TransAlta Corporation (TAC) Cash Flow Statement
Where TAC’s cash came from and went, 2025
December 31, 2025 · Canadian dollars- Cash from operations
- C$645.5M −18.9% vs 2024
- Capital expenditures
- C$248.8M 10.3% of revenue
- Free cash flow
- C$396.7M 16.5% margin
- Returned to shareholders
- C$149.9M 38% of free cash flow
- Change in cash
- −C$104.3M cash at year-end C$282.8M
Cash from operations
C$645.5M
Capital expenditures
−C$248.8M
Investments (net)
−C$147.0M
Acquisitions & other
−C$14.9M
Dividends
−C$125.9M
Share buybacks (net)
−C$24.0M
Net borrowing (repayment)
−C$197.0M
Shares issued
+C$3.0M
Other financing
−C$17.8M
Currency & other
+C$22.5M
Change in cash
−C$104.3M
Drawn to scale: where the cash came from and how it was used. Hover for values.
TAC operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
TAC cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | C$744.0M2016 | C$645.5M2025 | −1.6%/yr | |
| Capital expenditures | C$379.0M2016 | C$248.8M2025 | −4.6%/yr | |
| Free cash flow | C$365.0M2016 | C$396.7M2025 | +0.9%/yr | |
| Free cash flow margin | 15.2%2016 | 16.5%2025 | +1.3 pts | |
| Operating cash flow / net income | 2.702016 | 3.332024 | +0.63 | |
| Stock-based compensation | C$20.0M2016 | C$23.0M2023 | +2.0%/yr | |
| Dividends paid | C$111.0M2016 | C$125.9M2025 | +1.4%/yr | |
| Share buybacks (net) | C$02016 | C$24.0M2025 | — | |
| Capex / revenue | 15.8%2016 | 10.3%2025 | −5.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TAC cash flow by activity
OperatingInvestingFinancingChange in cash
TAC 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).
TAC cash flow statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −C$137.9M | C$239.0M | C$796.0M | C$161.0M | −C$425.0M | −C$253.0M | C$176.0M | −C$90.0M | −C$118.0M | C$276.0M |
| Depreciation & amortization | C$631.0M | C$531.0M | C$621.0M | C$599.0M | C$719.0M | C$798.0M | C$709.0M | C$710.0M | C$708.0M | C$664.0M |
| Stock-based compensation | — | — | C$23.0M | C$21.0M | C$522.0M | C$156.0M | −C$3.0M | C$9.0M | C$17.0M | C$20.0M |
| Change in working capital | C$3.0M | C$38.0M | C$124.0M | −C$316.0M | C$174.0M | C$89.0M | C$121.0M | −C$44.0M | −C$114.0M | C$73.0M |
| Other non-cash items | C$149.4M | −C$12.0M | −C$100.0M | C$412.0M | C$11.0M | −C$88.0M | −C$154.0M | C$235.0M | C$133.0M | −C$289.0M |
| Cash from operating activities | C$645.5M | C$796.0M | C$1.46B | C$877.0M | C$1.00B | C$702.0M | C$849.0M | C$820.0M | C$626.0M | C$744.0M |
| Investing activities | ||||||||||
| Capital expenditures | −C$248.8M | −C$321.0M | −C$888.0M | −C$949.0M | −C$489.0M | −C$500.0M | −C$431.0M | −C$297.0M | −C$389.0M | −C$379.0M |
| Investments (net) | −C$147.0M | −C$520.0M | −C$991.0M | −C$741.0M | C$128.0M | −C$687.0M | −C$512.0M | −C$394.0M | C$87.0M | −C$327.0M |
| Acquisitions & other investing | −C$14.9M | C$321.0M | C$1.06B | C$949.0M | −C$111.0M | C$500.0M | C$431.0M | C$297.0M | C$389.0M | C$379.0M |
| Cash from investing activities | −C$410.7M | −C$520.0M | −C$814.0M | −C$741.0M | −C$472.0M | −C$687.0M | −C$512.0M | −C$394.0M | C$87.0M | −C$327.0M |
| Financing activities | ||||||||||
| Dividends paid | −C$125.9M | −C$123.0M | −C$109.0M | −C$97.0M | −C$87.0M | −C$86.0M | −C$85.0M | −C$86.0M | −C$86.0M | −C$111.0M |
| Share repurchases & issuance (net) | −C$24.0M | −C$143.0M | −C$87.0M | −C$52.0M | −C$4.0M | −C$57.0M | −C$68.0M | −C$23.0M | C$0 | C$0 |
| Net borrowing (repayment) | −C$197.0M | C$6.0M | −C$181.0M | C$351.0M | −C$41.0M | C$533.0M | C$280.0M | −C$540.0M | −C$545.0M | −C$58.0M |
| Shares issued | C$3.0M | C$12.0M | C$6.0M | C$3.0M | C$8.0M | C$400.0M | C$0 | C$0 | C$0 | C$0 |
| Other financing | −C$17.8M | −C$43.0M | −C$1.06B | −C$160.0M | −C$158.0M | −C$518.0M | −C$141.0M | −C$2.0M | −C$72.0M | C$6.0M |
| Cash from financing activities | −C$361.7M | −C$291.0M | −C$1.43B | C$45.0M | −C$282.0M | C$272.0M | −C$14.0M | −C$651.0M | −C$703.0M | −C$163.0M |
| Summary | ||||||||||
| Net change in cash | −C$104.3M | −C$11.0M | −C$786.0M | C$187.0M | C$244.0M | C$292.0M | C$322.0M | −C$225.0M | C$9.0M | C$251.0M |
| Cash at end of period | C$282.8M | C$337.0M | C$348.0M | C$1.13B | C$947.0M | C$703.0M | C$411.0M | C$89.0M | C$314.0M | C$305.0M |
| Free cash flow | C$396.7M | C$475.0M | C$576.0M | −C$72.0M | C$512.0M | C$202.0M | C$418.0M | C$523.0M | C$237.0M | C$365.0M |
| Free cash flow margin | 16.5% | 16.7% | 17.2% | −2.4% | 18.8% | 9.6% | 17.8% | 23.3% | 10.3% | 15.2% |
| Capex / revenue | 10.3% | 11.3% | 26.5% | 31.9% | 18.0% | 23.8% | 18.4% | 13.2% | 16.9% | 15.8% |
| Operating cash flow / net income | — | 3.33 | 1.84 | 5.45 | — | — | 4.82 | — | — | 2.70 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||
| Net income | C$52.0M | C$13.0M | −C$36.0M | −C$49.0M | C$42.0M | −C$43.0M | −C$22.0M | C$66.0M | C$238.0M | −C$54.0M | C$419.0M |
| Depreciation & amortization | C$105.0M | C$118.3M | C$148.0M | C$148.0M | C$146.0M | C$143.0M | C$133.0M | C$131.0M | C$124.0M | C$132.0M | C$140.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | C$23.0M | −C$261.0M |
| Change in working capital | −C$120.0M | C$19.0M | C$96.9M | C$104.0M | −C$117.0M | C$97.0M | C$48.0M | −C$114.0M | C$7.0M | C$135.0M | C$355.0M |
| Other non-cash items | C$25.0M | −C$30.1M | C$28.9M | C$48.0M | −C$64.0M | C$18.0M | C$70.0M | C$25.0M | −C$125.0M | C$74.0M | C$28.0M |
| Cash from operating activities | C$62.0M | C$120.3M | C$237.8M | C$251.0M | C$7.0M | C$215.0M | C$229.0M | C$108.0M | C$244.0M | C$310.0M | C$681.0M |
| Investing activities | |||||||||||
| Capital expenditures | −C$45.0M | −C$27.1M | −C$90.9M | −C$55.0M | −C$34.0M | −C$114.0M | −C$77.0M | −C$61.0M | −C$69.0M | −C$238.0M | −C$168.0M |
| Investments (net) | −C$5.0M | C$9.0M | −C$17.0M | −C$101.0M | −C$144.0M | −C$322.0M | −C$93.0M | −C$47.0M | −C$58.0M | −C$223.0M | −C$224.0M |
| Acquisitions & other investing | −C$19.0M | −C$95.2M | −C$2.0M | C$55.0M | C$34.0M | C$114.0M | C$77.0M | C$61.0M | C$69.0M | C$238.0M | C$168.0M |
| Cash from investing activities | −C$69.0M | −C$113.3M | −C$109.9M | −C$101.0M | −C$144.0M | −C$322.0M | −C$93.0M | −C$47.0M | −C$58.0M | −C$223.0M | −C$224.0M |
| Financing activities | |||||||||||
| Dividends paid | −C$34.0M | −C$32.1M | −C$31.0M | −C$33.0M | −C$31.0M | −C$30.0M | −C$32.0M | −C$31.0M | −C$30.0M | −C$26.0M | −C$28.0M |
| Share repurchases & issuance (net) | C$0 | C$0 | −C$21.0M | −C$22.0M | −C$3.0M | −C$29.0M | −C$24.0M | −C$58.0M | −C$32.0M | −C$14.0M | C$0 |
| Net borrowing (repayment) | −C$263.0M | C$74.0M | −C$84.0M | −C$129.0M | C$76.0M | C$99.0M | −C$24.0M | — | — | — | −C$41.0M |
| Shares issued | C$338.0M | C$0 | C$1.0M | C$2.0M | C$0 | C$7.0M | C$1.0M | C$1.0M | C$3.0M | C$1.0M | C$0 |
| Other financing | −C$9.0M | −C$811,350 | C$7.1M | C$18.0M | −C$4.0M | −C$3.0M | −C$9.0M | −C$45.0M | −C$55.0M | −C$938.0M | −C$106.0M |
| Cash from financing activities | C$32.0M | C$41.1M | −C$127.9M | −C$164.0M | C$38.0M | C$44.0M | −C$88.0M | −C$133.0M | −C$114.0M | −C$977.0M | −C$175.0M |
| Summary | |||||||||||
| Net change in cash | C$28.0M | C$47.5M | C$5.9M | −C$11.0M | −C$99.0M | −C$64.0M | C$50.0M | −C$68.0M | C$71.0M | −C$883.0M | C$279.0M |
| Cash at end of period | C$302.0M | C$334.9M | C$282.8M | C$211.0M | C$238.0M | C$337.0M | C$401.0M | C$351.0M | C$419.0M | C$348.0M | C$1.23B |
| Free cash flow | C$17.0M | C$93.2M | C$146.9M | C$196.0M | −C$27.0M | C$101.0M | C$152.0M | C$47.0M | C$175.0M | C$72.0M | C$513.0M |
| Free cash flow margin | 3.5% | 16.5% | 24.5% | 31.9% | −3.6% | 14.9% | 23.8% | 8.1% | 18.5% | 11.5% | 50.4% |
| Capex / revenue | 9.2% | 4.8% | 15.2% | 8.9% | 4.5% | 16.8% | 12.1% | 10.5% | 7.3% | 38.1% | 16.5% |
| Operating cash flow / net income | 1.19 | 9.23 | — | — | 0.17 | — | — | 1.64 | 1.03 | — | 1.63 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported; data from EODHD.
TAC cash generation
In fiscal 2025 (ended December 31, 2025), TransAlta generated C$645.5 million of cash from operations (down 18.9%) and spent C$248.8 million on capital expenditures, leaving free cash flow of C$396.7 million, 16.5% of revenue. It returned C$149.9 million to shareholders through dividends (C$125.9 million) and net share buybacks (C$24.0 million). Cash and equivalents fell by C$104.3 million over the year.
Related: TAC income statement, TAC balance sheet, TAC dividend history. See the TAC stock overview for the latest quote and news.
TAC cash flow FAQ
What is TransAlta's free cash flow?
TransAlta's free cash flow was C$396.7 million in fiscal 2025: C$645.5 million of operating cash flow minus C$248.8 million of capital expenditures It was C$475.0 million a year earlier..
How much cash does TransAlta generate from operations?
TransAlta generated C$645.5 million of cash from operating activities in fiscal 2025.
How much does TransAlta spend on capital expenditures?
TransAlta spent C$248.8 million on capital expenditures in fiscal 2025, 10.3% of revenue, compared with C$321.0 million the year before.
How much stock does TransAlta buy back?
TransAlta spent C$24.0 million on net share repurchases in fiscal 2025.
How much does TransAlta pay in dividends?
TransAlta paid C$125.9 million in dividends in fiscal 2025, 31.7% of free cash flow.