Woori Financial Group Inc. (WF) Cash Flow Statement
Where WF’s cash came from and went, 2025
December 31, 2025 · South Korean won- Cash from operations
- ₩13.64T
- Capital expenditures
- ₩506.43B 12.3% of revenue
- Free cash flow
- ₩13.14T 319.2% margin
- Returned to shareholders
- ₩1.08T 8% of free cash flow
- Change in cash
- ₩11.22T cash at year-end ₩38.50T
Drawn to scale: where the cash came from and how it was used. Hover for values.
WF operating cash flow, capex and free cash flow
WF cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | ₩4.91T2016 | ₩13.64T2025 | +12.0%/yr | |
| Capital expenditures | ₩322.17B2016 | ₩506.43B2025 | +5.2%/yr | |
| Free cash flow | ₩4.58T2016 | ₩13.14T2025 | +12.4%/yr | |
| Free cash flow margin | 47.0%2016 | 319.2%2025 | +272.2 pts | |
| Operating cash flow / net income | 3.842016 | 4.232025 | +0.39 | |
| Stock-based compensation | ₩5.60T2016 | ₩27.63B2024 | −48.5%/yr | |
| Dividends paid | ₩168.32B2016 | ₩927.30B2025 | +20.9%/yr | |
| Share buybacks (net) | ₩310.00B2016 | ₩150.00B2025 | −7.7%/yr | |
| Capex / revenue | 3.3%2016 | 12.3%2025 | +9.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
WF cash flow by activity
WF 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).
WF cash flow statement in South Korean won
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | ₩3.23T | ₩3.17T | ₩2.63T | ₩3.32T | ₩2.81T | ₩1.52T | ₩2.04T | ₩2.05T | ₩1.53T | ₩1.28T |
| Depreciation & amortization | ₩1.25T | ₩1.16T | ₩993.18B | ₩929.31B | ₩791.90B | ₩535.55B | ₩505.72B | ₩272.55B | ₩235.79B | ₩252.03B |
| Stock-based compensation | — | ₩27.63B | ₩12.95B | ₩9.63B | ₩6.32T | ₩6.38T | ₩5.73T | ₩5.37T | ₩5.68T | ₩5.60T |
| Change in working capital | ₩9.23T | −₩13.48T | −₩4.12T | ₩12.00T | −₩5.73T | ₩548.28B | −₩1.32T | ₩6.34T | −₩4.72T | ₩2.49T |
| Other non-cash items | −₩60.99B | ₩2.99T | ₩2.11T | ₩2.36T | −₩6.00T | −₩5.37T | −₩5.08T | −₩4.87T | −₩4.70T | −₩4.71T |
| Cash from operating activities | ₩13.64T | −₩6.13T | ₩1.62T | ₩18.62T | −₩1.80T | ₩3.61T | ₩1.87T | ₩9.16T | −₩1.98T | ₩4.91T |
| Investing activities | ||||||||||
| Capital expenditures | −₩506.43B | −₩411.98B | −₩393.20B | −₩347.62B | −₩258.14B | −₩264.19B | −₩555.89B | −₩294.74B | −₩358.17B | −₩322.17B |
| Investments (net) | −₩8.68T | −₩34.30B | −₩2.25T | −₩6.97T | −₩10.57T | −₩1.46T | −₩8.59T | −₩11.07T | ₩1.88T | −₩4.23T |
| Acquisitions & other investing | −₩698.02B | ₩411.98B | ₩393.20B | ₩347.62B | ₩162.16B | ₩264.19B | ₩555.89B | ₩294.74B | ₩358.17B | ₩322.17B |
| Cash from investing activities | −₩9.88T | −₩34.30B | −₩2.25T | −₩6.97T | −₩10.67T | −₩1.46T | −₩8.59T | −₩11.07T | ₩1.88T | −₩4.23T |
| Financing activities | ||||||||||
| Dividends paid | −₩927.30B | −₩878.33B | −₩978.38B | −₩655.00B | −₩368.36B | −₩505.59B | −₩437.63B | −₩336.64B | −₩336.64B | −₩168.32B |
| Share repurchases & issuance (net) | −₩150.00B | −₩136.70B | −₩158.16B | −₩643.00B | −₩3.76B | ₩45.75B | −₩184.16B | −₩255.00B | −₩1.32T | −₩310.00B |
| Net borrowing (repayment) | ₩9.74T | ₩2.34T | −₩1.06T | ₩2.21T | ₩9.92T | ₩2.74T | ₩4.72T | ₩1.86T | ₩1.18T | ₩464.09B |
| Shares issued | ₩0 | ₩4.83B | ₩23.12B | ₩0 | ₩0 | ₩149.73B | ₩760.10B | ₩0 | ₩0 | ₩0 |
| Other financing | −₩977.66B | −₩88.79B | −₩690.81B | ₩1.01T | −₩467.96B | −₩65.55B | ₩1.31T | ₩248.95B | ₩416.12B | ₩347.29B |
| Cash from financing activities | ₩7.69T | ₩1.25T | −₩2.86T | ₩1.92T | ₩9.08T | ₩2.37T | ₩6.17T | ₩1.52T | −₩61.10B | ₩333.06B |
| Summary | ||||||||||
| Net change in cash | ₩11.22T | −₩3.28T | −₩3.66T | ₩13.61T | −₩2.43T | ₩3.60T | −₩355.33B | −₩160.39B | −₩683.04B | ₩947.27B |
| Cash at end of period | ₩38.50T | ₩27.28T | ₩30.56T | ₩34.22T | ₩7.57T | ₩9.99T | ₩6.39T | ₩6.75T | ₩6.91T | ₩7.59T |
| Free cash flow | ₩13.14T | −₩6.54T | ₩1.23T | ₩18.28T | −₩2.06T | ₩3.34T | ₩1.31T | ₩8.87T | −₩2.34T | ₩4.58T |
| Free cash flow margin | 319.2% | −25.4% | 5.2% | 105.1% | −16.5% | 29.7% | 10.6% | 77.1% | −22.1% | 47.0% |
| Capex / revenue | 12.3% | 1.6% | 1.7% | 2.0% | 2.1% | 2.3% | 4.5% | 2.6% | 3.4% | 3.3% |
| Operating cash flow / net income | 4.23 | −1.93 | 0.62 | 5.60 | −0.64 | 2.38 | 0.92 | 4.46 | −1.29 | 3.84 |
| 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 | ₩1.00T | ₩582.19B | ₩341.70B | ₩1.29T | ₩939.74B | ₩654.56B | ₩454.07B | ₩860.35B | ₩961.51B | ₩838.91B | ₩94.97B | ₩899.31B |
| Depreciation & amortization | ₩320.06B | ₩318.03B | ₩316.95B | ₩314.92B | ₩309.30B | ₩309.43B | ₩305.63B | ₩294.01B | ₩288.16B | ₩275.99B | ₩263.90B | ₩223.95B |
| Stock-based compensation | −₩23.06B | — | — | ₩22.81B | — | ₩6.12B | ₩6.12B | ₩9.23B | ₩3.53B | ₩8.76B | ₩8.76B | ₩3.63B |
| Change in working capital | ₩5.19T | ₩12.41T | ₩10.65T | ₩3.72T | −₩3.58T | −₩1.57T | ₩1.00T | −₩5.08T | −₩7.05T | −₩2.36T | ₩6.15T | −₩889.08B |
| Other non-cash items | −₩57.74B | ₩247.62B | ₩467.28B | −₩976.69B | ₩231.88B | ₩187.60B | ₩13.57B | ₩969.31B | ₩1.05T | ₩1.01T | −₩192.24B | ₩4.82T |
| Cash from operating activities | ₩6.44T | ₩13.56T | ₩11.77T | ₩4.37T | −₩2.10T | −₩409.97B | ₩1.78T | −₩2.95T | −₩4.75T | −₩220.74B | ₩6.33T | ₩5.05T |
| Investing activities | ||||||||||||
| Capital expenditures | −₩55.20B | −₩45.35B | −₩270.84B | −₩43.87B | −₩114.36B | −₩77.36B | −₩92.29B | −₩120.76B | −₩121.38B | −₩77.55B | −₩161.76B | −₩31.43B |
| Investments (net) | −₩2.05T | ₩1.11T | −₩10.83T | −₩2.75T | ₩3.53T | ₩391.53B | −₩5.79T | ₩4.78T | −₩1.51T | ₩2.47T | −₩810.96B | −₩1.25T |
| Acquisitions & other investing | −₩15.74T | −₩9.66T | ₩53.47B | ₩43.87B | ₩114.36B | ₩77.36B | ₩92.29B | ₩120.76B | ₩121.38B | ₩77.55B | ₩161.76B | −₩207.24B |
| Cash from investing activities | −₩17.85T | −₩8.59T | −₩11.05T | −₩2.75T | ₩3.53T | ₩391.53B | −₩5.79T | ₩4.78T | −₩1.51T | ₩2.47T | −₩810.96B | −₩1.49T |
| Financing activities | ||||||||||||
| Dividends paid | −₩740.84B | −₩146.20B | −₩146.20B | −₩146.20B | −₩634.90B | −₩39.51B | −₩133.11B | −₩133.11B | −₩612.11B | −₩35.26B | −₩134.58B | −₩137.31B |
| Share repurchases & issuance (net) | −₩99.43B | −₩106.12B | ₩1.96B | −₩140.0M | −₩129.19B | −₩20.67B | ₩12.0M | ₩2.27B | ₩0 | −₩136.71B | −₩11.89B | −₩522.63B |
| Net borrowing (repayment) | ₩10.52T | −₩2.81T | ₩8.25T | −₩2.21T | ₩4.93T | −₩1.23T | −₩2.62T | ₩6.58T | — | — | — | −₩62.93B |
| Shares issued | ₩0 | ₩0 | ₩0 | ₩0 | ₩0 | ₩0 | ₩0 | ₩0 | ₩4.78B | ₩70.0M | ₩10.66B | ₩0 |
| Other financing | ₩5.04T | −₩7.07T | ₩136.94B | −₩453.75B | −₩218.97B | −₩404.33B | −₩925.83B | ₩231.18B | ₩77.69B | −₩1.06T | −₩483.44B | ₩1.33T |
| Cash from financing activities | ₩14.72T | −₩10.14T | ₩8.24T | −₩2.81T | ₩3.95T | −₩1.69T | −₩3.68T | ₩6.68T | −₩529.64B | −₩1.23T | −₩619.25B | ₩602.15B |
| Summary | ||||||||||||
| Net change in cash | −₩34.57T | −₩3.93T | ₩9.27T | −₩775.95B | ₩4.40T | −₩1.67T | −₩6.20T | ₩8.01T | −₩6.46T | ₩1.38T | ₩4.66T | ₩4.20T |
| Cash at end of period | ₩38.26T | ₩34.57T | ₩38.50T | ₩29.23T | ₩30.01T | ₩25.61T | ₩27.28T | ₩33.49T | ₩25.47T | ₩31.93T | ₩30.56T | ₩25.89T |
| Free cash flow | ₩6.38T | ₩13.51T | ₩11.50T | ₩4.33T | −₩2.21T | −₩487.32B | ₩1.69T | −₩3.07T | −₩4.87T | −₩298.29B | ₩6.17T | ₩5.02T |
| Free cash flow margin | 474.2% | 1,593.6% | 2,148.3% | 66.7% | −35.4% | −7.8% | 26.7% | −46.6% | −74.8% | −4.7% | 98.0% | 84.0% |
| Capex / revenue | 4.1% | 5.3% | 50.6% | 0.7% | 1.8% | 1.2% | 1.5% | 1.8% | 1.9% | 1.2% | 2.6% | 0.5% |
| Operating cash flow / net income | 6.41 | 23.29 | 34.46 | 3.39 | −2.23 | −0.63 | 3.93 | −3.42 | −4.94 | −0.26 | 66.63 | 5.62 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in South Korean won as reported; data from EODHD.
WF cash generation
In fiscal 2025 (ended December 31, 2025), Woori Financial generated ₩13.64 trillion of cash from operations and spent ₩506.4 billion on capital expenditures, leaving free cash flow of ₩13.14 trillion, 319.2% of revenue. It returned ₩1.08 trillion to shareholders through dividends (₩927.3 billion) and net share buybacks (₩150.0 billion). Cash and equivalents rose by ₩11.22 trillion over the year.
Related: WF income statement, WF balance sheet, WF dividend history. See the WF stock overview for the latest quote and news.
WF cash flow FAQ
What is Woori Financial's free cash flow?
Woori Financial's free cash flow was ₩13.14 trillion in fiscal 2025: ₩13.64 trillion of operating cash flow minus ₩506.4 billion of capital expenditures It was -₩6.54 trillion a year earlier..
How much cash does Woori Financial generate from operations?
Woori Financial generated ₩13.64 trillion of cash from operating activities in fiscal 2025, 4.23 times its net income of ₩3.23 trillion.
How much does Woori Financial spend on capital expenditures?
Woori Financial spent ₩506.4 billion on capital expenditures in fiscal 2025, 12.3% of revenue, compared with ₩412.0 billion the year before.
How much stock does Woori Financial buy back?
Woori Financial spent ₩150.0 billion on net share repurchases in fiscal 2025.
How much does Woori Financial pay in dividends?
Woori Financial paid ₩927.3 billion in dividends in fiscal 2025, 7.1% of free cash flow.