Transportadora de Gas del Sur S.A. (TGS) Cash Flow Statement
Where TGS’s cash came from and went, 2025
December 31, 2025 · Argentine pesos- Cash from operations
- ARS 443.0M −99.9% vs 2024
- Capital expenditures
- ARS 257.3M 0.0% of revenue
- Free cash flow
- ARS 185.6M 0.0% margin
- Returned to shareholders
- ARS 185.6M 100% of free cash flow
- Change in cash
- ARS 495.8M cash at year-end ARS 554.0M
Cash from operations
ARS 443.0M
Capital expenditures
−ARS 257.3M
Investments (net)
−ARS 134.03B
Acquisitions & other
+ARS 133.92B
Dividends
−ARS 185.6M
Net borrowing (repayment)
+ARS 885.85B
Other financing
−ARS 885.13B
Currency & other
−ARS 107.9M
Change in cash
ARS 495.8M
Drawn to scale: where the cash came from and how it was used. Hover for values.
TGS operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
TGS cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | ARS 2.14B2016 | ARS 443.0M2025 | −16.0%/yr | |
| Capital expenditures | ARS 596.1M2016 | ARS 257.3M2025 | −8.9%/yr | |
| Free cash flow | ARS 1.54B2016 | ARS 185.6M2025 | −21.0%/yr | |
| Free cash flow margin | 20.8%2016 | 0.0%2025 | −20.8 pts | |
| Operating cash flow / net income | 2.302016 | 1.312025 | −0.99 | |
| Stock-based compensation | ARS 415.1M2016 | −ARS 415.25B2023 | — | |
| Dividends paid | ARS 99.7M2016 | ARS 185.6M2025 | +7.1%/yr | |
| Share buybacks (net) | ARS 02016 | ARS 02021 | — | |
| Capex / revenue | 8.1%2016 | 0.0%2025 | −8.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TGS cash flow by activity
OperatingInvestingFinancingChange in cash
TGS 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).
TGS cash flow statement in Argentine pesos
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | ARS 337.9M | ARS 370.16B | ARS 51.21B | ARS 219.16B | ARS 126.97B | ARS 3.29B | ARS 12.81B | ARS 11.42B | ARS 2.79B | ARS 930.7M |
| Depreciation & amortization | ARS 201.96B | ARS 129.67B | ARS 132.03B | ARS 132.73B | ARS 58.30B | ARS 6.16B | ARS 3.70B | ARS 2.22B | ARS 358.4M | ARS 286.8M |
| Stock-based compensation | — | — | −ARS 415.25B | — | −ARS 822.9M | ARS 10.74B | ARS 2.39B | — | −ARS 365.6M | ARS 415.1M |
| Change in working capital | −ARS 115.0M | −ARS 118.78B | −ARS 12.19B | −ARS 56.36B | −ARS 45.23B | −ARS 321.4M | −ARS 4.61B | −ARS 496.5M | −ARS 940.9M | −ARS 346.4M |
| Other non-cash items | −ARS 201.74B | ARS 255.87B | ARS 787.26B | −ARS 55.37B | −ARS 106.35B | ARS 8.65B | −ARS 774.8M | −ARS 345.8M | ARS 1.68B | ARS 851.3M |
| Cash from operating activities | ARS 443.0M | ARS 636.92B | ARS 543.06B | ARS 240.15B | ARS 32.87B | ARS 28.51B | ARS 13.50B | ARS 12.80B | ARS 3.52B | ARS 2.14B |
| Investing activities | ||||||||||
| Capital expenditures | −ARS 257.3M | −ARS 381.24B | −ARS 386.97B | −ARS 171.62B | −ARS 58.53B | −ARS 7.77B | −ARS 15.93B | −ARS 8.12B | −ARS 1.31B | −ARS 596.1M |
| Investments (net) | −ARS 134.03B | −ARS 384.90B | −ARS 71.56B | −ARS 40.22B | −ARS 20.82B | −ARS 22.32B | −ARS 16.64B | −ARS 4.73B | −ARS 2.53B | −ARS 534.7M |
| Acquisitions & other investing | ARS 133.92B | ARS 259.81B | −ARS 132.82B | −ARS 60.88B | ARS 46.50B | −ARS 400,000 | ARS 15.93B | ARS 5.58B | −ARS 2.13B | ARS 596.1M |
| Cash from investing activities | −ARS 364.9M | −ARS 506.33B | −ARS 591.35B | −ARS 272.72B | −ARS 32.85B | −ARS 30.09B | −ARS 16.64B | −ARS 7.28B | −ARS 5.97B | −ARS 534.7M |
| Financing activities | ||||||||||
| Dividends paid | −ARS 185.6M | ARS 0 | ARS 0 | ARS 0 | ARS 0 | −ARS 16,000 | −ARS 9.76B | −ARS 4.33B | −ARS 6,000 | −ARS 99.7M |
| Share repurchases & issuance (net) | — | — | — | — | ARS 0 | −ARS 2.72B | −ARS 2.59B | −ARS 1.42B | ARS 0 | ARS 0 |
| Net borrowing (repayment) | ARS 885.85B | −ARS 31.35B | ARS 53.68B | ARS 3.63B | −ARS 1.87B | −ARS 1.35B | ARS 1.03B | ARS 12.00B | −ARS 92.1M | −ARS 916.5M |
| Shares issued | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 |
| Other financing | −ARS 885.13B | −ARS 9.89B | ARS 16.94B | ARS 20.96B | ARS 834.6M | −ARS 999.9M | ARS 0 | −ARS 4.20B | ARS 51.7M | ARS 0 |
| Cash from financing activities | ARS 525.7M | −ARS 41.24B | ARS 70.62B | ARS 24.59B | −ARS 1.03B | −ARS 5.07B | −ARS 11.32B | ARS 2.05B | −ARS 40.4M | −ARS 1.02B |
| Summary | ||||||||||
| Net change in cash | ARS 495.8M | ARS 59.99B | −ARS 1.36B | −ARS 38.23B | −ARS 15.74B | −ARS 8.64B | −ARS 15.84B | ARS 12.73B | ARS 1.10B | ARS 682.6M |
| Cash at end of period | ARS 554.0M | ARS 78.89B | ARS 18.90B | ARS 20.27B | ARS 26.87B | ARS 4.65B | ARS 9.77B | ARS 16.64B | ARS 2.65B | ARS 1.56B |
| Free cash flow | ARS 185.6M | ARS 255.67B | ARS 156.09B | ARS 68.54B | ARS 125.28B | ARS 20.74B | −ARS 2.43B | ARS 4.67B | ARS 2.21B | ARS 1.54B |
| Free cash flow margin | 0.0% | 21.0% | 16.1% | 6.4% | 23.8% | 12.7% | −2.4% | 13.9% | 18.1% | 20.8% |
| Capex / revenue | 0.0% | 31.3% | 40.0% | 15.9% | 11.1% | 4.8% | 16.0% | 24.1% | 10.7% | 8.1% |
| Operating cash flow / net income | 1.31 | 1.72 | 10.60 | 1.10 | 0.26 | 8.68 | 1.05 | 1.12 | 1.26 | 2.30 |
| 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 | ARS 141.16B | ARS 159.98B | ARS 145.63B | ARS 120.88B | ARS 35.1M | ARS 142.36B | ARS 147.64B | ARS 80.95B | ARS 125.19B | ARS 87.21B | −ARS 7.13B | ARS 23.62B |
| Depreciation & amortization | ARS 70.06B | ARS 57.15B | ARS 62.70B | ARS 52.12B | ARS 62.99B | ARS 53.37B | ARS 41.22B | ARS 43.51B | ARS 37.65B | ARS 35.43B | ARS 31.80B | ARS 36.58B |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | −ARS 83.21B | ARS 37.32B |
| Change in working capital | ARS 176.60B | −ARS 35.54B | −ARS 96.90B | ARS 15.95B | −ARS 34.1M | −ARS 32.35B | −ARS 32.50B | ARS 4.78B | −ARS 38.30B | −ARS 67.15B | −ARS 2.10B | −ARS 35.32B |
| Other non-cash items | ARS 56.16B | ARS 14.18B | ARS 29.23B | −ARS 24.92B | −ARS 62.90B | ARS 34.64B | ARS 32.97B | ARS 42.22B | ARS 17.53B | ARS 19.65B | ARS 160.68B | ARS 27.06B |
| Cash from operating activities | ARS 443.97B | ARS 195.77B | ARS 140.66B | ARS 164.03B | ARS 85.2M | ARS 198.02B | ARS 189.34B | ARS 171.46B | ARS 142.08B | ARS 75.15B | ARS 100.04B | ARS 89.27B |
| Investing activities | ||||||||||||
| Capital expenditures | −ARS 187.54B | −ARS 143.39B | −ARS 112.32B | −ARS 93.61B | −ARS 52.8M | −ARS 73.37B | −ARS 100.57B | −ARS 80.49B | −ARS 76.72B | −ARS 92.27B | −ARS 75.53B | −ARS 70.95B |
| Investments (net) | −ARS 377.49B | −ARS 470.03B | −ARS 131.68B | −ARS 124.26B | ARS 76.24B | −ARS 162.48B | −ARS 136.03B | −ARS 153.31B | −ARS 84.83B | −ARS 10.72B | −ARS 112.28B | −ARS 50.34B |
| Acquisitions & other investing | −ARS 28.46B | ARS 12.11B | ARS 0 | ARS 93.61B | −ARS 76.12B | ARS 20.39B | −ARS 148.30B | ARS 39.21B | ARS 44.78B | ARS 86.27B | ARS 75.53B | −ARS 6.62B |
| Cash from investing activities | −ARS 593.49B | −ARS 601.31B | −ARS 244.00B | −ARS 124.26B | ARS 75.4M | −ARS 215.46B | −ARS 384.90B | −ARS 194.60B | −ARS 116.78B | −ARS 16.72B | −ARS 112.28B | −ARS 127.91B |
| Financing activities | ||||||||||||
| Dividends paid | — | −ARS 16.86B | −ARS 16.86B | −ARS 11.59B | −ARS 186.7M | — | — | ARS 0 | — | — | — | — |
| Net borrowing (repayment) | ARS 19.53B | −ARS 15.08B | ARS 858.36B | ARS 28.38B | −ARS 241.0M | −ARS 654.7M | −ARS 22.07B | ARS 15.46B | — | — | — | ARS 11.50B |
| Shares issued | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 |
| Other financing | ARS 1.09B | ARS 16.86B | ARS 0 | ARS 0 | ARS 240.8M | −ARS 213.5M | ARS 0 | ARS 0 | −ARS 20.03B | −ARS 7.67B | ARS 13.36B | ARS 24.14B |
| Cash from financing activities | ARS 20.61B | −ARS 15.08B | ARS 841.51B | ARS 16.79B | −ARS 186.9M | −ARS 868.1M | −ARS 22.07B | ARS 15.46B | −ARS 20.03B | −ARS 7.67B | ARS 13.36B | ARS 35.64B |
| Summary | ||||||||||||
| Net change in cash | −ARS 103.56B | −ARS 404.70B | ARS 731.08B | ARS 56.40B | −ARS 30.6M | −ARS 22.98B | ARS 28.56B | −ARS 12.45B | −ARS 3.89B | ARS 43.39B | ARS 898.0M | −ARS 14.21B |
| Cash at end of period | ARS 289.01B | ARS 363.35B | ARS 804.11B | ARS 73.03B | ARS 14.0M | ARS 63.36B | ARS 59.97B | ARS 41.42B | ARS 53.87B | ARS 57.76B | ARS 6.60B | ARS 17.61B |
| Free cash flow | ARS 256.43B | ARS 52.38B | ARS 28.34B | ARS 70.42B | ARS 32.4M | ARS 124.65B | ARS 88.77B | ARS 90.97B | ARS 65.36B | −ARS 17.12B | ARS 24.51B | ARS 18.31B |
| Free cash flow margin | 45.6% | 10.8% | 5.0% | 16.7% | 0.0% | 38.8% | 21.5% | 27.4% | 18.0% | −5.8% | 11.1% | 8.2% |
| Capex / revenue | 33.3% | 29.6% | 19.8% | 22.2% | 0.0% | 22.9% | 24.3% | 24.2% | 21.1% | 31.2% | 34.3% | 31.7% |
| Operating cash flow / net income | 3.15 | 1.22 | 0.97 | 1.36 | 2.43 | 1.39 | 1.28 | 2.12 | 1.13 | 0.86 | — | 3.78 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Argentine pesos as reported; data from EODHD.
TGS cash generation
In fiscal 2025 (ended December 31, 2025), Transportadora de Gas del Sur generated ARS 443.0 million of cash from operations (down 99.9%) and spent ARS 257.3 million on capital expenditures, leaving free cash flow of ARS 185.6 million, 0.0% of revenue. It returned ARS 185.6 million to shareholders through dividends (ARS 185.6 million) and net share buybacks (ARS 0). Cash and equivalents rose by ARS 495.8 million over the year.
Related: TGS income statement, TGS balance sheet, TGS dividend history. See the TGS stock overview for the latest quote and news.
TGS cash flow FAQ
What is Transportadora de Gas del Sur's free cash flow?
Transportadora de Gas del Sur's free cash flow was ARS 185.6 million in fiscal 2025: ARS 443.0 million of operating cash flow minus ARS 257.3 million of capital expenditures It was ARS 255.7 billion a year earlier..
How much cash does Transportadora de Gas del Sur generate from operations?
Transportadora de Gas del Sur generated ARS 443.0 million of cash from operating activities in fiscal 2025, 1.31 times its net income of ARS 337.9 million.
How much does Transportadora de Gas del Sur spend on capital expenditures?
Transportadora de Gas del Sur spent ARS 257.3 million on capital expenditures in fiscal 2025, 0.0% of revenue, compared with ARS 381.2 billion the year before.
How much does Transportadora de Gas del Sur pay in dividends?
Transportadora de Gas del Sur paid ARS 185.6 million in dividends in fiscal 2025, 100.0% of free cash flow.