YPF Sociedad Anónima (YPF) Cash Flow Statement
Where YPF’s cash came from and went, 2025
December 31, 2025 · Argentine pesos- Cash from operations
- ARS 7.20T +122,502.0% vs 2024
- Capital expenditures
- ARS 7.37T 27.8% of revenue
- Free cash flow
- −ARS 171.22B −0.6% margin
- Returned to shareholders
- ARS 14.51B
- Change in cash
- −ARS 268.44B cash at year-end ARS 1.35T
Cash from operations
ARS 7.20T
Capital expenditures
−ARS 7.37T
Acquisitions & other
−ARS 653.10B
Other financing
+ARS 763.47B
Currency & other
−ARS 207.59B
Change in cash
−ARS 268.44B
Drawn to scale: where the cash came from and how it was used. Hover for values.
YPF operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
YPF cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | ARS 2.26B2016 | ARS 7.20T2025 | +145.1%/yr | |
| Capital expenditures | ARS 4.04B2016 | ARS 7.37T2025 | +130.3%/yr | |
| Free cash flow | −ARS 943.2M2016 | −ARS 171.22B2025 | — | |
| Free cash flow margin | −7.1%2016 | −0.6%2025 | +6.5 pts | |
| Operating cash flow / net income | 5.682017 | 2.452024 | −3.23 | |
| Stock-based compensation | ARS 9.6M2016 | ARS 21.77B2025 | +135.9%/yr | |
| Dividends paid | ARS 56.0M2016 | ARS 02025 | −100.0% | |
| Share buybacks (net) | ARS 196,1402016 | ARS 14.51B2025 | +247.5%/yr | |
| Capex / revenue | 30.5%2016 | 27.8%2025 | −2.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
YPF cash flow by activity
OperatingInvestingFinancingChange in cash
YPF net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
YPF cash flow statement in Argentine pesos
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −ARS 1.16T | ARS 2.39B | −ARS 1.28B | ARS 2.23B | ARS 16.0M | −ARS 813.5M | −ARS 33.38B | ARS 1.90B | ARS 688.8M | −ARS 1.79B |
| Depreciation & amortization | ARS 4.65T | ARS 2.52T | ARS 839.03B | ARS 2.81B | ARS 3.07B | ARS 38.2M | ARS 158.78B | ARS 4.41B | ARS 2.95B | ARS 2.86B |
| Stock-based compensation | ARS 21.77B | ARS 7.0M | ARS 3.0M | ARS 8.0M | ARS 6.0M | ARS 80,185 | ARS 493.0M | ARS 15.2M | ARS 8.8M | ARS 9.6M |
| Change in working capital | −ARS 2.06T | ARS 14.0M | ARS 317.0M | −ARS 126.0M | −ARS 664.0M | ARS 553.0M | ARS 11.80B | −ARS 664.8M | −ARS 51.4M | −ARS 811.9M |
| Other non-cash items | ARS 5.74T | −ARS 2.52T | −ARS 832.16B | ARS 769.0M | ARS 1.77B | ARS 2.62B | ARS 79.44B | ARS 508.2M | ARS 311.8M | ARS 1.98B |
| Cash from operating activities | ARS 7.20T | ARS 5.87B | ARS 5.91B | ARS 5.69B | ARS 4.20B | ARS 2.40B | ARS 217.14B | ARS 6.17B | ARS 3.91B | ARS 2.26B |
| Investing activities | ||||||||||
| Capital expenditures | −ARS 7.37T | −ARS 5.39B | −ARS 5.67B | −ARS 4.01B | −ARS 2.45B | −ARS 1.31B | −ARS 161.46B | −ARS 4.36B | −ARS 3.24B | −ARS 4.04B |
| Investments (net) | ARS 147.0M | −ARS 5.51B | −ARS 5.33B | −ARS 523.02B | −ARS 17.39B | −ARS 109.16B | −ARS 163.88B | ARS 7.60B | ARS 3.40B | −ARS 66.17B |
| Acquisitions & other investing | −ARS 653.10B | ARS 5.39B | ARS 5.67B | ARS 523.01B | ARS 17.29B | ARS 109.22B | ARS 161.46B | −ARS 7.30B | −ARS 3.55B | ARS 65.70B |
| Cash from investing activities | −ARS 8.02T | −ARS 5.51B | −ARS 5.33B | −ARS 4.02B | −ARS 2.55B | −ARS 1.25B | −ARS 163.88B | −ARS 4.06B | −ARS 3.40B | −ARS 4.51B |
| Financing activities | ||||||||||
| Dividends paid | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | −ARS 2.30B | −ARS 42.7M | −ARS 38.9M | −ARS 56.0M |
| Share repurchases & issuance (net) | −ARS 14.51B | ARS 0 | ARS 0 | −ARS 28.0M | ARS 0 | −ARS 68,730 | −ARS 280.0M | −ARS 157,038 | −ARS 282,715 | −ARS 196,140 |
| Net borrowing (repayment) | ARS 1.21B | ARS 417.0M | ARS 909.0M | −ARS 78.52B | −ARS 92.12B | −ARS 59.19B | −ARS 11.31B | −ARS 16.06B | ARS 18.37B | ARS 28.04B |
| Shares issued | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 |
| Other financing | ARS 763.47B | −ARS 710.0M | −ARS 631.0M | ARS 77.32B | ARS 90.52B | ARS 57.80B | −ARS 42.19B | ARS 15.49B | −ARS 18.35B | −ARS 26.14B |
| Cash from financing activities | ARS 750.17B | −ARS 293.0M | ARS 278.0M | −ARS 1.23B | −ARS 1.60B | −ARS 1.39B | −ARS 56.08B | −ARS 618.3M | −ARS 19.3M | ARS 1.84B |
| Summary | ||||||||||
| Net change in cash | −ARS 268.44B | −ARS 5.0M | ARS 350.0M | ARS 162.0M | −ARS 39.0M | −ARS 131.5M | ARS 20.07B | ARS 853.0M | ARS 977.4M | −ARS 578.0M |
| Cash at end of period | ARS 1.35T | ARS 1.12B | ARS 1.12B | ARS 773.0M | ARS 611.0M | ARS 625.6M | ARS 66.10B | ARS 2.27B | ARS 1.56B | ARS 677.4M |
| Free cash flow | −ARS 171.22B | ARS 477.0M | ARS 240.0M | ARS 1.69B | ARS 1.75B | ARS 1.08B | ARS 55.68B | ARS 1.81B | ARS 671.6M | −ARS 943.2M |
| Free cash flow margin | −0.6% | 0.0% | 0.0% | 0.1% | 0.1% | 13.7% | 349.1% | 8.4% | 4.9% | −7.1% |
| Capex / revenue | 27.8% | 0.0% | 0.1% | 0.2% | 0.2% | 16.6% | 1,012.4% | 20.3% | 23.6% | 30.5% |
| Operating cash flow / net income | — | 2.45 | — | 2.55 | 262.56 | — | — | 3.24 | 5.68 | — |
| Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −ARS 941.70B | −ARS 198.0M | ARS 66.14B | −ARS 10.0M | −ARS 284.0M | ARS 1.48B | ARS 535.0M | ARS 657.0M | −ARS 1.86B | −ARS 64.40B |
| Depreciation & amortization | ARS 1.12T | ARS 1.08T | ARS 899.90B | ARS 806.0M | ARS 793.41B | ARS 634.23B | ARS 566.86B | ARS 543.98B | ARS 275.26B | ARS 306.76B |
| Stock-based compensation | ARS 8.71B | ARS 4.0M | ARS 3.0M | ARS 2.0M | ARS 2.0M | ARS 2.14B | ARS 1.0M | ARS 1.0M | −ARS 12.0M | ARS 983,221 |
| Change in working capital | −ARS 127.69B | −ARS 341.0M | −ARS 378.69B | −ARS 687.0M | ARS 665.0M | −ARS 25.7M | −ARS 200.0M | −ARS 460.0M | ARS 222.0M | ARS 15.89B |
| Other non-cash items | ARS 2.46T | −ARS 1.08T | ARS 614.42B | ARS 739.0M | −ARS 792.13B | −ARS 636.42B | −ARS 565.78B | −ARS 543.09B | −ARS 271.90B | ARS 193.11B |
| Cash from operating activities | ARS 2.52T | ARS 1.23B | ARS 1.20T | ARS 850.0M | ARS 1.66B | ARS 1.40B | ARS 1.42B | ARS 1.09B | ARS 1.71B | ARS 451.37B |
| Investing activities | ||||||||||
| Capital expenditures | −ARS 2.06T | −ARS 1.15B | −ARS 1.59T | −ARS 1.21B | −ARS 1.37B | −ARS 1.48B | −ARS 1.35B | −ARS 1.18B | −ARS 1.54B | −ARS 458.12B |
| Investments (net) | −ARS 2.0M | −ARS 1.66B | −ARS 1.26B | −ARS 1.38B | ARS 3.82T | −ARS 3.83T | −ARS 1.46B | −ARS 1.21B | −ARS 2.68B | −ARS 406.86B |
| Acquisitions & other investing | ARS 284.40B | ARS 1.15B | ARS 67.75B | ARS 1.21B | −ARS 3.82T | ARS 3.83T | ARS 1.35B | ARS 1.18B | ARS 2.66B | ARS 458.12B |
| Cash from investing activities | −ARS 1.78T | −ARS 1.66B | −ARS 1.52T | −ARS 1.38B | −ARS 1.40B | −ARS 1.43B | −ARS 1.46B | −ARS 1.21B | −ARS 1.56B | −ARS 406.86B |
| Financing activities | ||||||||||
| Dividends paid | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 |
| Share repurchases & issuance (net) | −ARS 14.03B | — | — | — | ARS 0 | — | — | — | ARS 0 | ARS 0 |
| Net borrowing (repayment) | −ARS 203.0M | ARS 715.0M | ARS 121.0M | ARS 575.0M | ARS 105.0M | −ARS 122.0M | — | — | — | ARS 120.13B |
| Shares issued | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 |
| Other financing | −ARS 499.42B | −ARS 218.0M | ARS 130.48B | −ARS 221.0M | −ARS 106.0M | −ARS 17.0M | −ARS 206.0M | ARS 312.0M | −ARS 111.0M | −ARS 60.27B |
| Cash from financing activities | −ARS 513.65B | ARS 497.0M | ARS 130.60B | ARS 354.0M | −ARS 1.0M | −ARS 139.0M | −ARS 206.0M | ARS 312.0M | −ARS 111.0M | ARS 59.86B |
| Summary | ||||||||||
| Net change in cash | ARS 194.43B | ARS 25.0M | −ARS 187.99B | −ARS 180.0M | ARS 241.0M | −ARS 163.6M | −ARS 268.0M | ARS 186.0M | −ARS 173.0M | ARS 153.57B |
| Cash at end of period | ARS 1.35T | ARS 799.0M | ARS 926.32B | ARS 938.0M | ARS 1.12B | ARS 875.6M | ARS 1.04B | ARS 1.31B | ARS 1.12B | ARS 452.75B |
| Free cash flow | ARS 461.42B | ARS 77.0M | −ARS 385.45B | −ARS 355.0M | ARS 290.0M | −ARS 72.5M | ARS 68.0M | −ARS 92.0M | ARS 163.0M | −ARS 6.75B |
| Free cash flow margin | 7.0% | 0.0% | −8.3% | −7.7% | 0.0% | −0.0% | 0.0% | −0.0% | 0.0% | −149.8% |
| Capex / revenue | 31.2% | 0.0% | 34.2% | 26.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 10,171.3% |
| Operating cash flow / net income | — | — | 18.17 | — | — | 0.95 | 2.66 | 1.66 | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Argentine pesos as reported; data from EODHD.
YPF cash generation
In fiscal 2025 (ended December 31, 2025), YPF Sociedad Anónima generated ARS 7.20 trillion of cash from operations (up 122,502.0%) and spent ARS 7.37 trillion on capital expenditures, leaving free cash flow of -ARS 171.2 billion, −0.6% of revenue. It returned ARS 14.5 billion to shareholders through dividends (ARS 0) and net share buybacks (ARS 14.5 billion). Cash and equivalents fell by ARS 268.4 billion over the year.
Related: YPF income statement, YPF balance sheet. See the YPF stock overview for the latest quote and news.
YPF cash flow FAQ
What is YPF Sociedad Anónima's free cash flow?
YPF Sociedad Anónima's free cash flow was -ARS 171.2 billion in fiscal 2025: ARS 7.20 trillion of operating cash flow minus ARS 7.37 trillion of capital expenditures It was ARS 477.0 million a year earlier..
How much cash does YPF Sociedad Anónima generate from operations?
YPF Sociedad Anónima generated ARS 7.20 trillion of cash from operating activities in fiscal 2025.
How much does YPF Sociedad Anónima spend on capital expenditures?
YPF Sociedad Anónima spent ARS 7.37 trillion on capital expenditures in fiscal 2025, 27.8% of revenue, compared with ARS 5.4 billion the year before.
How much stock does YPF Sociedad Anónima buy back?
YPF Sociedad Anónima spent ARS 14.5 billion on net share repurchases in fiscal 2025.