ZIM Integrated Shipping Services Ltd. (ZIM) Cash Flow Statement
Where ZIM’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.83B −51.4% vs 2024
- Capital expenditures
- $217.7M 3.2% of revenue
- Free cash flow
- $1.61B 23.3% margin
- Returned to shareholders
- $515.6M 32% of free cash flow
- Change in cash
- −$263.0M cash at year-end $1.05B
Drawn to scale: where the cash came from and how it was used. Hover for values.
ZIM operating cash flow, capex and free cash flow
ZIM cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$40.2M2016 | $1.83B2025 | — | |
| Capital expenditures | $13.5M2016 | $217.7M2025 | +36.2%/yr | |
| Free cash flow | −$53.6M2016 | $1.61B2025 | — | |
| Free cash flow margin | −2.1%2016 | 23.3%2025 | +25.4 pts | |
| Operating cash flow / net income | 20.322017 | 3.812025 | −16.51 | |
| Stock-based compensation | −$12.2M2017 | $17.6M2023 | — | |
| Dividends paid | $02017 | $515.6M2025 | — | |
| Share buybacks (net) | $02017 | $126.0M2021 | — | |
| Capex / revenue | 0.5%2016 | 3.2%2025 | +2.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ZIM cash flow by activity
ZIM 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).
ZIM cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $479.2M | $2.15B | −$2.69B | $4.63B | $4.65B | $524.2M | −$13.0M | −$119.9M | $11.4M | −$168.3M |
| Depreciation & amortization | $1.29B | $1.14B | $1.47B | $1.40B | $779.2M | $314.2M | $245.5M | $111.6M | $108.4M | $101.0M |
| Stock-based compensation | — | — | $17.6M | $25.8M | −$365.8M | −$16.8M | $707,000 | $368,000 | −$12.2M | — |
| Change in working capital | $75.2M | $7.4M | $174.9M | $115.1M | −$270.8M | −$129.8M | $17.4M | $111.6M | −$6.7M | $25.3M |
| Other non-cash items | −$15.3M | $449.0M | $2.04B | −$56.1M | $1.18B | $189.0M | $120.1M | $121.3M | $130.1M | $1.8M |
| Cash from operating activities | $1.83B | $3.75B | $1.02B | $6.11B | $5.97B | $880.8M | $370.6M | $225.0M | $230.9M | −$40.2M |
| Investing activities | ||||||||||
| Capital expenditures | −$217.7M | −$214.1M | −$115.7M | −$345.5M | −$1.01B | −$42.6M | −$16.1M | −$22.6M | −$29.5M | −$13.5M |
| Investments (net) | $123.4M | −$223.2M | $895.3M | −$1.65B | −$2.06B | −$35.2M | $38.0M | $28.3M | −$68.8M | — |
| Acquisitions & other investing | −$39.0M | $214.1M | $996.9M | $345.5M | −$273.3M | $42.6M | $16.1M | $45.4M | $4.7M | $155.0M |
| Cash from investing activities | −$133.3M | −$223.2M | $1.78B | −$1.65B | −$3.34B | −$35.2M | $38.0M | $51.1M | −$93.5M | $141.6M |
| Financing activities | ||||||||||
| Dividends paid | −$515.6M | −$579.2M | −$769.2M | −$3.30B | −$536.4M | −$4.36B | −$299.4M | −$299.4M | $0 | — |
| Share repurchases & issuance (net) | — | — | — | — | −$126.0M | — | — | — | $157,000 | — |
| Net borrowing (repayment) | −$1.44B | −$2.08B | −$1.73B | −$1.44B | −$1.16B | −$321.1M | −$283.6M | −$155.0M | −$55.4M | −$150.8M |
| Shares issued | $0 | $0 | $0 | $0 | $205.4M | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$3.8M | −$469.6M | −$389.6M | −$229.4M | −$38.7M | $4.22B | $171.6M | $211.7M | −$84.5M | −$4.4M |
| Cash from financing activities | −$1.96B | −$3.13B | −$2.89B | −$4.98B | −$1.65B | −$460.4M | −$411.4M | −$242.7M | −$139.8M | −$155.2M |
| Summary | ||||||||||
| Net change in cash | −$263.0M | $393.2M | −$100.6M | −$521.2M | $972.9M | $387.6M | −$3.5M | $28.4M | $288,000 | −$61.1M |
| Cash at end of period | $1.05B | $1.31B | $921.5M | $1.02B | $1.54B | $570.4M | $182.8M | $186.3M | $157.9M | $157.6M |
| Free cash flow | $1.61B | $3.54B | $904.3M | $5.76B | $4.97B | $838.2M | $354.5M | $202.4M | $201.4M | −$53.6M |
| Free cash flow margin | 23.3% | 42.0% | 17.5% | 45.9% | 46.3% | 21.0% | 10.7% | 6.2% | 6.8% | −2.1% |
| Capex / revenue | 3.2% | 2.5% | 2.2% | 2.8% | 9.4% | 1.1% | 0.5% | 0.7% | 1.0% | 0.5% |
| Operating cash flow / net income | 3.81 | 1.74 | — | 1.32 | 1.28 | 1.68 | — | — | 20.32 | — |
| 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 | $64.1M | −$86.3M | $38.1M | $123.4M | $23.7M | $296.1M | $562.7M | $1.13B | $372.8M | $92.1M | −$146.6M | −$2.27B |
| Depreciation & amortization | $322.0M | $318.0M | $314.0M | $332.8M | $323.1M | $315.9M | $308.9M | $295.0M | $278.0M | $260.6M | $239.3M | $423.8M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | $3.1M | $2.2M | $4.2M |
| Change in working capital | −$91.5M | −$38.7M | $50.5M | $18.3M | −$42.0M | $51.7M | $159.1M | −$55.4M | $21.4M | −$117.7M | −$27.2M | $101.6M |
| Other non-cash items | $100.0M | $69.7M | −$102.8M | $153.9M | $136.5M | $191.0M | $121.6M | $131.7M | $104.6M | $88.0M | $94.5M | $2.08B |
| Cash from operating activities | $394.6M | $262.7M | $299.7M | $628.4M | $441.3M | $854.7M | $1.15B | $1.50B | $776.8M | $326.1M | $162.2M | $337.6M |
| Investing activities | ||||||||||||
| Capital expenditures | −$11.6M | −$31.3M | −$53.5M | −$67.3M | −$24.4M | −$78.0M | −$73.0M | −$50.3M | −$66.4M | −$24.4M | −$40.5M | −$13.7M |
| Investments (net) | $117.7M | $128.7M | −$37.5M | −$58.5M | $141.2M | −$41.7M | $56.4M | −$146.2M | $56.4M | $183.7M | $445.8M | −$9.1M |
| Acquisitions & other investing | $7.0M | $8.0M | −$93.3M | $67.3M | $24.4M | $78.0M | −$300.5M | $50.3M | $66.4M | $24.4M | $40.5M | $13.7M |
| Cash from investing activities | $113.1M | $105.4M | −$184.2M | −$58.5M | $141.2M | −$41.7M | −$317.1M | −$146.2M | $56.4M | $183.7M | $445.8M | −$9.1M |
| Financing activities | ||||||||||||
| Dividends paid | −$2.7M | −$106.1M | −$46.8M | −$7.2M | −$471.0M | $0 | −$439.6M | −$111.9M | −$27.7M | −$27.5M | −$2.7M | −$11.9M |
| Net borrowing (repayment) | −$282.7M | −$281.3M | −$297.2M | −$332.4M | −$349.6M | −$460.4M | −$501.7M | −$463.9M | — | — | — | −$352.7M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$104.1M | −$111.0M | −$35.2M | −$118.1M | −$123.5M | −$121.9M | −$123.2M | −$121.1M | −$601.5M | −$713.3M | −$596.9M | −$86.9M |
| Cash from financing activities | −$389.5M | −$498.4M | −$379.2M | −$457.7M | −$944.1M | −$582.3M | −$1.06B | −$696.9M | −$629.2M | −$740.8M | −$599.6M | −$451.5M |
| Summary | ||||||||||||
| Net change in cash | $115.5M | −$130.1M | −$247.3M | $111.9M | −$359.0M | $231.4M | −$234.0M | $658.9M | $201.9M | −$233.6M | $9.4M | −$128.2M |
| Cash at end of period | $1.04B | $921.6M | $1.05B | $1.30B | $1.19B | $1.55B | $1.31B | $1.55B | $889.8M | $687.9M | $921.5M | $912.1M |
| Free cash flow | $383.0M | $231.4M | $246.3M | $561.1M | $416.9M | $776.7M | $1.08B | $1.45B | $710.4M | $301.7M | $121.7M | $323.9M |
| Free cash flow margin | 21.5% | 16.6% | 16.6% | 31.6% | 25.5% | 38.7% | 49.8% | 52.3% | 36.8% | 19.3% | 10.1% | 25.4% |
| Capex / revenue | 0.7% | 2.2% | 3.6% | 3.8% | 1.5% | 3.9% | 3.4% | 1.8% | 3.4% | 1.6% | 3.4% | 1.1% |
| Operating cash flow / net income | 6.16 | — | 7.87 | 5.09 | 18.62 | 2.89 | 2.05 | 1.33 | 2.08 | 3.54 | — | — |
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.
ZIM cash generation
In fiscal 2025 (ended December 31, 2025), ZIM Integrated Shipping Services generated $1.8 billion of cash from operations (down 51.4%) and spent $217.7 million on capital expenditures, leaving free cash flow of $1.6 billion, 23.3% of revenue. It returned $515.6 million to shareholders through dividends ($515.6 million) and net share buybacks ($0). Cash and equivalents fell by $263.0 million over the year.
Related: ZIM income statement, ZIM balance sheet, ZIM dividend history. See the ZIM stock overview for the latest quote and news.
ZIM cash flow FAQ
What is ZIM Integrated Shipping Services's free cash flow?
ZIM Integrated Shipping Services's free cash flow was $1.6 billion in fiscal 2025: $1.8 billion of operating cash flow minus $217.7 million of capital expenditures It was $3.5 billion a year earlier..
How much cash does ZIM Integrated Shipping Services generate from operations?
ZIM Integrated Shipping Services generated $1.8 billion of cash from operating activities in fiscal 2025, 3.81 times its net income of $479.2 million.
How much does ZIM Integrated Shipping Services spend on capital expenditures?
ZIM Integrated Shipping Services spent $217.7 million on capital expenditures in fiscal 2025, 3.2% of revenue, compared with $214.1 million the year before.
How much does ZIM Integrated Shipping Services pay in dividends?
ZIM Integrated Shipping Services paid $515.6 million in dividends in fiscal 2025, 32.1% of free cash flow.