Ternium S.A. (TX) Cash Flow Statement
Where TX’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.31B +21.4% vs 2024
- Capital expenditures
- $2.50B 16.0% of revenue
- Free cash flow
- −$187.2M −1.2% margin
- Returned to shareholders
- $530.0M
- Change in cash
- −$160.1M cash at year-end $1.53B
Drawn to scale: where the cash came from and how it was used. Hover for values.
TX operating cash flow, capex and free cash flow
TX cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.10B2016 | $2.31B2025 | +8.6%/yr | |
| Capital expenditures | $435.5M2016 | $2.50B2025 | +21.4%/yr | |
| Free cash flow | $664.1M2016 | −$187.2M2025 | — | |
| Free cash flow margin | 9.2%2016 | −1.2%2025 | −10.4 pts | |
| Operating cash flow / net income | 1.562016 | 5.442025 | +3.89 | |
| Stock-based compensation | −$46.8M2016 | −$844.3M2023 | — | |
| Dividends paid | $176.7M2016 | $530.0M2025 | +13.0%/yr | |
| Capex / revenue | 6.0%2016 | 16.0%2025 | +10.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TX cash flow by activity
TX 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).
TX cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $425.2M | −$53.7M | $986.4M | $2.09B | $4.37B | $867.9M | $630.0M | $1.66B | $1.02B | $706.9M |
| Depreciation & amortization | $788.3M | $743.3M | $657.7M | $616.5M | $591.8M | $631.1M | $661.1M | $589.3M | $474.3M | $406.9M |
| Stock-based compensation | — | — | −$844.3M | — | −$248.1M | −$164.0M | −$10.8M | −$116.2M | $5.6M | −$46.8M |
| Change in working capital | $1.04B | −$15.9M | $321.1M | $1.15B | −$2.62B | $352.8M | $572.7M | −$228.6M | −$865.0M | −$162.4M |
| Other non-cash items | $64.7M | $1.23B | $1.38B | −$1.11B | $584.2M | $73.6M | −$205.4M | −$167.4M | −$254.0M | $195.0M |
| Cash from operating activities | $2.31B | $1.91B | $2.50B | $2.75B | $2.68B | $1.76B | $1.65B | $1.74B | $383.9M | $1.10B |
| Investing activities | ||||||||||
| Capital expenditures | −$2.50B | −$1.87B | −$1.46B | −$580.6M | −$523.6M | −$560.0M | −$1.05B | −$520.2M | −$409.4M | −$435.5M |
| Investments (net) | $490.4M | −$1.38B | −$1.46B | −$1.32B | −$522.7M | −$1.18B | −$1.20B | −$457.0M | −$2.03B | −$554.7M |
| Acquisitions & other investing | $25.9M | $1.87B | $1.45B | $580.9M | $995,000 | $560.0M | $1.05B | $520.2M | $409.4M | $435.5M |
| Cash from investing activities | −$1.98B | −$1.38B | −$1.47B | −$1.32B | −$1.05B | −$1.18B | −$1.20B | −$457.0M | −$2.03B | −$554.7M |
| Financing activities | ||||||||||
| Dividends paid | −$530.0M | −$608.6M | −$569.3M | −$530.0M | −$569.3M | −$569.3M | −$235.6M | −$215.9M | −$196.3M | −$176.7M |
| Net borrowing (repayment) | $38.1M | $174.5M | −$197.1M | −$486.1M | −$285.1M | −$506.3M | $113.6M | −$1.09B | $2.03B | −$281.2M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$8.7M | −$54.3M | $0 | $0 | $0 | $569.3M | −$28.5M | −$20.9M | −$30.6M | −$50.8M |
| Cash from financing activities | −$500.6M | −$488.4M | −$766.4M | −$1.02B | −$854.4M | −$506.3M | −$150.5M | −$1.32B | $1.80B | −$508.7M |
| Summary | ||||||||||
| Net change in cash | −$160.1M | −$154.8M | $192.7M | $376.8M | $738.7M | $17.9M | $269.4M | −$87.2M | $154.3M | $32.0M |
| Cash at end of period | $1.53B | $1.69B | $1.85B | $1.65B | $1.28B | $537.9M | $520.0M | $250.5M | $337.8M | $183.5M |
| Free cash flow | −$187.2M | $40.7M | $1.04B | $2.17B | $2.15B | $1.20B | $595.4M | $1.22B | −$25.5M | $664.1M |
| Free cash flow margin | −1.2% | 0.2% | 5.9% | 13.2% | 13.4% | 13.8% | 5.8% | 10.6% | −0.3% | 9.2% |
| Capex / revenue | 16.0% | 10.6% | 8.3% | 3.5% | 3.3% | 6.4% | 10.3% | 4.5% | 4.2% | 6.0% |
| Operating cash flow / net income | 5.44 | — | 2.54 | 1.32 | 0.61 | 2.03 | 2.62 | 1.05 | 0.38 | 1.56 |
| 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 | $465.0M | $372.4M | $122.0M | −$269.9M | $259.3M | $142.0M | $332.8M | $31.3M | −$721.6M | $491.4M | $413.9M | −$783.0M |
| Depreciation & amortization | $193.7M | $180.7M | $210.4M | $197.1M | $196.8M | $184.1M | $188.9M | $184.3M | $197.5M | $170.9M | $191.0M | $165.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | −$338.1M | −$62.7M |
| Change in working capital | −$418.0M | −$233.1M | $135.0M | $174.1M | $781.4M | −$55.0M | $306.0M | −$147.7M | $168.0M | −$265.7M | $43.2M | $388.0M |
| Other non-cash items | $15.3M | −$102.6M | $60.6M | $434.1M | −$193.8M | −$64.1M | −$356.1M | $198.0M | $1.01B | $78.9M | $407.8M | $1.31B |
| Cash from operating activities | $256.0M | $217.3M | $528.0M | $535.4M | $1.04B | $207.0M | $471.5M | $265.9M | $650.3M | $475.5M | $717.7M | $1.02B |
| Investing activities | ||||||||||||
| Capital expenditures | −$431.0M | −$405.9M | −$463.0M | −$710.5M | −$809.7M | −$518.0M | −$561.1M | −$412.2M | −$403.1M | −$449.2M | −$596.7M | −$430.0M |
| Investments (net) | $288.0M | $87.6M | −$47.8M | −$23.7M | −$495.0M | −$273.0M | −$243.1M | −$606.0M | −$79.0M | −$447.2M | −$616.7M | −$25.3M |
| Acquisitions & other investing | $1.0M | −$183.9M | $22.8M | $5.2M | $810.1M | $517.6M | $561.1M | $445.9M | $404.4M | $449.2M | $774.4M | $355.3M |
| Cash from investing activities | −$142.0M | −$502.2M | −$488.0M | −$729.1M | −$494.6M | −$273.4M | −$243.1M | −$572.3M | −$77.7M | −$447.2M | −$438.9M | −$100.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$255.0M | — | −$177.0M | −$353.4M | −$353.0M | $0 | −$176.7M | −$7.7M | −$472.8M | $0 | −$215.9M | −$422,680 |
| Net borrowing (repayment) | −$8.0M | $352.4M | $369.1M | −$330.3M | −$168.2M | $167.5M | $118.3M | $186.3M | — | — | — | $2.6M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$37.0M | −$6.2M | −$6.1M | $353.4M | −$2.3M | −$484,000 | −$4.9M | $11.8M | −$76.0M | −$52.6M | −$18.1M | $863,680 |
| Cash from financing activities | −$300.0M | $346.1M | $186.0M | −$330.3M | −$523.5M | $167.0M | −$63.2M | $190.5M | −$548.8M | −$52.6M | −$234.0M | $3.0M |
| Summary | ||||||||||||
| Net change in cash | −$186.6M | $86.1M | $208.6M | −$534.8M | $26.5M | $139.9M | $77.0M | −$112.6M | −$61.3M | −$65.5M | $30.3M | $895.3M |
| Cash at end of period | $1.43B | $1.62B | $1.53B | $1.32B | $1.86B | $1.83B | $1.69B | $1.61B | $1.72B | $1.78B | $1.85B | $1.82B |
| Free cash flow | −$175.0M | −$188.5M | $65.0M | −$175.1M | $233.9M | −$311.0M | −$89.6M | −$146.3M | $247.2M | $26.3M | $121.1M | $590.0M |
| Free cash flow margin | −4.0% | −4.8% | 1.7% | −4.4% | 5.9% | −7.9% | −2.3% | −3.3% | 5.5% | 0.6% | 2.5% | 11.4% |
| Capex / revenue | 9.9% | 10.3% | 12.4% | 18.0% | 20.5% | 13.2% | 14.5% | 9.2% | 8.9% | 9.4% | 12.1% | 8.3% |
| Operating cash flow / net income | 0.55 | 0.58 | 4.33 | — | 4.02 | 1.46 | 1.42 | 8.50 | — | 0.97 | 1.73 | — |
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.
TX cash generation
In fiscal 2025 (ended December 31, 2025), Ternium generated $2.3 billion of cash from operations (up 21.4%) and spent $2.5 billion on capital expenditures, leaving free cash flow of -$187.2 million, −1.2% of revenue. It returned $530.0 million to shareholders through dividends ($530.0 million) and net share buybacks ($0). Cash and equivalents fell by $160.1 million over the year.
Related: TX income statement, TX balance sheet, TX dividend history. See the TX stock overview for the latest quote and news.
TX cash flow FAQ
What is Ternium's free cash flow?
Ternium's free cash flow was -$187.2 million in fiscal 2025: $2.3 billion of operating cash flow minus $2.5 billion of capital expenditures It was $40.7 million a year earlier..
How much cash does Ternium generate from operations?
Ternium generated $2.3 billion of cash from operating activities in fiscal 2025, 5.44 times its net income of $425.2 million.
How much does Ternium spend on capital expenditures?
Ternium spent $2.5 billion on capital expenditures in fiscal 2025, 16.0% of revenue, compared with $1.9 billion the year before.
How much does Ternium pay in dividends?
Ternium paid $530.0 million in dividends in fiscal 2025.