Suzano S.A. (SUZ) Cash Flow Statement
Where SUZ’s cash came from and went, 2025
December 31, 2025 · Brazilian reais- Cash from operations
- R$17.80B −13.6% vs 2024
- Capital expenditures
- R$12.25B 24.9% of revenue
- Free cash flow
- R$5.56B 11.3% margin
- Returned to shareholders
- R$2.35B 42% of free cash flow
- Change in cash
- R$7.18B cash at year-end R$15.17B
Cash from operations
R$17.80B
Capital expenditures
−R$12.25B
Investments (net)
+R$2.93B
Acquisitions & other
−R$333.9M
Dividends
−R$2.16B
Share buybacks (net)
−R$188.1M
Other financing
+R$498.6M
Currency & other
+R$874.8M
Change in cash
R$7.18B
Drawn to scale: where the cash came from and how it was used. Hover for values.
SUZ operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
SUZ cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | R$3.00B2016 | R$17.80B2025 | +21.9%/yr | |
| Capital expenditures | R$2.32B2016 | R$12.25B2025 | +20.3%/yr | |
| Free cash flow | R$678.8M2016 | R$5.56B2025 | +26.3%/yr | |
| Free cash flow margin | 6.9%2016 | 11.3%2025 | +4.4 pts | |
| Operating cash flow / net income | 1.772016 | 1.352025 | −0.42 | |
| Stock-based compensation | R$2.8M2016 | R$162.6M2023 | +78.6%/yr | |
| Dividends paid | R$299.9M2016 | R$2.16B2025 | +24.6%/yr | |
| Share buybacks (net) | R$02016 | R$188.1M2025 | — | |
| Capex / revenue | 23.5%2016 | 24.9%2025 | +1.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SUZ cash flow by activity
OperatingInvestingFinancingChange in cash
SUZ 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).
SUZ cash flow statement in Brazilian reais
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | R$13.14B | −R$7.04B | R$14.11B | R$23.39B | R$8.64B | −R$10.71B | −R$2.81B | R$319.8M | R$1.81B | R$1.69B |
| Depreciation & amortization | R$11.08B | R$9.22B | R$7.32B | R$7.44B | R$7.08B | R$6.75B | R$4.44B | R$1.56B | R$1.40B | R$1.40B |
| Stock-based compensation | — | — | R$162.6M | R$78.5M | R$1.92B | R$156.6M | R$345.3M | R$131.6M | R$33.7M | R$2.8M |
| Change in working capital | R$1.27B | R$1.04B | R$2.36B | −R$2.32B | −R$2.38B | R$2.26B | R$468.3M | −R$1.33B | R$35.9M | R$727.0M |
| Other non-cash items | −R$7.69B | R$17.39B | −R$6.63B | −R$6.95B | R$2.38B | R$14.67B | R$5.14B | R$4.49B | −R$329.8M | −R$822.1M |
| Cash from operating activities | R$17.80B | R$20.60B | R$17.32B | R$21.64B | R$17.64B | R$13.12B | R$7.58B | R$5.17B | R$2.95B | R$3.00B |
| Investing activities | ||||||||||
| Capital expenditures | −R$12.25B | −R$16.53B | −R$17.56B | −R$14.84B | −R$6.24B | −R$4.90B | −R$4.87B | −R$2.42B | −R$1.78B | −R$2.32B |
| Investments (net) | R$2.93B | −R$20.51B | −R$24.56B | −R$17.02B | −R$5.22B | −R$736.4M | −R$11.70B | −R$21.96B | −R$1.01B | −R$3.34B |
| Acquisitions & other investing | −R$333.9M | R$16.53B | R$16.08B | R$14.84B | R$1.10B | R$4.90B | R$4.87B | R$2.42B | R$1.78B | R$2.32B |
| Cash from investing activities | −R$9.65B | −R$20.51B | −R$26.04B | −R$17.02B | −R$10.36B | −R$736.4M | −R$11.70B | −R$21.96B | −R$1.01B | −R$3.34B |
| Financing activities | ||||||||||
| Dividends paid | −R$2.16B | −R$1.62B | −R$192.5M | −R$4.15B | −R$9.7M | −R$9.7M | −R$606.6M | −R$210.2M | −R$570.6M | −R$299.9M |
| Share repurchases & issuance (net) | −R$188.1M | −R$2.81B | −R$880.9M | −R$1.90B | R$0 | — | −R$879,000 | R$25.64B | −R$83,000 | R$5.67B |
| Net borrowing (repayment) | R$70.5M | R$4.96B | R$5.43B | −R$2.23B | R$510.4M | −R$5.16B | R$4.35B | R$21.91B | −R$1.97B | R$812.6M |
| Shares issued | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$8.5M | R$0 | R$0 |
| Other financing | R$498.6M | −R$609.0M | R$3.44B | R$174.3M | −R$2.07B | −R$4.62B | −R$604.7M | −R$27.31B | R$48.2M | −R$5.54B |
| Cash from financing activities | −R$1.78B | −R$83.8M | R$7.80B | −R$8.11B | −R$1.57B | −R$9.79B | R$3.14B | R$20.04B | −R$2.49B | R$638.4M |
| Summary | ||||||||||
| Net change in cash | R$7.18B | R$672.9M | −R$1.16B | −R$4.08B | R$6.76B | R$3.59B | −R$1.14B | R$3.31B | −R$537.9M | R$137.5M |
| Cash at end of period | R$15.17B | R$9.02B | R$8.35B | R$9.51B | R$13.59B | R$6.84B | R$3.25B | R$4.39B | R$1.08B | R$1.61B |
| Free cash flow | R$5.56B | R$4.07B | −R$241.6M | R$6.80B | R$11.39B | R$8.23B | R$2.71B | R$2.75B | R$1.17B | R$678.8M |
| Free cash flow margin | 11.3% | 8.6% | −0.6% | 13.6% | 27.8% | 27.0% | 10.4% | 20.4% | 11.1% | 6.9% |
| Capex / revenue | 24.9% | 34.9% | 44.2% | 29.8% | 15.2% | 16.1% | 18.7% | 18.0% | 16.9% | 23.5% |
| Operating cash flow / net income | 1.35 | — | 1.23 | 0.93 | 2.04 | — | — | 16.17 | 1.63 | 1.77 |
| 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$1.84B | R$4.31B | R$110.9M | R$1.95B | R$5.01B | R$6.35B | −R$6.74B | R$3.24B | −R$3.77B | R$220.0M | R$220.0M | −R$733.0M |
| Depreciation & amortization | R$3.05B | R$2.81B | R$3.12B | R$2.92B | R$2.84B | R$2.41B | R$2.81B | R$2.30B | R$2.13B | R$1.98B | R$1.98B | R$1.94B |
| Stock-based compensation | — | — | — | — | — | — | −R$126.6M | R$27.8M | R$32.8M | R$66.0M | R$66.0M | R$69.8M |
| Change in working capital | R$466.1M | −R$99.5M | R$591.1M | R$831.7M | −R$936.9M | R$1.26B | R$562.6M | R$487.6M | −R$232.2M | −R$231.8M | −R$231.8M | R$4.8M |
| Other non-cash items | −R$856.0M | −R$4.12B | R$1.61B | −R$1.67B | −R$2.57B | −R$5.60B | R$9.69B | −R$777.2M | R$7.91B | R$1.02B | R$1.02B | R$1.20B |
| Cash from operating activities | R$4.50B | R$2.90B | R$5.43B | R$4.03B | R$4.34B | R$4.42B | R$6.20B | R$5.28B | R$6.07B | R$3.05B | R$3.05B | R$2.49B |
| Investing activities | ||||||||||||
| Capital expenditures | −R$2.54B | −R$3.00B | −R$2.85B | −R$3.45B | −R$3.20B | −R$3.08B | −R$3.86B | −R$4.11B | −R$4.30B | −R$4.24B | −R$4.24B | −R$4.50B |
| Investments (net) | R$593.7M | −R$62.1M | −R$2.15B | — | −R$4.86B | R$3.32B | −R$5.79B | −R$5.14B | −R$3.55B | −R$6.04B | −R$2.47B | −R$6.61B |
| Acquisitions & other investing | −R$99.5M | −R$153.7M | −R$2.4M | R$175.3M | R$3.20B | R$3.08B | R$3.86B | R$4.11B | R$4.30B | R$4.24B | — | −R$89.6M |
| Cash from investing activities | −R$2.05B | −R$3.22B | −R$5.01B | −R$3.27B | −R$4.86B | R$3.32B | −R$5.79B | −R$5.14B | −R$3.55B | −R$6.04B | — | −R$11.20B |
| Financing activities | ||||||||||||
| Dividends paid | −R$43.2M | −R$1.38B | −R$24.8M | −R$4,000 | −R$15.3M | −R$2.19B | −R$306.3M | −R$98,000 | −R$9.0M | −R$190.1M | −R$1.31B | −R$3,000 |
| Share repurchases & issuance (net) | −R$134.9M | R$0 | −R$2.2M | −R$4.5M | −R$153.3M | −R$38.7M | −R$2.81B | −R$2.50B | R$0 | −R$310.0M | −R$310.0M | −R$159.9M |
| Net borrowing (repayment) | R$1.27B | −R$746.5M | −R$1.59B | — | R$3.10B | −R$4.49B | R$2.92B | R$655.7M | R$1.49B | — | — | R$1.68B |
| 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$824.3M | −R$58.1M | R$203.3M | R$3.13B | R$154.7M | R$124.6M | R$2.61B | R$272.2M | −R$1.13B | −R$789.4M | R$329.9M | R$620.2M |
| Cash from financing activities | R$1.91B | −R$2.18B | −R$1.42B | R$3.13B | R$3.09B | −R$6.60B | R$2.42B | −R$1.57B | R$358.2M | −R$1.29B | −R$1.29B | R$2.14B |
| Summary | ||||||||||||
| Net change in cash | R$4.57B | −R$3.00B | −R$1.12B | R$3.56B | R$2.37B | R$895.7M | R$3.20B | −R$1.43B | R$3.04B | −R$4.14B | −R$4.14B | −R$6.33B |
| Cash at end of period | R$16.62B | R$12.18B | R$15.17B | R$15.84B | R$12.28B | R$9.91B | R$9.02B | R$5.82B | R$7.25B | R$4.20B | R$4.20B | R$5.53B |
| Free cash flow | R$1.95B | −R$101.7M | R$2.57B | R$586.8M | R$1.14B | R$1.34B | R$2.35B | R$1.17B | R$1.77B | −R$1.19B | −R$1.19B | −R$2.01B |
| Free cash flow margin | 16.5% | −0.9% | 19.3% | 4.8% | 8.6% | 11.6% | 16.6% | 9.5% | 15.4% | −12.6% | −12.6% | −22.5% |
| Capex / revenue | 21.5% | 27.4% | 21.4% | 28.4% | 24.1% | 26.7% | 27.2% | 33.5% | 37.4% | 44.9% | 44.9% | 50.3% |
| Operating cash flow / net income | 2.44 | 0.67 | 48.94 | 2.07 | 0.87 | 0.70 | — | 1.63 | — | 13.88 | 13.88 | — |
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.
SUZ cash generation
In fiscal 2025 (ended December 31, 2025), Suzano generated R$17.8 billion of cash from operations (down 13.6%) and spent R$12.2 billion on capital expenditures, leaving free cash flow of R$5.6 billion, 11.3% of revenue. It returned R$2.4 billion to shareholders through dividends (R$2.2 billion) and net share buybacks (R$188.1 million). Cash and equivalents rose by R$7.2 billion over the year.
Related: SUZ income statement, SUZ balance sheet, SUZ dividend history. See the SUZ stock overview for the latest quote and news.
SUZ cash flow FAQ
What is Suzano's free cash flow?
Suzano's free cash flow was R$5.6 billion in fiscal 2025: R$17.8 billion of operating cash flow minus R$12.2 billion of capital expenditures It was R$4.1 billion a year earlier..
How much cash does Suzano generate from operations?
Suzano generated R$17.8 billion of cash from operating activities in fiscal 2025, 1.35 times its net income of R$13.1 billion.
How much does Suzano spend on capital expenditures?
Suzano spent R$12.2 billion on capital expenditures in fiscal 2025, 24.9% of revenue, compared with R$16.5 billion the year before.
How much stock does Suzano buy back?
Suzano spent R$188.1 million on net share repurchases in fiscal 2025.
How much does Suzano pay in dividends?
Suzano paid R$2.2 billion in dividends in fiscal 2025, 39.0% of free cash flow.