876.7 million on capital expenditures, leaving free cash flow of $437.7 million, 9.6% of revenue. It returned $4.3 million to shareholders through dividends ($4.3 million) and net share buybacks ($0). Cash and equivalents rose by $372.5 million over the year.
Related: SQM income statement, SQM balance sheet. See the SQM stock overview for the latest quote and news.
SQM cash flow FAQ
What is Sociedad Química y Minera de Chile's free cash flow?
Sociedad Química y Minera de Chile's free cash flow was $437.7 million in fiscal 2025: $1.3 billion of operating cash flow minus $876.7 million of capital expenditures It was $302.9 million a year earlier..
How much cash does Sociedad Química y Minera de Chile generate from operations?
Sociedad Química y Minera de Chile generated $1.3 billion of cash from operating activities in fiscal 2025, 2.23 times its net income of $588.1 million.
How much does Sociedad Química y Minera de Chile spend on capital expenditures?
Sociedad Química y Minera de Chile spent $876.7 million on capital expenditures in fiscal 2025, 19.2% of revenue, compared with $971.8 million the year before.
How much does Sociedad Química y Minera de Chile pay in dividends?
Sociedad Química y Minera de Chile paid $4.3 million in dividends in fiscal 2025, 1.0% of free cash flow.