Vinci Partners Investments Ltd. (VINP) Cash Flow Statement
Where VINP’s cash came from and went, 2025
December 31, 2025 · Brazilian reais- Cash from operations
- R$274.0M +30.6% vs 2024
- Capital expenditures
- R$39.9M 4.2% of revenue
- Free cash flow
- R$234.0M 24.4% margin
- Returned to shareholders
- R$260.9M 111% of free cash flow
- Change in cash
- R$56.8M cash at year-end R$280.1M
Drawn to scale: where the cash came from and how it was used. Hover for values.
VINP operating cash flow, capex and free cash flow
VINP cash flow trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | R$73.3M2018 | R$274.0M2025 | +20.7%/yr | |
| Capital expenditures | R$965,0002018 | R$39.9M2025 | +70.2%/yr | |
| Free cash flow | R$72.3M2018 | R$234.0M2025 | +18.3%/yr | |
| Free cash flow margin | 40.3%2018 | 24.4%2025 | −15.9 pts | |
| Operating cash flow / net income | 0.942018 | 1.052025 | +0.10 | |
| Stock-based compensation | R$02020 | R$29.9M2025 | — | |
| Dividends paid | R$45.9M2018 | R$209.8M2025 | +24.2%/yr | |
| Share buybacks (net) | R$02018 | R$51.1M2025 | — | |
| Capex / revenue | 0.5%2018 | 4.2%2025 | +3.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VINP cash flow by activity
VINP 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).
VINP cash flow statement in Brazilian reais
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | R$262.0M | R$1.2M | R$269.4M | R$271.8M | R$257.8M | R$212.6M | R$192.1M | R$77.7M |
| Depreciation & amortization | R$57.6M | R$28.7M | R$19.8M | R$15.8M | R$13.7M | R$13.2M | R$16.5M | R$17.5M |
| Stock-based compensation | R$29.9M | R$22.5M | R$15.0M | R$14.3M | R$3.7M | R$0 | — | — |
| Change in working capital | R$60.3M | −R$78.6M | R$30.5M | −R$45.2M | R$83.3M | −R$4.0M | −R$41.7M | −R$9.3M |
| Other non-cash items | −R$135.9M | R$236.0M | −R$120.5M | −R$138.7M | −R$69.9M | −R$26.5M | −R$34.6M | −R$12.6M |
| Cash from operating activities | R$274.0M | R$209.8M | R$214.2M | R$117.9M | R$288.7M | R$195.3M | R$132.3M | R$73.3M |
| Investing activities | ||||||||
| Capital expenditures | −R$39.9M | −R$19.3M | −R$36.7M | −R$6.5M | −R$3.1M | −R$2.0M | −R$1.7M | −R$965,000 |
| Investments (net) | R$151.0M | −R$232.1M | R$218.3M | R$131.8M | −R$1.32B | R$78.5M | −R$38.1M | −R$16.1M |
| Acquisitions & other investing | −R$12.1M | R$19.3M | −R$43.6M | R$6.5M | R$0 | −R$1.2M | R$0 | R$0 |
| Cash from investing activities | R$99.0M | −R$232.1M | R$138.0M | R$131.8M | −R$1.32B | R$75.3M | −R$39.8M | −R$17.0M |
| Financing activities | ||||||||
| Dividends paid | −R$209.8M | −R$203.2M | −R$190.1M | −R$211.3M | −R$256.0M | −R$176.3M | −R$76.2M | −R$45.9M |
| Share repurchases & issuance (net) | −R$51.1M | −R$90.3M | −R$62.8M | −R$63.4M | −R$50.8M | R$0 | −R$225,000 | R$8.5M |
| Net borrowing (repayment) | −R$10.2M | −R$87.8M | −R$31.9M | R$56.2M | −R$18.5M | −R$16.5M | −R$24.0M | −R$8.3M |
| Shares issued | R$0 | R$0 | R$471.8M | R$0 | R$1.39B | R$135,000 | R$0 | R$112,000 |
| Other financing | −R$52.6M | −R$47.9M | −R$12.0M | R$3.0M | −R$19.1M | −R$900,000 | R$0 | −R$7.7M |
| Cash from financing activities | −R$323.7M | −R$429.2M | R$175.0M | −R$215.5M | R$1.05B | −R$193.5M | −R$100.4M | −R$53.3M |
| Summary | ||||||||
| Net change in cash | R$56.8M | −R$437.0M | R$523.7M | R$34.0M | R$19.1M | R$79.6M | −R$7.8M | R$3.5M |
| Cash at end of period | R$280.1M | R$223.3M | R$660.3M | R$136.6M | R$102.6M | R$83.4M | R$3.9M | R$11.7M |
| Free cash flow | R$234.0M | R$190.5M | R$177.4M | R$111.4M | R$285.6M | R$193.3M | R$130.6M | R$72.3M |
| Free cash flow margin | 24.4% | 28.6% | 31.4% | 22.2% | 57.9% | 55.4% | 41.2% | 40.3% |
| Capex / revenue | 4.2% | 2.9% | 6.5% | 1.3% | 0.6% | 0.6% | 0.5% | 0.5% |
| Operating cash flow / net income | 1.05 | 172.08 | 0.80 | 0.43 | 1.12 | 0.92 | 0.69 | 0.94 |
| 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$47.8M | R$101.1M | R$48.8M | R$61.2M | R$67.6M | R$56.5M | R$1.2M | R$41.9M | R$28.9M | R$46.2M | R$64.1M | R$42.2M |
| Depreciation & amortization | R$17.0M | R$16.9M | R$14.7M | R$14.3M | R$14.7M | R$13.8M | R$11.5M | R$6.1M | R$5.6M | R$4.6M | R$5.0M | R$5.8M |
| Stock-based compensation | — | — | R$9.8M | R$8.1M | R$7.0M | R$5.0M | R$6.5M | R$4.1M | R$5.7M | R$6.1M | R$4.2M | R$5.1M |
| Change in working capital | −R$20.9M | −R$111.6M | −R$78.1M | R$36.1M | R$28.2M | −R$60.2M | −R$62.8M | −R$127.9M | R$122.9M | −R$10.7M | R$28.6M | R$29.1M |
| Other non-cash items | R$22.1M | −R$30.5M | R$74.5M | −R$7.3M | −R$49.0M | R$1.1M | R$46.6M | R$6.8M | −R$6.0M | R$72.4M | −R$32.1M | −R$11.7M |
| Cash from operating activities | R$66.0M | −R$24.1M | R$69.7M | R$112.4M | R$68.4M | R$16.3M | R$3.1M | −R$68.9M | R$157.0M | R$118.6M | R$69.9M | R$70.4M |
| Investing activities | ||||||||||||
| Capital expenditures | −R$5.4M | −R$3.7M | −R$10.2M | −R$10.3M | −R$11.5M | −R$8.3M | −R$7.5M | −R$4.4M | −R$4.1M | −R$3.3M | −R$11.0M | −R$15.9M |
| Investments (net) | — | — | R$820,000 | R$4.8M | — | — | −R$222.7M | R$19.0M | — | — | −R$10.6M | R$48.7M |
| Acquisitions & other investing | R$45.8M | R$49.4M | −R$174,399 | R$10.3M | R$49.6M | R$74.0M | — | R$151.2M | −R$30.2M | −R$137.7M | — | R$15.9M |
| Cash from investing activities | R$40.4M | R$45.7M | −R$9.6M | R$4.8M | R$38.0M | R$65.7M | — | R$165.9M | −R$34.2M | −R$141.0M | — | R$48.7M |
| Financing activities | ||||||||||||
| Dividends paid | −R$67.0M | −R$56.9M | −R$50.2M | −R$51.8M | −R$53.1M | −R$54.7M | −R$50.9M | −R$51.1M | −R$48.0M | −R$53.2M | −R$44.8M | −R$53.8M |
| Share repurchases & issuance (net) | — | −R$2.2M | −R$2.2M | −R$1.9M | −R$9.1M | −R$40.4M | −R$36.0M | −R$22.5M | −R$3.4M | −R$28.3M | −R$3.9M | −R$16.3M |
| Net borrowing (repayment) | — | — | R$40.8M | −R$19.3M | — | — | −R$1.7M | −R$65.9M | — | — | — | −R$14.5M |
| 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$24.3M | −R$19.8M | −R$2.3M | −R$12.6M | −R$20.6M | −R$38.6M | −R$10.9M | −R$15.1M | −R$15.6M | −R$26.5M | R$466.4M | −R$6.0M |
| Cash from financing activities | −R$91.3M | −R$78.9M | −R$13.9M | −R$85.6M | −R$82.7M | −R$133.6M | −R$99.6M | −R$154.6M | −R$67.1M | −R$108.0M | R$417.6M | −R$90.7M |
| Summary | ||||||||||||
| Net change in cash | R$16.4M | −R$57.7M | R$57.9M | R$26.7M | R$25.4M | −R$59.5M | −R$311.1M | −R$57.9M | R$60.3M | −R$128.3M | R$476.9M | R$30.2M |
| Cash at end of period | R$225.0M | R$206.0M | R$280.0M | R$215.9M | R$189.2M | R$163.8M | R$223.3M | R$534.4M | R$592.3M | R$532.0M | R$660.3M | R$184.2M |
| Free cash flow | R$60.7M | −R$27.8M | R$59.5M | R$102.1M | R$56.9M | R$8.0M | −R$4.5M | −R$73.3M | R$152.9M | R$115.3M | R$58.9M | R$54.6M |
| Free cash flow margin | 21.7% | −10.1% | 8.1% | 28.8% | 20.8% | 3.4% | −1.8% | −59.5% | 104.1% | 105.7% | 36.3% | 46.3% |
| Capex / revenue | 1.9% | 1.3% | 1.4% | 2.9% | 4.2% | 3.6% | 3.1% | 3.6% | 2.8% | 3.0% | 6.8% | 13.5% |
| Operating cash flow / net income | 1.38 | −0.24 | 1.43 | 1.84 | 1.01 | 0.29 | 2.52 | −1.64 | 5.43 | 2.57 | 1.09 | 1.67 |
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.
VINP cash generation
In fiscal 2025 (ended December 31, 2025), Vinci Partners Investments generated R$274.0 million of cash from operations (up 30.6%) and spent R$39.9 million on capital expenditures, leaving free cash flow of R$234.0 million, 24.4% of revenue. It returned R$260.9 million to shareholders through dividends (R$209.8 million) and net share buybacks (R$51.1 million). Cash and equivalents rose by R$56.8 million over the year.
Related: VINP income statement, VINP balance sheet, VINP dividend history. See the VINP stock overview for the latest quote and news.
VINP cash flow FAQ
What is Vinci Partners Investments's free cash flow?
Vinci Partners Investments's free cash flow was R$234.0 million in fiscal 2025: R$274.0 million of operating cash flow minus R$39.9 million of capital expenditures It was R$190.5 million a year earlier..
How much cash does Vinci Partners Investments generate from operations?
Vinci Partners Investments generated R$274.0 million of cash from operating activities in fiscal 2025, 1.05 times its net income of R$262.0 million.
How much does Vinci Partners Investments spend on capital expenditures?
Vinci Partners Investments spent R$39.9 million on capital expenditures in fiscal 2025, 4.2% of revenue, compared with R$19.3 million the year before.
How much stock does Vinci Partners Investments buy back?
Vinci Partners Investments spent R$51.1 million on net share repurchases in fiscal 2025.
How much does Vinci Partners Investments pay in dividends?
Vinci Partners Investments paid R$209.8 million in dividends in fiscal 2025, 89.6% of free cash flow.