TRX Gold Corporation (TRX) Cash Flow Statement
Where TRX’s cash came from and went, FY2025
August 31, 2025 · U.S. dollars- Cash from operations
- $16.3M −21.2% vs FY2024
- Capital expenditures
- $13.7M 17.3% of revenue
- Free cash flow
- $2.6M 3.3% margin
- Returned to shareholders
- $1.0M 39% of free cash flow
- Change in cash
- −$561,000 cash at year-end $10.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
TRX operating cash flow, capex and free cash flow
TRX cash flow trends, FY2023–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $23.5MFY2023 | $16.3MFY2025 | −16.7%/yr | |
| Capital expenditures | $24.1MFY2023 | $13.7MFY2025 | −24.6%/yr | |
| Free cash flow | −$623,059FY2023 | $2.6MFY2025 | — | |
| Free cash flow margin | −0.9%FY2023 | 3.3%FY2025 | +4.1 pts | |
| Operating cash flow / net income | 2.46FY2023 | 2.25FY2025 | −0.21 | |
| Stock-based compensation | $3.7MFY2023 | $2.5MFY2025 | −17.9%/yr | |
| Share buybacks (net) | $0FY2023 | $1.0MFY2025 | — | |
| Capex / revenue | 34.4%FY2023 | 17.3%FY2025 | −17.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TRX cash flow by activity
TRX 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).
TRX cash flow statement
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Operating activities | |||
| Net income | $7.2M | $4.7M | $9.5M |
| Depreciation & amortization | $5.6M | $3.1M | $1.9M |
| Stock-based compensation | $2.5M | $2.7M | $3.7M |
| Change in working capital | −$6.7M | $3.6M | $7.2M |
| Other non-cash items | $7.8M | $6.5M | $1.3M |
| Cash from operating activities | $16.3M | $20.7M | $23.5M |
| Investing activities | |||
| Capital expenditures | −$13.7M | −$18.5M | −$24.1M |
| Investments (net) | −$14.4M | −$14.0M | −$17.9M |
| Acquisitions & other investing | $13.7M | $13.6M | $17.8M |
| Cash from investing activities | −$14.4M | −$18.9M | −$24.2M |
| Financing activities | |||
| Share repurchases & issuance (net) | −$1.0M | $0 | $110,000 |
| Net borrowing (repayment) | −$1.2M | −$72,000 | −$115,000 |
| Shares issued | $0 | $0 | $110,000 |
| Other financing | −$253,000 | −$771,062 | −$514,051 |
| Cash from financing activities | −$2.5M | −$843,062 | −$409,051 |
| Summary | |||
| Net change in cash | −$561,000 | $946,927 | −$1.1M |
| Cash at end of period | $10.7M | $11.2M | $10.3M |
| Free cash flow | $2.6M | $2.2M | −$623,059 |
| Free cash flow margin | 3.3% | 2.9% | −0.9% |
| Capex / revenue | 17.3% | 24.4% | 34.4% |
| Operating cash flow / net income | 2.25 | 4.36 | 2.46 |
| May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | Aug '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $3.9M | −$18.8M | −$692,902 | $6.6M | $1.5M | −$2.8M | $3.0M | $4.4M | −$2.3M | $3.5M | −$52,807 | $3.1M |
| Depreciation & amortization | $2.6M | $2.8M | $1.6M | $3.8M | $1.1M | $857,973 | $1.3M | $1.1M | $787,591 | $601,962 | $672,962 | $553,813 |
| Stock-based compensation | $722,000 | $1.1M | $360,420 | $434,000 | $705,305 | $1.9M | $264,354 | $432,996 | $483,712 | $875,152 | $1.2M | $791,014 |
| Change in working capital | −$4.3M | $1.1M | −$10.3M | −$4.9M | $448,706 | −$183,984 | −$1.8M | $2.2M | −$617,411 | −$1.3M | $3.0M | −$426,660 |
| Other non-cash items | $7.5M | $26.0M | $13.0M | $10.3M | $879,575 | $3.1M | $611,233 | $70,506 | $5.8M | −$1.9M | $2.1M | −$324,906 |
| Cash from operating activities | $10.4M | $12.2M | $4.0M | $16.3M | $4.7M | $2.9M | $3.3M | $8.1M | $4.2M | $1.9M | $7.0M | $3.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$10.9M | −$15.7M | −$3.5M | −$13.7M | −$5.2M | −$2.8M | −$5.0M | −$7.1M | −$4.5M | −$2.4M | −$5.1M | −$4.2M |
| Investments (net) | — | — | — | −$3.4M | −$5.3M | −$1.9M | −$3.7M | −$5.2M | −$3.3M | −$1.4M | −$4.1M | −$2.1M |
| Acquisitions & other investing | $1.6M | −$1.2M | −$553,592 | $2.7M | $3.2M | $1.9M | $3.5M | $5.3M | $3.3M | $1.2M | $3.7M | $3.5M |
| Cash from investing activities | −$9.2M | −$16.9M | −$4.0M | −$14.4M | −$7.3M | −$2.8M | −$5.2M | −$7.0M | −$4.5M | −$2.5M | −$5.5M | −$2.9M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | −$1.0M | — | — | — | — | — | — | — | — | — |
| Net borrowing (repayment) | $159,000 | $505,000 | $948,000 | −$362,000 | −$350,000 | −$294,000 | −$223,000 | −$30,000 | — | — | — | — |
| Shares issued | $0 | $0 | $16,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$458,708 | $27.0M | $1.4M | −$2.1M | −$381,377 | −$990,072 | −$91,708 | −$165,590 | −$104,917 | −$40,532 | −$515,893 | −$292,566 |
| Cash from financing activities | −$299,708 | $27.5M | $1.4M | −$2.5M | −$731,377 | −$1.3M | −$314,708 | −$195,590 | −$104,917 | −$40,532 | −$515,893 | −$292,566 |
| Summary | ||||||||||||
| Net change in cash | $1.1M | $23.0M | $1.4M | −$561,000 | −$3.4M | −$1.1M | −$2.2M | $897,018 | −$399,233 | −$678,012 | $945,126 | $572,943 |
| Cash at end of period | $37.1M | $35.5M | $9.1M | $7.8M | $4.9M | $8.7M | $9.5M | $11.2M | $10.4M | $14.7M | $11.3M | $10.3M |
| Free cash flow | −$442,698 | −$3.5M | $550,600 | $4.0M | −$498,104 | $166,106 | −$1.7M | $990,092 | −$284,777 | −$464,290 | $1.8M | −$528,246 |
| Free cash flow margin | −1.3% | −7.6% | 1.6% | 17.2% | −2.9% | 1.3% | −9.6% | 5.4% | −2.1% | −4.3% | 14.5% | −3.2% |
| Capex / revenue | 33.1% | 33.8% | 9.9% | 58.3% | 30.3% | 20.9% | 28.6% | 38.9% | 32.8% | 21.8% | 40.1% | 25.6% |
| Operating cash flow / net income | 2.67 | — | — | 2.48 | 3.10 | — | 1.11 | 1.84 | — | 0.54 | — | 1.19 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
TRX cash generation
In fiscal 2025 (ended August 31, 2025), TRX Gold generated $16.3 million of cash from operations (down 21.2%) and spent $13.7 million on capital expenditures, leaving free cash flow of $2.6 million, 3.3% of revenue. It returned $1.0 million to shareholders through dividends ($0) and net share buybacks ($1.0 million). Cash and equivalents fell by $0.6 million over the year.
Related: TRX income statement, TRX balance sheet. See the TRX stock overview for the latest quote and news.
TRX cash flow FAQ
What is TRX Gold's free cash flow?
TRX Gold's free cash flow was $2.6 million in fiscal 2025: $16.3 million of operating cash flow minus $13.7 million of capital expenditures It was $2.2 million a year earlier..
How much cash does TRX Gold generate from operations?
TRX Gold generated $16.3 million of cash from operating activities in fiscal 2025, 2.25 times its net income of $7.2 million.
How much does TRX Gold spend on capital expenditures?
TRX Gold spent $13.7 million on capital expenditures in fiscal 2025, 17.3% of revenue, compared with $18.5 million the year before.
How much stock does TRX Gold buy back?
TRX Gold spent $1.0 million on net share repurchases in fiscal 2025.