Sasol Limited (SSL) Cash Flow Statement
Where SSL’s cash came from and went, FY2026
June 30, 2026 · South African rand- Cash from operations
- R 32.31B −15.7% vs FY2025
- Capital expenditures
- R 20.55B 7.7% of revenue
- Free cash flow
- R 11.76B 4.4% margin
- Returned to shareholders
- —
- Change in cash
- R 5.50B cash at year-end R 43.74B
Cash from operations
R 32.31B
Capital expenditures
−R 20.55B
Acquisitions & other
−R 609.3M
Net borrowing (repayment)
−R 7.29B
Other financing
−R 350.6M
Currency & other
+R 1.99B
Change in cash
R 5.50B
Drawn to scale: where the cash came from and how it was used. Hover for values.
SSL operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
SSL cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | R 37.11BFY2017 | R 32.31BFY2026 | −1.5%/yr | |
| Capital expenditures | R 60.28BFY2017 | R 20.55BFY2026 | −11.3%/yr | |
| Free cash flow | −R 23.17BFY2017 | R 11.76BFY2026 | — | |
| Free cash flow margin | −13.4%FY2017 | 4.4%FY2026 | +17.9 pts | |
| Operating cash flow / net income | 1.82FY2017 | 2.72FY2026 | +0.89 | |
| Stock-based compensation | R 226.0MFY2017 | R 918.0MFY2026 | +16.9%/yr | |
| Dividends paid | R 9.62BFY2017 | R 1.5MFY2025 | −66.5%/yr | |
| Share buybacks (net) | R 0FY2017 | R 0FY2019 | — | |
| Capex / revenue | 35.0%FY2017 | 7.7%FY2026 | −27.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SSL cash flow by activity
OperatingInvestingFinancingChange in cash
SSL 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).
SSL cash flow statement in South African rand
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | R 11.90B | R 18.82B | −R 44.27B | R 8.80B | R 38.96B | R 9.03B | −R 91.75B | R 3.39B | R 8.73B | R 20.37B |
| Depreciation & amortization | R 13.32B | R 14.00B | R 15.64B | R 17.39B | R 14.07B | R 17.64B | R 22.33B | R 17.81B | R 16.43B | R 16.20B |
| Stock-based compensation | R 918.0M | R 914.0M | R 986.0M | R 1.03B | R 1.16B | R 1.93B | R 1.95B | R 1.66B | R 4.43B | R 226.0M |
| Change in working capital | −R 14.42B | R 1.28B | −R 3.15B | R 10.91B | −R 21.70B | −R 12.07B | R 9.83B | −R 792.0M | −R 6.20B | −R 3.56B |
| Other non-cash items | R 20.59B | R 3.30B | R 68.17B | R 11.04B | R 7.80B | R 17.56B | R 87.41B | R 19.82B | R 10.20B | R 3.86B |
| Cash from operating activities | R 32.31B | R 38.31B | R 37.38B | R 49.18B | R 40.30B | R 34.09B | R 29.76B | R 41.90B | R 33.58B | R 37.11B |
| Investing activities | ||||||||||
| Capital expenditures | −R 20.55B | −R 25.41B | −R 30.16B | −R 30.73B | −R 23.14B | −R 16.37B | −R 35.15B | −R 55.78B | −R 53.35B | −R 60.28B |
| Investments (net) | −R 81.0M | −R 25.89B | −R 30.66B | −R 28.23B | −R 192.0M | R 11.73B | −R 38.55B | −R 56.41B | −R 53.98B | −R 56.68B |
| Acquisitions & other investing | −R 609.3M | R 25.41B | R 30.16B | R 30.73B | R 8.26B | R 29.74B | R 35.15B | R 55.78B | R 53.35B | R 60.28B |
| Cash from investing activities | −R 21.24B | −R 25.89B | −R 30.66B | −R 28.23B | −R 15.08B | R 25.09B | −R 38.55B | −R 56.41B | −R 53.98B | −R 56.68B |
| Financing activities | ||||||||||
| Dividends paid | — | −R 1.5M | −R 7.63B | −R 13.75B | −R 49.0M | −R 46.0M | −R 31.0M | −R 9.95B | −R 7.95B | −R 9.62B |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | R 0 | R 0 | R 0 |
| Net borrowing (repayment) | −R 7.29B | −R 16.61B | −R 6.97B | R 1.19B | −R 14.95B | −R 58.27B | R 25.11B | R 23.13B | R 15.11B | R 9.54B |
| Shares issued | R 0 | R 0 | R 0 | R 0 | R 0 | R 0 | R 0 | R 0 | R 0 | R 0 |
| Other financing | −R 350.6M | R 1.5M | R 0 | R 0 | R 0 | R 0 | R 0 | R 0 | R 0 | R 0 |
| Cash from financing activities | −R 7.64B | −R 16.61B | −R 14.60B | −R 12.57B | −R 15.00B | −R 58.31B | R 25.08B | R 13.18B | R 7.16B | −R 81.0M |
| Summary | ||||||||||
| Net change in cash | R 5.50B | −R 4.21B | −R 8.51B | R 10.80B | R 11.98B | −R 3.11B | R 18.27B | −R 1.22B | −R 12.28B | −R 22.86B |
| Cash at end of period | R 43.74B | R 41.05B | R 45.26B | R 53.77B | R 42.97B | R 30.99B | R 34.09B | R 15.82B | R 17.04B | R 29.32B |
| Free cash flow | R 11.76B | R 12.89B | R 7.31B | R 18.45B | R 17.16B | R 17.72B | −R 5.38B | −R 13.89B | −R 19.77B | −R 23.17B |
| Free cash flow margin | 4.4% | 5.2% | 2.7% | 6.4% | 6.3% | 8.8% | −2.8% | −6.8% | −10.9% | −13.4% |
| Capex / revenue | 7.7% | 10.2% | 11.0% | 10.6% | 8.5% | 8.1% | 18.5% | 27.4% | 29.4% | 35.0% |
| Operating cash flow / net income | 2.72 | 2.04 | — | 5.59 | 1.03 | 3.77 | — | 12.36 | 3.85 | 1.82 |
| Jun '26 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | Dec '22 | Sep '22 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | R 12.31B | −R 26.93B | R 9.58B | R 4.79B | −R 5.78B | −R 2.89B | R 14.58B | R 7.29B |
| Depreciation & amortization | R 7.33B | R 4.00B | R 7.70B | R 3.85B | R 9.04B | R 4.52B | R 8.35B | R 4.03B |
| Stock-based compensation | — | R 258.0M | R 470.0M | R 235.0M | R 468.0M | — | R 565.0M | — |
| Change in working capital | −R 11.56B | R 2.02B | −R 7.19B | −R 3.60B | R 9.96B | — | R 958.0M | — |
| Other non-cash items | R 16.80B | R 34.87B | −R 1.62B | −R 810.5M | R 22.01B | R 16.22B | −R 10.97B | −R 4.58B |
| Cash from operating activities | R 24.89B | R 14.22B | R 8.94B | R 4.47B | R 35.70B | R 17.85B | R 13.48B | R 6.74B |
| Investing activities | ||||||||
| Capital expenditures | −R 13.27B | −R 7.10B | −R 15.87B | −R 7.93B | −R 14.41B | −R 7.20B | −R 16.21B | −R 8.16B |
| Investments (net) | — | — | — | — | −R 64.0M | −R 64.0M | −R 27.0M | −R 27.0M |
| Acquisitions & other investing | −R 598.1M | — | −R 774.0M | — | R 305.0M | R 184.5M | R 2.17B | R 1.15B |
| Cash from investing activities | −R 13.87B | — | −R 16.64B | — | −R 14.17B | −R 7.08B | −R 14.07B | −R 7.03B |
| Financing activities | ||||||||
| Dividends paid | — | −R 646.0M | −R 6.34B | −R 3.17B | −R 4.47B | −R 2.23B | −R 9.29B | −R 4.64B |
| Net borrowing (repayment) | — | — | — | — | −R 71.5M | −R 71.5M | R 665.5M | R 665.5M |
| Shares issued | R 0 | R 0 | R 0 | R 0 | R 0 | R 0 | R 0 | R 0 |
| Other financing | −R 829.3M | −R 3.45B | −R 63.0M | −R 31.5M | −R 71.5M | R 0 | R 665.5M | R 0 |
| Cash from financing activities | −R 829.3M | −R 4.10B | −R 6.40B | −R 3.20B | −R 4.61B | −R 2.31B | −R 7.96B | −R 3.98B |
| Summary | ||||||||
| Net change in cash | R 10.61B | — | −R 14.65B | — | R 18.89B | R 9.47B | −R 8.11B | −R 4.07B |
| Cash at end of period | R 44.83B | R 2.15B | R 39.27B | R 53.93B | R 53.93B | R 2.06B | R 35.03B | R 2.63B |
| Free cash flow | R 11.61B | R 7.12B | −R 6.93B | −R 3.46B | R 21.29B | R 10.65B | −R 2.73B | −R 1.42B |
| Free cash flow margin | 7.5% | 10.3% | −5.1% | −5.1% | — | — | — | — |
| Capex / revenue | 8.6% | 10.2% | 11.6% | 11.6% | — | — | — | — |
| Operating cash flow / net income | 2.02 | — | 0.93 | 0.93 | — | — | 0.92 | 0.92 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in South African rand as reported; data from EODHD.
SSL cash generation
In fiscal 2026 (ended June 30, 2026), Sasol generated R 32.3 billion of cash from operations (down 15.7%) and spent R 20.5 billion on capital expenditures, leaving free cash flow of R 11.8 billion, 4.4% of revenue. Cash and equivalents rose by R 5.5 billion over the year.
Related: SSL income statement, SSL balance sheet. See the SSL stock overview for the latest quote and news.
SSL cash flow FAQ
What is Sasol's free cash flow?
Sasol's free cash flow was R 11.8 billion in fiscal 2026: R 32.3 billion of operating cash flow minus R 20.5 billion of capital expenditures It was R 12.9 billion a year earlier..
How much cash does Sasol generate from operations?
Sasol generated R 32.3 billion of cash from operating activities in fiscal 2026, 2.72 times its net income of R 11.9 billion.
How much does Sasol spend on capital expenditures?
Sasol spent R 20.5 billion on capital expenditures in fiscal 2026, 7.7% of revenue, compared with R 25.4 billion the year before.