StoneCo Ltd. (STNE) Cash Flow Statement
Where STNE’s cash came from and went, 2025
December 31, 2025 · Brazilian reais- Cash from operations
- R$663.3M
- Capital expenditures
- R$691.7M 4.9% of revenue
- Free cash flow
- −R$28.4M −0.2% margin
- Returned to shareholders
- R$2.93B
- Change in cash
- R$184.7M cash at year-end R$4.82B
Cash from operations
R$663.3M
Capital expenditures
−R$691.7M
Investments (net)
−R$570.2M
Acquisitions & other
−R$463.2M
Share buybacks (net)
−R$2.93B
Net borrowing (repayment)
+R$2.79B
Other financing
+R$1.05B
Currency & other
+R$334.1M
Change in cash
R$184.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
STNE operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
STNE cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −R$493.4M2016 | R$663.3M2025 | — | |
| Capital expenditures | R$43.1M2016 | R$691.7M2025 | +36.1%/yr | |
| Free cash flow | −R$536.5M2016 | −R$28.4M2025 | — | |
| Free cash flow margin | −126.8%2016 | −0.2%2025 | +126.6 pts | |
| Operating cash flow / net income | −7.912018 | 0.292025 | +8.20 | |
| Stock-based compensation | R$53.1M2016 | R$297.0M2025 | +21.1%/yr | |
| Dividends paid | R$02016 | R$7.83B2020 | — | |
| Share buybacks (net) | R$02016 | R$2.93B2025 | — | |
| Capex / revenue | 10.2%2016 | 4.9%2025 | −5.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
STNE cash flow by activity
OperatingInvestingFinancingChange in cash
STNE 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).
STNE cash flow statement in Brazilian reais
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | R$2.31B | −R$1.51B | R$1.60B | −R$526.4M | −R$1.38B | R$837.4M | R$804.2M | R$305.2M | −R$105.0M | −R$122.2M |
| Depreciation & amortization | R$1.00B | R$949.4M | R$878.2M | R$800.3M | R$507.4M | R$256.3M | R$163.4M | R$92.3M | R$57.2M | R$43.0M |
| Stock-based compensation | R$297.0M | R$232.7M | R$251.2M | R$213.1M | R$113.2M | R$31.5M | R$30.8M | R$46.1M | R$138.9M | R$53.1M |
| Change in working capital | −R$10.39B | −R$10.88B | −R$3.41B | −R$1.13B | R$1.30B | −R$1.77B | −R$4.61B | −R$3.26B | −R$1.55B | −R$469.1M |
| Other non-cash items | R$7.44B | R$7.59B | R$2.33B | R$2.32B | R$3.06B | R$703.2M | R$960.6M | R$403.5M | R$177.6M | R$1.9M |
| Cash from operating activities | R$663.3M | −R$3.62B | R$1.65B | R$1.68B | R$3.61B | R$56.5M | −R$2.65B | −R$2.42B | −R$1.28B | −R$493.4M |
| Investing activities | ||||||||||
| Capital expenditures | −R$691.7M | −R$1.27B | −R$1.21B | −R$723.2M | −R$1.30B | −R$455.1M | −R$399.9M | −R$185.7M | −R$162.3M | −R$43.1M |
| Investments (net) | −R$570.2M | R$1.59B | −R$845.4M | −R$1.87B | R$3.06B | −R$5.81B | −R$437.6M | −R$2.74B | −R$299.7M | R$189.9M |
| Acquisitions & other investing | −R$463.2M | R$1.27B | R$1.21B | R$723.2M | −R$4.74B | R$455.1M | R$399.9M | R$185.7M | R$162.3M | R$43.1M |
| Cash from investing activities | −R$1.73B | R$1.59B | −R$845.4M | −R$1.87B | −R$2.98B | −R$5.81B | −R$437.6M | −R$2.74B | −R$299.7M | R$189.9M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | −R$7.83B | R$0 | R$0 | R$0 | R$0 |
| Share repurchases & issuance (net) | −R$2.93B | −R$1.59B | −R$292.7M | R$0 | −R$988.8M | −R$76.4M | −R$90,000 | −R$142.4M | −R$280.8M | R$0 |
| Net borrowing (repayment) | R$2.79B | R$2.88B | −R$1.38B | −R$2.86B | R$2.18B | −R$769.1M | R$3.76B | R$738.9M | R$2.03B | −R$104.9M |
| Shares issued | R$0 | R$0 | R$0 | R$53.4M | R$0 | R$7.83B | R$0 | R$0 | R$0 | R$0 |
| Other financing | R$1.05B | R$3.75B | R$1.53B | −R$3.9M | R$227.2M | R$8.06B | −R$927,000 | R$4.20B | R$305.6M | R$482.9M |
| Cash from financing activities | R$912.5M | R$5.04B | −R$148.8M | −R$2.81B | R$1.42B | R$7.22B | R$3.76B | R$4.79B | R$2.05B | R$378.0M |
| Summary | ||||||||||
| Net change in cash | R$184.7M | R$3.05B | R$663.8M | −R$2.98B | R$2.05B | R$1.48B | R$670.4M | −R$344.0M | R$471.3M | R$87.1M |
| Cash at end of period | R$4.82B | R$5.23B | R$2.18B | R$1.51B | R$4.50B | R$2.45B | R$968.3M | R$298.0M | R$642.0M | R$170.6M |
| Free cash flow | −R$28.4M | −R$4.89B | R$437.4M | R$960.4M | R$2.31B | −R$398.6M | −R$3.05B | −R$2.60B | −R$1.45B | −R$536.5M |
| Free cash flow margin | −0.2% | −38.4% | 3.8% | 10.7% | 50.4% | −12.6% | −127.7% | −170.1% | −195.1% | −126.8% |
| Capex / revenue | 4.9% | 10.0% | 10.7% | 8.0% | 28.4% | 14.4% | 16.7% | 12.1% | 21.9% | 10.2% |
| Operating cash flow / net income | 0.29 | — | 1.03 | — | — | 0.07 | −3.30 | −7.91 | — | — |
| 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 | R$454.7M | R$1.74B | R$615.1M | R$715.2M | R$603.0M | R$516.7M | −R$2.92B | R$542.9M | R$498.3M | R$373.6M | R$651.3M | R$411.3M |
| Depreciation & amortization | R$225.5M | R$237.9M | R$241.5M | R$232.0M | R$270.9M | R$258.4M | R$244.0M | R$263.8M | R$224.2M | R$217.3M | R$221.0M | R$223.0M |
| Stock-based compensation | R$59.2M | R$111.3M | R$42.9M | R$70.1M | R$96.9M | R$87.1M | R$74.3M | R$68.2M | R$64.4M | R$25.8M | R$69.6M | R$61.1M |
| Change in working capital | −R$1.17B | R$684.8M | −R$2.56B | −R$3.99B | −R$2.36B | −R$1.73B | −R$2.34B | −R$2.24B | −R$2.23B | −R$4.07B | −R$2.12B | −R$1.28B |
| Other non-cash items | R$2.30B | R$504.5M | R$2.38B | R$1.93B | R$1.78B | R$1.49B | R$4.64B | R$1.24B | R$729.4M | R$975.6M | R$760.2M | R$648.4M |
| Cash from operating activities | R$1.87B | R$3.28B | R$720.6M | −R$1.05B | R$387.6M | R$624.3M | −R$300.8M | −R$131.5M | −R$716.1M | −R$2.47B | −R$416.6M | R$63.4M |
| Investing activities | ||||||||||||
| Capital expenditures | −R$173.5M | −R$180.8M | −R$167.3M | −R$273.8M | −R$319.0M | −R$287.5M | −R$322.5M | −R$298.0M | −R$344.6M | −R$306.6M | −R$243.0M | −R$176.4M |
| Investments (net) | R$3.34B | −R$2.98B | −R$746.5M | −R$384.0M | −R$398.6M | R$79.3M | −R$479.3M | −R$566.8M | −R$66.8M | R$2.70B | −R$1.71B | R$1.32B |
| Acquisitions & other investing | −R$7.4M | R$3.00B | −R$165.5M | R$273.8M | R$319.0M | R$287.5M | R$322.5M | R$298.0M | R$344.6M | R$306.6M | R$243.0M | R$176.4M |
| Cash from investing activities | R$3.16B | −R$168.8M | −R$1.08B | −R$384.0M | −R$398.6M | R$79.3M | −R$479.3M | −R$566.8M | −R$66.8M | R$2.70B | −R$1.71B | R$1.32B |
| Financing activities | ||||||||||||
| Dividends paid | −R$3.15B | — | — | — | — | — | — | — | — | — | — | — |
| Share repurchases & issuance (net) | −R$776.7M | −R$521.9M | −R$1.32B | −R$465.2M | −R$397.9M | −R$843.4M | −R$608.3M | −R$742.5M | −R$236.5M | −R$236.5M | −R$292.7M | −R$292.7M |
| Net borrowing (repayment) | R$291.5M | −R$7.4M | R$1.12B | R$1.38B | −R$26.4M | R$315.4M | R$1.01B | −R$544.5M | — | — | — | R$113.0M |
| Shares issued | R$0 | 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$86.4M | −R$1.56B | −R$200.4M | R$732.4M | R$381.3M | R$259.4M | R$1.59B | R$1.23B | R$754.2M | R$2.82B | R$904.8M | R$290.7M |
| Cash from financing activities | −R$3.72B | −R$2.09B | −R$398.6M | R$1.65B | −R$43.0M | −R$268.6M | R$2.00B | −R$58.3M | R$517.7M | R$2.58B | R$612.1M | R$111.0M |
| Summary | ||||||||||||
| Net change in cash | R$1.32B | R$1.48B | −R$892.9M | R$211.7M | −R$64.6M | R$422.7M | R$1.21B | −R$730.0M | −R$245.1M | R$2.81B | −R$1.52B | R$1.49B |
| Cash at end of period | R$7.34B | R$6.02B | R$4.82B | R$5.80B | R$5.59B | R$5.65B | R$5.23B | R$4.01B | R$4.74B | R$4.99B | R$2.18B | R$3.69B |
| Free cash flow | R$1.69B | R$3.10B | R$553.3M | −R$1.32B | R$68.6M | R$336.8M | −R$623.3M | −R$429.5M | −R$1.06B | −R$2.78B | −R$659.7M | −R$113.0M |
| Free cash flow margin | 50.8% | 86.6% | 15.6% | −37.0% | 2.1% | 10.6% | −17.9% | −13.4% | −37.9% | −105.1% | −21.3% | −3.8% |
| Capex / revenue | 5.2% | 5.1% | 4.7% | 7.7% | 9.7% | 9.0% | 9.2% | 9.3% | 12.3% | 11.6% | 7.8% | 6.0% |
| Operating cash flow / net income | 4.11 | 1.88 | 1.17 | −1.46 | 0.64 | 1.21 | — | −0.24 | −1.44 | −6.62 | −0.64 | 0.15 |
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.
STNE cash generation
In fiscal 2025 (ended December 31, 2025), StoneCo generated R$663.3 million of cash from operations and spent R$691.7 million on capital expenditures, leaving free cash flow of -R$28.4 million, −0.2% of revenue. It returned R$2.9 billion to shareholders through dividends (R$0) and net share buybacks (R$2.9 billion). Cash and equivalents rose by R$184.7 million over the year.
Related: STNE income statement, STNE balance sheet. See the STNE stock overview for the latest quote and news.
STNE cash flow FAQ
What is StoneCo's free cash flow?
StoneCo's free cash flow was -R$28.4 million in fiscal 2025: R$663.3 million of operating cash flow minus R$691.7 million of capital expenditures It was -R$4.9 billion a year earlier..
How much cash does StoneCo generate from operations?
StoneCo generated R$663.3 million of cash from operating activities in fiscal 2025, 0.29 times its net income of R$2.3 billion.
How much does StoneCo spend on capital expenditures?
StoneCo spent R$691.7 million on capital expenditures in fiscal 2025, 4.9% of revenue, compared with R$1.3 billion the year before.
How much stock does StoneCo buy back?
StoneCo spent R$2.9 billion on net share repurchases in fiscal 2025.