TIM S.A. Sponsored ADR (TIMB) Cash Flow Statement
Where TIMB’s cash came from and went, 2025
December 31, 2025 · Brazilian reais- Cash from operations
- R$13.44B +9.0% vs 2024
- Capital expenditures
- R$4.54B 17.1% of revenue
- Free cash flow
- R$8.90B 33.4% margin
- Returned to shareholders
- R$6.11B 69% of free cash flow
- Change in cash
- R$351.6M cash at year-end R$3.61B
Drawn to scale: where the cash came from and how it was used. Hover for values.
TIMB operating cash flow, capex and free cash flow
TIMB cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | R$4.99B2016 | R$13.44B2025 | +11.6%/yr | |
| Capital expenditures | R$4.50B2016 | R$4.54B2025 | +0.1%/yr | |
| Free cash flow | R$489.9M2016 | R$8.90B2025 | +38.0%/yr | |
| Free cash flow margin | 3.1%2016 | 33.4%2025 | +30.3 pts | |
| Operating cash flow / net income | 4.932016 | 3.122025 | −1.81 | |
| Stock-based compensation | R$3.8M2016 | R$17.0M2025 | +18.1%/yr | |
| Dividends paid | R$460.3M2016 | R$5.36B2025 | +31.4%/yr | |
| Share buybacks (net) | R$13.1M2017 | R$748.3M2025 | +65.8%/yr | |
| Capex / revenue | 28.8%2016 | 17.1%2025 | −11.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TIMB cash flow by activity
TIMB net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
TIMB cash flow statement in Brazilian reais
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | R$4.31B | R$3.15B | R$3.18B | R$1.80B | R$3.10B | R$2.01B | R$4.54B | R$1.88B | R$1.44B | R$1.01B |
| Depreciation & amortization | R$7.08B | R$7.03B | R$7.12B | R$6.83B | R$5.69B | R$5.53B | R$5.13B | R$3.95B | R$4.01B | R$3.79B |
| Stock-based compensation | R$17.0M | R$22.4M | −R$24.3M | R$6.9M | R$15.7M | R$2.6M | R$3.4M | −R$1.4M | R$10.9M | R$3.8M |
| Change in working capital | −R$1.89B | −R$2.44B | −R$41.1M | −R$1.86B | R$3.21B | −R$445.2M | −R$3.12B | −R$776.2M | −R$1.22B | −R$902.6M |
| Other non-cash items | R$3.93B | R$4.57B | R$2.19B | R$2.66B | R$739.8M | R$1.58B | R$516.4M | R$1.07B | R$1.16B | R$1.09B |
| Cash from operating activities | R$13.44B | R$12.33B | R$12.42B | R$9.43B | R$12.76B | R$8.67B | R$7.06B | R$6.13B | R$5.40B | R$4.99B |
| Investing activities | ||||||||||
| Capital expenditures | −R$4.54B | −R$4.55B | −R$4.50B | −R$4.73B | −R$7.97B | −R$3.89B | −R$3.85B | −R$3.83B | −R$4.15B | −R$4.50B |
| Investments (net) | R$425.8M | −R$4.95B | −R$4.21B | −R$8.62B | −R$2.50B | −R$1.43B | −R$3.71B | −R$3.83B | −R$4.40B | −R$4.25B |
| Acquisitions & other investing | R$555.1M | R$4.55B | R$4.03B | R$4.73B | R$3.78B | R$26.8M | R$3.85B | R$3.83B | R$4.15B | R$4.50B |
| Cash from investing activities | −R$3.56B | −R$4.95B | −R$4.68B | −R$8.62B | −R$6.69B | −R$5.29B | −R$3.71B | −R$3.83B | −R$4.40B | −R$4.25B |
| Financing activities | ||||||||||
| Dividends paid | −R$5.36B | −R$2.72B | −R$2.17B | −R$1.20B | −R$1.04B | −R$1.15B | −R$770.1M | −R$588.2M | −R$332.7M | −R$460.3M |
| Share repurchases & issuance (net) | −R$748.3M | −R$45.0M | −R$2.8M | — | −R$11.1M | — | R$118.3M | R$166.5M | −R$13.1M | — |
| Net borrowing (repayment) | −R$1.87B | −R$2.66B | −R$3.01B | −R$563.3M | R$171.3M | −R$934.8M | −R$524.1M | −R$391.3M | −R$26.8M | −R$28.4M |
| Shares issued | R$0 | R$0 | R$0 | R$4.7M | R$0 | R$0 | R$435,000 | R$5.3M | R$0 | R$0 |
| Other financing | −R$1.55B | −R$1.77B | −R$2.02B | −R$1.73B | R$147.3M | −R$1.00B | −R$967.2M | −R$3.38B | −R$2.80B | −R$1.23B |
| Cash from financing activities | −R$9.53B | −R$7.20B | −R$7.21B | −R$3.49B | −R$735.4M | −R$3.09B | −R$2.14B | −R$4.18B | −R$3.17B | −R$1.72B |
| Summary | ||||||||||
| Net change in cash | R$351.6M | R$180.8M | R$529.2M | −R$2.68B | R$2.65B | R$291.2M | R$1.21B | −R$1.89B | −R$2.17B | −R$972.2M |
| Cash at end of period | R$3.61B | R$3.26B | R$3.08B | R$2.55B | R$5.23B | R$2.58B | R$2.28B | R$1.08B | R$2.96B | R$5.13B |
| Free cash flow | R$8.90B | R$7.78B | R$7.92B | R$4.70B | R$4.79B | R$4.78B | R$3.21B | R$2.30B | R$1.26B | R$489.9M |
| Free cash flow margin | 33.4% | 30.6% | 33.2% | 21.8% | 26.5% | 27.7% | 18.5% | 13.5% | 7.7% | 3.1% |
| Capex / revenue | 17.1% | 17.9% | 18.9% | 22.0% | 44.1% | 22.5% | 22.2% | 22.6% | 25.6% | 28.8% |
| Operating cash flow / net income | 3.12 | 3.91 | 3.90 | 5.24 | 4.11 | 4.32 | 1.56 | 3.26 | 3.76 | 4.93 |
| 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$1.13B | R$984.7M | R$1.33B | R$1.21B | R$1.17B | R$693.7M | R$1.05B | R$805.0M | R$924.3M | R$587.9M | R$1.08B | R$812.6M |
| Depreciation & amortization | R$1.80B | R$1.74B | R$1.78B | R$1.78B | R$1.78B | R$1.75B | R$1.73B | R$1.79B | R$1.76B | R$1.75B | R$1.75B | R$1.76B |
| Stock-based compensation | — | R$4.2M | R$4.2M | R$1.1M | — | −R$827,000 | −R$827,000 | R$9.1M | R$9.6M | R$4.5M | R$6.1M | −R$41.2M |
| Change in working capital | −R$651.8M | −R$777.5M | −R$716.3M | R$100.5M | −R$543.2M | −R$749.5M | −R$548.9M | −R$53.5M | −R$604.2M | −R$1.52B | R$1.32B | R$114.4M |
| Other non-cash items | R$838.7M | R$716.0M | R$1.87B | R$615.1M | R$564.1M | R$806.7M | R$2.30B | R$927.1M | R$601.3M | R$814.1M | R$622.9M | R$843.1M |
| Cash from operating activities | R$3.12B | R$2.67B | R$4.27B | R$3.70B | R$2.97B | R$2.50B | R$4.52B | R$3.48B | R$2.69B | R$1.65B | R$4.78B | R$3.48B |
| Investing activities | ||||||||||||
| Capital expenditures | −R$934.9M | −R$1.35B | −R$1.35B | −R$973.9M | −R$882.0M | −R$1.34B | −R$1.37B | −R$896.4M | −R$925.0M | −R$1.35B | −R$1.29B | −R$998.2M |
| Investments (net) | R$132.0M | R$481.4M | R$680.6M | −R$1.24B | −R$800.6M | −R$1.33B | −R$1.70B | −R$1.75B | −R$776.3M | −R$731.9M | −R$2.89B | −R$1.54B |
| Acquisitions & other investing | −R$924.0M | −R$32.1M | R$481.9M | R$973.9M | R$882.0M | R$1.34B | — | R$896.4M | R$925.0M | R$1.35B | — | R$998.2M |
| Cash from investing activities | −R$1.73B | −R$904.6M | −R$184.0M | −R$1.24B | −R$800.6M | −R$1.33B | — | −R$1.75B | −R$776.3M | −R$731.9M | — | −R$1.54B |
| Financing activities | ||||||||||||
| Dividends paid | −R$1.15B | −R$478.2M | −R$3.63B | −R$108.1M | −R$956.3M | −R$670.0M | −R$1.37B | −R$725.1M | −R$626.3M | −R$645.1M | −R$418.6M | −R$285.6M |
| Share repurchases & issuance (net) | −R$134,000 | −R$112,000 | −R$392.1M | −R$308.2M | −R$34.9M | −R$13.0M | R$26.9M | −R$26.9M | −R$40.3M | −R$4.7M | — | −R$2.8M |
| Net borrowing (repayment) | −R$1.15B | −R$378.9M | −R$410.1M | −R$446.4M | −R$519.4M | −R$496.9M | −R$687.6M | −R$427.6M | — | — | — | −R$505.6M |
| 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$426.5M | −R$492.8M | R$278.1M | −R$917.9M | −R$505.2M | −R$401.7M | R$176.6M | −R$374.1M | −R$1.12B | −R$1.36B | −R$2.01B | −R$604.0M |
| Cash from financing activities | −R$2.73B | −R$1.35B | −R$4.15B | −R$1.78B | −R$2.02B | −R$1.58B | −R$1.85B | −R$1.55B | −R$1.78B | −R$2.01B | −R$2.42B | −R$1.40B |
| Summary | ||||||||||||
| Net change in cash | −R$1.34B | R$411.4M | −R$63.2M | R$678.9M | R$154.2M | −R$418.4M | R$971.4M | R$176.2M | R$126.5M | −R$1.09B | R$12.2M | R$541.8M |
| Cash at end of period | R$2.68B | R$4.02B | R$3.61B | R$3.67B | R$2.99B | R$2.84B | R$3.26B | R$2.29B | R$2.11B | R$1.98B | R$37.0M | R$3.61B |
| Free cash flow | R$2.18B | R$1.31B | R$2.92B | R$2.73B | R$2.09B | R$1.16B | R$3.15B | R$2.58B | R$1.76B | R$291.1M | R$3.49B | R$2.49B |
| Free cash flow margin | 31.3% | 19.3% | 42.3% | 40.7% | 31.6% | 18.1% | 47.5% | 40.2% | 27.9% | 4.8% | 55.6% | 41.1% |
| Capex / revenue | 13.4% | 19.9% | 19.5% | 14.5% | 13.4% | 20.9% | 20.7% | 14.0% | 14.7% | 22.2% | 20.6% | 16.5% |
| Operating cash flow / net income | 2.75 | 2.71 | 3.21 | 3.07 | 2.53 | 3.60 | 4.31 | 4.32 | 2.91 | 2.80 | 4.41 | 4.29 |
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.
TIMB cash generation
In fiscal 2025 (ended December 31, 2025), TIM S.A. Sponsored ADR generated R$13.4 billion of cash from operations (up 9.0%) and spent R$4.5 billion on capital expenditures, leaving free cash flow of R$8.9 billion, 33.4% of revenue. It returned R$6.1 billion to shareholders through dividends (R$5.4 billion) and net share buybacks (R$748.3 million). Cash and equivalents rose by R$351.6 million over the year.
Related: TIMB income statement, TIMB balance sheet, TIMB dividend history. See the TIMB stock overview for the latest quote and news.
TIMB cash flow FAQ
What is TIM S.A. Sponsored ADR's free cash flow?
TIM S.A. Sponsored ADR's free cash flow was R$8.9 billion in fiscal 2025: R$13.4 billion of operating cash flow minus R$4.5 billion of capital expenditures It was R$7.8 billion a year earlier..
How much cash does TIM S.A. Sponsored ADR generate from operations?
TIM S.A. Sponsored ADR generated R$13.4 billion of cash from operating activities in fiscal 2025, 3.12 times its net income of R$4.3 billion.
How much does TIM S.A. Sponsored ADR spend on capital expenditures?
TIM S.A. Sponsored ADR spent R$4.5 billion on capital expenditures in fiscal 2025, 17.1% of revenue, compared with R$4.6 billion the year before.
How much stock does TIM S.A. Sponsored ADR buy back?
TIM S.A. Sponsored ADR spent R$748.3 million on net share repurchases in fiscal 2025.
How much does TIM S.A. Sponsored ADR pay in dividends?
TIM S.A. Sponsored ADR paid R$5.4 billion in dividends in fiscal 2025, 60.2% of free cash flow.